...Marketing 3001 Your Chosen Brand’s Strategic Elements You will write two 5 page, single-spaced papers over the course of this semester with a partner. Each of the papers will use your “Chosen Brand” within one of these categories: 1. A Computerized product (e.g. MP3 players, SmartPhones) 2. A Consumer Packaged Good (not food) (e.g. beauty supplies, cleaning supplies) 3. A food item (e.g. jello, peanut butter) The class will select 1 Chosen Brand for each category during a class period early on in the semester, in order for you to apply your classroom knowledge to an existing market brand. You and your partner will choose ONE of the 3 options as your subject. You may NOT choose a subject apart from the class’ choices or change your paper subject between papers. All papers will be written in pairs. NO individual papers will be allowed. Papers will: * not exceed 5 total pages * be single-spaced * have fonts no smaller than 11 point * have 1” margins * cite sources as an extra page beyond the stated limit * be handed during the class period noted on the syllabus to receive credit. * contain a cover page that includes this information (this does not count towards total pages): * Both writers’ names: Last, First; Last, First * Mktg 3001 & Section # * Name/# of paper Deductions of up to 10% of total points will be taken for: * Poor Writing Style * Poor Grammar/Spelling * Organizational/Formatting...
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...potential to buy the respective product or service. After research and testing, this market(s) is (are) known as the target market. The target market is quite simple to understand. It is simply the market or markets which maintain the potential for the most profitability for the firm or company. One question someone might ask is why choose to select a niche market as opposed to just targeting the mass market? The answer is simple: Marketing is expensive. Researching which demographic will best respond to the respective service or product ensures the company will only be exhausting resources where the potential for return in greatest. At the same time, markets where scope of success is limited will not consume valuable time, energy, money, brainpower, and overall company resources. How do Companies Segment Markets? The initial step to this process is to delineate the firm’s current situation. The role of this is to allow the company to evaluate its own standing prior to that of the markets. Here, strategies, goals, and expectations for the company and marketing team specifically are established. The second step determining consumer needs and wants. This step is not just a step of segmentation, but is often the first research done generally when introducing a new company, product, or program. It questions what consumers need (either generally or specific to existing products). New technology,...
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...3. What are the requirements for effective segmentation? 4. How should business markets be segmented? 5. How should a company choose the most attractive target markets? CHAPTER SUMMARY 1. Target marketing includes three activities: market segmentation, market targeting, and market positioning. Market segments are large, identifiable groups within a market. 2. Two bases for segmenting consumer markets are consumer characteristics and consumer responses. The major segmentation variables for consumer markets are geographic, demographic, psychographic, and behavioral. Marketers use them singly or in combination. 3. Business marketers use all these variables along with operating variables, purchasing approaches, and situational factors. 4. To be useful, market segments must be measurable, substantial, accessible, differentiable, and actionable. 5. We can target markets at four main levels: mass, multiple segments, single (or niche) segment, and individuals. 6. A mass market targeting approach is adopted only by the biggest companies. Many companies target multiple segments defined in various ways such as various demographic groups who seek the same product benefit. 7. A niche is a more narrowly defined group. Globalization and the Internet have made niche marketing more feasible to many. 8. More companies now practice individual and mass customization. The future is likely to see more individual consumers take the initiative in designing products and brands. ...
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...Marketing Research and Segmentation Cliff Beard HCS/539 May 19, 2014 Andrea Linder Description of Facility Stormont Vail HealthCare has been providing medical treatment to the people of Topeka and the surrounding areas since 1884. The programs and services that are provided by Stormont Vail and state of the art and revolutionizing the medical field and helping all patients no matter their ailments in the community. The main hospital located in Topeka offers 157 private rooms, which each have an acute bed for the patient and is staffed with medical personnel that are certified and trained to provide a various services that range from birthing to end of life personal. With a hospital located in the middle of Topeka, nobody is more then 5 minutes away from medical attention. With Stormont Vail having satellite offices and emergency care facilities throughout a 50 mile radius, Stormont Vail is able to help the rural communities with their medical needs and still be close enough to rush a patient to the main hospital if they need it without much travel time in between. Lifestyle Profile in the Neighborhood After doing thorough research and pulling information from the two databases of Prizm and Vals the lifestyle profile of the residents of Topeka and the surrounding area was created. The profile is a look at the biggest percentage of the residents of the 66606 neighborhood, which is where the hospital is located in according to the two bases. The wealthier...
