Individually – Write a paper on a company of your choice (this can be the one your team has selected for the course project, but this is not done as a team).
Write about the market segmentation within that industry, along with defining and characterizing the target market for the company and the selection process for that target market.
As with all academic and professional papers, do not use first or second person in your writing. These are evidence-based objective documents, not personal perspective.
This is learning and preparation for your Team assignment in Week 3.
Required Elements:
- Write a 2,100-word paper that includes the following:
- An Abstract, Introduction, Conclusion, Reference page with at least 3 references (cited in the document) including the textbook.
- Your results from the Grammarly tool and the Turnitin Plagiarism Checker report, posted as separate documents.
- An STP Analysis, including the criteria you will use to segment your market and select your target market including geographic, demographic, psychographic, and behavioral factors.
This paper must work through the 7-step Segmentation Process from your reading.
As a result of working through this STP Analysis step by step, you will have: - A quantified description of your target market, and
- A brief (one or two sentences) positioning statement that identifies:
- Your target market
- The needs that drive purchase
- Your organization’s industry category
- How your organization solves the target’s needs
- Your organization’s competition
- What makes your organization different from its competition
(SEE the MKT571 Course Requirements handout)
You must include headings in this STP Analysis, which reflect that you have worked through the 7-Step Segmentation Process (per below) from your textbook readings (Chapter 8, Marketing Management (Kotler & Keller. 2012)
1. Select the broad product market – Group based on similar needs
2. Identify unmet needs – Determine demographics, lifestyles and usage behaviors that make the segment distinct and actionable
3. Form homogeneous markets – Determine the overall attractiveness of the segments (market growth, access, etc)
4. Identify determining dimensions – Determine profitability
5. Name the markets – Create a value proposition and product-price positioning strategy. This should result in A BRIEF POSITIONING STATEMENT for your company and partners to use as the foundation for marketing the new product.
6. Evaluate – Test the attractiveness
7. Estimate the size of each targeted segment – Determine marketing strategies to position the product with the target
Each step of the segmentation process should result in a quantified outcome leading into the next section. (Instead of justifying a preconceived hypothesis or target, work through the process to DISCOVER the optimal target market characteristics, behaviors, location.)
As a result, the final target audience you define must meet the five segmentation criteria:
– Measurable: Is the size, purchasing power, and profiles of the segments able to be measured? (Volume and usage questions)
– Accessible: Can the market segments can effectively reached and served?
– Substantial: Are the market segments large enough or profitable enough to serve?
– Differentiable: Are the market segments conceptually distinguishable and do they respond differently to different marketing mix elements and programs?
– Actionable: Can effective programs be designed for attracting and serving the segments.
The criterion for evaluating a segmentation strategy also includes:
– Globally adaptable segmentation
Include a minimum of 3 sources of secondary research that support your analysis, including your textbook.
Must follow the APA sample document, include an Abstract, Introduction, and Conclusion, have a minimum of 3 references including your textbook as your primary source for marketing information, post your Grammarly and Turnitin Plagiarism Checker results as separate documents.
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