Answered: Explain the process of market…

Business

Marketing

Explain the process of market segmentation, market targeting, and market positioning

MARKETING 2018

19th Edition

ISBN:9780357033753

Author:Pride

Publisher:Pride

Chapter5: Marketing Research And Information Systems

Section5.1: Big Boom Theory: Marketing Research Targets Baby Boomers

Problem 1VC

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Concept explainers

Organizational Strategy

Organizational strategy is an activity to achieve a long-term goal with effective planning and practice. In an organizational strategy, the company takes the initiative to prepare a strategic plan with the involvement of all levels of employees to ensure the proper functioning of a business. The organizational strategy depends on culture, staff involvement, values, and an organized system of an organization. In a marketing and sales company, there must be an organizational strategy to promote a brand effectively.

Question

1. Explain the process of market segmentation, market targeting, and market positioning. 2. In market segmentation and targeting, the guideline 24/7/365 Clock is used to identify potential target segments’ needs at a specific time. Identify occasions in the following target segment’s lives where the need for a luxury hotel, high-end restaurant, movie theater, and tourism package brand can be made attractive.

a. young professionals

b. senior citizens

c. family

d. middle-aged couples

e. students

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