Segmentation strategy & potential target market
Assume that you are the marketing manager of a certain product at a company. Your company aims to launch a new product in current/new market that offers a high potential for your company.
You can choose an existing company operating in the market. This company aims to create a new product or service to add to its current portfolio. You are developing a marketing plan for the new product of this company. The new product can be an extension of an existing product line of your company. It can also be altogether a new brand which offers diversification opportunities to your company. The product can be offered to launch in the current market of operations or in a new market.
Please keep in mind that this new concept must be within the existing company mission and compliment or is consistent with their current product portfolio.
Length: 2000 Words
Your written report should contain:
Table of contents – Remember to insert page numbers on each page of the report
- Executive summary:
· 1-2 paragraph summary of your plan
- Company description:
· This section presents the company background, lines of business, mission & vision, target market, competitive advantage, and the industry in which it operates.
· Objective of the marketing plan: to launch a new product for an existing company or a new product of a new business. Set realistic goals to achieve based on your choice.
- Situation analysis
· This section presents an analysis of the business environment and the factors affecting you company. It also covers relevant trends and potential critical issue that your company may face in the coming year(s). An analysis of the marketing includes demographic factors, political factors, technological factors, economic factors and social factors.
· A SWOT analysis have to be included also.
- Description of your new product/service concept
· In this section describe your new product or service concept. Explain the goals and the rationale behind the product/service (why you think it will be profitable to develop), how it aligns with the current company portfolio. To build your arguments you are encouraged to use secondary data from reliable sources or collect your primary data (short survey, or depth interviews)
- Marketing strategies: each of the following should be described as specifically as possible, and with strategic justification.
5.1. Segmentation strategy & potential target market
· Describe target market for product/service
· Argue for bases for segmenting consumer markets
· Strategy for selecting target market(s)
5.2. Positioning & differentiation strategy:
· What competitors the company is competing with?
· How it will differentiate its product form those competitors
5.3. Products strategies:
· Describe Total Product – Three levels of product
· Describe Product strategy and concept
· Type of Consumer Product
· Evaluate brand name
5.4. Pricing strategy
· What is your suggested pricing strategy and the rationale behind?
5.5. Distribution strategy
· What is the channel of distribution for your product or service (online, traditional outlets, etc.)? Explain.
· What is the intensity of distribution? Why?
5.6. Promotion strategy
· Advertising, sales promotions, public relation, personal selling.
· Which method or combination of methods you plan to use and why. Be specific.
- Social responsibility
· Explain what your company plan to do in term of social responsibility, if any
- Concluding Comments
When you summarise the main ideas from someone else in your own words, you are also expected to clearly acknowledge that someone else first wrote about the ideas you have summarised. Giving proper references shows that you have read the appropriate literature and are well informed (Devlin 2004, p. 23).
“A recommended solution to the problems that students experience is for THEM TO CHECK on how referencing is done in Books, Journal Articles …etc.” (Landau, Druen & Arcuri 2002, p. 113) .
The reference list is designed to provide information to enable each source that you have cited in text to be identified. The list should appear at the end of a work, under the heading ‘References’. The references should be listed alphabetically by the surname of the first author/editor or by the title if no author/editor is given.
Use the APA style as in the following examples :
Haj Salem, N. & Chebat J.C. (2014). The Double-Edged Sword: The Positive and Negative effects of Switching Costs on Customer Exit and Revenge. Journal of Business Research, 67(6): 1106-1113.
Haj Salem, N., Chebat, J.C., Michon, R. & Oliveira, S. (2016). Why Male and Female Shoppers don’t See Mall Equity Through the Same Lens: The Mediating Role of Self-Congruity. Journal of Business Research, 69(3), 1219-1227
Hawkins & Mothersbaugh, (2010). Consumer behavior building marketing strategy. 11th Ed. McGraw Hill.
Solomon, M. (2015). Consumer Behavior: Buying, Having, and Being. 11th Ed. Pearson.
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Segmentation strategy & potential target market was first posted on April 8, 2019 at 10:19 am.
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