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MRKT 310 Maryland Global Campus Analysis of Market Segments Discussion

MRKT 310 Maryland Global Campus Analysis of Market Segments Discussion

Question Description

I’m working on a marketing strategies discussion question and need support to help me understand better.

TWO topics are required for Week 4. Choose Topic 1 OR 2 AND Topic 3 OR 4. Include at least two (2) references from learning material or outside sources. Reply to least two (2) classmate posts.

TOPIC 1: Analysis of Market Segments

Most marketers find that segmenting the market makes for an effective use of marketing resources. Segmenting markets is difficult and often requires marketing research to find out how consumers think, behave, and basic information such as age, gender, etc. Therefore, defining market segments is aided with the generic segmentation bases, behaviors, demographics, geographics, and psychographics. Be sure to understand this as it is discussed in the Week 4 readings. Also understand that these are generic categories, not segments themselves. Within each of the generic bases are a number of variables from which marketers can choose which ones are relevant for a usable market segment.

All of a company’s marketing mix should focus on the market segment, now called a target market. In other words, the offering should be what the target market wants, where it wants it, how much it wants to pay for it, and how the company communicates with the target market. If done right, we can usually determine the characteristics of a target market by analyzing the advertising.

Your job in this learning activity is to find an advertisement, and tell us who you think is the target market. The hints are in the type of music used, the spokesperson’s persona, the approach to the marketing communications message, the types of people used in the ad, the words chosen for the ad, etc. All this should tell you to whom the marketing communications is intended to influence.

You can search youtube.com for your favorite commercial or choose your advertisement from the Clio winners.

If you find your own ad to analyze, be sure to embed or link it when you post it to the Discussion Forum. Then identify at least three of the characteristics you think comprise the target market. Make your choices using Table 4.1 from the main text as your framework. But, don’t merely say demographic/age. Tell us what age, or psychographic/values. Specifically, note the value such as family or thrifty.

TOPIC 2: SEGMENTATION TOOLS – Personal Application

As noted in Topic 2, market segmentation is difficult and requires a significant amount of market research, as well as data and expertise. There are companies that specialize in this and provide tools to assist the marketer with segmentation. Let’s test drive a couple of those.

You may use your own ZIP code for this exercise or the ZIP code of 20783 for Adelphi, MD (UMGC). Use the ZIP Code look-up for either service:

If you used Claritas,what are some of the top PRIZM(r) segments for the ZIP code? Name some characteristics to describe each segment in terms of behaviors, demographics, and psychographics. On Claritas you may obtain more information by clicking on “Quick Facts” drop down arrow.

Discuss what the members of each your segments have in common that make them a viable segment. How would marketers make use of this information? Based on what you have learned this week about segmentation, do you think the tool you used provides valuable information? Why or why not?

TOPIC 3: Mass-Marketed Products

If you have a market that is large and homogenous, then you can be a mass marketer and there will be no need to segment the market. One example discussed in our learning material for this week is salt.

  • Let’s discuss the marketing of salt. Salt was long marketed as one product for anyone who wants it for the need to season food, which is a universal need. Is this still true? Do you consider salt to be a mass market product? Why or why not?
  • Can you think of another mass-marketed product? What is it and why do you think it is mass marketed?

You might want to comment on classmates’ posts with your opinion as to whether they have selected a mass-marketed product. If not, why do you think their choice actually is a segmented market?

TOPIC 4: Repositioning

Mature products sometimes need to be repositioned. Finding a new need for an existing product is usually a reason for repositioning. Many years ago, Arm & Hammer baking soda found a new market by repositioning the product for those wanting a clean-smelling refrigerator. The company did a similar repositioning when offering the product as a teeth whitener.

  • Can you think of an existing product that has been repositioned by finding a new market with a different need than the original product? What is the product and how was it formerly targeted? What is the new target market and strategy?
  • Or, can you think of a mature product that is ripe for repositioning? What ideas do you have for a new market for this product?

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