Marketing Communications Memo

Marketing Communications Memo

Memorandum

To: National Toy Manufacturer (NTM)

From: Marketing, Inc.

November 24, 2013

When you are preparing to do market research for start a business or develop a product line, it is essential to understand two important terms: psychographics and demographics. National Toy Manufacturer (NTM) has experienced considerable growth over recent years, and is now creating an Integrated Marketing Communications Plan to increase the company's customer base by appropriately positioning the company in the market. It is NTM's aspiration to pursue a more close relationship with their customers; that will involve a deeper understanding of attitudes and behaviors of the target population. This communications memo will incorporate psychographic and demographic information and data; and influence these elements have on the marketing communications for the organization. Marketing, Inc. will use values and buying motive as its psychographics and income and age as its two demographics for this marketing communication plan.

Importance of Demographic and Psychographic Information

Demographics

Demographic data is exceptionally helpful in the development of a new marketing strategy (Pride, & Ferrell, 2011). Demographics depict a populace in terms of its size, structure, and distribution. This kind of data may incorporate such segments as age, income or gender and might directly influence spending behaviors, or have an indirect influence on other aspects such as decision and values styles. The need to research these aspects thoroughly is evident, because in order to make the accurate marketing strategy, the company must target a particular customer segment on which to base its plan. Other characteristics that demographics might incorporate are age, educational attainment, type of profession, yearly income, number of individuals living in their household or region of the country they live in. This establishment will be the initial point for the marketing plan and will provide answers to a number of significant questions.

Age

One consumer demographics that is considered to be influential in developing marketing communications for the organization is age of children consumers. The idea of marketing to children can be very productive and helpful for a few reasons. Some reasons that might include are that the present generation of children (7-10) spends their own money as well as they can influence their parents in spending money for them (Kotler, 2009).

Income

Income is also one of the most significant influential factors in creating a marketing communication memo for National Toy Manufacturer. This factor is a condition when parents have the potential to ...