Why the target market(s) is/are attractive? Based on the characteristics described in the text explain why you selected this target versus anyone else.
Put yourself in the position of an entrepreneur who is developing a new propelled, robotic lawn mower, similar to the robotic vacuum cleaner, to introduce into the market. Develop the segmentation, targeting, and positioning strategy for marketing the new product. Be sure to discuss:
- The overall target strategy (concentrated, differentiated, undifferentiated or micromarketing) and why.
- The segmentation methods you will use (demographics (age, income, gender, marital status, children in the home, etc.), geographic, psychographics, etc.) and why. NOTE: You only have to explain which of these you’ll use. You’ll actually describe them in the next part. For instance, if you state in part 2 that you are segmenting based on age and income, then in part 3 you’ll describe the actual age and income range for your target market.
- Your target market – describe the target like it is someone that you know. I want a well-defined description of the target market using the segmentation methods you listed in part 2.
- Why the target market(s) is/are attractive? Based on the characteristics described in the text explain why you selected this target versus anyone else.
- The positioning strategy – how will you position your product versus all of the competitors? Consider creating a perceptual map.
Go into detail to explain WHY you are giving the answers to each part of this assignment!
