...Market Segmentation and Product Positioning Market segmentation is the identification of portions of the market that are different from one another. Segmentation allows the firm to better satisfy the needs of its potential customer. Market segmentation also involves dividing a particular market into groups of individual markets with similar wants and needs. Market segmentation can allow a company to identify groups of similar consumers or potential consumers. It can allow a company to pin point different types of consumer behavior in regards to particular products of that company. Due to market segmentation, the company will be able to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. Market segmentation can be used in different markets, such as industrial markets and consumer markets. According to NetMBA.com, industrial markets commonly use market segmentation to segment their different markets according to “1.) Location 2.) Company type and 3.) Behavioral characteristics” (www.netmba.com). In relation as to why industrial markets would use location as a segment would be due to shipping factors for the vendor. It is important for vendors for companies to be geographically positioned near the customers due to “shipping costs may be a purchase factor for vendor selection for products having a high bulk to value ratio” (www.netmba.com). Industrial markets would use company...
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...Company Introduction, Market Segmentation, and Product Positioning Professor: Gary Smith Sonya R. Byrd April 28, 2013 We are a family owned and operated, full service lawn care and grounds keeping company based out of Raleigh, North Carolina. We pride ourselves in professionalism, quality and affordability. With over 20 years of experience serving the Triangle, we eagerly seek to perform above and beyond other turf care providers. “We started mowing lawns with one philosophy and mission in mind: provide consistent, superior service while building lasting relationships within our community.” The services we offer are as follows: Mowing, Edging, Blowing, 6-Step Fertilizing Program, Aeration, and Over-Seeding, Sod Installation, Liming and Soil Conditioning, Lawn Weed Control and Disease Control, Tree an Shrub Trimming and Pruning, Mulch and Pine Straw, Landscape Design & Installation, Tree and Shrub Care, Insect and pest Control and Fall Leaf Removal, Drainage Installation, Commercial Services, Landscape Edging, Athletic Field Care, Artificial Turf Installation, Custom Stone Work, Patio Pavers, Landscape Lighting, Backyard Water Features, Debris Haul Away, Pressure Washing, Holliday Lighting, Retaining Wall, Sprinkler System, Snow and Ice Management and more. As a student at North Carolina State University studying Turf Grass Science, and graduating 1998 Magna Cum Laude, I’ve grown even more passionate about lawn care and enjoy learning about the constantly growing...
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...PART I. PRODUCT POSITIONING AND MARKET SEGMENTATION One of the major activities in marketing research entails the dual problem of product positioning and market segmentation. Positioning and segmentation are two sides of the same coin. In product positioning, our aim is to provide our product or service with features that will appeal to various potential buyers. However, our product’s appeal takes place in the context of other suppliers’ features and appeals. Segmentation of markets is the counterpoint of product positioning. We try to match products to market segments and, occasionally, also to develop new segments – again in the context of competitors’ similar pursuits. Part I consists of four chapters. Each of these chapters describes actual cases entailing target market positioning and new segment development. We describe the use of conjoint analysis (and related techniques) in target marketing positioning, line extending, and segmentation, including the case of dynamic modeling where competitors engage in action and reaction sequences over time. CHAPTER I. TARGET MARKET POSITIONING Few marketers would dispute the central roles that product positioning and market segmentation play in today’s economies, national or global. Vignette 1 focuses on various extensions of product positioning strategy. In this case our (disguised) firm is the Epsilon Company. Epsilon is a key player in the consumer credit card industry. Competition in credit...
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...Market Segmentation and Product Positioning Assignment One January 18, 2011 Abstract The key to successful product implementation in today’s national enterprise system is the effective marketing of a new product with the company’s line of existing products. As stated by Iacobucci (2010) (p.3), marketing is defined as an exchange between a company and its customers. In simple terms, the customer wants something from the company or firm and vice versa. In previous times, a company would manufacture a product they thought the customer would want and/or need. The customer purchased that product because of a pending need which basically meant that marketing used to be product oriented. However, marketing today is more that an advertisement for goods and services in an attempt to attract new business. We live in a customer orientated and empowered marketing environment (p.5). We realize the importance and ramifications of having an exchange with our customers and developing a relationship with them. It is this exchange of information between our company and our existing as well as future customers that secures our position in our target market. Our company is a regional tool distributor located in the north eastern section of the United States. Our customer base consists of several major retailers, nationally known in the retail and wholesale tool industry. We use the brand label Steel City Tools for marketing and distribution of our products. This research...
