.campbell.edu/webapps/assignment/uploadAssignment?content_id=_1714980_1&course_id=_29204_1&assign_group_id=&mode=view”>Report 3: STP
Segmentation analysis. To answer these questions, you must conduct a segmentation analysis. You may use Prizm if you like. Analyze at least 3 different segments for your product. The segments do not have to be the segments that the company is currently targeting. You may, and should suggest new segments. Please don’t use generic information or be too obvious. Do not limit your segments to demographics (e.g., 20-40 y/o women). Use research to support your claims. You should cite articles from media and advertising that to build your arguments.
- What are the major market segments that might be attracted to your product? Describe each segment in detail, beyond demographics. Discuss lifestyle beyond the mere use of your product.
- How does each segment relate to your product on an emotional, self-concept level?
- How does each segment shop for your product? Is your product a high involvement or low involvement product/service? What implications are there for each target market?
- Rank the segments in order of potential profitability to your company and explain your reasoning.
Target market(s). Of the segments you discussed, which do you think should be the key segment for this project? This is your target market: i.e., the segment you chose to target from the segmentation analysis.
Discuss your target market in more detail. What are the current needs and satisfactions being sought by your target market? How might these customers perceive your company in terms of reputation, quality, service, and price? How might these customers position your company relative to competitors? Which companies might be competitors to your company, in the minds of the segment you chose? How does your company stack up in comparison to these competitors?
Positioning. How could or should your company be positioned for the segment you chose? Is this a reasonable position given the company’s strengths and resources?