BBA2010 Columbia Southern Basic Principles of Marketing Target Paper The purpose of this assignment is for you to identify the basic principles of marketin

BBA2010 Columbia Southern Basic Principles of Marketing Target Paper The purpose of this assignment is for you to identify the basic principles of marketing. You will describe a target market, market segment, and a message, and explain how marketing research contributes to reaching a specific audience. Unit IV Web Assignment
This assignment allows you to demonstrate the following outcomes:
4. Identify the basic principles of marketing.
4.1 Identify both the potential target market and the potential market segment that a
business intends to reach.
4.2 Identify the connection between a commercial’s message and the specific market
segment.
4.3 Identify how marketing research contributes to reaching a specific audience.
Instructions: The purpose of this assignment is for you to identify the basic principles of marketing. First,
locate two commercials by Coca-Cola that are available on your favorite video-hosting website (i.e.,
YouTube). Insert the links to each video in the table below. Then, view each commercial while
considering the questions in the table, and complete the table by answering the questions as they pertain
to each commercial. Finally, save all of your work to this template and submit it in Blackboard for
grading.
Items to Identify
Commercial One
1. Provide a link to each
commercial.
2. What product/service is offered
in the commercial?
3. What message does the
commercial send to the audience?
4. How would you describe the
general target market for the
company? Be sure to include the
following as you describe the
target market:
• Age range
• Likes/dislikes
• Interests
• Life goals
5. How would you describe the
specific market segment that the
commercial is designed to reach?
Be sure to include the following
as you describe the market
segment:
• Age range
• Likes/dislikes
• Interests
• Life goals
6. What is the connection
between the commercial’s
Page 1 of 2
Commercial Two
message and the specific market
segment?
7. Prior to producing the
commercial, how would utilizing
a marketing research method(s)
contribute to reaching the
intended audience?
Page 2 of 2
Course Learning Outcomes for Unit IV
Upon completion of this unit, students should be able to:
4. Identify the basic principles of marketing. 4.1 Identify both the potential target market and the
potential market segment that a business intends to reach. 4.2 Identify the connection between a
commercial’s message and the specific market segment. 4.3 Identify how marketing research
contributes to reaching a specific audience.
Reading Assignment
In order to access the following resource(s), click the link(s) below:
Bhattacharya, C. (2016). Responsible marketing: Doing well by doing good. Gfk-Marketing Intelligence
Review, 8(1), 8-17.
Retrieved from
https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direc
t=true&db=bth&AN=115049469&site=ehost-live&scope=site
Reppe, R. (2016). Structuring for success. Marketing News, 50(2), 26-27.
Retrieved from
https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direc
t=true&db=bth&AN=112932635&site=ehost-live&scope=site
Schultz, D. E. (2016). From persuasion to shared value creation. Marketing News, 50(2), 12-14.
Retrieved from
https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direc
t=true&db=bth&AN=112932630&site=ehost-live&scope=site
Milder, N. D. (2013). E-marketing. Economic Development Journal, 12(3), 34-40. Retrieved from
https://libraryresources.columbiasouthern.edu/login?url=http://search.ebscohost.com/login.aspx?direc
t=true&db=a9h&AN=97027224&site=ehost-live&scope=site
Introduction
According to Bovée and Thill (2013), marketing is the way in which value is created and relationships are
built between customers and organizations so organizations can capture value back from the customers.
Basically, what this means is that marketing is the attempt of a business to capture the hearts, minds,
and attentions of customers with products and services so that the customers will be more likely to
purchase products from the business and increase the firm’s profits.
The Marketing Concept
In order for companies to remain profitable today, they make use of what is known as the marketing
concept. The marketing concept is the idea that a company will actively attempt to respond to the wants
and needs of its customers, while simultaneously attempting to remain profitable in the long run. This
approach to achieving long-term profits is known as customer-focused marketing, and the companies
that utilize this approach do so by constructing marketing efforts with the goal of building and
maintaining long and meaningful relationships with customers. The questions, however, are how do
companies decide who to market to, what to market to them, and how to put their marketing efforts
into play? We will answer these questions by taking a closer look at the marketing concepts of market
segmentation, target markets, marketing research, and market strategy implementation. Businesses are
in business to make money. In order to effectively achieve this goal, customers of a business must buy
as much of a firm’s products and services as possible, but who are the customers of a business, and can
everyone afford to buy a company’s goods? In order to effectively reach out to as many customers as
possible, businesses must know who their markets are. Quite simply, a market is all of the people who
may be interested in a particular good or service that a company has to offer and can afford it. Since the
number of people in a market can be extremely large, and because not all people are interested in the
exact same aspects of the product, a company will attempt to segment its market in efforts to
effectively reach as many people as possible.