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...Assignment 1: Market Segmentation and Product Positioning Fabio Micheletto Instructor: Dr. Jean Gordon MKT500 – Marketing Management 10/23/2011 Assignment 1: Market Segmentation and Product Positioning 1. Identify the marketing segment for the product and explain why this segment was selected. 2.1 Company Description WestportAxle Corporation is an U.S. based company with its headquarters in Brazil that focuses in manufacturing and assembly front axles for truck and buses (heavy and light duty). One of the products that WestportAxle plans to introduce in the U.S. market is the new 24K front axle for Trucks Class 8 Fire/Crash (picture 1). Company expects to use its 25 years of expertise to bring new alternatives for the Class 8 Truck builders offering a new product with better maneuverability that can be used in the narrow streets of big cities. Picture 1 – 24K Front Axle 2.2 Market Segment In the front axle business there is a specific market that we call “Niche Market”. This market is dedicated to special vehicle builders such as Fire Trucks, Garbage Trucks, Cement Mixers and so on. These trucks are common identified as “Class 8 Trucks”. The 24K front axle is largely used for these trucks, however there are some limitations. And one of these limitations is the maneuverability of the vehicle, sometimes is really difficult to maneuver the truck in the narrow streets. So, our product will fill this gap offering a 55 degrees wheel cut (the...
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...Market Segmentation and Product Positioning Juan Snowden 18 July 2010 Market Segmentation The purpose of this market plan is to serve as a living and dynamic guide for the operation of Grey Matter Solutions, LLC. Grey Matter Solutions, LLC is a single location home-based engineering and information technology business offering strategic technical and program management solutions. It is the owner’s intention to expand the business so that it becomes a solid, highly-profitable venture and the operation can be supported year around. The main purpose of Grey Matter Solutions, LLC is to offer a wide range of engineering and information technology services that will meet the needs and offer solutions for individuals, business and government clients. Grey Matter Solutions, LLC will not only collect and process information, but will seek to education its clients at the same time so that the best strategies are employed at all times. Mission Statement Grey Matter Solutions, LLC is a full-service engineering and information technology services business located in Anne Arundel County, MD. The business provides engineering, systems analysis, systems integration and technical services for governmental agencies, and at the federal, state and local levels throughout the United States. From program process improvements, program management to onsite and hands-on engineering consulting, Grey Matter Solutions is committed to being your one-stop quality service meeting all...
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...Company Introduction, Market Segmentation, and Product Positioning MKT500 April 24, 2012 Executive Summary DTPME is a Christian owned and operated health care service company that serves in North Carolina and expanding into the Europe market. We will be serving an exclusive geographic segment of the multi-billion dollar health care industry, and will create value for our clients by offering quality, reliable health care products supported with top notch service and a 100% satisfaction guarantee. DTPME customer base will be individuals and families, which may need additional monitoring in case of an emergency who may be coping with an acute or chronic illness, recovering from surgery or an injury, or assistance with basic everyday living needs. DTPME was formed as an incorporated organization with three owners. DTPME’s current location, with 500 employees in a 150,000 square foot building, is located in Raleigh, NC. DTPME partnered with German institute Fraunhofer to develop this new medical alert pendant and bracelet that has a built-in sensor with a camera. DTPME has kept abreast of the current and future technologies in healthcare equipment and will offer the latest medical alert device to customers. Current market research indicates that within the next year, technology will grow significantly in terms of the devices that will connect the healthcare providers to patients. DTPME will also be positioned as a distributor of this device...
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...plan provides a strong 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...
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...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 for people that wish to lose weight. I don’t just want to sell people a weight lose product I want to sell them a weight lose solution, a place where they can...
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...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...
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...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...
