Instructions (five pages in length, single-spaced. )
(FOR THIS ASSIGNMENT REMEMBER check the attachment VALUE PROPOSITION MEMO as it is the base to continue with this assignment, also see feedback of the value proposition memo and then you can build this assignment from there. See below in Blue and underline feedback I received from my professor. Also please follow all instructions for this assignment)
Purpose
The purpose of this assignment is to apply segmentation and targeting techniques to potential new subsets for a marketing campaign. This connects to course learning outcomes of constructing market segments of target customers for a product or service.
Assignment Task Overview
For this assignment, you will assume the role of a marketing analyst. Your consulting firm has been hired to help with a campaign effort for the client company of your selected product/service. You will communicate your results in a professional memorandum.
There are three steps to this assignment. Review all three steps before you begin.
Step 1: Refer to the product/service you chose for your Value Proposition Assignment.
· The product/service you chose for the Value Proposition Assignment will be the subject of this assignment.
· Review any feedback (see feedback in blue) you received on your Value Proposition memo. You will be writing a longer, more detailed memo about the same product/service for this assignment.
· Follow the specific instructions outlined in Steps 2 and 3 below.
Step 2: Respond to each of the following questions as they relate to your product/service. Note the research and references requirement.
· Your market segmentation memo will have three major sections.
· Respond to all the questions in each section.
· Your memo also must meet the research and references requirement in Step 3.
I. Market Segment Analysis
a. Determine and describe the cu
ent primary segment. The client has an interesting question. What target market can be perceived by cu
ent messaging for the product/service? Visit the public website for your company's product/service. Based on the information available and any other publicly available information, infer the primary target market based on the messaging you find.
i. Describe the primary segment you believe your company is targeting for this product/service. Focus only on this product/service (e.g., for Disney+, focus on just the streaming service, not the parks or other Disney offerings).
i. Describe the primary segment in terms of the behavioral, demographic, and psychographic characteristics for the segment. Give this segment an appropriate name. See, Segmenting and Targeting Markets and Customers in Learning Resources.
i. Classify the primary segment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource. (see attachment, don’t forget to reference this attachment and use in text citations)
II. New Market Segments
a. Construct new segments. Your client company is interested in diversifying and building its target customer base for this product/service in the US market. Who is cu
ently being underserved or overlooked? Who could be better served by being addressed directly?
i. Construct and describe two new potential segments or subsegments for your company to target for this product/service for the US market. Describe each new segment in terms of its behavioral, demographic, and psychographic characteristics. Give each segment an appropriate name. Follow steps 1-4 of the process described in the Selecting Target Markets Learning Resource. Begin by identifying the customer need for this product/service. Then,
eak the market down into subgroups. Develop profiles of target segments. Do some secondary research on your two segments. Note: You will not need to develop a full research plan or conduct primary research for this assignment.
i. Of the two potential segments or subsegments you have created, which of the two has greater market potential for your company to target? Why?
i. Classify your new segment or subsegment according to one of the VALS types discussed in the Segmenting and Targeting Markets and Customers Learning Resource.
III. Recommendation
a. Present the best new segment or subsegment. What is the new segment or subsegment you recommend your company target for its product/service?
i. Create a simple customer persona to present your new segment and illustrate that segment in a table with the following fields and information relevant to the product/service: [segment name] [representative photo] [demographic] [background] [needs] [goals] [challenges] [perceptions] [motivations] [VALS type] See customer persona example here: 3 Examples of a Customer Persona - Simplicable
i. Any product changes needed by this segment or subsegment? Are any product/service changes required to serve the segment you have identified? If so, what are they?
i. How attractive/valuable is this segment or subsegment? Based on your research, is the segment you have identified attractive enough to justify an extended marketing campaign for your company? Or, should the campaign be one of more limited duration? Why?
Step 3: Format your submission to comply with these requirements.
Communicate your case analysis results in a Microsoft Word document formatted as a professional memorandum. Your memo will be longer than a typical one-page memo. It is reasonable to expect this assignment to be about five pages in length, single-spaced.
· Here is a sample professional memo: https:
owl.purdue.edu/owl/subject_specific_writing/professional_technical_writing/memos/sample_memo.html
· Here is a tutorial on writing a professional memo: memo (umgc.edu)
Address your memo to Vice President of Marketing Tiffany Mo
ow. Assume Ms. Mo
ow is your boss at a fictional consulting firm called "Destiny Marketing." The memo is from you, and your role is a marketing analyst at Destiny Marketing. This memo is regarding the company, which is your client, and the client's product/service. Your memo will communicate to Ms. Mo
ow your analysis. All questions in Step 2 must be included in your memo. A memo does not have a cover page.
