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BSBMKG516 – Profile international Markets Solved

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Assessment Description and Requirements

Using the case Study information and your responses to questions 1 – 11 you are required to prepare a Consumer/ Customer profilein a short Report format as follows: -

Procedure

Follow these 5 simple steps to learn more about your existing customers, in order to find more customers like them.

Describe Your Customers

Understand who your ideal customer is and what similarities they have. Define your customers with the following criteria:

•    Demographics – their age, gender, income, etc.
•    Psychographics – their personality type, preferences, etc.
•    Behaviour – their similar likes and dislikes, sports, hobbies, etc.
You should also note characteristics of your ideal businesses to work with, including:
•    # of employees
•    Revenue
•    Geographic scope
•    Type of business
•    Decision-making
•    Budget

Locate Your Customers

Find the places your customers are attracted to, whether a physical location or a cyber space where they gather.
•    Where do they hang out?
•    What do they read? Both online and offline?
•    What do they search for online?

Understand Their Purchasing Process

Review the needs and benefits that make your customers purchase your product or service.
•    Where do they begin their research?
•    What is their problem or need?
•    What are the benefits to finding a solution?
•    Do they make purchases by impulse?
•    Do they seek out referrals?
•    Will they need approval by a committee before making a purchase?

Connect with Current Customers

Consider your current customers to gain additional insight into what made them select your business over others. Conduct interviews, formally or informally, and ask them:
•    How did you originally find our company before contacting us?
•    Why did you originally buy from our company?
•    Why do you continue to buy from our company?
•    What do we do that others don’t?

Create Client Profiles (Personas)

Create profiles that describe specific segments of your current clients. Ensure that the profiles are tangible, so that you can envision this person and what would motivate them to find your business.
•    Describe your clients in written profiles, called personas
•    Create a specific persona for each identifiable client group and name them
•    Include images of ideal clients, either real or a hypothetical individual
Once you have completed these five simple steps you will have a clear picture of the type of customers your business should be targeting.

Specifications

Your assessor will be looking for:
•    the use of appropriate suitability criteria
•    the use of appropriate sources of information
•    selecting the market in accordance with the criteria
•    identification of segments within the market which were useful
•    defining the target market in terms of prospective users of a product or service
•    identification of national and international regulatory issues and appropriate planning responses
•    identifying strategic marketing options and selecting appropriate targeting strategies
•    the use of segment descriptors to describe the target market
•    the use demographic and or psychographic descriptors in the consumer profile
•    identifying believable position strategies relative to competitor positioning for the product or service
•    assessment of and response to cultural issues in product use, language, colour and sales approach.

Solutions

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