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. Feel free to use the Rasmussen Online Library databases like Business Source Complete via EBSCO and Business via ProQuest for your academic research. 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.