Marketing 16th Edition by William Pride,Ferrell

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Identifying and analyzing a target THINKING market is a major component of formulating a marketing strategy. A clear understanding and explanation of a product's target market is crucial to developing a useful marketing plan. References to various dimensions of a target market are likely to appear in several locations in a- marketing plan. To assist you in under-standing how information in this chapter relates to the creation of your marketing plan, focus on the following considerations: What type of targeting strategy is being used for your product? Should a different targeting strategy be employed? 2. Select and justify the segmentation variables that are most appropriate for segmenting the market for your product.
Using Figure 6.7 as a guide, discuss how your product should be positioned in the minds of customers in the target market relative to the product positions of competitors. The decisions and discussions of these dimensions should help you to answer some of the questions that are a part of the online interactive marketing plan exercise at www. cengagebrain.com.