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Concepts of "needs" and consumer behavior model

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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,

Research then discuss the concepts of "needs" and how these needs fit within the stages of the consumer behavior model.
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.
In-text citations and corresponding references should be included in the paper.

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Solution Summary

The target audience for the financial advisory business is the immigrant population in USA from Asian countries.

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Target Audience & Competition:

The target audience for the financial advisory business is the immigrant population in USA from Asian countries such as China, India, Korea, Japan, etc. Generally, only the high networth individuals classified against a predetermined criteria of minimum net worth,for example, people with minimum networth of US$ 1 million or more, will be targeted within these communities. The list of such people can be obtained from various companies who are in the business of selling public databases, leads etc. Further, leads can be obtained from various associations/organizations related to ethnic communities.

Since there is no other financial advisory firm catering specially to ethnic markets, our competition is from all other financial advisory firms, big and small, operating in the industry and catering to these segments in their own capacities. The big players like Merrill Lynch, Morgan Stanley, Charles Schwab, Goldman Sachs etc. ...

Solution provided by:
Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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