Principle of Marketing
Once a marketer has a thorough understanding of customer needs and the marketing environment, s/he needs to develop a marketing strategy.
It is time to put your research skills to good use using your textbook and articles from the library's full-text databases.
Click here for the research requirements and guide for this assignment.
Continue working with the product/service chosen in Unit 1.
Create your own marketing strategy for it.
• Define and explain what segmentation is, and discuss different segmentation bases you could use for your product/service.
• Based on your segmentation, describe each of the target markets that you would seek to reach. Explain why they will be the most profitable for your product/service.
• Develop a value proposition for your product/service through differentiation and positioning. Include the following:
o Introduce at least two (2) competitors and explain their current positioning in the market (what do they promise to deliver?)
o Discuss possible competitive advantages your product/service can use to differentiate itself from these competitors (product, services, channels, service, people or image) and select which one(s) to use to build your positioning.
o Based on this differentiation, explain your value proposition and develop a positioning statement.
Your paper MUST include a reference list. All research should be cited in the body of the paper. In-text citations and corresponding references should be included in your paper. For more information on APA,