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...nostalgia for older consumers by bringing back old cereal flavors or characters. The reason why I chose this specific market segment is because people are becoming efficient and busy in their daily lives, no one has time to sit down and consume cereal like the old days. I believe cereal companies should focus on the wants of their young consumers (ie; cereal bars, kashi infused cereal, etc…) and older adults and try to become more innovative in their marketing and products. 2. In my opinion, I believe PRIZM geoclustering can be helpful in identifying the specific kinds of consumers that are within a 10 mi radius. This approach basically breaks down certain attributes such as affluence, education, income, tastes, and preferences that are more prevalent in that radius. So for example, let’s say if we did geoclustering in New Brunswick, NJ for cereals, I can derive that this population is mostly Hispanics and African Americans mostly living in poverty and Rutgers college student. Knowing this information can be helpful when marketing to low income students and individuals by possibly adding Spanish advertisement on the cereal box or introducing exclusive cereal marketed to the tastes of that crowd at an affordable price. 3. The behavior market segmentation I would use for the cereal market would be “User Status”. User status consists of nonusers, ex-users, potential users, regular users, and first time users. According to the article, cereal accounts for the majority of breakfast...
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...Segmenting (breaking down a diverse market into homogeneous groups) ↓ The STP Marketing Process Segmenting, Targeting, and Positioning Targeting (choosing a specific segment for your campaign) ↓ Positioning (designing a distinctive message to appeal to the targeted segment) Segmenting Breaking down a diverse market of people into smaller, homogeneous groups Segments should be measurable, sizeable, Market Segments of Potential College Students Wants a community college Wants a mid-size school – not too big, not too small and reachable Wants a small, private, liberal arts school After segmenting → target a specific segment (focus your campaign on that group) → positioning Wants a large school that’s affordable with a lot of major choices On what basis can a market be segmented? Demographics Age Income Gender Education Occupation Segmentation by Demographics – Meets the needs of child and parent Psychographics AIO (attitudes, interests and opinions) VALS II PRIZM Lifestyle Market Analyst Personality Products consumed Bases for Segmenting (cont.) Product benefits (benefit segmentation) Based on benefits people seek in a product Ex. Cars – economy, basic transportation, status Family buying behavior and decision-making Initiator, evaluator, decision-maker, purchaser, etc. Product usage patterns Owner Psychographics: active, affluent, and educated, embrace technology, shy away from conventional status symbols Owners view the...
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...Marketing Research and Segmentation Marketing for Health Care HCS/539 March 9, 2013 Marketing Research and Segmentation Marketing research is vital to the success of a health care organization. Researching patient demographics can prevent marketing errors that could close the doors of even the best hospital. Performing a lifestyle profile to be used as a demographic profile assists in segmenting the market, and provides insight into how community members will perceive the facility. Banner Boswell Medical Center (BBWMC) is located in Sun City, Arizona in Maricopa County. Patient demographics are distinctive and unique in Maricopa County, making comparative studies near impossible. BBWMC’s distinctive patient demographics make this health care organization the ideal subject for illustrating the important of marketing research and segmentation. Sun City population is 24, 132. The median age is 76.2, and the median income is $34,600 annually. Lifestyle Profile for BBWMC Psychography is an examination of how people live; their activities, interests, and opinions. Nielson’s: My Best Segments provided the most common segments for this zip code: * 49 American Classics – downscale mature without kids. The American Classics are typically retired home owners, live a comfortable lifestyle, and have deep ties to their neighborhood. Lifestyle and media traits include: ordering from Reader’s Digest, watching the Dr. Phil Show, and own Chevrolet Monte Carlo’s. * 46 Old...
