Target Audience & Competition are the next components to be addressed as part of the process of developing a Comprehensive Strategic Marketing Plan. To choose an appropriate target market, one must understand how consumers make purchase decisions. In a 5-6 page report to your colleagues,
1. Research then discuss the concepts of "needs" and how these needs fit within the stages of the consumer behavior model.
2. Summarize how you would apply the above discussion to your product/service's target market and the competition. Note: even though you have "created" a product or service, it makes sense to research real companies and products that might be considered competitors.© BrainMass Inc. brainmass.com March 21, 2019, 12:46 pm ad1c9bdddf
Concept of Needs and how these needs fit within the stages of the consumer behavior model:
To answer this part, we should first understand a basic consumer behavior model and importance of the concept of "need" within that model:
In today's competitive and dynamic business environment where consumer is perceived to be the king and the focus is on Total Quality Management for greatest consumer satisfaction, it is very necessary for any marketeer for understanding the needs and wants of its target market in order to devise a strategy and product which maximized their satisfaction by addressing all their needs and wants.
Let us now display 5 important stages of the consumer behavior model:
1) Problem Recognition or Need Recognition stage which influences a customer to look for products which can satisfy their needs
2) Information search stage, where consumer researches with respect to information on various alternatives.
3) Alternative Evaluation: It is the stage where consumers match the satisfaction and solution provided by each ...
Research then discuss the concepts of "needs" and how these needs fit within the stages of the consumer behavior model.