1.Using a DIFFERENT company’s product/product line from your Marketing Plan, dis
ID: 459276 • Letter: 1
Question
1.Using a DIFFERENT company’s product/product line from your Marketing Plan, discuss how you would segment using the four common bases for segmenting consumer markets (Geographic, Demographic, Psychographic and Product-Related).
2. Create a slogan for your company’s product/product line for three of the six positioning approaches (Attributes, Price/Quality, Competitors, Application, Product User, and Product Class).
3. Pick one of the slogans you created and explain how that would be the best approach for positioning your product and why?
Explanation / Answer
1.Using a DIFFERENT company’s product/product line from your Marketing Plan, discuss how you would segment using the four common bases for segmenting consumer markets (Geographic, Demographic, Psychographic and Product-Related)
DIFFERENT company is into consumer products like perfumes(fragrance),gifts, lifestyle products etc.
Market plan must be on the basis of 4P’s of marketing. Place, product, promotion and price.
Geographic: Geographical constraints are there interms of consumer products. As customer taste differ from region to region. People in US might prefer mild fragrance and casual lifestyles mostly while Europeans prefer more intense perfumes and they are more interested to formals bags and wears on most of the occasion. Thus product differentiation has to be done and preferences from customer of various regions has to be collected through surveys and statistical analysis.
Demography: Segregation of customers based on gender, education, economic back ground etc. In this case they are targeting on adults , especially age category from 20-60. Most of the products belongs to elite class as their product price is high from the market standard. Thus classification and segmentation based on demography must be aim on this level.
Psychological: Understanding peoples requirement on various occasions . Like fragnance is a kind of product that can be given as gift during occasions of love and other gatherings. Thus product has to be promoted based on the events such as Valentines day, Friendship day etc. Special offers on such occasions pshychologically helps to promote sales and also advertisement based on intense care and love with their product helps to attract customers.
Product related: Classify the products based on price range and target customers age group or requirement. Then prepare a special promotion packages differentiating the product lines.
2. A few slogans
Attributes: Quality is precious and it only comes from fragrance hands
Love is special if gifts are lined up to make the feel more intense and fragrant.
Application: Brand is sensational like our products are:
Competitors: All glitters are not gold, but the way we glitter is much pure than gold.
3. Selected Slogan: Love is special if gifts are lined up to make the feel more intense and fragrant.
The gifts, perfumes all can be easily related to the word “Love”. The best relationship maintains good values and they entertain to exchange gifts as well.
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