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...8 IDENTIFYING MARKET SEGMENTS AND TARGETS Markets are not homogeneous. A company needs to identify which market segments it can serve effectively. Such decisions require a keen understanding of consumer behavior and careful strategic thinking. To compete more effectively companies are now embracing target marketing. Effective target marketing requires that marketers: Identify and profile distinct groups of buyers who differ in their needs and preferences. Select one or more market segments to enter. For each target market, establish and communicate the distinctive benefit(s) of the company’s market offering. Levels of Market Segmentation The starting point for discussing segmentation is mass marketing. In mass marketing, the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. A) The argument for mass marketing is that it creates the largest potential market, which leads, to the lowest costs that in turn can lead to lower prices or higher margins. Segment Marketing A market segment consists of a group of customers who share a similar set of needs and wants. A) The marketer does not create the segments. B) The marketer’s task is to identify the segments and decide which one(s) to target. C) A flexible market offering consists of two parts: 1) A naked solution containing the product and service elements that all segment member’s value. 2) Discretionary...
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...Lifestyle Profile Rebecca Bielen HCS/539 March 18, 2013 Martha Owen Lifestyle Profile Northwest Medical Center Springdale is a 222 bed facility. The remodeled emergency department has 20 bays’ and when the renovations are complete it will hold a total of 30. Northwest Medical Center Springdale houses the only 30 bed psychiatric unit in Northwest Arkansas. How a consumer lives his or her lifestyle determines how their decisions are made with everyday tasks. A community is profiled through two different types of analysis. The first is called VALS, which is the values and life styles of a particular group and the other is called PRIZM which stands for potential rating index by zip market. The market is defined by the persons who have the need which he or she is intending to satisfy with the services offered. One must define the market by targeting the specific populations’ to include both genders and of any age. The advantage to defining the target group is to facilitate the segmentation and positioning of the market strategies. Identify known aspects of the population and communicate this information in the scheme. Positioning is imperative as one would want the population’s to perceive the facility as being different and the one they prefer as the best option for him or her. Segmentation and positioning provide the populations’ with advantages since specific clients find their needs better covered. There are immediate effects which come from segmenting...
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... 7 8 9 Demographics easy to measure; easy to obtain 10 **important** Market Segmentation – Identify and profile distinct groups of buyers who differ in their needs and wants. Market Targeting – Select one or more market segments to enter. Market Positioning – For each target segment, establish and communicate the distinctive benefit(s) of the company’s market offering. 11 A market segment consists of a group of customers who share a similar set of needs and wants. Major segmentation variables are: • Geographic, • Demographic • Psychographic • Behavioral 12 E 13 Geographic segmentation divides the market by nations, states, regions, counties, cities, or neighborhoods. Nielsen Claritas developed PRIZM NE, a geoclustering approach that combines geographic data with demographic data that yields richer descriptions of consumers and neighborhoods. The groupings take into consideration 39 factors from 5 broad categories: (1) education and affluence, (2) family life cycle, (3) urbanization, (4) race and ethnicity, and (5) mobility. Inhabitants in a cluster tend to lead similar lives, drive similar cars, have similar jobs, and read similar magazines. 15 Geographic segmentation divides the market by nations, states, regions, counties, cities, or...
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...Chapter 1 Segmentation A segmentation strategy begins by selecting the bases representing the core attributes of a group of existing potential customers. 1. It must be noted that a single characteristics is never used alone and that virtually all segmentation plans are in the forms of hybrid segmentation that include attributes from 2 or more. | |Consumer-rooted |Consumption-specific | |Facts |Demographic factors |use-related characteristics | | |Geographic factors |use-situation factors | |cognitions |Psychological factors |benefit sought | | |Psychographic (lifestyle) characteristics |hybrid segmentation | | |Sociocultural variables | | 1. Facts can be determined from direct questioning and categorized by a single objective measure. (Quantitative) 2. Cognitions...
