Segmenting Markets
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1. Choose a product or service that you want to market. Show how you analyze the different potential segments and how you choose three segments in which to market this product.
2. Why is "Positioning" important in segmenting? What are three reasons for segmenting a product's offering?
3. You are a deacon in a local non-denominational church and you are in charge of membership growth. Membership is down over 15% this year and the minister just left. There is one bright spot, though. An electronics firm is relocating over 200 families to your area. What is your marketing plan?
4. Explain this statement, by example, if you want: "Investing in a strong brand recognition is sometimes more lucrative than investing in capital equipment or technology". What is meant by "brand equity"? (An example will work here, too)
5. Idaho potatos and Washington apples are two well known brands of really generic products. Why might people select Idaho potatos or Washington apples over the local ones? Would this work for "Jersey tomatos"?
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Solution Summary
Why positioning is important in segmenting is determined. The expert explains the statements for investing in a strong brand recognition.
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1. Choose a product or service that you want to market. Show how you analyze the different potential segments and how you choose three segments in which to market this product.
For this question, let's analyze how we can segment the market when selling computers. We are a small firm and would like to market large quantities of our product. The first step is to try and understand who is willing to buy our product, and thus, we use market segmentation to understand our potential market. Segmentation can be done on many levels, including geographical segmentation, demographic segmentation, psychographic segmentation, and behavioral segmentation. Let's look at three of those types of segmentations and analyze how our computers can 'fit' within each segment:
- Geographic segmentation: We want to sell large quantities, so we need a location with a large population. We can identify a city within the country (eg. New York), or a state (eg. California), or an international market (eg. Europe).
- Demographic segmentation: After conducting appropriate market research on demographics and computer sales, we can conclude, for example, that our target market is males, aged 14-55, with income of $30,000-$80,000, and with a minimum of college degree. People who fit that profile should be our primary target ...
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