...platform for marketing and other departments to execute their action plans. Similarly, potential equity investors such as venture capitalists or private equity investors could be interested in evaluating the marketing plan of the organization for making investment decisions. 2. Identify the marketing segment for the product and provide a rationale for this segment. Discuss the target market and provide a rationale for this target market. The target segment or market segment to exploit for our products include both men and women from upper segments of the society or high net-worth individuals that can afford our premium technology products. The target customers, apart from being financially sound, will also depict characteristics such as interest in owning latest technology products, flair for artistic or premium, sophisticated or one of its kind limited edition products, etc. As the product is not only technologically advanced but also expensive in terms of price and sophisticated or unique in terms of design and appeal, it is aimed at those select individuals in the society that can afford to buy such luxury products. Hence, it is most profitable for a company to target only high end or high net worth individuals for this...
Words: 935 - Pages: 4
...My company Change Your Life Fitness is a non-typical gym. Our goal at Change Your Life Fitness is to put fun back into fitness. Change Your Life Fitness has been formed to meet a specific need in an ever increasing competitive market. How is Change Your Life Fitness different? We offer a plethora of services, but you only pay a small fee for the services that you want to take advantage of. Our fitness center has no sign up fee(s) and only a ten dollar a month membership fee, which can be cancelled at any time. We offer nutritional assistance for the people that want to lose weight, we offer professional trainers for people that wish to increase muscle mass, we offer yogi for people that want to learn proper stretching and relaxation techniques, we offer different types of Jazzercise as well as Zumba. We offer child care services for single and working parents. Regardless of your fitness level you can find something at Change Your Life Fitness that will appeal to you. Our mission statement at Change Your Life Fitness is- “Change Your Life Fitness- We will help you achieve results that will change your life”. I want to make our fitness center someplace that has something for everyone. Fitness is such an important part in all of our lives, and I want Change Your Life Fitness to be part of that. I am aware that a mere ten dollar a month fee is not enough to get rich with. I plan on selling nutritional supplements, sports drinks, snacks as well as calorie correct prepared meals...
Words: 1796 - Pages: 8
...MKT 500 Company Introduction, Market Segmentation, and Product Positioning Student Dr. Kelly Bruning Marketing 500026VA016-1126-001 July 22, 2012 Company Introduction, Market Segmentation, and Product Positioning Dating is something that most people have done or will do at any given point in their life. For some people, meeting and asking someone out for coffee, dinner, drink, or even a movie is as easy as breathing. On the other hand, for others it is just not that simple. Then to add to that scenario, you have people that have been with their mates for years, then suddenly find themselves single as a result of divorce, or because the spouse died unexpectedly. Now, just imagine someone in this situation who frankly hasn’t had a date in years, except with their significant other. They may not be prepared for the challenges of dating, or able to get out and meet people in the traditional manner in which most people are accustomed to dating. In addition, times have changed, and now with advance technology, a person can meet potential suitors online without ever having to leave the house. It is for this reason that online dating has become very popular. People can now search out the type of person who attributes fits more closely with their own ("What causes popularity of online dating?"). With the trend of online dating, there are a number of dating sites where there are millions of people who are utilizing the sites. To subscribe to these various sites, a person will...
Words: 4042 - Pages: 17
...Assignment 1: Company Introduction, Market Segmentation, and Product Positioning Put My Foot In It Cakes Lynda R. Gaston Dr. David A. Holness Strayer University MKT 500 – Marketing Management April 25, 2012 Write a detailed company background. Family functions are always a great way to introduce my creativity by designing new homemade cakes. Made and created by Lynda Gaston in 1992, my company, Put My Foot In It Cakes was born. Featuring homemade cakes, cupcakes and other delectable only the finest ingredients are used. Bringing my cakes to family functions and getting rave revues, thumbs up and the famous quote “Lynda, you put your foot in this cake”, a vision was born….Put My Foot In It Cakes. Create a strategic mission statement. Put My Foot In It Cakes strives to be the “I remember my grandmother’s cakes tasted exactly like this” in the Southern and Northern regions. Committed to bringing a personal touch to the palate, Put My Foot In It Cakes will bring joy and comfort in every bite. Everything we do reflects this mission and brings the values that make it possible. Determine and decide upon at least one foreign market for the product and service. Provide your rationale for this market. One foreign market that I have decided upon would be Canada. The reason I chose Canada is because they speak dual languages. There would be no large shipping costs and freight charges. Ground transportation can be used because Canada is a country in close proximity to America...
Words: 1043 - Pages: 5
...Introduction Marketing is one of the important element for any successful business because it is all about letting people know what is the products/services of the company and how do you persuade them to purchase your products/services. Marketing strategy is a process which allows a company to concentrate on its limited resources and increase its sales as the greatest opportunities ad achieve a sustainable competitive advantage. The key concept of market strategy is centered on the customer satisfaction as the main goal. A marketing strategy combines product development, promotion, distribution, pricing, management relationship and other element which identifies the company’s marketing goals and explains how marketing strategy determines the choices of target market segments, marketing mix, positions and allocation of resources. It is the most effective when it is an integrated component of all firm strategy by defining how company will successfully engage the customer’s prospects and competitors in the market arena. Market strategy is changing therefore we need a marketing strategy for each product. In this assignment we are going to develop a marketing strategy for a product Tanuf mineral water. The product is from the National Mineral Water Co. SAGOG. Was set up in 1979 with technical expertise from Evian France- world leaders in the field of national mineral water. ...
