For this week’s course project assignment, you will develop targeting and positioning strategies for your product. Please note that this is a three-part assignment. All three parts will be completed as one paper with headings (e.g., “Segmentation”) that clearly identify each part. To complete the assignment, do the following:
Part 1 – Segmentation
- Before conducting any research, brainstorm each of the following and include your ideas for each topic in a separate list:
- Reasons consumers might want to purchase your product.
- The types of people who would use your product.
- Occasions for which people might use your product.
- Conduct research to identify data or trends that answer the following:
(Note: Be selective when identifying credible, high-quality sources.)
- Why might consumers want to purchase your product?
- What types of people would want to use your product?
- On what occasions might people use your product?
- Discuss how your research findings compare to the lists you brainstormed initially.
- Based on your research, describe three consumer segments that present the greatest potential opportunity for your product.
Part 2 – Targeting
- Based on your analysis in Part 1, which consumer segment should be the target market for your product and why? Support your answer with insights from your research.
- Due to the growth of global markets, many companies pursue opportunities to target consumers in other countries. Answer the following questions:
- What country should your company target and why?
- Conduct research on the country you chose. Discuss three (3) cultural factors that would impact how you market your new product in that country.
- What cultural biases might impact your ability to launch a new product in the selected country?
Part 3 – Positioning
- Conduct research to find a sample positioning statement. Include it in your paper with the proper citations.
- Create a unique positioning statement for your new product.
Cite at least five credible sources in your paper, with at least two from academic databases. Include in-text citations, a title page and a reference page formatted according to APA standards. Your paper should be a minimum of three (3) pages.
***SEE ATTACHED DOCUMENTS FOR FIRST 2 PAPERS***