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Market Segmentation and Targeting

  Length: 3500 words (max) Group Assessment: No Submission method options: Alternative submission method TASK Imagine you are a marketing consultant and you have been hired to review…

 
Length: 3500 words (max)
Group Assessment: No
Submission method options: Alternative submission method
TASK
Imagine you are a marketing consultant and you have been hired to review and make recommendations on how to reach their target audience.
This assessment is a written report on the concepts of understanding consumer behaviour, putting people into groups with common needs/wants (segmentation) and creating marketing strategies (targeting and positioning) which enable your organisation to break through the clutter of marketing messages.

To complete this task you need to:  
Step 1: Carefully choose an organisation that you are interested in (or are currently working for) and one of their specific products and conduct a competitor analysis by comparing this to similar products in the market.
Step 2: Using the theoretical frameworks of consumer behaviour, segmentation, targeting and positioning, and data from secondary market research, construct a consumer profile taking into account one internal and one external influence that impacts consumer decision making.
Inside the report you need to include;

A brief overview of your chosen organisation’s current market position with a competitive analysis includes a perceptual map showing competitive analysis (compare against two competitors);
Definitions and descriptions with an analytical discussion of one internal (i.e. motivations, personality etc) and one external (i.e. group references, culture etc) factor that may affect your likely consumers’ decision to buy your product;
Definitions and descriptions of the theoretical concept of segmentation then apply this framework to a range secondary market data sources leading to  a “Typical consumer” profile for your chosen product (based on evidence from secondary market data using the segmentation variables as your framework); and
Definitions and descriptions of the theoretical concepts of targeting and positioning and then specific recommendations for a new positioning statement.

Use your textbook and other theoretical sources and secondary research (be sure to have reviewed your organisation’s latest marketing information- e.g.  Television Advertisement /YouTube ad for their current positioning strategy) as a starting point for your analysis to support and frame your argument.
More information on how to complete this assessment will be provided on Interact 2
RATIONALE
This assessment task will assess the following learning outcome/s:

be able to find relevant and important information about organisations, their industries and marketplaces from secondary sources.
be able to evaluate the key marketing aspects of segmentation, targeting and positioning (STP) and be able to analyse an organisation’s approach to STP.
be able to discover and evaluate how contemporary issues of environment, social media and other technology, society and Corporate Social Responsibility (CSR) might affect marketing.

MARKING CRITERIA AND STANDARDS

Criteria: The various skills to be assessed
High Distinction (85 – 100%)
Distinction (75-84%)
Credit (65-74%)
Pass (50 -64%)
Fail (0-49%)

Market situation and competitor analysis
Utilising researched market data using a range of relevant and valid sourcesApplication in perceptual map is visually clear and engaging
Interpretation and analysis of  a real-life business is logical, insightful, comprehensive and explicit
Marks 0-10
Theory of competitive analysis is defined and described
Utilising market data using a range of relevant and valid sources
Application in perceptual map is visually clear and engaging
Interpretation and analysis of a real-life business is logical, insightful, comprehensive and explicit
Theory of competitive analysis is defined and described
Utilising market data using a range of relevant and valid sources
Application in perceptual map is visually clear and engaging
Interpretation and analysis of areal-life business is logical, insightful and explicit
Theory of competitive analysis is defined and described
Utilising market data from a range of relevant and valid sources
Application in perceptual map is visually clear
Interpretation and analysis of a real-life business is logical and explicit
Theory of competitive analysis is defined and described
Utilising market data using a limited range of relevant sources
Application in perceptual map is visually clear
Interpretation and analysis of a real-life business are explicit.
Theory of competitive analysis is not defined and described
Did not utilise or researched market data and sources were not relevant and valid
No Application in the perceptual map or it is unclear
No Interpretation to real-life business

Analysis and application of Segmentation and factors affecting consumer behaviour: Theory explicitly embedded in market and industry research data (evidence) integrated with conclusions and implications and applied to a real-life business. Application is insightful and clear, justifying the consumer profile
Marks 0-15
A comprehensive and insightful theoretical discussion of market segments and an internal and external factor affecting the purchase. Market data evidence is described insightfully and rationally integrated into the argument justifying the consumer profile and supported by outstanding research using academic and industry data sources and applied to a real-life context.
A clear consumer profile is presented showing the influence of an internal and an external factor
A comprehensive theoretical discussion of market segments and an internal and external factor affecting the purchase. Market data evidence described, conclusions are integrated in the argument justifying the consumer profile supported by strong research from academic and industry data sources.
A clear consumer profile is presented showing the influence of an internal and an external factor
A well-reasoned application and interpretation concepts of market segments and an internal and external factor affecting purchase, market data evidence described and integrated in the argument justifying the consumer profile.   The good data range of academic and industry sources.
 
