You will create a target market analysis for the new product for the pet supply company. Describe in detail the target market of the pet supply store, including the demographic, geographic, and psychographic details. Describe the needs and wants of this target market and how this new product will satisfy one or more of these needs or will appeal to a want of the target market.
Using the template provided in which you conduct a target market analysis. This analysis should focus on the new product the pet supply store is selling, not the company itself. It should provide information about the demographic (age, marital status, education, income, etc.), geographic (physical locations), and psychographic (personality, values, opinions, attitudes, interests, and lifestyles) of the potential target market. Based on this analysis, you will then need to discuss the needs and wants of your target market and how this new product will either appeal to a want or fulfill a need.
References must be written in APA format (6th edition
Format of the Assignment
Notes on APA in a Formal Assignment
In your opening paragraph, very briefly introduce the purpose of your paper. Describe the company and what product the company is launching. Three or four sentences are sufficient.
Describe the target market for the pet supply store’s new product to be launched. Include information about the target market’s demographic, psychographic, and geographic breakdown. A minimum of four to five sentences are required to support your thoughts. Please make sure you focus your thinking around the segment of the pet supply store’s target market that would be most interested in purchasing this new product.
Identify and describe the wants and needs of this target market. Remember that you are focusing on the specific segment of the target market that would be interested in buying the new product. A minimum of four to five sentences are required to support your thoughts. Please be specific in your answer and include information about how the product will either appeal to the wants of this market segment or satisfy their needs or both.
The conclusion reminds the reader what your paper is about and allows you to make a final point without introducing new information. Four or five sentences are sufficient.
Armstrong, G., & Kotler, P. (2015). Marketing: An introduction (12th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
Make sure that you provide appropriate citations in APA style. The text is provided as an example and should be kept in the references for your paper. Feel free to add other resources. Remember to cite ALL the sources that you used to write this paper, not only here at the end of your paper but also within the body to add credibility to your statements. References that you have used should be included in alphabetical order by the author’s last name.