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Instructions:Complete the following activities:

Develop a draft market positioning strategy and answer a positioning implementation plan for a business offering products or services that you are familiar with. To develop the strategy, you need to identify and document the market segments, the target market, and a consumer profile. Assume that you are the Marketing Officer for the company that you have chosen and that your assessor is the Marketing Manager. Assume that the location of the business is in the city or suburb you are living in.

1.Research the company and the industry that you want to develop the positioning strategy for. You will need to understand the company's objectives and access their marketing plan (or information about their marketing activities) and at least one policy (this should be related to marketing). Answer a brief introduction to the company and include their objectives and relevant information from their marketing plan and policy.

(Answer here)

2.Segment the market:

a) From the information you have about the company, identify the market segments you think they are targeting currently. Answer a brief outline with your finding including what is the size of the market segment, who the consumers are within the segment, how accessible the segment to the company and what the needs of consumers are for each of the segments. (Answer here)

b) You are required to identify your own criteria that you can use to segment the market. You need to identify at least set of criteria different from the segment the company is already targeting. (Answer here)

c) Segment the market using the criteria you have identified. (Answer here)

d) Review the market segments to ensure they are useful to the company. In reviewing you could answer the following questions: 

  • How large is the segment now? Is it large enough? (Answer here)
  • Is the segment easy to identify?  (Answer here)
  • How easy or difficult will it be to reach the segment?  (Answer here)
  • Will the segment grow or expand in the future? How far into the future may it grow? (Answer here)
  • Does this segment really fit with the business objectives? Can the company meet their needs immediately or will it take a significant change in direction to meet demand?  (Answer here)
  • How difficult will it be to get the data we need to fully understand this segment, to answer these questions?  (Answer here)

e) You will need to identify your sources of information that you have used for segmenting and profiling the markets so ensure you note them down.(Answer here)

f) Decide on your final market segment after you have answered these questions. Note any changes you have made in the criteria. (Answer here)

3.Identify the target market:

a) Some notes on gathering information to find your target market:

  • Gather and analyse data on your selected market. You may use primary and secondary research sources to build a clear picture of your target market. (Answer here)
  • Review sales data if you are able to locate any. Who purchases how much of what products or services? When do they buy? Where are they located? Who does the actual purchasing and for whom are they purchasing? (Answer here)
  • Cross-reference this sales data to industry-specific databases you can find, such as trade associations, Chambers of Commerce, Australia Bureau of Statistics, etc.  (Answer here)
  • Analyse the data you've gathered. Look for key similarities and differences among the general customer base, your overall population. Do certain groups bunch together or break apart from others based on geography, demographic breaks or behaviour? (Answer here)
  • Ensure you note down the sources of information. (Answer here)

b) Evaluate the different approaches to calculating the total market for the product or service you have selected. (Note: you are not required to calculate the total market). (Answer here)

c) Briefly describe the approach you would use and describe what the total market is. (Answer here)

d) Note where might you find the data to help you calculate the total market? (Answer here)

e) Define the target market. Use the segment descriptors to describe the target market.(Answer here)

f) Answer a list of potential marketing options and strategies that will meet the need of the target market. For example, what advertising options are there for this target market? What distribution strategies will work? Think about how you are going to target this market? (E.g. differentiation, niche markets, frequency of purchase, etc.). Explain the reasons you have selected these options. (Answer here)

4.Profile the target audience:

a) Answer a description for your ideal customer (consumer profile) for both the total market and the market segments you have identified. Ensure you use demographic and/or psychographic descriptions in the profile. Ensure the profile matches the language style, content and level of detail of the organisation (based on the information you have researched on them). (Answer here)

b) Describe the needs of the main consumer in relation to the company's product or service. (Answer here)

c) Describe the main consumer's attitudes towards using the company's products/s and/or services? (Answer here)

5.Develop a positioning strategy

a) Identify three possible positioning strategies that could be implemented ensuring that it meets the consumer profile. Your positioning strategies should be short and concise and be written in plain English.

  • Be clear about what your strategies are based on, for example, competitors, product class, cultural symbols, pricing, use or application. (Answer here)

b) Decide on the best positioning strategy that you think meets the needs of the company's objectives and consumer profile. Explain why you have selected this strategy. (Answer here)

c) Write the positioning implementation plan fort the strategies you have identified.

  • The plan should encompass of the elements of the marketing mix. (Answer here)

d) Ensure the strategies are in line with the company's marketing policy, objectives and marketing plan. (Answer here)

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Subject: Business
Instructions: Develop a draft market positioning strategy and answer a positioning implementation plan for a business offering products or services...
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