1 resource must be https://purdueuniversityglobal.vitalsource.com/reader/books/9780135886830/pageid/155
Critical
elements of successful marketing occur through identifying market segments,
targeting the right customers, and developing a value proposition and
positioning. According to Kotler et al. (2022), companies should focus on
consumers they have the greatest chance of satisfying.
The
following Course Outcome is assessed in this assignment:
MT450-3: Develop
a viable marketing strategy for a product using market segmentation, targeting,
and positioning.
First, read the following scenario.
Scenario
Pizza
in a Cone*
In
2020, Toni of Toni’s Pizza* launched a new concept of eating pizza — pizza in a
cone! Instead of eating pizza in its traditional form, the pizza dough is eaten
like an ice cream cone. The cones are made through a patented device created by
Toni. This technique allows consumers to eat pizza on the go with one hand.
Therefore, the pizza does not drip with grease or sauce. The cones are
personalized with whatever fixings the consumer desires. Market research
indicated this product would be a huge success. The organization even started
franchising the concept in 2021. Nevertheless, the company has had lackluster
sales. Toni believes they need to do a better job targeting the right
customers, segmenting the market, and repositioning the product.
*Disclaimer:
The organization and any characters and brands depicted in this exercise are
fictional. Any resemblance to real organizations, individuals, or brands is
purely coincidental. This exercise may include actual companies and brand names
solely for instructional purposes; this exercise is not associated with any
such existing company or brand name. All trademarks remain the property of
their respective owners.
Checklist:
- Describe the
concept of targeting. - Create a
customer persona for the pizza cone using target segments. - Research
segments using the process of demographic, geographic, psychographic, and
behavioral segmentation. - Propose three
sectors with the greatest growth prospects, most profitable customers, and
most promising opportunities for the cone pizza using scholarly
research.
Learning
Activity: Take the points of
difference and points of parity challenge.
Checklist:
- Create a value
proposition using the pizza cone’s functional, psychological, and monetary
value. - Prepare a
customer value analysis to reveal the company’s strengths and weaknesses
relative to various competitors. - Describe the
concept of positioning. - Address three
points of difference (POD). - Address three
points of parity (POP). - Develop a
strategy for creating a sustainable competitive advantage. Provide support
for your strategy. - Prepare a
positioning statement for the pizza cone.