Expert answer:Market Segmentation, Targeting, and Positioning, m

Answer & Explanation:Hello,I need help with my marketing assignment (please see attachment). For this assignment, I am supposed to refer to the product or service that I selected which is GEICO (auto insurance). The assignent is due on Friday this week.Regards,principles_of_marketing_week_4.doc
principles_of_marketing_week_4.doc

Unformatted Attachment Preview

MRKT 310 Principles of Marketing
Week 4 Writing Assignment
Market Segmentation, Targeting, and Positioning
Learning Outcomes:
1. Segmentation. Students can use the segmentation characteristics to identify and
describe market segments
2. Target Market. Students can identify a usable market segment to be a target
market
3. Target-market strategy. Students can determine an appropriate target-market
strategy.
4. Positioning. Students can develop and interpret a perceptual map.
Directions:
•
•
•
•
•
Thus far you have only been considering the customers of your product or service
as one big group, or a mass market. More astute marketing breaks down this
large group into smaller market segments of consumers who have like
characteristics. For any given product or service there could be numerous market
segments. However, company resources may only allow a company to pursue
one or two or these market segments, which then become target market(s). Your
job here is to break down the mass market for your product or service into at least
two market segments and then pick one target market you think would have the
most potential for future growth. This target market does not have to be the one
the company would have actually picked, or is currently pursuing, there is no way
for you or your faculty to know based on public information. So, once again the
literature will not give you the ‘right’ answer. Your brain will help you reason
your way through.
Think outside your own box. Chances are good you picked a product with which
you are familiar. That is a good starting point, and you may represent one target
market. But you may represent a target market that is saturated and therefore not
the best target market to pick for the remainder of the semester. So be sure your
second target market is different enough and represents growth potential.
If you did not do a thorough analysis of the competition in the prior writing
assignments, you may need to go back and figure out the nature of the product or
service’s competition. This will be important when you address the positioning of
your product for your newly identified target market inasmuch as positioning is a
competition-based concept.
We understand you are not an employee of the company and do not have access
to the data that you feel will allow you to discuss the questions to the degree you
would like. Take your best educated and reasoned guesses whenever you need to
do so.
Otherwise, you do not need to do any external research for this writing
•
•
•
1.
assignment. Your job will be to critically examine all of the segmentation bases
and arrive at your own description of potential market segments for your product
or service.
You may want to
visit http://www.segmentationstudyguide.com/understanding-perceptualmaps/a-step-by-step-guide-to-constructing-a-perceptual-map/ for a step-bystep guide on how to draw a perceptual or positioning map. Remember to label
both axes of your perceptual map. Meanwhile, here is an example of a perceptual
map for the beer market, an excellent example for a highly competitive product.
Remember, you have a two-page limit so be judicious in your responses, do not
report anything the company is or has done. You are now in charge at your
company. We (your boss) are only interested in your thoughts at this point.
Prepare your assignment by answering the following four areas of inquiry related
to the learning outcomes noted above.
Segmentation. Using the various criteria of the segmentation bases described
in the week’s readings and in Table 4.1, identify at least two distinct market segments
for your product or service. Each market segment description must include at least
three (more if needed) of the characteristics from amongst any of the four bases
categories, e.g. one from demographic variables, one or two from psychographic
variables, and one from behavioral variables, or a similar scheme. Be sure to explain
your choices based on what customer need the product or service offering can fill for
each segment.
2.
Target market. Select one of the market segments you described in (1) above
as the one you believe is or can be the most profitable for your product or service
offering and explain why you feel they can represent growth for the company. Refer
to the six criteria for an attractive market segment as described in course content
under ‘Selecting Target Markets’. Name your target market so you can use this name
throughout all of your remaining writing assignments. Your name should be
descriptive of the segments characteristics like ‘savvy young shoppers’ or ‘educated
baby boomers’, or ‘urban hipsters’, or the like. The goal is for your faculty member to
get a mental image of your target market for the remainder of the semester.
3.
Target market strategy. Should the company focus all their resources on this
new target market (concentrated marketing) or should they continue to pursue both
the new and the existing target market as well as other market segments (multisegment marketing)? Alternatively, is the market so saturated might they be more
successful by focusing solely on an even more narrow market segment, perhaps an
even narrower version (niche marketing) of your selected target market, as their best
chance for growth? What is your reasoning?
4.
Positioning. Draw yourself a perceptual map as illustrated in the week’s
readings or use the websites noted in the directions. Be sure to pick two criteria that
are important to your new target market for your two axes, perhaps two of the criteria
you used in Week 1 in your competitive analysis. Map at least the two major
competitors you noted in Week 1 and add any others that you may have discovered
since then. Describe what the perceptual map is telling you regarding how each
product is perceived in the minds of the new target market you described above. You
may have to make a series of educated guesses for some of the data points. Ideally,
you want to find uncontested space. If your product overlaps with a competing
offering discuss whether or not your product or service should try for an
‘uncontested’ space on the map and ‘reposition’ itself; or if it should keep the same
position and compete head on with the other product. (You will have a chance to
make changes to the product, the pricing and the distribution to change the product’s
positioning and find uncontested space in the coming weeks).
Be sure to follow all of the submission requirements outlined in the syllabus and
provided below again for your easy reference:
• Prepare as a word processed document (such as Microsoft Word).
• Your assignment should be the equivalent of two pages of double spaced text,
approximately 1/2 page for each of the four questions.
• Be sure your name, writing assignment number, and the name of your product or
service are on the first page of your writing assignment.
• Use a simple 12-point font such as Times New Roman. Use black ink for majority
of your work and only use colors if it enhances your ability to communicate your
thoughts.
• If the writing assignment requires external research, be sure to use footnotes and
include a bibliography. You may use MLA or APA style, or any other college-level
style guide.
…
Purchase answer to see full
attachment

How it works

1. Paste your instructions in the instructions box. You can also attach an instructions file
2. Select the writer category, deadline, education level and review the instructions 
3. Make a payment for the order to be assignment to a writer
4.  Download the paper after the writer uploads it 

Will the writer plagiarize my essay?

You will get a plagiarism-free paper and you can get an originality report upon request.

Is this service safe?

All the personal information is confidential and we have 100% safe payment methods. We also guarantee good grades