Submit a 3- to 5-page analysis in which you develop, explain, and justify a change in product marketing strategy for the product you selected. Beginning with the information you have gathered on the product and the wants and needs that it meets for customers, determine market segments to target, explain how the product might be better positioned for these segments, and identify the challenges involved in changing product positioning. Provide evidence to support your evaluation.
Note: You are encouraged to complete the assessments in this course in the order in which they are presented.
By successfully completing this assessment, you will demonstrate proficiency in the following course competencies and assessment criteria:
- Competency 1: Apply theories, models, and practices of marketing.
- Describe the characteristics of individual market segments.
- Explain how a particular product meets the needs of a targeted market segment.
- Competency 3: Develop innovative and sustainable solutions to strategic marketing challenges.
- Describe how a product might be better positioned for target market segments.
- Describe challenges involved in changing the positioning of a product.
- Competency 4: Integrate marketing analyses into general business management planning and decision making.
- Identify sources of information to determine the sizes and characteristics of market segments to target for a particular product.
- Justify an evaluation of product marketing strategy.
- Competency 5: Communicate in a manner that is professional and consistent with expectations for members of the business profession.
- In this assessment, you will analyze and use the concepts of market segmentation, targeting, and positioning to develop a product strategy for your selected product. This analysis includes describing the information used to determine appropriate market segments to target and explaining how the product provides value to each market segment. The analysis should conclude by suggesting how the product might be better positioned for each segment targeted and describing the challenges involved in doing so.
Note: In this assessment and the next, you will complete the background research and planning necessary to create an integrated global marketing case study based on a company of your choice for Assessment 5.
Begin by using the information you developed for your competitive analysis to identify sources of information that will enable you to determine the size and characteristics of each market segment that could be addressed by the product you selected.
Complete the following using your selected company:
Market Segmentation Analysis (23 pages):
- Information Sources. In the second assessment, you developed information on the market potential for your product. Describe the information you found to help you determine market segments to target for your selected product.
- Effective Targeting. Identify the market segments you think are effective to target for your selected product.
- Explain how the product provides value to each market segment, in terms of the wants and needs of that segment.
- Evaluate the effectiveness of the marketing strategy currently used to target that market segment.
- Justify your analysis with evidence of where the marketing strategy is currently effective, and where it is less than effective.