Market Segmentation
So, if a market is all of the people potentially interested in what a company is offering, a market
segment is a much smaller group of people, within a larger market, who have similar needs, wants, and
purchasing behaviors. In order to segment a market, a business may categorize people based on age,
gender, income bracket, race, geographical location, and any other type of demographic information.
Once broken down into various segments, marketers can focus on who, specifically, to target their
goods and services to. So, does segmenting a market mean that a business will only sell its goods and
services to one segment of a particular population? Of course not, but by doing so, companies can
better decide on which segment of the market needs more attention as it pertains to building customer
relationships.
Target Markets
As it was mentioned in the previous section, once a business segments its market, it can then make
decisions on which segments of the market to target the most. A target market is a very specific group
of consumers to which a particular good or service is aimed. While a company may sell only one or a few
particular products, it will take different measures to target specific groups in an effort to market its
product and build relationships with various segments of a market. For example, Coca Cola has several
commercials that all advertise their original cola flavored beverage. If you pay close enough attention to
the commercials, you will see how each one is different and uses different actors, situations,
backgrounds, and/or music in an effort to reach a particular or very specific target market (e.g.,
teenagers, young adults, men, or women). All of this is done in an effort to reach out to and
build/maintain relationships with various groups of customers. Additionally, by having more than one
target group, a company can better its chances of achieving profits. If a product or service is not too
popular with one particular target or segment of a market, and sales of it are not strong within that
market, the potential success of the good or service in the other targets or segments may make up for it.
Of course, you have to wonder how a business goes about determining who to market its goods and
services to; this is done through marketing research.
Marketing Research
The collection of data and its analysis in order to make marketing decisions is known as marketing
research. Each year, companies spend millions and millions of dollars in gathering and analyzing data in
attempts to learn more about the ever-increasing dynamic customer bases that they serve. This is done
so they know specifically which products and services “fit” various segments of their markets. Without
an understanding of customers’ purchasing habits and their needs and wants, organizations would have
to guess what people want. Guessing could potentially cost a great deal of money in losses to firms
because they may not have guessed correctly about what to market to their customers. So, the more
marketers know about customers, the better off they are in terms of making marketing decisions and
impacting the profits of the business. Of course, knowing absolutely everything about customers is
obviously not realistic, but there are plenty of ways for marketers to conduct marketing research.
This section contains a list of methods for conducting marketing research:
Observations: Observational research can be conducted through personal, mechanical, or electronic
observation techniques that record and monitor customer and consumer behavior.
Surveys: Here, data is collected via questionnaires that are completed by various smaller segments of
a larger population in an attempt to learn more about the behaviors and habits of the population as a
whole.
Interviews and focus groups: Here, researchers will conduct one-on-one or group interviews with
people from within a larger population in an effort to determine information about the larger group to
which they belong.
Process data collection: This involves collecting consumer data through day-to-day business activities,
such as sales transaction records, product warranty registrations, gift card and loyalty card usage, and
customer service transactions.
Experiments: In this method, marketing researchers will use controlled scenarios to determine more
about various target market behaviors. One popular technique here is exposing different groups of a
population to different advertisements to determine which particular ad or ads have the most positive
desired effects on customer buying behaviors.
Strategy Marketing Implementation
Once all of the necessary marketing research data has been collected and analyzed, companies and
marketers must then develop effective marketing strategies and implement them. A marketing strategy
is a particular plan designed to market a particular good or service. In order to effectively implement a
marketing strategy, organizations must have already effectively identified the target market segments
and their particular consumer behaviors.
Generally, implementing a marketing strategy follows the following steps:
1. Assess the current marketing situation by reviewing previous performances, assessing and analyzing
the competition, identifying strengths and weaknesses, and examining the current business
environment.
2. Examine current opportunities, and establish objectives by examining market opportunities and
setting realistic sales targets.
3. Develop a marketing strategy, and divide the market into desirable segments before making decisions
on how to position the products or services in the minds of those customers identified as the target
market.
Of course, implementing a marketing strategy is not as easy as the steps above make it appear, but this
is generally the format and steps used to implement such a strategy.
Reference
Bovée, C. L., & Thill, J. V. (2013). Business in action (6th ed.). Upper Saddle River, NJ: Pearson.

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