WORKBOOK 2 Part B: Customer-Driven Marketing Strategy: Creating Value for Target Customers (30 marks) This module focusses our attention on key customer-driven marketing strategy decisions how to analyse markets based on the most appropriate criteria for various homogeneous market groups (segmentation); choose which customer groups to serve (targeting); create market offerings that best serve targeted customers (differentiation); and positioning the offerings in the minds of consumers (positioning). All manner of marketing organisations has moved away from mass marketing and product- variety marketing towards target marketing. As such, identifying who to target is increasingly important and it is necessary to understand the concept of segmentation whereby markets are divided into groups based upon the similarity of their need; or at least the similarity of how this need can be satisfied. Once segments have been identified the marketer then must determine which segments are the most attractive to the company. Market offerings that meet the needs of target markets then must be developed, with a view to differentiating the offerings of our brand from those of competing brands, and positioning our brand for maximum competitive advantage. STEP 1: Segmenting (s marks) Please determine at least two (2) new and different market segment or potential target market for your company. Don't forget to labelame them correctly. Also, please be specific in explaining their characteristics and developing their profiles. Please use all the segmentation bases and variables as specified below. You can put your answers in the segmentation table below. This table is required in your Assignment 1 (15%) 2 SECTION 2: Market Segmentation (8 marks, Segmentation bases and variables Segment 2: Label: Segment 1: Label: Variable 1: Variable 2: Variable 2: Variable 1: Behavioural: Variable 1: Variable 2: STEP 2: Targeting (8 marks) Please provide evidence of why you have selected this Please provide your answers below. The information below is required in your Assignment 1(15%) =2 SECTION 3: Market Targeting and Consumer Profile. The Segment that your company should target is: (1 mark 'Why? Please justify using the three evaluation criteria in Market Targeting (6 marks Do not forget your In-text referencing Segment Size & Growth Do not forget your In-text referencing Segment Structural Attractiveness This segment matches the current objectives and strategies of the ' . Company company's current product portfolio Objectives & Resources STEP 3: Differentiation (6 marks) Now that you have chosen one (1) new target market for your company to serve in Australian market, the next step would be to choose an overall positioning strategy through choosing the right differentiation bases and value proposition. Since your company has some (if not a lot) of competitors in Australia, to choose the right overall differentiation and positioning strategy, your company should understand who their competitors are in the new market. Therefore, please analyse several competitors of your company in the Australian market. Feel free to do your own research and come up with at least three potential competitors of your company as well as the competitor's competitive advantages. The information below is required in your Assignment 1 (20%) > SECTION 4: Differentiation and Positioning. (4 marks) Your company's major competitors and competitive advantages are: Competitors Names Competitors' Competitive Advantage Competitor 1: Competitor 2: Differentiation Table: Please pick only two below (2 marks) Bases of What element? Why and how? differentiation Product Service Channels People Image Other please specify? Whatever you decide as the Basis of differentiation, must become your axis for the Positioning Map belowSTEP 4: Positioning @ marks) 4a: Choosing value proposition Next, please suggest which value proposition or overall positioning strategy your company should choose to beat their competitors in the Australian market. Please justify your answers. The information below is required in your Assignment 1 (20%) = SECTION 4: Differentiation and Positioning. (1 mark) Proposed value proposition for your company will be (please k one below): PRICE More The same Less More More More More for for the for more same less 2 E The same T:';T::;e = Place the blue circle over Less for which the best Less much . . Tass section in the table Why? Please provide your justification pere; 4b: Creating a Positioning Map and Statement (4 marks) To summarise their value proposition and differentiation strategy, they would need to have a positioning statement. Please create one for them below by following the template that has been discussed in flass, (2 marks) Positioning statement: \"To (the tradies and work) our (Porsche) is (pickup trucks that provides = To clearly and visually see your company's position relative to the competitors, please draw a positioning map below. Please pay attention to the labels that you use to compare them as the labels have to be consistent with your overall STDP strategy, especially your differentiation and value proposition| (3 marks) J8 John Boyd Explain why you put the blue dot here Reply J8 John Boyd All you do is change the words in red., A positioning statement is 1 sentence. Reply J8 John Boyd Remember the axis you have chosen from the differentiation table above Danhs Final reminder: e Are the competitors you put above consistent with the ones mentioned in Step 3 (Differentiation)? Are the axis labels above consistent with the differentiation bases you have chosen for the company in Step 3 (Differentiation)? Some explanation about the diagram above