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Target Market Assignment
Identifying and analyzing a target market is a major component of formulating a marketing strategy. A clear understanding and explanation of a product's target market is crucial to the success of any company's marketing plan. References to various dimensions of a target market are likely to appear in several locations in a marketing plan.
Consider the product or service your current company offers. If you are not working, consider the product or service of a previous employer. Then, respond to the following in a five to seven-slide, recorded presentation with voiceover narrative.
Question 1. What type of targeting strategy is being used for your product or service? Should a different targeting strategy be employed? Why or why not?
Question 2. Select and justify the segmentation variables that are most appropriate for segmenting the market for your product. If your product is a consumer product, use Figure 6.3 in your textbook for ideas regarding the most appropriate segmentation variables. If your company's marketing plan focuses on a business product, review the information in the section entitled "Variables for Segmenting Business Markets."
Question 3. Discuss how the product or service your company offers should be positioned in the minds of customers in the target market relative to the product positions of competitors.
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