Research and References Requirement
· All statements of fact within the memo must be supported by a credible source, and that source must be cited using APA in-text citations.
· Include a list of your sources in APA format. The reference list is required and should appear at the end of the memo in the space where attachments are normally found. [insert source for APA reference list format here.
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Feedback I received from my professor for the value proposition memo (see attachment value proposition memo and build this assignment with that)
Your memo had a good value proposition by providing a simple statement that summarized why a customer would choose Apple TV. You showed how they communicate the clearest benefit to their customers. Your memo had clarity and communicated the offering results. Your memo did not show how Apple TV is different
etter than their competitors. Your “back of the napkin” presented the value proposition was a little hard to read and took me more than five seconds of glancing at it. This assignment was to help you understand how important it is to capture content to help marketers explain why their product/service is better than that of the competition. One thing to always remember is that a value proposition is not an incentive, a catchphrase, or a positioning statement. Keep in mind that this assignment is going to be used as the foundation for your next assignment (Assignment #2). Your reference had minor issues. When you reference a website with no author you want to do it in this format:
Apple TV Plus. (2022, June 5). Retrieved from https:
vizologi.com
usiness-strategy-canvas/appletv-business-model-canvas
MEMO
TO: Management, Apple TV Plus Company
FROM: HR
DATE: 05/29/2022
SUBJECT: Memorandum On the Value Preposition for Apple TV Plus
Apple TV Plus is at the forefront of providing its users with aide range of exciting channels through subscriptions. The existence of an on-demand steaming app has certainly come in handy in ensuring that users enjoy quality services. Apple TV Plus Company created an additional ad-based model to help elevate its marketing strategies. Like most digital companies, it has taken advantage of a subscription-based model. The company is constantly working on upgrading and updating its Apple TV business model to meet the overwhelming market demand. Indeed, it has elevated its selling position and attracted many users. Apple TV Plus Company has the financial muscle to create famous worldwide series, movies, and originals. It strives to compete with its major rivals like HBO Max and Amazon Prime Video. Finally, the company has financial stability, and constant revenue flow from the Apple TV sales which has significantly aided in its competitive strength. The value preparation for the network can represented as shown below:
Apple TV Plus (2022).
Reference
Apple TV Plus XXXXXXXXXXRetrieved from https:
vizologi.com
usiness-strategy-canvas/appletv-business-model-canvas/
6/26/22, 9:03 AM Segmenting and Targeting Markets and Customers
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Segmenting and Targeting Markets and
Customers
Hinterhaus Productions / DigitalVision / Getty Images
Learning Objectives
1. Distinguish between targeted marketing and mass marketing and explain what led to
the rise of each.
2. Describe how targeted marketing can benefit firms.
3. Explain why companies differentiate among their customers.
4. Understand and outline the ways in which markets are segmented.
5. Explain why marketers use some segmentation bases versus others.
Targeted Marketing vs. Mass Marketing
Learning Resource
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The segment(s) or group(s) of people and organizations you sell to is a target market.
Targeted marketing, or differentiated marketing, means that you may differentiate some
aspect of marketing (offering, promotion, price) for different groups of selected
customers. Mass marketing, or undifferentiated marketing, came first. It evolved along
with mass production and involves selling the same product to everybody.
Automaker Henry Ford was successful at both mass production and mass marketing. Ford
pioneered the modern-day assembly line early in the twentieth century, which helped him
cost-effectively pump out huge numbers of identical Model T automobiles. They came in
only one color: black. “Any customer can have a car painted any color he wants, so long as
it is black,” Ford used to joke. He also advertised in every major newspaper and persuaded
all kinds of publications to ca
y stories about the new, inexpensive cars. By 1918, half of
all cars on America's roads were Model Ts (Ford, 1922).
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You could forget about buying a custom Model T from Ford in the early 1900s. The good
news? The price was right.
Eric Van Den Brulle / Stockbyte / Getty Images
Then, Alfred P. Sloan, the head of General Motors (GM), began to segment consumers in
the automobile market—to divide them by the prices they wanted to pay and the cars
they wanted to buy. The idea was to offer a car for every target market or for every
income level. His efforts were successful, and in the 1950s, GM overtook Ford as the
nation's top automaker (Manzanedo, 2005).
Before GM declared bankruptcy in 2009, it was widely believed the automaker had too
many car models. After eliminating many models including Pontiac and Oldsmobile,
General Motors made a turnaround and posted a large profit for 2011. In 2021, GM
highlighted a commitment to an all-electric future in a letter to shareholders for the first
quarter of 2021 (Ba
a, 2021).
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Mary Ba
a, chairman and CEO, emphasized the company's commitment to a clean future
for the masses