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Promotions Project: Target Marketing EssayAssignment Instructions
Overview
Target Marketing is simply choosing the appropriate market segment to market your product. Therefore, the first step in Target Marketing is to define your market segments. Let’s look at an example of segmentation theory:
Before Marriott Corporation designed the hotel/motel product/service titled suites or business hotels/motels, the market was divided into these categories: luxury (Ritz Carlton, Trump hotels etc.), low luxury (Hilton, Marriott etc.) mid-priced (Holiday Inn, Best Western etc.), value-priced (Motel 6, Motel 8 etc.) and the independents (usually older hotels/motels that have been cleaned up and run by families and very affordable prices). Once Marriott researched the hotel/motel market and found not one operator catered to businesspeople, they began to develop the business hotel and suites concept, called Courtyard by Marriott. This new market segment based upon the business traveler; it revolutionized the industry.
Instructions
Market segments have homogeneous needs. To successfully segment the market, you must find a unique way to divide the entire market; similar to what Marriott did. Once this is completed you can choose the target markets associated with your product/service.
Research Questions for the Promotions Project: Target Marketing Essay Assignment:
RQ1 What is market segmentation, from a theoretical perspective? NOTE: this topic is very wide and deep, make sure you spend a lot of time and effort on this section. Well beyond our textbook.
RQ2 What are at least three relevant ways to segment the market related to your product/service (analyze each)?
RQ3 What are the market characteristics of your market segments? Go back to what you learned in Module 2: Week Twoon the demand shifters. The gold standard for market characteristics is to find a trend or unmet need related to your product/service; this is how you create a new market segment. Think about fresh insights you gathered from your analysis of the demand factors, that will cause demand to increase for product?
RQ4 In which market segment does your product/service belong(this is where you do the target marketing)? NOTE: Analyze and discuss your findings, you must include research in this section.
• Length of this Promotions Project: Target Marketing Essay Assignment is minimum of seven pages of text excluding title page and references. APA level headings are to be used throughout the essay.
• Format of Promotions Project: Target Marketing Essay Assignment is the most current APA Guidelines.
• Five citations are required (excluding the required reading from this module’s Learn section.)
• Acceptable sources are Scholarly Resources (regardless of the date of publication), Popular Sources, Professional Trade Sources and Books/Book Chapters
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