Create the Value: Market Segmentation Analysis and a Value Proposition
Brand - Craftsman tool from Sears Holding Co.
a detailed analysis of a potential market segment and a description of the proposed value proposition. The report should be about 1,000-1,250 words and include a minimum of three references. Please use the APA format for your paper and references. Please include the following sections:
for additional information, I included week 2 and 3 lectures.© BrainMass Inc. brainmass.com June 4, 2020, 5:14 am ad1c9bdddf
In accordance with BrainMass standards, this is not a hand in ready paper or assignment but only background help.
Description of the Retail Brand Concept:
Craftsman is a brand owned by KCD IP LLC, owned by Sears Holdings. The brand is used for tools, lawn and garden equipment, and work wear. The brand concept is the unique and abstract meanings associated with brands. These meanings occur because of a combination of attributes, benefits, and marketing efforts communicated to translate them into higher-order concepts. Craftsman brand is perceived highly by customers for its quality. Craftsman has been described as a most trusted brand and a brand with high expectations. The brand has been positively positioned because of the quality of Craftsman products, the life time warranty that came with the tools, and the reputation of Sears. The reputation of the Craftsman brand has also been built because of the performance of tools. For example, the ratchets have the reputation for having the finest teeth and shortest swing angle in business. Also, certain Craftsman products have exclusive features and functions that differentiate them from the products made by others. Some Craftsman products are similar to those of competitors. Craftsman also seeks to keep its prices reasonable. One of the manufacturers of Craftsman tools, Apex Tool Group which makes ratchets, sockets, and wrenches makes these in China and Taiwan.
Potential Market Segment:
Market segmentation is a strategy in which a broad market is divided into subsets of consumers, business, or countries that have common needs, interests and priorities (a). This is an identifiable group of individuals, families, and business that share one or more characteristics or needs (b).
The first segment that Craftsman should target in hand tools and power tools market is the professional market. The professionals pay a premium for quality tools and seek higher performance level over a longer period of ...
This solution explains market segmentation and value proposition of Craftsman. The sources used are also included in the solution.