A clear consumer profile is presented showing the influence of an internal and an external factor
Basic market research and analysis of theoretical components of segments and an internal and external factor affecting the purchase. Application to context, with market data evidence, included and described justifying the consumer profile.
A clear consumer profile is presented showing the influence of an internal and an external factor
Unsatisfactory work, a lack of research, limited insight and/or application weak review of segmentation concept and internal and external factor affecting purchase. No academic resources or market data evidence references.
No clear consumer profile is presented or it does not show the influence of an internal and an external factor

Targeting Strategy and Positioning statement:
Identification of theory of positioning and target strategies with a justification of relevant targeting strategy chosen with insightful
application and interpretation. Recommendations for the positioning statement are clear, relevant, logical and realistic linked to a real-life business with explicit links to data and the consumer profileMarks 0-10
Targeting strategy and theory of positioning is defined and described Well justified and comprehensive theoretical discussion.
Justification of relevant targeting strategy chosen with insightful
application and interpretation; linked to the consumer profile
Recommendations for the positioning statement are clear and relevant, logical and realistic and linked to a real-life business with explicit links to data
Targeting strategy concepts  and theory of positioning is defined and described
Justification of relevant targeting strategy chosen with insightful
application and interpretation; linked to the consumer profile
Recommendations  for the positioning statement are clear and relevant and logical links to a real-life business with explicit links to data
Targeting strategy concepts and theory of positioning is defined and described with application and interpretation of concepts is clear.
Justification of relevant targeting strategy chosen.
Recommendations for the positioning statement are clear with relevant links to a real-life business with explicit links to data and consumer profile.
Targeting strategy concepts and theory of positioning is defined and described. A primary target market stated. A relevant targeting strategy chosen. Links to a real-life business and links to data and the consumer profile Recommendations for the positioning statement are explicit.
Targeting strategy and theory of positioning concepts are not defined. No primary target market identified and no selection criteria examined and no link to the consumer profile

Written Communication Skills
This is about the presentation of the work including :Structure, Format, Grammar, including imagesMarks 0-5
Free of grammatical errors
Structure and format were clear. Sentences were well constructed. Language was concise. Excellent use of diagrams, images and tables that were both visually appealing as well as clearly relevant and explained
Free of grammatical errors
Structure and format were clear. Sentences were well constructed. Language was concise. Excellent use of diagrams, images and tables that were both visually appealing as well as clearly relevant and explained
Some grammatical errors, sentences were clear. Completely clear structure and formatting using headings, and sub headings, some illustrations and diagrams, but not explained and only decorative.
Some grammatical errors, sentences were clear. completely clear structure and formatting using headings, and sub headings, some illustrations and diagrams, but not explained and only decorative
Poor grammar, spelling, punctuation, concepts were not clear, no paragraphs or formatting- no images, tables or illustrations

Referencing
Referencing is comprehensive, demonstrates academic integrity, and conforms exactly to APA (6th ed.) style conventions.
Marks 0-5
Referencing is comprehensive, demonstrates academic integrity, and conforms exactly to APA (6th ed.) style conventions.
Referencing is comprehensive and conforms to the conventions of APA (6th ed.) style.    Minimal errors or omissions in style and formatting choices which have no impact on the transparency and traceability of the source, or the demonstration of academic integrity.
Referencing is comprehensive and mostly accurate according to the conventions of APA (6th ed.) style. Only minor errors or omissions in style and formatting choices have no impact on the transparency and traceability of the source, or the demonstration of academic integrity.
Referencing is comprehensive and mostly accurate according to the conventions of APA (6th ed.) style. Frequent minor errors or omissions in style and formatting choices have no impact on the transparency and traceability of the source, or the demonstration of academic integrity.
Does not meet the standards required for a Pass

PRESENTATION
 
Report format should be used for this assessment. You need to include an executive summary for this assessment, table of contents (but they are not part of your word count) Use the questions as headings and sub-headings for format and structure. Use APA 7th referencing.
REQUIREMENTS
Please refer to the CSU referencing guide http://student.csu.edu.au/study/referencing-at-csu. In addition, a very useful tool for you to use that demonstrates how to correctly use in-text referencing and the correct way to cite the reference in your reference list can be found at
Book name;
Pride, William, Ferrel, OC, Lukas, Bryan, Shembri, Sharon, Niininen, Outi and Casidy, Riza (2018) Marketing Principles: 3rd Edition, Cengage Australia, “ISBN: 9780170386180.”
Book is to be used as a primary source for assignment
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