Marketing Project Part 2

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Serq93

Business Finance

Description

I did the part 1 of the project and now its part 2.

Again, go to your company’s website. Identify 2 products that you believe are targeting different segments. For these two products find an online retailer selling these, or go to a brick and mortar store that sells them and observe.

Based on what you see/observe develop a segmentation profile of each of the segments. What do each of the companies (the manufacturer and the seller) do with each of the products to target the different segments?

In your paper first identify the segmentation criteria, or what characteristics are important (such as lifestyle, demographics and which, occasion, and so on). Then using those, specifically describe the target market.

For example, in looking at the difference between Aldi’s and Wegman’s the fact that you find products in cartons at Aldi’s and on nice shelving at Wegman’s tells me something. If I look at the characteristics – lifestyle is one. More specifically, Aldi targets those with a thrifty lifestyle and Wegman’s is more about prestige. Or, what would be the difference in targets between a multipack and a single? Or a huge watch and a more dainty one?

First – from slide titled: SEGMENTING AND TARGETING MARKETS
STEP 1: GROUP POTENTIAL BUYERS INTO SEGMENTS
(3 of 5)
(about slide 15)

Tell me which you believe they are using, or if a combination, what combination? Then start drilling down. If demographics, which demographics (from Consumer Behavior chapter), or if geographic, how are they dividing geographically? Describe one target for each of the products and why you say this based on what you see in the website.

Again, this should be maybe a paragraph for each.

Most of these projects I’ll just have a ‘yes’ or ‘no’ grade. For this one you will receive 9 points if you just use demographics or geographics to describe the target markets, and 10 points if you successfully use behavior, psychographics, or benefits to describe your target market.

I will put a copy of the first project so that you get a better idea

Unformatted Attachment Preview

Running Head: RALPH LAUREN 1 Ralph Lauren Name Institutional Affiliation RALPH LAUREN 2 Ralph Lauren is the company under focus in this paper. Ralph Lauren majorly operates in 4 out of 7 continents in the world. The continents include North America, Latin America, Europe, and Asia. Latin America refers to entire continent of South America in addition to Central America, Mexico, and the islands of the Caribbean. The retail segment of Ralph Lauren generates more than 50 percent. It sales products directly to customers through more than 465 retail stores in Asia, Europe, North America, and Latin (Ralph Lauren, n.d). The wholesale segment that accounts for 45percent of sales sells the product of the company to major specialty shops and department stores throughout Latin America, Europe, North America, and Asia. The licensing segment of the company sells unrelated third party to utilize its trademarks to sell the products of the company. Ralph Lauren sells different brands/products at different locations. Products are basically differentiated depending on the social structures and demographic factors of the consumers in a particular region. Unlike in America where consumers majorly prefer Polo products, American Living products, and Lauren by Ralph Lauren products, in China, Asia, most consumers prefers brands such as Black Label, Purple Label, and Denim & Supply (Ralph Lauren, n.d). The products sold in America are more luxury products as compared to Asian products. The aspect of differentiated the products is aimed at winning the attention and loyalty of variety of consumers through each different line. Despite products being differentiated, Ralph Lauren majorly target consumers who can be categorized as upper-middle-class and upper class. These social groups have excess money to spend on clothing. The target market tends to dress elegant, more formally with a classic and sophisticated style. RALPH LAUREN 3 References Ralph Lauren. (n.d). Ralph Lauren Brands/Collection. Retrieved from https://www.ralphlauren.com/brands?webcat=brands
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Anonymous
This is great! Exactly what I wanted.

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