Strategy In this task you will complete the Strategy portion of your Marketing Plan. The Strategy Should include: Segmentation Targeting Positioning Goals Complete a thorough analysis for your new venture. To complete this task successfully first work

Question Description

Strategy

In this task you will complete the Strategy portion of your Marketing Plan.

The Strategy Should include:

- - - - Segmentation
        
        Targeting

Complete a thorough analysis for your new venture.

To complete this task successfully first work through all learning resource activities:

Background Resources

1. Watch the LinkedIn Learning section: Section 3 – Developing your Strategy from the course Marketing Foundations with Drew Boyd (3 videos*)

*Download exercise file

2. (if you need further clarification) Read more about strategy in Chapter 3 of How to Write a Marketing Plan, Revised Third Edition

3. (if you need further clarification) Read Chapters 6-10 in Malcolm McDonald on Marketing Planning: Understanding Marketing Plans and Strategy

Task – The information below to be completed. Upload below:

1. Segmentation

How will you appeal to customers?

“When we segment based on attitudes, we’re looking for a benefit that meets three criteria: 1) our product actually delivers the benefit better than the competition; 2) customers perceive that our product delivers better; and 3) the benefit is rated highest in importance based on our customer analysis. If you find a benefit that meets these criteria, you select that as your segmentation variable.” ~Drew Boyd

Part 1: Demographics- Gather and analyze demographic data about the product or service you have chosen.

Part 2: Geographic- Gather and analyze geographic data about the product or service you have chosen.

Part 3: Behavioral- Gather and analyze behavioral data about the product or service you have chosen.

Part 4: Psychographic- Gather and analyze psychographic data about the product or service you have chosen.

2. Targeting

Part 1: Gather and analyze data to find an opportunity by segment.

Part 2: Draft your targeting strategy section for the final project’s marketing plan.

Add any graphs or diagrams you used in coming to your conclusions.

Upload below.

Target Market Segmentation in Travel and Hospitality

Market Segmentation Hotel Demand

Hilton Hotels Segmentation Research

Marriott’s Market Segmentation

How to Use Market Segmentation to Differentiate Yourself from the Competition: Health Care

Examples of Business Market Segmentation

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