Action Items. Action Items. 1 Read the following additional information for this assignment:The concept of target marketing is key to the success of any strategic marketing effort. It is tempting for new marketing professionals to struggle with identifying any market segment that they do NOT want to purchase their good, service, or idea (the product they are selling). Therefore, they identify an overly broad segment as being their “target market.”
Consider the depiction below of a classic bulls-eye diagram.
Assume that the outer rings represent anyone who you hope will be attracted to your product. However, in a world of limited resources, it is most efficient and effective to direct your efforts only toward those market(s) that land squarely in the center of the bulls-eye. While it is possible for an organization to consciously target more than one market, there is typically a primary target market, with secondary markets identified strategically and not accidentally.
Your Segmentation and Targeting readings for this week explain the research processes that experienced marketing professional use to determine, as precisely as possible, which segment(s) to actually target with their time, dollars, and expertise. Consider one of your own recent purchases. Broadly speaking, who may have been the target for this product?
Here’s an example of identifying a target market for a specific type of outdoors head cap:
Again, it is only through very precise research that the target market can be identified. Thinking of your own hypothetical purchase again, consider what “bulls-eye” attributes landed you squarely in the target market and what other groups may have been attracted to the outer rings, but are not specifically targeted, by the target marketing activities that the marketing strategist directed toward YOU.
4 Select a specific company within the country and the industry that you selected for your PEST (political-economical-social-technological) analysis in Business Brief – Business Environment Analysis.
5 Assume the role of a marketing strategist for a specific product or product line within that company.
6 Conduct secondary research to identify an organization that is a major competitor of your company, in the product category you selected.
7 Write a 1-page analysis according to the Business Brief Guidelines. Your analysis should include:
a Identify, as precisely as possible, the primary target market of your major competitor’s product.
b Identify, as precisely as possible, the primary target market of your own company’s product.
c Compare and contrast your own primary target market vs. the primary market your competitor has targeted.
d Conclude your brief by analyzing the unique attributes your company offers to its primary target market vs. those that your competitor offers to its primary target market. If there are overlaps between the primary target markets of your two organizations, explain why your targeted customer should select your product vs. your competitor’s product, based on specific attributes of the target market and the company.