Marketing-AW251

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Marketing Segmentation, Targeting and Positioning
 

Using Prizm Lifestyle Marketing Analysis System to better develop a Target Market Plan for 2 new stores
 
For the project, you will write a full 4 page, double-spaced Business Management Project Report, written in Calibri 11-point font, 1 inch margins. See the attached Case on pages 3-5 of this document.
 
Write it in an official Management Report format with the following Major Report Headings
 

Name/CRN #/Date
 
Report Heading Titles of Business Management Project:
1.State KeyManagement Issues to be Solved (customer segmentation/targeting and retail store location using Prizm)
2. Background of the Problem –Issues uncovered and Research of answers to Assigned Questions
3.Research Found, and Discuss Key Findings.Use Peer-Reviewed & Other Sources
4.Detailed Recommendations to Management with Next Steps

 
All Citations on separate page – Cite all major quotes
 

Grading
 

Project content- Issues, Background, Research/Analysis, Recommendations 75%
Organization/Format of Project/Solid Research Citations 15%
Spelling/Grammar 10%
 

Requirements/Recommendations on your research style and writing style
 

As part of this paper, you will research, find, and cite at least 2 peer-reviewed management or marketing journal articles from the list that I provide, 2 reputable websites, and 2 reputable business magazine articles or research studies that have current material pertaining to the selected subject. No more than three internet sources may be used.
 
WIKI is not an acceptable resource. There will be deductions for using it.
Tie the textbook concepts into the current articles/websites you find.
 
Cite all websites, articles, or other materials you use. APA citation format is required – See the Purdue University OWL Link for APA formatting instructions. Citations must be both in the body of the paper and on an additional citation page. http://owl.english.purdue.edu/owl/resource/560/01/
 
Citing a source at the end of the paper, but not using it and citing it in the body of your paper, is unacceptable. Your citation page is not to be included in the required four page paper, but it is an added page at the end of the paper.
 
The Business Management Project must be completed as a Microsoft Office Word file and submitted to the Angel drop box as a Word file attachment. Include your name, CRN, and assignment.
 
All Management Projects must be submitted through Turnitin Drop Boxes in Angel, which will assess papers for originality and highlight to me possible plagiarism. Do not cut and paste any sources into your papers or try to modify a few words when copying a source. These are automatic flags in the Turnitin Drop Box.
 
You can quote a sentence or so from a resource with quotation marks, but make sure you place a citation regarding the quotes in parentheses directly after the quoted sentence.
 
Your best bets are to emphasize citations throughout your paper regarding sources, but you must use your own words in what you learned from a source.
 
Remember – spelling and grammar count. There are deductions for each spelling and grammar error.
 
You should avoid the use of words like I, me, my, he, she, we, them, they, their, etc. Keep in mind this is a formal business research paper. It must be objective and not reflect personal opinion.
 
A few words of caution on the way I read and grade management reports
 
• I start at the Sources/Citations to see what type of investigation you initiated.
• I briefly check your recommendations; then, I start reading from the top of the report and down through the report to see how you framed the management issue at hand, and how you investigated the background of the issue in your literature search.
 
• Then I look to how you developed alternatives and potential strategies to solve the management issue.
• Finally, I re-read the recommendations to see if you generated solid recommendations from your research and analysis. Impress me on what you found out and recommend.
• SPELL CHECK.
 

MGMT1120 Business Management Project #2 Idea and Format
Marketing Segmentation, Targeting and Positioning
 
Using Prizm Lifestyle Marketing AnalysisSystem to better develop a Target Market Plan for 2 new stores
 
BACKGROUND INFORMATION AND WEBSITES TO REVIEW – Read carefully the full set of instructions.
 
Consider yourself a relatively recent graduate in Management, with varied education and experience in management. You see a major opportunity to be an entrepreneur with 2 of your friends to open a retail store in a nearby community. You have heard that a very good retail location is a key determinate of your future retail success, i.e. Location, Location, Location. See pages 170-171 in textbook.
 
