Part 2: Segmentation, Target Market and Positioning Strategy paper
Part 1 uploaded below(situation analysis doc)
Part 2, Segmentation, Target Market and Positioning Strategy, entails an indepth review of the customers, and groups of customers, in the marketplace. As you will see from the instructions below, this paper builds upon information that you presented in Part 1 (Situation Analysis) and requires consistency between these portions of the project. That is, the marketplace that you described in Part 1, which should be the same as the marketplace for the product you have proposed, will be the foundation for Part 2.
Also, note that this paper will require a higher degree of communication and collaboration than the Situation Analysis, and certainly a higher degree of both than I saw in some of the first papers. Although I have provided specific topics below, it really isn’t possible for team members to simply address each of these topics individually and without consultation with the rest of the team.
Part 2 should cover the following topics:
1. Segmentation variable(s) used to group consumers in the marketplace: Explain the principal method(s) used to group consumers in this marketplace. (See Example on this topic below.) Is geographic, demographic, psychographic, benefits, or behavioral segmentation variables used predominantly or is it some combination of these (e.g., geo-demographic)? Your assessment here should be well-supported. There may be some material available on this topic from the sources that you used for the Situation Analysis. It is also permissible to extrapolate from marketing materials used by the dominant companies in the marketplace. That is, review advertising materials as well as their placement in specific media. Individual media itself is often targeted to specific groups of consumers so this can be a credible way to assess the target market for products in a category. (This topic should be no more than two to three paragraphs.)
2. Existing market segments: Describe as many market segments within the marketplace of interest as possible (minimum of 5 – 7) based on the variable(s) you defined above. The description of these segments should include the core variable defined in #1 above as it applies to each segment (see Example below), key demographic information, benefits sought and behavioral characteristics of the segment. (This topic should be no more than six to eight paragraphs. It is permissible here to use one paragraph per market segment description. However, that should be concisely presented by detailing key information and avoiding any redundancies.)
Part 2, the following information should be provided on this topic.
a.Explain and support your rationale for the selection of the segment you intend to target. For example, if this segment provides a new market to which your company is not currently appealing, explain that clearly and provide support. If the objective is to gain additional sales from a segment to which the company is already appealing, explain and support that. And so on.
b.The following information should be provided on your target market: (NOTE: Finding and supporting this information is likely to require some additional effort on your part. It is unlikely that you will find this from any single source and, indeed, you may need several sources to support a robust profile of your target market.)
i.Gender composition of the target market: just men, just women, ratio of men to women
ii.Average age and/or age ranges of typical consumer in this target market
iii.Education and income level of target market
iv.Race, ethnicity
v.Marital status and family lifecycle
vi.Psychographic details – values, attitudes, lifestyles, etc.
vii.Behavioral characteristics – are these consumers heavy users, moderate, or light users of the product category
viii.Benefits sought from the product by the target market
c.Describe the size of your target market. What are the approximate number of potential consumers in your target market? What is the dollar volume potential of sales to this market?
d.Describe and explain the positioning strategy for your new product. NOTE: Before beginning your discussion of this topic, please review your text on this topic, p. 287 – 294 carefully. This section of the paper will require that you clearly describe the benefits sought by your target market. Additionally, it will require that you compare and contrast that positioning strategy to those of your closest competitors. Finally, the positioning strategy you adopt for your new product should be consistent with the positioning strategy currently pursued by the company you are representing in this project.
e.Create a perceptual map (to be appended to the end of this paper) that visually captures the positioning strategy for your product and compares that of your nearest competitors. NOTE: This should supplement the above discussion and should be referenced in that discussion within the paper. (This topic should be no more than eight to ten paragraphs.)
Read part 1 carefully and patient, such as what product and what market we are focusing
Do it wellï¼ Especially the sources part
I WILL TIP LATER!
