University of Houston STP Product Management and Situation Analysis Assignment Expectations A 2- to 3-page paper with APA citations (2-to 3-sentence intro

University of Houston STP Product Management and Situation Analysis Assignment Expectations

A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2-to 3-sentence conclusion). The reference list in APA format.A list of required references are listed below.You are not limited to these alone, but a few of them must be used.

STP, PRODUCT MANAGEMENT & SITUATION ANALYSIS

Target Audience and Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.

Research
Research and discuss Maslow’s theory of needs and how it is applied to marketing. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete, and/or ProQuest Central).
Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Resources MUST include articles in the library’s full-text article databases (Academic Search Complete, Business Source Complete and/or ProQuest Central).
Application to Product/Service
Provide a quick overview of the product or service you created. Please see the attached word document for my business idea “Perfect Foods Restaurant”
Even though you have “created” a product or service, the applications and research in this section will be real.
Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau’s American Fact Finder (https://data.census.gov/cedsci/deeplinks?url=https%3A%2F%2Ffactfinder.census.gov%2Ffaces%2Fnav%2Fjsf%2Fpages%2Findex.xhtml&tid=GOVSTIMESERIES.CG00ORG01). Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? IBISWorld (https://www.ibisworld.com) in the Library is a good tool for this section; it may be accessed under “ADDITIONAL LIBRARY RESOURCES” and then scroll down to the database.
The assignment requires the use of ARTICLES from the library’s full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: Academic Search Complete, Business Source Complete, and/or ProQuest Central. Please provide working links to the full-text articles.

This assignment will be written in 3rd person. Do not use any quotations. Be sure to cite and reference the sources in APA format. NOTE: the Analysis in the Appendix may be written in 1st person.

Assignment Expectations

A 2- to 3-page paper with APA citations (2-to 3-sentence introduction, body, 2-to 3-sentence conclusion). The reference list in APA format.A list of required references are listed below. You are not limited to these alone, but a few of them must be used.

References that must be cited:

Description of How Marketers Can Use Maslow’s Hierarchy of Needs

http://smallbusiness.chron.com/description-markete…

“Best Practice: Uncovering Unmet Customer Needs” – Anthony Ulwick

http://www.marketingjournal.org/best-practice-unco…

3.1 Factors That Influence Consumers’ Buying Behavior

https://open.lib.umn.edu/principlesmarketing/chapt…

US Census: American FactFinder

https://factfinder.census.gov/faces/nav/jsf/pages/…

Esri ZIP Lookup- This tool provides demographic and lifestyle information by ZIP code

http://www.esri.com/data/tapestry/zip-lookup

Consumer Expenditure Survey

https://www.bls.gov/cex/

American Time Use Survey

https://www.bls.gov/tus/home.htm

Finding Market Size Information in Business Source Complete

Enter “market size” AND along with the name of a product or service, put quotation marks around a name consisting of two or more words — for example, “market size” AND “ice cream.”

Finding Industry Trends and Projections in Business Source Complete

Access Business Source Complete and use a search combination like this: “restaurant industry” AND (trends OR projections)

Statistica- The Statistics Portal

https://www.statista.com/outlook/consumer-markets

How to Conduct Competitive Research

https://www.inc.com/guides/2010/05/conducting-comp…

IBISWorld: https://www.ibisworld.com