mkt HW
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MKT 220: Module 6 Homework Assignment
PART I
1. For each of the targeting strategies listed below, identify one company—large or small—that utilizes that strategy. Describe the firm’s market(s) and state why you believe it is utilizing that particular strategy. Provide clear support for your answers. Your response to each targeting strategy must be at least two paragraphs in length.
- Undifferentiated Target Strategy
Concentrated Target Strategy
Multi-Segmented Target Strategy
PART II: Marketing Plan Development (Continued)
Directions: For this course, you will be developing a marketing plan for a new product (or service). Each week, you will develop a different part of the marketing plan. The marketing plan will become your final project.
You will need to access the Module 6 Homework Assignment Template in order to complete this assignment. The Module 6 Homework Assignment Template appears on the Homework Assignment Introduction page in iBoard.
Continue analyzing and developing a marketing plan for the same product that you selected in Module 1. For this week’s assignment, you will be discussing the potential customers for your product.
You will write an essay that is two to three pages in length and describes the decision-making process and consumer behavior of your potential customers. Please discuss whether your product would be suitable for a business market. Please ensure that you have at least two references to the textbook. You may also use other resources found in the LIRN library. Please visit the Academic Resource Center for instructions on how to use LIRN.
Please ensure that your paper includes the following topics:
Market Segmentation
- Divide the market for your product into workable market segments, which may include age, income, product type, geography, buying patterns, customer needs, or other classifications. Identify your terms and define your market using at least three of these segments.
- Profile your most likely and preferred customers by analyzing the market segments. Explain where customers differ. For example, do customers differ in geographic area, demographic characteristics, social class, stage in family life cycle, personality, self-image, or benefits sought (e.g., convenience, time saving, independence from chores or buying behavior)? Use at least three methods to differentiate your target market.
If you plan to use an undifferentiated marketing strategy, explain why.
If your product has a potential to be sold to the business market, segment the business market.
Describe how you will position your product to appeal to your target market.
Segmentation can only be regarded as successful if you use the insights it has given you in your sales and marketing activities. Describe your market strategy and your positioning strategy.
Market Research Needed
- Discuss what kind of market research you may need to conduct. How are you going find out if your presumed target market will really buy your product before you spend all the money to make it? Consider the impact of the Internet and social networking. Would you use the Internet to conduct market research?
The first step in market research is identifying what you really need to find out. Do you need to obtain general information about how your target market thinks about your product or service, or will you need an analysis of the general trends in your industry? Will you conduct a survey or use a different method to conduct the research?
