Homework: Market Management
A. Explain the concept of targeting and understand its importance.
B. Identify the criteria for targeting segments.
C. Understand the importance of market sizing.
D. Understand the concept of positioning and its importance.
E. Learn how perceptual maps facilitate an understanding of a company's or brand's position in the marketplace.
F. Introduce the positioning matrix.
G. Identify the essential elements of a positioning statement.
H. Recognize the multiple meanings of the term product.
I. Learn the distinguishing characteristics between goods and services.
J. Appreciate why the distinguishing characteristics between goods and services are important.
K. Acknowledge the core elements of the market offering.
L. Appreciate the factors affecting product line breadth and depth.
Reflection and Discussion Forum
A. This question gives you more market sizing practice (it's a skill you'll need). Using the logic from the chapter, try to estimate the possible market for the number of pairs of football pants a manufacturer could sell in your city. Hints:
a. Go online and find the number of high schools in your city's school districts. If you live in a large city, focus on only the largest school district.
b. Assume that 90% of those high schools have both a varsity football team (with 40 players) and a junior varsity team (35).
c. Assume also that each player gets 2 pairs of game pants (one in the dark school colors, and one in the light), and on average, 1.5 pairs of white pants for practice
B. Should a firm change its positioning depending on the market? What are the potential advantages and disadvantages of doing this?
C. Some companies have traditionally been known for their excellence in tangibles, e.g., Xerox in copiers, IBM in computers, who now describe themselves as primarily service companies. Do you agree? What does it take for a company to declare itself as a service organization (e.g., a percentage of business, a certain strategy or mission)? What would it take for you to believe such a claim ?
This activity/homework will help students understand concept of targeting and its importance
Activity A: Choose a product that you would like to introduce in the market. Create a profile of your target market and to discuss the reasons for choosing this market.
This activity/homework will help students understand concept of positioning and its importance
Activity B: Find a company that is struggling. Where is it in the positioning matrix? Could the company be more successful if it changed any of its Ps (e.g., to head to the lo-lo-lo-lo or hi-hi-hi-hi cells)?
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.