Words: 2076 - Pages: 9
...Product Life Chycle”: Product life-cycle (PLC) like human beings, products also have an arc. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes, Product life cycle The concept of product life cycle is based on the following observations: * Products have a limited life. * Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. * Profits rise and fall at different stages of the product lifecycle. * Products require different marketing, financial, manufacturing, purchasing, and the human resource strategies in each stage of their life cycle. Stage Characteristics 1. Market introduction stage 1. costs are very high 2. slow sales volumes to start 3. little or no competition 4. demand has to be created 5. customers have to be prompted to try the product 6. makes no money at this stage 2. Growth stage 1. costs reduced due to economies of scale 2. sales volume increases significantly 3. profitability begins to rise 4. public awareness increases 5. competition begins to increase with a few new players in establishing market 6. increased competition leads to price decreases 3. Maturity stage 1....
Words: 3108 - Pages: 13
... | introduction | 3 | | outcome 2 – the concepts of segmentation, targeting and positioning | 3 | §2.1 | macro and micro environmental factors which influence marketing decision | 3 | §2.2 | segmentation creterias for products in different markets | 4 | §2.3 | targeting strategys | 5 | §2.4 | how a byer behaviour affects marketing activities in different buying situations | 5 | §2.5 | new positioning for a selected product/service | 6 | | outcome 3 –elements of the extended marketing mix | | §3.1 | explantion of how products are developed to sustain competitive advantage | 6 | §3.2 | explnation of how distribution is arranged to provide customer convinience | 7 | §3.3 | explnation of how prices are set to reflect an organisation’s objectives and market conditions | 8 | §3.4 | evaluation of how promotional activity is integrated to achieve marketing objectives | 10 | §3.5 | the analyse of the additional elements of the extended marketing mix | 12 | | outcome 4 – use of the marketing mix in different contexts | 14 | §4.1 | the plan of marketing mixes for two different segments in consumer markets | 14 | §4.2 | the illustration of differeces in marketing products and services to businesses rather than consumer | 16 | §4.3 | how and why international marketing differs from domestic marketing | 19 | | conclusion | 21 | | bibliografy and references | 22 | introduction Marketing...
Words: 2332 - Pages: 10
...create a marketing strategy using women as target market. Two competitors and their positioning will be analyzed to develop an efficient marketing strategy. Explanations for segmentation base, target markets, positioning and competitive advantages will be provided for better perception. Marketing Strategy for Shield Self Defense System Introduction To be able to develop a good marketing strategy it is imperative to define the target market, analyze competitor and their positioning, understand competitive advantages, and to develop a value proposition and statement. Definition of the Segmentation Bases Geographic segmentation which is about were possible consumers reside or place of employment (area, city size). Demographic segmentation is market segmentation accomplished by taking in to account several demographic factors such as; gender, race, age, income, birth era, and occupation. Psychographic segmentation is in relation to potential consumer’s personality, life style, values, and needs. Behavioral segmentation is about apparent attitudes or actions by prospective consumers such as; where they purchase from, how often they purchase, and the reason of the purchase (Kerin, 2011). Description of Each of the Target Markets Target market is group of possible consumers that share common characteristic and needs, thus, business’s uses those findings to create strategies for marketing purpose. One of the target markets that would be profitable for the self-defense...
Words: 684 - Pages: 3
...MARKET SEGMENTATION, TARGETING AND POSITIONING MARKET SEGMENTATION INTRODUCTION: - The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. And, consumer (the end user), who makes a market, are of varying characteristics user and buying behavior. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. segmentation Thus we can say that market segmentation is the segmentation of markets into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and other variables of the marketing mix. Market segments should be formed in that way that difference between buyers within each segment is as small as possible. Thus, every segment can be addressed with an individually targeted marketing mix. The importance of market segmentation results from the fact that the buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These...
Words: 9108 - Pages: 37
...Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Marketing Logistics Production Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Logistics Table of Contents Preface: Johnson and Johnson’s Tylenol....................................................................................................... 2 Introduction .................................................................................................................................................. 3 Objectives achieved through Logistics .......................................................................................................... 4 Marketing and Logistics ................................................................................................................................ 6 Significance of Marketing Logistics...
