1. Market segmentation involves dividing a market into smaller groups of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. 2. Market targeting (or targeting) consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter. 3. Differentiation involves actually differentiating the firm's market offering to create superior customer value. 4. Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. For this discussion, we're going to focus on segmentation and targeting. You need to describe three thing for this discussion: 1. Which company you chose and a brief description of your new product. 2. How you plan to segment the market. Use as many segmentation variables as you feel are appropriate. You should definitely be using more than one. 3. Which of those segments you plan to target and why. I've attached a page with a summary of Segmentation and Targeting methods and strategies as a little "cheat sheet" for you, but obviously there are a lot more detail in your textbook. I am also attaching the complete instructions for the Marketing Plan, since seeing the whole assignment that you will be doing later might help Over the next few weeks, you will work on an assignment to apply course material to build an abbreviated marketing plan to launch a new product you create for a brand that sells at-home workout and fitness programs. Select Peloton, FightCamp, NordicTrack, or MIRROR Please select your firm from the following four options: Peloton, FightCamp, NordicTrack Vault, or MIRROR. Your job is to imagine you are part of the marketing team at one of these firms. You will develop a marketing plan pitch to share your ideas for launching a new product with senior managers. A new product launch is a good domain to apply your knowledge of segmentation, targeting, and positioning, since at home fitness products often launch new products to address the needs of specific segments within their target audience and/or to grow their share of customer or upsell their existing customer base. New items offered by these firms could be targeted at almost any segment of the population based on benefits sought or lifestyle choices. Create the Marketing Plan for the New Product Launch For this assignment, you will be creating an abbreviated version of the Marketing Plan for the new product with six parts, as outlined below: 1. Executive Summary (and Appendix) 2. Company Analysis 3. Market, Consumer, and Competitive Analysis 4. Situation Analysis and Marketing Objectives 5. Marketing Strategy