Segmentation Analysis (1 pages):
•Identify and Describe Market Segments:
•Using one of the segmentation variables from the textbook (demographic, geographic, psychographic, behavioral, etc.), divide the market for your chosen company into 3-4 potential customer segments.
•Provide detailed descriptions of each segment, including their needs, behaviors, preferences, and any other relevant characteristics.
•Segmentation Criteria:
•Explain why you selected these particular segments based on the criteria for effective segmentation discussed in the textbook (e.g., measurability, accessibility, substantiality, etc.).
B. Targeting Strategy (1 pages):
•Evaluate and Select Target Segment(s):
•From the segments you identified, choose 1 target segment that your business should focus on.
•Justify your selection by discussing the attractiveness of these segments based on factors such as segment size, growth potential, profitability, and strategic fit with your company’s capabilities and objectives.
•Targeting Approach:
•Explain which targeting approach your business will use (e.g., undifferentiated, differentiated, concentrated, or micromarketing) and why this approach makes sense for your chosen company.
C. Positioning Strategy (1 pages):
•Positioning Statement:
•Develop a clear and concise positioning statement for your business, using the format recommended in the textbook: “For [target segment], [brand] is [unique value proposition] that [reason to believe or key differentiation].”
•Positioning Map:
•Create a basic positioning map (with relevant competitors) to illustrate how your business is positioned relative to others in the market. Discuss the positioning strategy in terms of customer perceptions, competitive advantage, and differentiation from competitors.