Week 3 Practice Simulation (Target)
Provide a 250+ word response to the following question. Each student will be required to log into Practice and explore the various target markets.
So this week we will start learning the ins and outs of the Practice Simulation. Since we've covered Target Markets this week, the first step in the simulation will be to select a target market. Using the information provided in the simulation, you will need to determine which segment you will be targeting. You will only select the target market this week. Do not complete any other element of the simulation. DO NOT END TURN.
HINTS: You'll want to look at several factors including the segment size, the growth rate of the other. However, also look into the specific segments and pay attention to the average price they'd like to pay (NOTE: You may want to play around with the product stage to get a sense of how much a typical product will cost to make).
- You need to evaluate all of the 5 target markets. For each segment, indicate the pros and cons for selecting each target segment.
- Indicate which segment you would select and give a thorough explanation why.
Practice Sim - Target Market
- Explains pros for selecting each market segment.
- Explains cons when selecting each market segement.
- Provides strategic rationale for which market segment should be selected as the target market.
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