1.This assignment has three sections. You must respond to each section separately showing each heading
2.Market Segmentation: You should have only one product, (Solar Sheets). This product could have several groups who are interested in Solar Sheets.
3. Target Market: You should identify one group of people from your market segment who is most likely to buy your product. That is people who areinterestedin your product and canaffordit. Choose any combination from the four factors shown below. You can include a range of interests in your combination, e.g. age, income, education, lifestyle, etc.Note: Any combination must include an income range.
4. Positioning: Your product must have competitors. Name your competitors and say why your product is better (points difference).
Key elements of your marketing strategy:Your strategy should be customer focused(STP)
1.Market Segmentation:
(a)Who could benefit from your product – potential users, of for example, a virus protection mask?
(b)What are the main features (benefits) of your new product?
2.Target Market
(a)To whom will you sell your product (market-niche)?This is a specific group of people in your market segment. For example, women age 18 – 35.
i.Demographic factors – age, ethnicity, income, education, culture, etc.
ii.Psychographic factors – lifestyle, e.g. activities engaged in (reading, skying, outdoors, etc.
iii.Behavioral factors: where they buy, how they buy, quality consciousness, etc.
iv. Geographic: where they live, or work, or visit frequently.
(b)Product type: standardized (mass produced), luxury (customizable), cultural/religious (CHOOSE ONLY ONE TYPE)
3.Positioning
Who are your product’s competitors and what is your competitive advantage?
i.Direct competitor – sell almost exactly the same product
ii.Indirect competitors – sell substitute product