- Marketing plan exercise
Check out a Web site for a company that manufactures a product that you are familiar with. Please pay special attention to the company’s product lines and how it describes products and product uses. Select one particular product and answer the following three questions:
a. What market segmentation approaches (demographic, behavioral, and psychographic) do you believe are most relevant for your chosen product, given the type of product it is?
b. Describe the top three target markets for the product you selected. What makes these particular target markets so attractive?
c. From your review of the Web site and your knowledge of the product, write out a positioning statement for the product that clearly defines its target segment(s) and unique benefit(s). Keep it to a few sentences; start with “Product X is positioned as…”
Note: It may be easier to analyze a public company because you can find useful information in its quarterly and annual reports posted on its website.
- For each of the following four targeting strategies, find one company as an example: undifferentiated marketing, differentiated marketing, concentrated marketing, and customized marketing. Briefly describe the marketing efforts of each of these companies. Do not use the examples in the textbook.
2. Find a new product which was launched in the US market recently,
a) Describe the three layers of the product concept of this new product.
b) What will be a good target segment for the product?
c) Will this new product diffuse quickly among these target customers? Base your analysis on the five factors that affect the adoption rate (relative advantage, compatibility, complexity, trialability, and observability).
d) Give advice to the company to improve the adoption and diffusion of this new product.
This new product should be significantly different from previous products. It is either brand new or a major modification.
3. Find a product category and identify one product or brand in this product category at each stage of the Product Life Circle. Discuss why these products are at these stages respectively. These products may be offered by different companies in the same industry.