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...In order to sale our products we must first figure out who our customers are and who will buy our product. We must identify our target market and target the business marketing efforts on them. We will be going over some customer segments and selecting a target market that would be interested in our products. The products that we will be selling are Clorox Green Works all natural cleaning products. Name of Customer Segments I decided to go with the Young Accumulators. The customer segments that are included are the following: • Upward Bound • Beltway Bloomers • Kids & Cul-de-sacs • Fast Track Families • American Dreams (Nielsen, 2013). There are many reasons why I decided to go with this target market. This target market have mid- sized homes and large families. They enjoy outdoor sports, kid friendly technology and adult toys such as campers, motorcycles and boats. They enjoy cable network that are targeted to children and teenagers. They are ethnically diverse and a young crowd. Their median household income is around 70,627 (Nielsen, 2013). The Product that we will be selling to our target market is Clorox Green Works all natural cleaning products. These products are natural and free of harsh chemical fumes or residue. It is a great product that will clean your worse messes while being safe and nontoxic. Why This Particular Customer Segment is interested in Our Products We believe that this target market will purchase and enjoy our Green Works all natural...
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...MKT 113: Final Project Part I Final Submission Maika’i Feed is a new all organic pet product company available online and is in select retail stores. The company has an opportunity to expand it’s customer base and expand into more retail stores. The primary target markets is upscale middle aged couples that like to do their shopping online. This new pet product should be appealing to this target market to fit their healthier lifestyle. To help Maika’i Feed have a structured planning method for the business, a SWOT analysis has been completed to identify the companies strengths, weaknesses, opportunities and threats. Maika’i Feed is highlighting two key strengths. The company is offering a money back guarantee, giving the customer an opportunity to let their pet food and having an all organic pet food using the freshest ingridients. The strengths identified should correspond well with the opportunites in this SWOT analysis. The first opportunity identified is a growning demand for organic foods. Maika’i Feed already offers an organic pet product that should fit in well with this trend to eat healthier organic foods. The second opportunity is to put Maika’i Feed’s product in more retail stores. Offering a money back guarantee will help gain a larger customer base. With a larger customer base more retail stores will be willing to have the product on their shelves for customers to have easier access to the product. The primary target market for our pet product...
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...Segmentation, Targeting and Positioning LEARNING OBJECTIVES After reading, studying and analyzing this chapter, students should be able to understand: 2.1 The interrelationship among market segmentation, targeting, and positioning, and how to select the best target markets. 2.2 The bases used to segment consumers, including demographics, psychographics, product benefits sought and product usage-related factors. 2.3 Behavioral targeting and its key role in today’s marketing. 2.4 How to position, differentiate and reposition products. CHAPTER SUMMARY Learning Objective 2.1: To understand the interrelationship among market segmentation, targeting and positioning and how to select the best target markets. Segmentation is defined as the process of dividing a potential market into distinct subsets of consumers with a common need or characteristic and selecting one or more segments to target with a specially designed marketing mix. Besides aiding in the development of new products, segmentation studies assist in the redesign and repositioning of existing products, in the creation of promotional appeals, and the selection of advertising media. In order to be a viable target market, a segment must be identifiable (by some criteria such as demographics, lifestyles, or others), sizeable (i.e., large enough to be profitable), stable or growing, accessible (i.e., can be reached economically), and congruent with the marketer’s objectives and resources...
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...Principles of Marketing FINAL PROJECT OXO Kitchen Gadgets – Developing marketing strategy on a budget Worth 25% of final grade Assignment Objectives 1. Understand impact of marketing environments on marketing strategy 2. Apply concepts of market targeting and positioning. 3. Describe a company’s marketing mix. 4. Appreciate how businesses can promote products on limited budget 5. Demonstrate effective writing skills. Course Concepts 1. SWOT analysis (Chapter 3) 2. Marketing targeting strategies (Chapter 7) 3. Positioning (Chapter 7) 4. Value proposition (Chapter 7) 5. Levels of product (Chapter 8) 6. Product lifecycle (Chapter 9) 7. Customer perception of price (Chapter 10) 8. Distribution strategies (Chapter 12) 9. Use of social media (preview Chapter 14) Overview You might know OXO for its well-designed, ergonomic kitchen gadgets. But OXO’s expertise at creating hand-held tools that look great and work well has led it to expand into products for bathrooms, garages, offices, babies’ rooms, and even medicine cabinets. In the past, this award-winning manufacturer has managed to move its products into almost every home in the United States by relying on a consistent and in some cases non-traditional marketing strategy. But in a highly competitive and turbulent market, OXO has focused on evaluating and modifying its marketing strategy in order to grow the brand. This video demonstrates how OXO is using strategic planning to ensure that its marketing strategy...
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