MRKT 310 Principles of Marketing Week 4 Writing Assignment
Market Segmentation, Targeting, and Positioning
Segmentation. Students can use the segmentation characteristics to identify and describe market segments
Target Market. Students can identify a usable market segment to be a target market
Target-market strategy. Students can determine an appropriate target-market strategy.
Positioning. Students can develop and interpret a perceptual map.
Thus far you have only been considering the customers of your product or service as one big group, or a mass market. More astute marketing breaks down this large group into smaller market segments of consumers who have like characteristics. For any given product or service there could be numerous market segments. However, company resources may only allow a company to pursue one or two or these market segments, which then become target market(s). Your job here is to break down the mass market for your product or service into at least two market segments and then pick one target market you think would have the most potential for future growth. This target market does not have to be the one the company would have actually picked, or is currently pursuing, there is no way for you or your faculty to know based on public information. So, once again the literature will not give you the ‘right’ answer. Your brain will help you reason your way through.
Think outside your own box. Chances are good you picked a product with which you are familiar. That is a good starting point, and you may represent one target market. But you may represent a target market that is saturated and therefore not the best target market to pick for the remainder of the semester. So be sure your second target market is different enough and represents growth potential.
If you did not do a thorough analysis of the competition in the prior writing assignments, you may need to go back and figure out the nature of the product or service’s competition. This will be important when you address the positioning of your product for your newly identified target market inasmuch as positioning is a competition-based concept.
We understand you are not an employee of the company and do not have access to the data that you feel will allow you to discuss the questions to the degree you would like. Take your best educated and reasoned guesses whenever you need to do so.
Otherwise, you do not need to do any external research for this writing assignment. Your job will be to critically examine all of the segmentation bases and arrive at your own description of potential market segments for your product or service.
You may want to visit http://www.segmentationstudyguide.com/understanding-perceptual-maps/a-step-by-step-guide-to-constructing-a-perceptual-map/ for a step-by-