Description
Put yourself in the position of an entrepreneur who is developing a new product or service to introduce into the market. Briefly describe the product. Then develop the segmentation, targeting, and positioning strategy for marketing the new product. Be sure to discuss:Provide justifications, in the form of research for your decisions and at least two references to credible sources outside of the course and its required readings/media.
- The overall strategy; why segmenting, targeting, and positioning are useful methodologies
- Segmentation and targeting choices
- Characteristics of the target market
- Why that target market is attractive
- The positioning strategy
Explanation & Answer
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Introduction
Each and every customer has varied likes and dislikes. Some clients are likely to have
similar reaction to the products and customers might have same response to daily products for
example clothes. Market segmentation changes and transforms marketing into science. Market
segmentation isolates the sector of a given business into smaller portions known as segments.
Each section has a gathering of customers who are free to react to specific market exercises.
Launching of a new product into market requires three basic things which include: segmentation
of market, targeting the market and finally positioning the product.
Segmentation
Segmentation of a market is a process of dividing the potential clients into some groups
basing on the common characteristics. It is prudent because it gives a sense of number of clients
who are looking for same products for the common requirement thus helping the organization to
decide on the specifications of products and can forecast s...