Assignment Title: Market Segmentation and Target Marketing

Topics:

●      Market segmentation

●      Consumer behavior

●      Business to business marketing

Description:

This assignment focuses on the following sections of the marketing plan:

Page 4             Market-Product Focus

●      Marketing and Product Objectives

o   Target Markets

o   Points of Difference

o   Positioning

Market-Product Focus

The Market-product focus describes how your business will position its product in the market. Brand positioning has been defined by Kotler as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”. In other words, brand positioning describes how a brand is different from its competitors and where, or how, it sits in customers’ minds. In other words, we can’t be everything to everyone, so what small area can we carve out where certain people think about our product or service.

Tip: Chapter 5 of your open education textbook dives into this material in great detail.

Marketing and Product Objectives

The chances of success for a new product are significantly increased if objectives are set for the product itself. In this section, set one year marketing objectives and five year marketing objectives for your product or service.

An example of a one year marketing objective could be:

To sell 400 products in this community this year.

An example of a five year marketing objective could be:

To diversify product sales to surrounding communities by doing a weekly delivery and having the sales to justify doing so.

Target Markets

The first step is to determine your target market. To do this, we must use the segmentation strategy. I am looking for details of your potential customers based on four very specific segments; Geographic, Demographic, Psychographic, and Behavioral. What is Market Segmentation. How to Use It for Max ROI is a fantastic article you should read to learn more. Follow up with watching this very good video about what market segmentation is and how to do it. Your free textbook is also very detailed on this topic.

Points of Difference

An organization cannot grow by offering only “me-too” products or services. The greatest single factor in a new product’s or service’s failure is the lack of significant “points of difference” that set it apart from competitors’ substitutes.

Positioning

A positioning strategy helps communicate the company’s unique points of difference of its products to prospective customers in a simple, clear way

Resources: Computer, Internet access.

Technical specifications:

Create an infographic on a website of your choosing (piktogragh or vennage are recommended). Your infographic is a display of your research information with visual support from icons and images. An infographic should be balanced between writing and imagery.

Your infographic should clearly show the 4 sub sections of market-product focus, Objectives, Target Market, Points of Difference, and Positioning. Although the infographic consists of the four sections, the focus should be on the target market, as the information will dictate your 4P assignment. The target market section of the infographic must clearly show the Geographic, Demographic, Psychographic, and Behavioral segments and traits.

Transpose the image to your online marketing plan on page 4. These websites may require paying to have full access to the infographic, so get creative with screen shots and pasting together in ms paint, or pay the nominal fee to have access to your image.

Due Date: Sunday, 1159pm

Marks: 20% rubric

 

Example

 

Figure 6 Example a market-product focus with a target market infographic.

Rubric:

Criteria	Excellent 3 Points	Good 2 Points	Satisfactory 1 Point	Poor 0 Points
Technical Specifications	The project meets all the requirements of the assignment. The marketing plan looks professional and the assignment followed instructions.	The project meets the basic requirements of the assignment and includes some information about the marketing plan. The instructions were adequately followed.	The project meets some of the requirements and needs improvement. The assignment needs improvement. The instructions were not followed.	The project is not complete. The assignments did not follow the instructions.
Materials / Content	The student has shown all the elements of the marketing plan and can easily answer questions related to the four segments. The student can easily describe how to determine the target market.	The student has shown most of the elements of the marketing plan and can answer questions related to it. The student can summarize how to determine the target market.	The student has shown limited elements of the marketing plan and is able to answer some of the questions. The student can describe most of the procedures involved in determining the target market.	Student did not demonstrate good progress regarding the project and is unable to describe how to determine the target market.
Presentation and creativity	The assignments are clear and easy to read. High quality graphics are used which attract the audience. All the information provided is relevant to the topic. Students have used excellent creative skills which makes the assignment more attractive.	The assignments are clear. Good quality graphics are used which attract the audience. No irrelevant information. The project shows creativity with the use of attracting colors.	The assignments are of good quality. Little irrelevant details. The student did not make an effort to show any creativity to make the project more attractive.	Poor presentation and no signs of creativity
Critical Thinking and decision making	The student has used critical thinking in determining the target market.	The student has shown application of research and shown some critical thinking.	The student has shown no use of research and shown little critical thinking.	Little to no use of critical thinking.