30 Apr ANALYZE THE PRIMARY TARGET MARKET OF THE COMPANY AND THE PRIMARY MARKET THE COMPETITOR HAS TARGETED.
To assess your ability to:
• Analyze the primary target market of the company and the primary market the competitor has targeted.
• Determine the unique attributes of the target market of the selected company vs. the competitor.
Action Items
1. Review the Project 4 Brief Rubric – Target Marketing and Marketing Segmentation.
2. Read Chapters 11, 12, and 13 of your textbook.
3. Read the following additional information for this assignment:
The concept of target marketing is key to the success of any strategic marketing effort. It is tempting for new marketing professionals to struggle with identifying any market segment that they do NOT want to purchase their good, service, or idea (the product they are selling). Therefore, they identify an overly broad segment as being their “target market.”
Consider the depiction below of a classic bulls-eye diagram.
Assume that the outer rings represent anyone who you hope will be attracted to your product. However, in a world of limited resources, it is most efficient and effective to direct your efforts only toward those market(s) that land squarely in the center of the bulls-eye. While it is possible for an organization to consciously target more than one market, there is typically a primary target market, with secondary markets identified strategically and not accidentally.
Your Segmentation and Targeting readings for this week explain the research processes that experienced marketing professional use to determine, as precisely as possible, which segment(s) to actually target with their time, dollars, and expertise. Consider one of your own recent purchases. Broadly speaking, who may have been the target for this product?
Heres an example of identifying a target market for a specific type of outdoors head cap:
Again, it is only through very precise research that the target market can be identified. Thinking of your own hypothetical purchase again, consider what “bulls-eye” attributes landed you squarely in the target market and what other groups may have been attracted to the outer rings, but are not specifically targeted, by the target marketing activities that the marketing strategist directed toward YOU.
4. Select a specific company within the country and the industry that you selected for your PEST (political-economical-social-technological) analysis in Project 6: Business Brief.
I chose the country, industry and the company according to the table below:
country Industry company
South Korea Automobiles Hyundai Motor Company
Please write about in the table.
5. Assume the role of a marketing strategist for a specific product or product line within that company.
6. Conduct secondary research to identify an organization that is a major competitor of your company, in the product category you selected.
7. Write a 2-page analysis according to the Business Brief Guidelines. Your analysis should include:
a. Identify, as precisely as possible, the primary target market of your major competitors product.
b. Identify, as precisely as possible, the primary target market of your own companys product.
c. Compare and contrast your own primary target market vs. the primary market your competitor has targeted.
d. Conclude your brief by analyzing the unique attributes your company offers to its primary target market vs. those that your competitor offers to its primary target market. If there are overlaps between the primary target markets of your two organizations, explain why your targeted customer should select your product vs. your competitors product, based on specific attributes of the target market and the company.
8. Submit your work to Turnitin.com. Revise your paper based on the Originality Report you receive. (See instructions under About TurnItIn.com in the MBA Toolbox.)
9. Check your writing style by using Grammarly. (See instructions under Submit To Grammarly in the MBA Toolbox.) Correct your business brief as needed.
10. Attach the following appendices to your paper:
a. Appendix A, containing the completed decision-making matrix.
b. Appendix B, containing the grading rubric for this assignment.
Project 4: Brief Rubric
Total 70 points
Criteria Proficient Student Score and Comments
Identifies the primary target market of a major competitors product. Identifies the primary target market of a major competitors product and demonstrates solid ability to accomplish the assignment.
Identifies the primary target market of the selected companys product. Identifies the primary target market of the selected companys product and demonstrates solid ability to accomplish the assignment.
Compares and contrast the selected primary target market vs. the primary market the competitor has targeted.
Compares and contrasts the selected primary target market vs. the primary market the competitor has targeted and demonstrates solid ability to accomplish the assignment.
Concludes specific attributes of the target markets of the selected company vs. the competitor.
Concludes specific attributes of the target markets of the selected company vs. the competitor and demonstrates solid ability to accomplish the assignment.
Integrates established business environment principles into the discussion.
Consistently does a good job of integrating established business environment principles into the discussion.
Synthesizes relevant information and materials to provide evidence of critical thought.
Consistently and effectively synthesizes information, which provides strong support to main ideas.
Develops ideas with clarity and logic.
Develops ideas with clarity and logic. Ideas flow smoothly from one to another and are clearly linked to each other.
Uses supporting documentation that has been properly referenced and cited.
Consistently uses supporting documentation that is properly referenced and cited.
Considered holistically, demonstrates the ability to write at the graduate level.
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