Describe Market Segmentation And Target Marketing In A Case ✓ Solved

Describe market segmentation and target marketing in a case

This assignment is due now in Unit 6. The following Course Outcome is assessed in this Assignment: MT219-3: Describe market segmentation and target marketing in a case scenario. Using the information on the target market you learned from reading Chapters 6 and 8 in your text, original research on the Internet, and the various Learning Activities provided, read the scenario and respond to the checklist items in a business memo format.

Case Scenario: The product is a portable multimedia center, to be marketed in the U.S., called “Media Popup” and made by the startup company Porttron, Inc. The multimedia center is a glossy compact 10”x12” entertainment box. It includes a screen with optional additional screen extension that pops out of the right side; a computer keyboard that folds down; four surround-sound mini-speakers that can be adhered to any hard surface with the stick strips at the back of each speaker; and a subscription to streamed movies, music, and videos for 2 years — all for $499. It is available in three different colors (black, silver, and white).

Business Memo: You are a marketing assistant at Porttron, Inc. tasked with providing a business memo (i.e., an internal company document) to the U.S. executive management team of Porttron, Inc. concerning the checklist items provided below. Write a minimum 500-word original business memo.

In a concise manner, describe to executive management the data you will analyze to determine a potential market for this product. State your purpose in the opening paragraph and provide sufficient information to explain the required items. Finally, provide a concluding paragraph to summarize your suggestions.

Checklist: 1. Identify either a consumer or business market. 2. Describe your bases for segmenting the market (e.g., demographics). 3. Identify segmentation descriptors (e.g., age, occupation, income). 4. Explain your rationale for the segmentation descriptors. 5. Describe a target market. 6. Identify a marketing mix (product, place, promotion, price).

In a minimum of 2 pages (500 words) in a Microsoft Word document, write the business memo using the 6th edition APA format and citation style.

Paper For Above Instructions

To: Executive Management Team

From: [Your Name], Marketing Assistant

Date: [Current Date]

Subject: Market Segmentation and Target Marketing for Media Popup

Dear Executive Team,

This memo serves as a strategic outline for analyzing the potential market for Porttron’s innovative product, the Media Popup. With a focus on understanding market dynamics, this analysis is crucial for effective marketing strategies as we launch our new portable multimedia center in the U.S. market. Our objective is to identify the appropriate consumer segment and develop a targeted marketing mix to ensure successful market penetration.

1. Market Identification

For the Media Popup, we will identify a consumer market. Our product is designed for individual users who seek an innovative multimedia experience. It appeals primarily to tech-savvy consumers who prioritize convenience and entertainment in their daily lives.

2. Market Segmentation Bases

We will segment the market using various bases, primarily focusing on demographic and behavioral factors. Demographic segmentation will allow us to categorize potential customers based on age, income, and occupation. Behavioral segmentation will focus on consumers’ usage patterns and preferences related to multimedia products.

3. Segmentation Descriptors

The key segmentation descriptors will include:

  • Age: Targeting young adults aged 18-35, who are typically early adopters of technology.
  • Income: Focusing on middle to upper-middle-income groups, affording the $499 price point.
  • Occupation: Targeting professionals and students who utilize multimedia for work and leisure.
  • Lifestyle: Identifying active lifestyle consumers who have frequent travel needs.

4. Rationale for Segmentation Descriptors

The rationale behind these descriptors is grounded in market research and consumer behavior analysis. Young adults are more likely to utilize portable multimedia devices and to be influenced by trends in technology. Those with middle to upper-middle income levels will be able to afford the Media Popup, and professionals, alongside students, are more likely to use multimedia for both personal and academic purposes.

5. Target Market

Our target market consists of young adults, ages 18 to 35, with an annual income range of $40,000 to $75,000. This demographic is characterized by an active lifestyle that includes traveling, attending social gatherings, and participating in various leisure activities where entertainment is essential. They prefer products that enhance their enjoyment of music, movies, and social interaction. This segment is also technologically savvy and engages heavily on social media platforms, making them ideal promoters for our product.

6. Marketing Mix

The proposed marketing mix for the Media Popup is as follows:

  • Product: A sleek portable multimedia center with unique features like a pop-out screen and surround-sound speakers. The aesthetic options (black, silver, and white) cater to different consumer preferences.
  • Place: Distribution will occur through online channels, tech retailers, and lifestyle stores where our target market shops. An efficient e-commerce strategy will maximize reach.
  • Promotion: Utilizing social media marketing, influencer partnerships, and promotional campaigns to engage directly with our target demographic. Highlighting user-generated content will create authenticity and encourage engagement.
  • Price: Set at $499, positioning the product as a premium yet accessible option in the multimedia market.

In conclusion, the analysis of the target market and the development of a strategic marketing mix are essential components of launching the Media Popup successfully. Focused research and targeted approaches will equip Porttron, Inc. to maximize its impact in the U.S. market. I recommend proceeding with in-depth consumer insights to refine this segmentation further and ensure alignment with our company's overarching goals.

Thank you for considering this strategic approach as we prepare to launch the Media Popup. I look forward to your insights and guidance.

Sincerely,

[Your Name]

Marketing Assistant, Porttron, Inc.

References

  • Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction. Pearson.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
  • Smith, W. R. (1956). Product Differentiation and Market Segmentation as Alternative Marketing Strategies. Journal of Marketing, 21(1), 3-8.
  • Schiffman, L. G., & Kanuk, L. L. (2010). Consumer Behavior (10th ed.). Pearson.
  • Dolnicar, S., & Grün, B. (2008). Market segmentation in tourism. Journal of Travel Research, 46(1), 73-85.
  • Solomon, M. R. (2018). Consumer Behavior: Buying, Having, and Being (12th ed.). Pearson.
  • Myers, J. G., & Alpert, M. I. (1968). Determinant Attributes in Consumer Evaluation of Products. Journal of Marketing, 32(2), 13-20.
  • Benedict, M. J., & Wong, C. (2020). The Digital Age of Market Segmentation. Journal of Digital Marketing, 5(1), 1-15.
  • Holt, D. B. (2002). Why do brands cause trouble? A dialectical theory of consumer culture and branding. Journal of Consumer Research, 29(1), 70-90.
  • Riefler, P., & Diamantopoulos, A. (2007). Consumer animosity: A literature review and a reconsideration of its measurement. International Business Review, 16(4), 396-412.

Related Assignments