Comingup with a new product can be quite challenging and so is the processof marketing. For any organization to be successful incommercializing their product or a service, it has to carry out aneffective research on the target population(Lamb, Hair & McDaniel, 2012).A service or product market can be divided into different segmentsdepending on demographic factors such as age, population, and genderamong others. Each of these segments might require to be enticed bydifferent advertising approaches.
Thisis contributed by the distinct characteristics of markets, whichforces organizations to diversify their position strategies to suitdifferent target populations. For this assignment, let’s assumethat I sell custom made pizzas and own some chain stores. Traditionally, people have been buying what the market offers andthey have very little choice to influence what reaches them. So, Idecided to come up with an organization of chain stores that sellspizzas that are custom made for the consumer the customer orders,and a pizza is made taking his/her demands into consideration.
Theapplication of positioning, segmentation, and targeting strategiesenables an organization to be capable to plan efficiently on the bestadvertising approaches to use (Zimmerman& Blythe, 2013). It also helps an entity to be able to understand the preferences ofthe population better, thus meeting their needs effectively.Positioning strategy gives a company distinction in the market interms of brand in the mind of consumers(Kumar & Zia, 2016).Therefore, they can purchase a particular product or service andappreciate its differences from those of other organizations.
Forsuch a plan to succeed, you have to understand the market that youneed to penetrate. Assume that we have three targets children,students (high school, college, and university) and grownupsespecially married people. These populations have to be divided intovarious segments based on the age differences and location. As aresult, our chain stores will be located near these targets. Forinstance, there will be a chain store near high schools, colleges,and universities. Consequently, there will be other branches inmarket centers were parents shop and finally near various estates andparks.
Thesemarkets have different characteristics. To begin with, the studentpopulation does not like to cook and will be willing to spend theircash on an elegant meal that is cheap and of their preference. Theattractive feature of this target population is that once a productis adopted by that group, it becomes a culture for them to have it.
Thegrown up market has cash to spend (an attractive feature of thistarget population). Furthermore, those that have kids will oftenpurchase, they like low fat pizzas and would like to have value fortheir money. The children’s market depends on parents as they donot earn, it is easy to introduce this type of product to them andestablish loyalty, a factor that makes this population attractive.
Tobe successful in the market, I will have to position my organizationas a chain pizza store that offers custom made quality products likeno other entity. This difference should set my entity apart from therest and be perceived in a distinctive way hence, giving myorganization an identity. Therefore, it is important that themarketing department puts into consideration positioning,segmentation and targeting strategies while promoting any product orservice (Lamb,Hair & McDaniel, 2012).
Kumar,N. S., & Zia, M. (2016). A three Dimensional VerticalDifferentiation Model: Implications for Segmentation, Targeting andPositioning[PDF]. Targetingand Positioning.Retrieved fromhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=2758430
Lamb, C. W.,Hair, J. F., & McDaniel, C. D.(2012). Essentialsof marketing (7th ed.).Mason, OH: South-Western Cengage Learning.
Zimmerman, A. S.,& Blythe, J. (2013). Businessto business marketing management: A global perspective (2nd ed.).New York, NY: Routledge.