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Marketing Segmentation And Product Positioning Essay

1370 words - 6 pages

Marketing Segmentation and Product Positioning

Marketing Segmentation and Product Positioning
According to the author, Dawn Iacobucci of our textbook, Marketing Management, in our society economists say that “imperfect competition exists” meaning that “consumers have unique needs and desires; so collectively, a marketplace of consumers is heterogeneous“ (Iacobucci, 2010, p. 15). This methodology takes into account the distinction and diversity of individuality of the consumers; each consumer has their own different perceptions, experiences, and preferences requiring that different products be produced in order to meet their different segment needs (Iacobucci, 2010). Consumer ...view middle of the document...

The inventory will be affordable, unique, and fun. The pricing strategy for The Frat House Jewelry Box will be psychological pricing which motivates consumers to buy based on emotional rather that rational reactions to the price (Ferrell et al., 2009). Symbolic/prestige pricing, allows consumers to assume that high prices denote high quality, so the prices for the items sold in Frat House will be set accordingly. Items will be priced in the moderate to high range based upon this thought process and assuming that customers will automatically assume items are of a higher quality and are more distinctive. Moreover, the marketing channel for Frat House will be retail; beads, stones, jewels, clothing items, and other novelty items will be purchased from manufacturers or wholesalers create items for sell. Lastly, the promotional positioning of The Frat House will be the “go-to place” to find unique and different jewelry and clothing to represent fraternal and sorority organizations. The prices will appeal to all members, as well as their family and friends of these organizations and affording them the opportunity to possess and purchase creative merchandise and jewelry that will allow members in these Black fraternities, sororities, and other fraternal organizations to stand out as an individual in a group of their peers.
Target market demographics:

1. Target Market: Members of black Greek fraternities, sororities and other fraternal organizations like Masons and Order of Eastern Star

2.Age: children, teens, adults-young, middle and elderly who purchase gifts for family members and friends whoa are members of these groups as well as the members who are in these organizations who desire unique and different ways of expressing their pride in being a member of a specific Greek or fraternal organization.

3. Gender: both males and females

4. Education: Associate degree, some kind of special training process to be a member of the above mentioned organizations, to persons possessing their graduate degree.

5. Income: Medium to High

6. Marital Status: Single, Married and Divorced

7. Ethnic/Religious Background: African Americans in fraternal and Greek organizations.

SWOT Analysis:
A simple popular framework for trying to objectively assess one’s own corporate strengths is the SWOT analysis. SWOT stands for strengths, weaknesses, opportunities, and threats (Iacobucci, 2010, p. 30). This analysis always permits the company to scrutinize the internal and external matters that may effect the operations and the overall success or failure of the company. If the company becomes aware of weaknesses in its products in areas that are high importance to its customers, its deficiencies can be addressed. Furthermore, the strengths that are revealed from the SWOT analysis can be evaluated to see how they can be utilized to give the company prolonged and continued success over its competitors (Iacobucci, 2010).

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