Question

Identify market segments, choose a target market and develop a positioning strategy for that target market.

Questions to answer:
Step 1-Objective/business strategy

Step 2-Segmentation bases – Clear state your overall strategy/objectives. Identify relevant segmentation bases with justification. Using a good mix of segmentation bases, identify several viable market segments for the business division. Stronger groups will provide secondary research as support/justification for market segments identified.

Step 3-Evaluate market segments on Segment attractiveness on the basis of: Identifiable, Reachable, Substantial and Profitable and Responsiveness.

Step 4-Select a single target market for the report with clear reasoning and justification. If you would have recommended a different targeting strategy, you can mention it here.

tep 5-Identify and develop a positioning strategy for your business division that you believe will best resonate with your target market. Be sure to provide a clear explanation for why the specific positioning strategy was chosen, as well as why this positioning will be competitive in the market. As part of this section, be sure to provide rationale, justification and/or support for the positioning strategy (this could include a positioning statement, value proposition, a perceptual map and/or external research to support positioning).

Answer 1

To develop a positioning strategy for a target market, businesses should first align their objectives with the company's business strategy, then identify market segments using various segmentation bases. This is followed by evaluating the attractiveness of each segment and selecting a target market based on the findings. Finally, a positioning strategy should be developed and tailored to resonate with the chosen target market, supported by research and a clearly defined value proposition.

Step-by-step explanation:

Steps to Develop a Positioning Strategy for a Target Market

The process of identifying market segments, choosing a target market, and developing a positioning strategy involves several key steps that integrate business strategy with a deep understanding of the potential customers. The following outlines these steps in a methodical manner:

Step 1: Objective/Business Strategy

The objective or business strategy should align with the overall mission and goals of the company. This involves researching companies of interest to ensure there's a strategic fit with the target market.

Step 2: Segmentation Bases

Segmentation bases are crucial for identifying relevant market segments. A mix of demographic, psychographic, geographic, and behavioral characteristics should be considered to ensure a thorough understanding of the potential market segments.

Step 3: Evaluate Market Segments

Market segments must be evaluated based on their segment attractiveness, which includes being identifiable, reachable, substantial, profitable, and responsive.

Step 4: Select a Target Market

Choose a single target market based on the evaluations made in the previous step. The selection should be justified with clear reasoning that aligns with the company's business strategy.

Step 5: Develop a Positioning Strategy

Identify and develop a positioning strategy that resonates with the target market. Justification for the positioning chosen should be supported by a clear explanation, including a positioning statement or value proposition, aided by external research if available.

In creating your project, it is essential to define your goals, audience, and the most effective means of communicating your value to your target market. Recognizing the purpose of your strategy, along with a clear understanding of your audience's perspective, will be crucial.