Market Segmentation, Targeting, and Positioning --Weight Watchers

MRKT 310 Principles of Marketing

Week 4 Writing Assignment-Weight Watchers

Market Segmentation, Targeting, and Positioning

Learning Outcomes

1. Segmentation. Students can use the segmentation characteristics to identify and describe market segments
2. Target Market. Students can identify a usable market segment to be a target market
3. Target-market strategy. Students can determine an appropriate target-market strategy.
4. Positioning. Students can develop and interpret a perceptual map

Directions

• Consider all the potential customers of your chosen product or service. In your thinking, do not be biased towards those actual customers you know the product or service offering reaches. Actual customers may be one of your market segments you describe, but here we want your original thinking. Be sure to review all the segmentation bases described in the course content.

• If you did not do a thorough analysis of the competition in the prior writing assignments, you may need to go back and figure out the nature of the product or service’s competition.

• We understand you are not an employee of the company and do not have access to the data that you feel will allow you to discuss the questions to the degree you would like. Take your best educated and reasoned guesses whenever you need to do so.

• Otherwise, you do not need to do any external research for this writing assignment. Your job will be to critically examine all of the segmentation bases and arrive at your own description of potential market segments for your product or service.

• You may want to visit http://www.segmentationstudyguide.com/understanding-perceptual-maps/a-step-by-step-guide-to-constructing-a-perceptual-map/ for a step-by-step guide on how to draw a perceptual or positioning map. Another tool is a video explaining how to develop a perceptual map using EXCL at https://youtu.be/FQ2XGgbNXWY

• Remember, you have a two page limit so be judicious in your responses, do not report anything the company is or has done.

• Prepare your assignment by answering the following four areas of inquiry related to the learning outcomes noted above.

1. 1. Segmentation. Using the various criteria of the segmentation bases described in the week's readings, identify at least two distinct market segments for your product or service. Each market segment description must include at least four of the characteristics from any of the bases categories, e.g. one from demographic variables, two from psychographic variables, and one from behavioral variables. Be sure to explain your choices based on what customer need the product or service offering can fill for each segment.
   2. Target market. Select one of the market segments you described in (1) above as the one you believe is or can be the most profitable for your product or service offering. Refer to the six criteria for an attractive market segment as described in course content under ‘Selecting Target Markets’. Name your target market so you can use this name throughout all of your remaining writing assignments.
   3. Target market strategy. Which of the target market strategies discussed in course content is the most appropriate for your product or service? Why?
   4. Positioning. Draw yourself a perceptual map as illustrated in the week's readings or use the websites noted in the directions. Describe what the perceptual map is telling you regarding how each product is perceived in the minds of the consumers. You may have to make a series of educated guesses for some of the data points. If your product overlaps with a competing offering discuss whether or not your product or service should try for an ‘uncontested’ space on the map and ‘reposition’ itself; or if it should keep the same position. If it should be repositioned, what has to happen to the product or service’s features or benefits to allow it to be in an uncontested space, e.g. drop price, add unique benefit, etc. Attach your perceptual map to your writing assignment as an exhibit.

Be sure to follow all of the submission requirements outlined in the syllabus and provided below again for your easy reference:

•Prepare as a word processed document (such as Microsoft Word).

•Your assignment should be the equivalent of two pages of double spaced text, approximately 1/2 page for each of the four questions.

•Be sure your name, writing assignment number, and the name of your product or service are on the first page of your writing assignment.

•Use a simple 12-point font such as Times New Roman. Use black ink for majority of your work and only use colors if it enhances your ability to communicate your thoughts.

•If the writing assignment requires external research, be sure to use footnotes and include a bibliography. You may use MLA or APA style, or any other college-level style guide. More information about using a style guide can be found in the 's virtual library accessible from your LEO classroom or at .edu/library.

•Upload your word processed document in your LEO assignments by the due date in the LEO calendar.

Refer to the grading rubric associated with the assignments. Be sure to note that 20% of your grade on this assignment will be based on your grammar, composition, adherence to the submission requirements, and use of an appropriate college-level style guide for writing