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... determination of the target market. E. establishment of marketing objectives. 2. A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing programs and policies. A. strategic marketing plan B. integrated marketing communications plan C. situation analysis D. opportunity analysis E. competitive plan 3. _____ is a detailed assessment of the current marketing conditions facing the company, its product lines, or its individual brands. A. Strategic marketing plan B. Integrated marketing communications plan C. Situation analysis D. Opportunity analysis E. Competitive plan 4. _____ are defined as external areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company thinks it can compete effectively. A. Market opportunities B. Market segments C. Competitive advantages D. Market strengths E. Market plans 5. To reach tweens (8-12 year olds), Jell-O brand gelatin marketers introduced X-treme Jell-O in wild berry, green apple, and watermelon flavors. The ads describe the gelatin flavors as "Jell-O with an attitude" because these fruit flavors "will bite you back." Jell-O has defined tweens as: A. part of an undifferentiated market. B. aggregated market. C. a response-stimulus market. D. the mass market for gelatin. E. a market segment. 6. China is the world's second-largest beer market after the U.S. It is...
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...Chapter Eight: Segmentation, Targeting, and Positioning Segmenting, Targeting, and Positioning Process Step 1: Establish Overall Strategy or Objectives * The segmentation strategy must be consistent with and derived from the firm’s mission statement and strategic objectives, as well as it’s current state * Current state involves SWOT Analysis (internal strengths and weaknesses, external opportunities and threats) Step 2: Profile Segments * The second step in the segmentation process is to describe the different segments (needs, wants, characteristics), which helps firms better understand the profile of the customers in each segment Segmentation Method | Sample Segments | 1. Geographic | Country, province, city, urban, rural, climate, continent: North America, Asia, Europe, Africa, Region: Atlantic, Central, Western Canada | 2. Demographic | Age, gender, income, education, occupation, ethnic background, religion, family life cycle | 3. Psychographic | Lifestyles, values, self concept | 4. Behavioural | Benefits derived, usage rates, user status. Loyalty | 1. Geographic Segmentation – the grouping of consumers on the basis of where they live * Divide market into separate geographic units of countries, regions, provinces, cities, neighbourhoods, climates, etc. * Then hey can develop appropriate marketing programs according to the areas * Geographic segmentation is most useful for companies who’s products satisfy needs...
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...Questions 1. (p. 39-40) Under Armour developed dynamic advertising, sponsorships of sports leagues, a creative Web site and celebrity spokespeople to promote their sports and clothing products. Under Armour is engaged in: A. integrated marketing communications B. a centralized market strategy C. a concentrated market strategy D. an undifferentiated market strategy E. lifestyle segmentation based on sports See opening vignette. 2. (p. 41) According to the marketing and promotions process model, which of the following is NOT a stage in the target marketing process? A. market identification B. promotional decisions C. market segmentation D. positioning through marketing strategies E. target market selection 3. (p. 41) The marketing promotion model includes all of the following major components EXCEPT: A. the organization's marketing strategy and analysis B. the marketing planning program development C. the target marketing process D. the marketing management hierarchy plan E. the target market 4. (p. 41) According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix B. development of a marketing strategy and analysis C. development of the promotional mix D. determination of the target market E. establishment of marketing objectives 5. (p. 42) A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing...
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...What is the role of the creativity in the segmentation process, Why can we say that having an excellent global positioning is one of the principal assets of a brand, What criteria should global marketers consider when making product design decisions, Identify several global brands. What are some of the reasons for the global success of the brands you chose? Abstract The study identifies segmentation processes and how it can be introduced to management to accept them. Often than not if management do not understand the process of segmentation and found out that what has been presented differ from what they know they quickly reject the proposed segmentations (Yankelovich & Meer, 2006). In segmentation, it allows the researcher to knowing how important a product or service is to the customers and this help in deciding what their expectations and are most likely to reveal their willingness to purchase your product. The study further identifies reasons why segmentations fail and steps needed to be taken to correct these errors. The literature elaborate on brand positioning and settling the confusion of brand positioning by managers straight. Consumer culture both local and global is also considered with it effect on brand positioning showing the reader the essence considering or adopting a hybrid type of positioning (Holt, Quelch, & Taylor, 2004). After going through this studies the reader will appreciate the essence of brand positioning using five recognized global companies which...
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