MRKT 310 Principles of Marketing Week 4 Writing Assignment

MRKT 310 Principles of Marketing Week 4 Writing Assignment

MRKT 310 Principles of Marketing Week 4 Writing Assignment
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Week 4 Writing Assignment

Market Segmentation, Targeting, and Positioning
Learning Outcomes
1. Segmentation. Students can use the segmentation characteristics to identify and describe market segments
2. Target Market. Students can identify a usable market segment to be a target market
3. Target-market strategy. Students can determine an appropriate target-market strategy.
4. 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...

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