1) Define and explain what segmentation is and discuss different segmentation bases you could use for your chocolate bar.
2) Based on your segmentation, describe each of the target markets that you would seek to reach. Explain why they will be most profitable for your product chocolate bar.
3) Develop a value proposition for your product chocolate bar through differentiation and positioning. Include the following:
- Introduce at least two (2) competitors and explain their current positioning in the market. (What do they promise to deliver?)
- Discuss possible competitive advantages your product chocolate bar can use to differentiate itself from these competitors (products, services, channels, service, people or image) and select which one(s) to use to build your positioning
- Based on this differentiation, explain your value proposition and develop a positioning statement
The marketing strategy or marketing decisions are taken on the basis of internal and external environment of an organization. For the success of the company and its products & services in the marketing environment it is necessary for the business to make some important and effective marketing decisions (Peter & Donnelly, 2002). There are several forces that affect to marketing decisions. This paper would examine the different concepts of the marketing decision or marketing strategy. It would also explain the importance of marketing research and impact of change in environment on the marketing decisions.
Environmental Impact on Marketing Decision
The success of the marketing decision completely depends on its internal and external environment. The external environment influences more to the marketing decision as the marketing decisions are taken for the external stakeholders for the profitability of internal stakeholders. The market researcher has to analyze the change in the environment order to make the effective marketing decisions. The change in the demographic environment describes the change in the age structure, shift in geographic population and educated population. It increases diversity that reduces effectiveness of marketing decision.
The change in the economic environment brings change in the buying behavior and pattern of the consumers that also affect the marketing decision of an organization (Kotler & Armstrong, 2005). The change in the environment also causes a change in the customer requirement that affects the market researchers' decision related to the marketing mix. The change in the political environment causes a change in the marketing strategies such as pricing, promotional decisions. The change in technology also affects the marketing variable decision of the marketer.
Importance of Marketing Research
Marketing research could be defined as the gathering of the relevant information from the market about the product and services of the company. The marketing research helps to identify the important elements that may affect the effectiveness of the products and services of the company. The marketing research is quite significant to understand the current happenings in the marketplace (Lamb, Hair & McDaniel, 2008). The information about the current happenings in market place helps to establish an effective marketing strategy. The marketing research is also the basis of pricing policies of the organization.
The pricing policies ...
The solution gives a detailed marketing plan for a new chocolate bar, including sections on the environmental Impact on marketing decisions, the importance of marketing research, the target market and positioning, differentiation and value propositions for the product. 1512 words with 9 references included.