Words: 375 - Pages: 2
...Segmentation, Targeting and Positioning Objectives: 1. To identify and define the three steps in target marketing: segmentation, targeting, and positioning. 2. Understand bases for segmenting consumer markets. 3. To know how to identify attractive market segments. 4. To understand how to position products to gain competitive advantage. Topics for Discussion: 1. Steps in market segmentation, targeting and positioning 2. Bases for segmenting consumer markets 3. Evaluating and selecting market segments 4. Choosing a positioning strategy 5. Developing a positioning statement 6. Communicating and Delivering the Chosen Position Introduction Companies are recognizing that they cannot serve all buyers in the marketplace. There are various types of customers with different needs and buying behavior. Rather than competing in the entire market (mass marketing) companies identify parts of the market that they can serve well and profitably (market segmentation and targeting). Let’s Define the Terms Market Segmentation – dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes Target Marketing – the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter Market Positioning – arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. ...
Words: 1073 - Pages: 5
...Summary 2 1.0 Introduction 3 2.0 Analysis 4 2.1 Consumer Segmentation 4 2.2 Business Segments 5 2.3 Cost Pricing Approach 7 3.0 Recommendations 8 3.1 BRANDING AND POSITIONING 8 3.2 Alternative Pricing Approach 10 4.0 Conclusion 11 List of reference. 13 Executive Summary The objective of this report is to identify the target market and position the product well in consumers mind so as to increase the sales and market share. For a product to be accepted in the market by consumers, an effective marketing strategy must be implemented. This report is divided into five parts which are introduction of the scenario, followed by identifying the consumer segment, business segment, merits and demerits of cost oriented pricing, branding and positioning and an alternative pricing approach for the eco shack. Behaviour segmentation variable for consumer market is an appropriate way to identify the consumer segment for the Urban- Eco Shack. This process of segmenting the market involves analyzing the behavior of consumers in terms of usage, price sensitivity and the response towards brands. The features of the Urban – Eco-shack can influence the behaviour of the customers like the size of the accommodation makes it suitable for city dwellers as it is highly occupied with buildings and houses, therefore, the volume usage in urban areas will high and this is an appropriate consumer segment for the Urban Eco-shack. On the other hand, retailers who are close to the market in the supply...
Words: 3896 - Pages: 16
...Royal Business College Determine Market Segmentation, Targeting and Positioning Decisions Unit 2934 Version 4 | Level 6 | Credits 10 Year 2015 National Diploma in Business Level Name: Lucy ID: A1234 Table of Contents | Page | 1. Introduction | 3 | 1.1 Introduction to market segmentation | 3 | 1.2 Background of the Case Study | 3 | 1.3 The company Marketing Objectives | 4 | 1.4 The benefits that company receive by segmenting the market | 4 | 1.5 Brand Name of the soft drink | 4 | 2. Part one: Potential Market Segmentation Assessment | 4 | 2.1 Resource implications | 4 | 2.2 Understanding and meeting customer needs | 5 | 2.3 Identification of the competitor activities | 5 | 2.4 Evaluation of market performance | 6 | 2.5 Segment viability and attractiveness | 6 | 2.6 Any other implications directly relevant to the company | 6 | 3. Part two; Apply Market segmentation Processes | 7 | 3.1 Identify potential market segments | 7 | 3.1.1 Geographic | 7 | 3.1.2Demographic | 7 | 3.1.3Psychographic | 8 | 3.1.4 Behavioral Usage | 8 | 4.2 Evaluate the potential of each market segment | 9 | 3.3 Evaluate the potential of each market segment | 10 | 3.3.1 Product usage and potential | 10 | 3.3.2...
Words: 491 - Pages: 2
...Segmentation and positioning A case study of Bang & Olufsen Segmentation and positioning – Bang & Olufsen Table of contents 1. Introduction ............................................................................................................................ 2 1.1 Problem Statement .............................................................................................................................................................. 2 1.2 Methodology .......................................................................................................................................................................... 3 1.2.1 Data gathering .................................................................................................................................................................... 3 1.3 Delimitation ............................................................................................................................................................................ 4 2. Bang & Olufsen ........................................................................................................................ 4 3 Segmentation .....................................................
Words: 6337 - Pages: 26
...Course Title: Principals of Marketing (MKT 101) Prepared For Kashfia Ahmed Senior Lecture Department of Business Administration East West University Prepared By Name of Students | ID | * Jahid Hasan Rajib * F M Alif Hossain | 2010-3-13-0592010-2-10-096 | Program : Bachelor of Business Administration (BBA) Semester : Spring-2011 Course Name : Principal of Marketing Course Code : Mkt101 Section : 1 East West University Date of Submission August 4, 2011. EAST WEST UNIVERSITY In writing this term paper, we are extremely indebted to almighty Allah who creates us is this transitory world along with concerned with this Term Paper. It could not possibly thank all of those marvelous people who have contributed a lot of this assignment. There are, of course some very special people who could not go without mention. First of all, we would like to convey our felt gratitude and regards to “Kashfia Ahmed” honorable Senior lecture, Department of Business Administration, East West University whose enthusiastic guidance and help during the entire study period made it possible for us to prepare this report. We are grateful to some prominent authors worldwide whose book I have consulted in the preparation of the assignment. We also thank to our course mates for their advice and comments to the success of the report. Thank You, Jahid Hasan Rajib Id- 2010-3-13-059 On Behalf of the Group September 28, 2012 Kashfia...
Words: 5018 - Pages: 21
