American Intercontinental University
Unit 2 Individual Project
MKTG 205 – Principles of Marketing September 2, 2012
In this paper I will define segmentation and discuss its uses for my product/service. I will also be discussing target markets and competitive advantages.
Assessing Marketing Opportunities
When trying to understand the marketing strategy of any product you must first formulate the marketing strategy (The Essence is Marketing Strategy 2005). Formulating a marketing strategy is understanding that any decision could comprise a marketing strategy (The Essence is Marketing Strategy 2005). A marketing strategy consists of two main components which are the 4 C’s and the 4 P’s. The 4 C’s are your company, your competitors, your circumstances and your customers. The 4 P’s, which we all should know, are place, promotion, product and price. These components are very important because they are the staring points within the marketing strategy for any business or product.
In the marketing strategy in order to find out your customers you must first begin by using segmentation and targeting. Segmentation is dividing a market into groups that varies on the need of it customers (Key Concepts in Marketing, 2009). You can do this by segmenting a market. A market should always segment and target more than one market. From doing this research I have learned that segmentation and targeting are also similar to dividing and picking. Which means you must divide your market and pick your segments. For example, if you decide to divide your market by age you can use age to divide your segments into male and female segments or into teenage male and female segments (The Essence is Marketing Strategy 2005). Targeting customers plays a critical role for segmentation in a market. It allows a market to become responsible for offering a certain product in a market and allowing yourself to meet the needs of your customers. This way the business or product can target a specific market. You can also adjust your product so that it meets the market requirements and help improve your competitive position (The Anatomy of Marketing Positioning Strategy, 1994). When selecting your competition market you must make sure that your number one priority is meeting your customers wants and needs better than that of your competitor. This means that you must thoroughly evaluate your competitor strengths and weaknesses if you want to compete in the market and keep your position and product on top (The Anatomy of Marketing Positioning Strategy, 1994). A competitive advantage can only be established if a business is able to offer its customers the same product as its competitor at a lower price (Types of Competitive Advantaged and Analysis, 2011). A competitive advantage is necessary because it helps to satisfy the customers that will gain some value from the product that is being offered. Competitive advantage is very important and can be very successful because it allows you to outperform your competitor in the market. It allows you to stay ahead and show some sort of leadership within the market. It also helps you to consider any crucial factors that might hinder you from success in the same market as your competitor (Types of Competitive Advantaged and Analysis, 2011). A positioning strategy applies to a level of a certain product that is operating within a market (The Anatomy of Marketing Positioning Strategy, 1994). Positioning strategy has…