Reference no: EM133089780
Assessment Task:
Select a company or an organization for which you can access its Marketing Plan.
Profile a target market for a business of your choice.
You must submit:
1. Profiling briefing report
2. Marketing positioning strategy
3. power point presentation slides
Use the template provided in your E-learning.
Profiling Briefing Report
Introduction to report
State the purpose of the report
Total market for the company's product/s or service/s
What is the total market for the company's products or services? Describe this in one or more of the following ways:
• Describe in dollar or unit terms such as gross sales of all other products or services similar to those offered by the organisation
• describing total market in prospect terms as those most similar to current customers
• identifying consumers with relevant needs
• identifying current users of a product or service
• identifying people with related characteristics
Segmentation criteria
Describe the range of segmentation criteria that can be used by any business to segment markets.
Criteria's are:
1. Demographic- age, gender, education, generation, family size, income, religion, nationality, family life cycle, occupation, race, social class
2. Benefits sought- segmenting the market into groups of people based on the benefits they seek from a product or service.
3. Situation - groups people together based on their physical surroundings, economic situation, time perspective and social surroundings
4. Geographic - divides its market on the basis of geography, such as by city, county, state, region etc. or by rural, suburban, urban market segments, or by climate or total population in each area.
5. Psychographic - dividing your market based upon consumer personality traits, values, attitudes, interests and lifestyles. It allows you to develop and market products on a more precise match between the product and each segment's needs and wants.
6. Behaviour/usage - groups people based on their previous or intended use of a product, preferred buying channels, use of a response to media, response to direct marketing activities and general behaviour.
Current segmentation criteria
Discuss any segmentation criteria currently identified in the Marketing Plan for describing the target market/market segments.
Sources of information
What sources of information can be used to segment and profile the market for the business? Include a list of references e.g. if it is a web site the URL and a description of the information provided.
Market segmentation
Use the information sources you have identified for segmenting and profiling the market.
Describe each of the market segments for the company. What is the size of the market segment? Who are the consumers within the segment? What potential does it have? How accessible is the segment to the company? What are the needs of consumers for each of segments?
Based on your review of the market segments you have described, select the market segments or segment that you consider are the most viable especially in relation to the company's marketing objectives as described in the Marketing Plan. Describe these segments and say why you have selected the segment or segments.
Market segmentation - act of subdividing the market into a group or groups of people who have similar needs within the group but dissimilar needs across the groups.
Types of market segmentation
1. benefit segmentation - the subdivision of the market based on benefits the consumer hopes to derive from using the product
2. usage segmentation - based on how often a consumer uses the product. They will be categorized into those who do not use the product, those who use it a little, and those who are considered heavy users.
3. behavioural segmentation - based on various personality and behavioural traits.
actualizers
fulfillers
achievers
experiencers
believers
strivers
makers
strugglers
Consumer profile information
Describe your target consumers according to the segmentation criteria that you have identified. Ensure you use demographic and/or geographic and/or psychographic description in describing target customers.
What are the main consumer needs in relation to the company's product or service?
What are their attitudes towards using the company's products/s or services?
Consumer profile - a way of describing a consumer categorically so that they can be grouped for marketing and advertising purposes.
Marketing Positioning strategy
Attachment:- Profile the market.rar