Assignment #1 - Market Segmentation and Product Positioning.
The student is required to prepare a research plan to support introducing the product and service for your original company's marketing plan to the U.S. market. In addition to stating your marketing objectives, the student is required to:
1. Identify the marketing segment for the product and explain why this segment was selected
2. Discuss the target market and why these customers will be targeted
3. Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company
4. Describe the market position for your product and service.
Support your recommendations with at least two reference sources that discuss the nature of the product, use of market research methods related to the product, or considerations in conducting research.
1. The name of the company must be on the cover page of the assignment.
2. The assignment questions must be written as headings. The answer to the question must follow the question, and must be written in APA format.
3. The answers to the questions must be written in sentence format, be free of grammatical errors, and demonstrate a thorough understanding of the question topic.
4. The paper must contain citations.
5. The paper must have at least two reference sources, and one should be an industry reference.
6. The assignment must include a reference page.
This is for a hypothetical company... I would like the company name to be "The Hot Potato"
Mission statement "Our mission is to have a healthy food selection coupled with efficient and superior service."
Objectives: to establish a presence as a successful fast food outlet and to gain a market share in the food industry.
To make 'The Hot Potato' a destination spot for target market segment.
To expand to numerous locations by year three and venture into franchising in metropolitan cities across the nation.
The mission of Hot Potato, Inc. is to provide healthy food options that compete within the
fast food industry. The organization will serve baked or steamed potatoes with a variety of healthy
topping choices, including but not limited to, broccoli, celery, chive, tomato, corn, beans, peppers,
a variety of low fat grated cheeses and lean meat pieces (chicken and beef tips). While the organization
competes in the fast food, products are differentiated as healthier options not only with the toppings,
but with the processing of the items. All potatoes vegetables toppings are steamed or baked. Lean
meat toppings are broiled, rather that sautéed.
In order to compete within the fast food industry, Hot Potato must identify the market
segments in which the products will be targeted, as well as develop a marketing strategy to reach
those segments. Marketing objectives will be determined by considering how the organization should
position itself within the industry and how to best reach the target audiences. The mission of the
organization, to provide a better, healthier fast food alternative, should also be incorporated into
marketing objectives, to convey the organization's product offerings to consumers.
Identifying the Market Segment
The market segment might possibly include all fast food consumers. There are many people
facing health issues that must maintain strict dietary guidelines. Those with Type II Diabetes, High Blood
Pressure and Coronary Artery Disease typically are not encouraged to consume fast foods or are limited
to salads on most fast food menus. Hot Potato offers food products that are more substantial and can
be selected as a meal, rather than a side dish. Therefore, the market segment will include all consumers
who want a healthier fast food option to reduce intake of calories from fat and to meet specific dietary
needs. This segment also wants foods that are low in fat and that will allow them to feel satisfied.
Identifying the target market usually involves grouping potential consumers by need. While
the need for healthier fast food options is one common need, marketing segmentation also requires
to consideration of desired benefits (Rohan, nd). In considering why potential consumers will desire
a healthier fast food option, some obvious benefits, such as time savings in eliminating meal
preparation and monetary value in pricing strategy are also features that draw many consumers to
fast foods in general.
While typically the middle aged adult comes to mind when a low fat or low sodium diet is
mentioned, there are many others who will fall into this category. School age children today are
becoming heavier and the incidence of obesity is greatly increasing. Many parents must either avoid
fast foods altogether, when addressing issues of ...
The solution discusses marketing research plan for new company called 'The Hot Potato.'