In this assessment, you will analyze and use the concepts of market segmentation, targeting, and positioning to develop a product strategy for your selected product. This analysis includes describing the information used to determine appropriate market segments to target and explaining how the product provides value to each market segment. The analysis should conclude by suggesting how the product might be better positioned for each segment targeted and describing the challenges involved in doing so.
Note: In this assessment and the next, you will complete the background research and planning necessary to create an integrated global marketing case study based on a company of your choice for Assessment 5.
Preparation
Begin by using the information you developed for your competitive analysis to identify sources of information that will enable you to determine the size and characteristics of each market segment that could be addressed by the product you selected.
Directions
Complete the following using your selected company:
Market Segmentation Analysis (2-3 pages):
- Information Sources. In the second assessment, you developed information on the market potential for your product. Describe the information you found to help you determine market segments to target for your selected product.
- Effective Targeting. Identify the market segments you think are effective to target for your selected product.
- Explain how the product provides value to each market segment, in terms of the wants and needs of that segment.
- Evaluate the effectiveness of the marketing strategy currently used to target that market segment.
- Justify your analysis with evidence of where the marketing strategy is currently effective, and where it is less than effective.
Targeting and Positioning Strategy Recommendations (1-2 pages):
Based on your market segmentation analysis, suggest at least two alternative strategies for improving the marketing of your product.
- Explain, for each strategy, how the product might be better positioned for each target segment.
- Describe, given your recommendations, the challenges the company is likely to face when it changes the positioning for the product, particularly the challenges that may arise when attempting to change customers' perceptions of the product.
Additional Requirements
- Written communication: Written communication should be free of errors that detract from the overall message.
- APA formatting: Your analysis should be formatted according to current APA style and formatting.
- Length: 3-5 typed and double-spaced pages.
- Font and font size: Times New Roman, 12 point.
- Research: Use a minimum of four credible sources.
Library Resources
The following e-books and articles linked directly in this course:
- Sherlekar, S. A., & Sherlekar, V. S. (2010). Global marketing management. Mumbai, India: Himalaya Publishing House.
- Chapter 8, "Customer Demand and Market Segmentation."
- Chapter 11, "Marketing Information/Research."
- Chapter 12, "Marketing Research Process."
- Chapter 16, "Product Plan (Cornerstone of Marketing)."
- Chapter 17, "Product-Related Strategies."
- Wind, J., & Mahajan, V. (2001). Digital marketing: Global strategies from the world's leading experts. New York, NY: John Wiley & Sons.
- Chapter 9, "Rethinking Market Research in the Digital World."
- Franke, N., Keinz, P., & Steger, C. J. (2009). Testing the value of customization: When do customers really prefer products tailored to their preferences?. Journal of Marketing, 73(5), 103-121.
- Mitchell, V., Edelman, D., & Chaudhury, A. (2014). Predicting retail brand extension strategy success: A consumer based model. Journal of Customer Behaviour,13(2), 93-111.
- Najafizadeh, N. S., Elahi, M., Moemeni, A., & Lotfi, Z. (2012). A model for brand positioning of hygienic products using the most effective factors on competitive position and perceptual map technique. African Journal of Business Management,6(27), 8102-8117.