Discussion Forum 3

TRUE/FALSE When using a market segmentation strategy, a firm tends to lose control of costs because of the number of segments it competes in.

Identify a product or service you want to market, and choose a market targeting strategy you think is best to apply on your chosen product/service.

How can a company effectively identify and target the most profitable customer segments within a chosen market? What strategies can be used to maximize profitability within these segments?

Choose a fast-food restaurant chain that does business in your area. Describe the company's target market and explain how its marketing mix is designed to appeal to this target market. Explain how they segment the market to match their product/service

After a company segments its market, it needs to decide which segment (s) is most attractive to serve. Discuss the different targeting approaches that a company can utilize to serve consumers in the segment (or segments) that it may choose to target?

Marketing segmentation has been described both as a demand analysis and as a business strategy.  What is the difference between these uses of the term market segmentation? When segmenting a market, describe the reason why marketers segment markets?  What is the difference between market segmentation strategies and product differentiation strategies in marketing?  What is required to effectively use a market segmentation strategy?

Listed below are a number of firms and how they approach segmentation. Identify what type of segmentation base the firm is using. Identify whether one segmentation base in combination (that is, hybrid segmentation) has been used.    A bank that markets home loans to young married people and financial planning services to retired people.  A mobile phone company that targets people who frequently holiday in Northern areas of the country  A cheese manufacturing company that targets people buying cheese platters for a dinner party or function. (1)   Prestige car manufacturers who highlight the status associated with owning one of their vehicles. (1)   Clothing brand manufacturers target those consumers who are interested in purchasing their near arrivals.   A book publisher that specializes in children’s books    A home-delivered water company advertising in a ‘health’ magazine

What can be the segmentation strategy of a stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking? How can a geographic segmentation method and a benefit segmentation method benefit a stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking? What external data can I use to support the claim that the consumers living within regions with hot climate will buy the stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking and that sales will be higher in summer? Using the differentiated targeting strategy, how can we target the home cooks and professional chef segments to buy the stainless steel pan with digital thermometer reading that is powered by the heat generated while cooking? Using the PESTEL analysis, identify and explain the environmental factors that could affect the launch and commercialization of the stainless steel pan with digital…

Identify various strategies for segmenting a market, which then will be used to choose one strategy for your pet supply store. List and discuss each of the strategies that can be used to develop a segmentation approach. Provide examples of each of the four strategies your pet store might use.

For Further Research (Individual): A geographic infor- mation system (GIS) combines a geographic map with digitally stored data about the consumers in a particu- lar geographic area. Using the web, find an example or case study of a business or nonprofit that is using a GIS such as Google Earth to generate market in- formation by location. Write a short summary of this example or case study and present this summary to your class.

Elucidate the factual notion, that Market penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Therefore, describe market penetration strategies and in the process discuss in details the pros and cons of market penetration.

8   The process or set of processes that links the producers, customers, and end users to the marketer through information used to identify and define marketing opportunities and problems is known as

As a database marketing consultant you have been asked by a client who runs a tourism destination to explain the value of building a customer database. Write a proposal justifying what information you would hold on the database,evaluate the benefits it would deliver and explain how you would maintain this data. What are the legal and regulatory issues in managing the database?

You have been asked by a client company to segment the ice cream market. Use at least three different bases for segmentation and describe the segments that emerge.

Business and Industry Profile. This section provides an overview of the industry andmarket segment.Market size and growth trendsSignificant industry trendsStrength of major companies in the marketCompetitor’s market share.Competitors’ products and strategies

Identify the target market for a food truck using at least 2 segmentation types and provide a description. Clearly label each of your two segmentation types as either demographic, psychographic, geographic, or product-related. Explain the 2 segmentation types and why were they chosen.

How would you describe a "market niche?"   Describe four product/services that you own or consume that you would consider to be "niche" products.   Why do you believe this to be true?

Develop a "Marketing Plan" based on Principles of Marketing for a product or service of your choice using "Marketing Plan Template". Reference materials