04 May HOW WOULD THE DEMOGRAPHIC GROUPS MENTIONED ABOVE VARY IF ENTERING A FOREIGN MARKET?
Positioning is the conceptual place you want to own in the target consumer’s mind – the benefits you want your target market to think of when they think of your brand. Successful brands and businesses must be relevant to the target market, be unique versus the competition, and be credible and attainable. Remember, part of positioning was segmenting the entire market to determine your overall target market. Every decision made should reflect the target market and what the needs and wants are of this group. Based on the venture business plan you have created in a previous course, complete your business’ positioning plan.
Part One: To create your company’s position. Complete the following questions.
1. Definition of Target Markets
Who is the brand being built for?
2. Key Benefit(s) Delivered
What benefits should the brand stand for and deliver on?
Part Two: When creating the brand’s position, there are a few different strategies that we discussed within the presentation. Based on the examples below, choose which strategy would best fit the company and the products being offered. After you choose your strategy, write the reason(s) why you have chosen this strategy.
Position and own the category benefit
Volvo: Safety (Target market; young families concerned with safety
Miller Lite: Great taste, less filling (Target market; males ages 25-35)
Disney: Magic (Target market; children younger than 15)
Position the product and the consumer
U.S. Army: Be all you can be (Target market; Adults 18 to 30)
Budweiser: For all you do, this Bud’s for you (Target market; men ages 21-35)
Pepsi: Generation next (Target market; men and women ages 20-35)
Position how the company does business
Burger King: Have it your way (all markets are targeted)
United: The friendly skies (Target market; adults ages 25-45)
Walmart: Always the lowest price (Target market; Adults ages 30-55)
Position against the competition
Avis: We’re #2. We try harder (Target market; professional adults ages 25-55)
Seven-Up: The Un-cola (Target market; Adults over age 35)
Apple: Think different (Target market; Teens, college students, and adults 30-50)
Part Three: Finally, determine if the business will be an international venture or remain domestic. For instance:
How would the demographic groups mentioned above vary if entering a foreign market?
What competitive advantages are possible by entering a foreign market with your product or service?
Customer categories need to be explained in detail as they relate to the business and managerial decision-making processes in developing a marketing plan.
Support your paper with at least three (3) resources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included. Your paper should demonstrate thoughtful consideration of the ideas and concepts that are presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards. Be sure to adhere to Northcentral University’s Academic Integrity Policy.
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