However, a successful location is driven by correctly
 
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(1) IDENTIFYING SEGMENTS OF POTENTIAL CUSTOMERS,
(2) figuring out WHERE THEY LIVE,
(3) figuring out HOW TO DESCRIBE THEIR DEMOGRAPHICS AND LIFESTYLES,
(4) HOW TO TARGET THEM WITH ADVERTISING, and then
(5) POSITIONING YOUR PRODUCT (YOUR STORE) as having important/different ways to meet customer needs.

 
After knowing who your best customers are and how to identify them, only then you will know where to locate your store near where they live.Find sources of information by Goggling “Marketing Segmentation, Targeting and Positioning”. In your background section of your report, explain what is meant by these three concepts and why they are important for marketing and why they are important for locating and promoting your store to certain target audiences. Include what you learn from the following videos.
 
View the following YouTube videos
 
A. What are the main concepts of consumer Segmenting, Targeting and Positioning?
Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a very few key segments…
 
B. What are some Successful Strategies for Small Business to identify target markets?
Target Marketing is one of the Successful Strategies for Small Business. With target marketing you go beyond the typical geographic and demographic segmentation of markets. You add Prizm Lifestyle (psychographics) with geographic and demographics to make for a very power marketing cocktail.
 
C. How did Barry, Ray, Jill and a business user help Best Buy segment and target their customers in each of their store’s Retail Trading Areas?
 
D. Review the following material: Chapter 11-Marketing-Consumer Behavior (pages 170-171) and Chapter 12- Pricing, Distribution, and Promotion (pages 189, 194).
 
MGMT 1120 Project Steps for using the Prizm Lifestyle Cluster Market Segmentation Process
 
1.Choose two of the four products or services listed below and write up a 4 page double-spaced paper on the demographics and lifestyle descriptions of what you find, determine which types of customer segments you would select. Which of the two Zip codes are best for your 2 stores and Why?Tell what part of town you would select best suited for your store and why.
 
2. Choose two of the following retail concepts. Suppose you are marketing the following lines of products and you are trying to find and develop the right dealers or stores as customers in the following markets
 
a. a sporting goods accessories line of products aimed at consumers who love canoeing, backpacking and mountain biking in the Canton, GA area, OR
 
b. a “dive-shop” product accessories line to consumers who love boating, scuba, and snorkeling in the Woodstock, GA area, OR
 
c. a line of bridal gowns and bridal accessories aimed at consumer segments most likely to buy these items in the Kennesaw, GA area.
d. a Financial Planning Service specializing in retirement planning to middle age families in the Dallas, GA area.
 
You can select another nearby town to consider for your store, but make sure the town has at least 2-3 zip codes for you to analyze. Also, ask yourself, is the town large enough to support the store and are the lifestyle clusters and demographics in favor of your type of store.
 
3. Look up a couple of the Zip codes in the town’s Target Market/Trading Area and discover what Prizm clusters are living in those zip codes. Look up the Zip Codes for either Dallas, Acworth, Kennesaw, Woodstock or Cartersville. There should be two main Zip Codes for each town.
 
4. Go to the Prizm – “You are Where You Live” – In Prizm Web link, and enter the Zip Codes on website.
Prizm works on the assumption that persons in similar stages of their family life cycle or socio-economicscale tend to live somewhat together, ie, in certain types of neighborhoods. Prizm assigns a lifestyle category to each of 110 million households in the US. So Prizm assigns 1 of 66 Lifestyle cluster descriptions to each household in the US. Read the description of their methodology on the website.
 
Using the Zip Code lookup icon on the website look up a couple of the Zip codes in your town and discover what Prizm clusters are living in those zip codes. After the next page loads, click on each of the Prizm clusters on the left to discover the predominant lifestyles found in the Zip Codes for that town.
 
Note: Each Zip code will have the top 5 Prizm lifestyle clusters living in that zip code. Print out the top 2-3 clusters that you think that best fit the demographics and lifestyles of your proposed product or service.
 
5. What are the characteristics of your key target segments in your town, ie “Country Squires, Fast Track Families or Upward Bound”?Which of the two Zip codes are best for each of your 2 stores and Why?
 
6. NOT Required for this project. In addition, you can use the demographic descriptions in Prizm to study other databases to estimate how many Households or #’s population are in your trading area that fit the Prizm demographic descriptions, ie age ranges, income ranges, home value ranges, presence of kids, etc.
 
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