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Marketing Segmentation and Product Positioning

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Marketing Segmentation and Product Positioning

Marketing Segmentation and Product Positioning According to the author, Dawn Iacobucci of our textbook, Marketing Management, in our society economists say that “imperfect competition exists” meaning that “consumers have unique needs and desires; so collectively, a marketplace of consumers is heterogeneous“ (Iacobucci, 2010, p. 15). This methodology takes into account the distinction and diversity of individuality of the consumers; each consumer has their own different perceptions, experiences, and preferences requiring that different products be produced in order to meet their different segment needs (Iacobucci, 2010). Consumer purchasing is motivated by many different needs ranging from basic biological needs to more intangible and conceptual needs that reflect their personal well-being (Iacobucci, 2010). The strategy used to address customer’s unique differences and
Therefore, a market segment is a group of consumers that shares similar inclinations toward your brand (Iacobucci, 2010, p. 16). If marketing were a continuum, the extremes would be “mass marketing” and “one-to-marketing” with “market segmentation” representing the median. The Frat House will utilize a concentration approach marketing strategy, a market segmentation approach whereby a company develops one marketing strategy for a single segment (Ferrell, Hirt, & Ferrell, 2009, p. 371.) It will attempt to cater to the varied taste, needs, and desires of low income and middle income consumers. Currently there is a small segment of retailers who sell fraternal and Greek organization paraphernalia and those that do tend to sell the same products; creating a very limited selection of products for consumers to chose from. The jewelry and apparel created and sold at The Frat House Jewelry Box allows our customers to display their pride and appreciation for their beloved organizations and also allows them an opportunity to express their individuality, at the same time. The inventory will be affordable, unique, and fun. The pricing strategy for The Frat House Jewelry Box will be psychological pricing which motivates consumers to buy based on emotional rather that rational reactions to the price (Ferrell et al., 2009). Symbolic/prestige pricing, allows consumers to assume that high prices denote high quality, so the prices for the items sold in Frat House will be set accordingly. Items will be priced in the moderate to high range based upon this thought process and assuming that customers will automatically assume items are of a higher quality and are more distinctive. Moreover, the marketing channel for Frat House will be retail; beads, stones, jewels, clothing items, and other novelty items will be purchased from manufacturers or wholesalers create items for sell. Lastly, the promotional positioning of The Frat House will be the “go-to place” to find unique and different jewelry and clothing to represent fraternal and sorority organizations. The prices will appeal to all members, as well as their family and friends of these organizations and affording them the opportunity to possess and purchase creative merchandise and jewelry that will allow members in these Black fraternities, sororities, and other fraternal organizations to stand out as an individual in a group of their peers.
Target market demographics:

1. Target Market: Members of black Greek fraternities, sororities and other fraternal organizations like Masons and Order of Eastern Star

2.Age: children, teens, adults-young, middle and elderly who purchase gifts for family members and friends whoa are members of these groups as well as the members who are in these organizations who desire unique and different ways of expressing their pride in being a member of a specific Greek or fraternal organization.

3. Gender: both males and females

4. Education: Associate degree, some kind of special training process to be a member of the above mentioned organizations, to persons possessing their graduate degree.

5. Income: Medium to High

6. Marital Status: Single, Married and Divorced

7. Ethnic/Religious Background: African Americans in fraternal and Greek organizations.

SWOT Analysis: A simple popular framework for trying to objectively assess one’s own corporate strengths is the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats (Iacobucci, 2010, p. 30). This analysis always permits the company to scrutinize the internal and external matters that may effect the operations and the overall success or failure of the company. If the company becomes aware of weaknesses in its products in areas that are high importance to its customers, its deficiencies can be addressed. Furthermore, the strengths that are revealed from the SWOT analysis can be evaluated to see how they can be utilized to give the company prolonged and continued success over its competitors (Iacobucci, 2010).

|Internal |Strengths: |Weaknesses: |
|(corporate) |Already have lots of contacts in one sorority who have|Making personal contacts with members of all |
| |expressed interests in unique paraphernalia and |the other fraternities and sororities that |
| |jewelry. |exist in the Raleigh-Durham area. |
| |I possess the ability and skills to make jewelry. |Limited investment money of less than $5,000; |
| |I am a member of fraternal organization (OES). |would prefer to have $15,000. |
| |Members of OES are always looking for items they have |Advertising and promoting my products to make |
| |not seen yet or that everybody does not have. |potential customers aware. |
| |I possess the skills to put merchandise on online | |
| |sites like Amazon and eBay. | |
| |I possess the skills to create a picture catalog and a| |
| |brochure to send to chapters, and loges of these | |
| |organizations. | |
|External |Opportunities: |Threats: |
|(environment) |Not a lot of competition in the area; 2 different |Established businesses in the local vicinity. |
| |recently opened in the area but neither offers the |Storefront businesses are visible and easy to |
| |hand-made jewelry. |locate where products are. |
| |The hand-made jewelry will bring in customers and then|Competition may have access to funds allowing |
| |they may make additional impulse buys. |them to sell products at lower price if they |
| |The two most established Black stores that serves this|feel threatened by Frat House. |
| |target market is in Durham and Fayetteville, again |Competition may hear about the success of |
| |neither offer hand-made jewelry, nor everybody shops |jewelry line and add that to their product |
| |there so no chance to have individualized |line. |
| |paraphernalia. | |
| |There are three college campuses that have Black Greek| |
| |fraternities and sororities as well as numerous Black | |
| |Masonic Lodges and Eastern Star Chapters in Raleigh | |
| |and surrounding areas. | |

Favorable Unfavorable Market Position: According to the author, “Positioning has many physical elements, but even more perceptual ones. Positioning is about identity- who you are in the marketplace vis-à-vis the competition. Positioning involves designing a product with benefits that the target segment will value,” (Iacobucci, 2010, p. 39). A useful tool that marketers use to create graphical depictions of where their brand is as well as where their competitors brand is in the perception of their customers. Research and information gathered from a perceptual map does not provide proof of brand loyalty but may reveal a customer’s first choice or their preference. Perceptual maps can help illustrate changes in the industry/marketplace and may help businesses see the current trend on what influences their current customers in continuing to use their product (Iacobucci, 2010). The Market positioning of Frat House will exclusive since it will cater to only members of Black fraternal and Greek fraternities and sororities, hopefully the number one selling product will be the unique and hand-made jewelry made with quality stones, beads and clasps. The use of the perceptual map helps give Frat House clear goals to work toward in an attempt at running a successful business. A positioning statement is a statement that communicates succinctly the parameters of that position to different audiences (Iacobucci, 2010, p. 49). The positioning statement for Frat House will be “Frat House accessorizes phenomenal people with unique and distinctive jewelry and clothes.” This statement reflects the goals of the company and will serve as the foundation in external communications to future and present customers. It may also serves as the tagline or at least be used as a guide in creating a tagline for Frat House.
References
Ferrell, O. C., Hirt, G., & Ferrell, L. (2009). Business: A changing world (custom edition (7th) ed.). New York: McGraw-Hill/Irwin.
Iacobucci, D. (2010). Marketing Management (Custom Edition ed.). Mason, OH: Cengage Learning.

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