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For this assignment, you will select from Tesla, Smoothie King, Suave, or Nintendo as the basis of your work. Select one of these four companies and get started on the first bullet in the template, 1. Target Customers/Uses. The following provides some context to help you complete the first question section in the template. (Remember you are doing your own assessment on the business, do not go to the company website and copy their analysis. You need to do your own assessment on the business you select.)
- Target Market Segment Strategy.
Companies use segmentation and targeting to promote their products, services or brands effectively.
- Target Marketing and Segmentation: Valid and Useful Tools for Marketing.
- Target Market/Users
Who is your market? Who is the target customer for the selected business? Identify which segments the business targets. For example, if I was going to “guess” at Coach’s target market, it would be:Female.
Ages 25–55.
Bachelor’s degree.
Upper middle to upper income.
Live in an urbanized area.
Consider themselves trendsetters.
How does the business you selected segment their market?
Look at age, gender, race, religion, geographic location, education level, income, family size, etc. Then look at psychographics (interests, hobbies, routines, shopping habits, etc.).
Why does the business target this market?
Using Coach again, it’s because their bags are primarily used by women. They’re expensive, so the buyer’s income is usually on the high side. When the income is high it generally means the buyer has more education. Not everyone will pay upwards of $300 for a purse, so the company targets people who want to make a statement and display their wealth by making stylish choices. Also, Coach purses must be purchased at a certified Coach retailer or Coach store which are located in higher end retail venues that attract wealthier shoppers.
How will you reach your market?
What’s the way best to reach your target market audience? For example, if you are targeting the 15–25 year old age range, the best way to reach that market is social media, specifically Facebook, Instagram, Twitter, SnapChat, Reddit, etc. However, if you’re targeting an older age group, social media is a nice start, but& you will need to use other channels such as television, radio stations, billboards, in-app commercials, product placement in movies or television shows, etc.
List the most common stations the target market is most likely to listen to or watch.
List that media and then discuss why you think these are the most appropriate channels.
How Will you Capture your Audience’s Attention?
Is it a flashy sign? It is the word “Sale?” Is it the “latest and greatest?” Think about your own personal reaction to advertisements—what captures your attention? What makes you stop to learn? Use the information about your market to help identify what will capture the audience’s attention.
How does the selected business want to be perceived? As the most prestigious brand? Or as the “go to place for sports gear” like Nike? When people think of the business, what do they think of? Look at the demographics and consider how the business captures their customer’s attention. This will help you determine exactly how the business wants to be perceived.
What does the Customers Value?
Do they value price? Do they value quality, warranties, or being the first to have a new device? Do they value showing off their money?
Use what you’ve learned in your research to identify what the target customer values and explain how you arrived at that conclusion.
See Attached ASSIGNMENT FORM
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Assignment 1 |
Use the provided information, as well as your own research, to assess one (1) of the stated brands (Tesla, SmoothieKing, Suave, or Nintendo) by completing the questions below with an ORIGINAL response to each. At the end of the worksheet, be sure to develop a new ORIGINAL positioning statement and motto for the brand you selected. Submit the completed template in the Week 4 assignment submission link.
Name:
Professor’s Name:
Course Title:
Date:
Company/Brand Selected (Tesla, SmoothieKing, Suave
or
Nintendo):
1. Target Customers/Users
Who are the target customers for the company/brand? Make sure you tell why you selected each item that you did. (NOTE: DO NOT say “ANY, ALL, EVERYONE” you cannot target everyone, you must be specific)
Age Bracket: [Insert response-at least one to two good sentences)
Gender: [Insert response-at least one to two good sentences)
Income Bracket: [Insert response-at least one to two good sentences)
Education Level: [Insert response-at least one to two good sentences)
Lifestyle: [Insert response-at least one to two good sentences)
Psychographics (Interest, Hobbies, Past-times): [Insert response-at least one to two good sentences)
Values (What the customer values overall in life): [Insert response-at least one to two good sentences)
Other items you would segment up on (optional): [Insert response]
How does the company currently reach its customers/users? Look at the methods and media the company is currently using to reach the customers/users. What methods and media should the company use to currently reach the customers/users identified above? Why have you decided up on this suggestion?
[Insert response-at least 4 good sentences-addressing all questions
]
What would grab the customers/users’ attention? Why do you think this will capture their attention?
[Insert response-at least 4 good sentences-addressing all questions]
What do these target customers’ value from the business and its products? Why do you think they value these items?
[Insert response-at least 4 good sentences-addressing all questions]
2. Competitors
Who are the brand’s competitors? Provide at least 3 competitors and tell why you selected each competitor.
Competitor 1: [Insert response] (Identify Competitor and provide at least a good sentence or two discussing why you chose business as a leading competitor.)
Competitor 2: [Insert response] [Insert response] (Identify Competitor and provide at least a good sentence or two discussing why you chose business as a leading competitor.)
Competitor 3: [Insert response] [Insert response] (Identify Competitor and provide at least a good sentence or two discussing why you chose business as a leading competitor.)
What product category does the brand fit into? Why have you placed this brand into the product category that you did?
[Insert response-at least 4 good sentences-addressing all questions]
What frame of reference (frame of mind) will customers use in making a choice to use/purchase this brand/service? What other brands/companies might customers compare this brand to (other than the top three identified above)?
[Insert response-at least 4 good sentences-addressing all questions]
3. USP (Unique Selling Proposition) Creation
What is the brand’s uniqueness? What makes the brand stand out with the customers? Why do you think this is a key uniqueness for this business?
[Insert response-at least 4 good sentences-addressing all questions]
What is the competitive advantage of the brand? What makes the brand stand out above its leading competitors? How is it different from other competing brands? Why do you consider this a competitive advantage?
[Insert response-at least 4 good sentences-addressing all questions
What attributes or benefits does the brand have that dominate competitors? What makes the business’s products stand out above the competing products? Why do you think they dominate?
[Insert response-at least 4 good sentences-addressing all questions
Using your analysis in the three questions above, create a new USP (Unique Selling Proposition for your business? Why have you decided upon this particular USP?
Newly Created Unique Selling Proposition: [Insert response]
Defense/Justification of USP (Why have you created this): [Insert response-at least two good sentences)
4. Positioning Statement & Motto
Develop a new positioning statement and motto for the brand you selected. Below is an example of BMW’s positioning statement and motto. Discuss why you created the items that you did?
·
BMW Positioning statement:
The brand for discerning customers of sports cars (target customers) who want an exhilarating experience (USP).
·
BMW Motto:
BMW is the ultimate driving machine.
Newly Created Positioning Statement: [Insert response]
Defense/Justification of Positioning Statement Creation (Why have you created this): [Insert response-at least two good sentences)
Newly Created Motto: [Insert response]
Defense/ Justification of Motto Creation (Why have you created this): [Insert response-at least two good sentences)
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MKT 100 Assignment 2 1156 (5-15-2015) Page 1 of 3