Marketing 18th Edition by William Pride,Ferrell

Exercise 2

Identifying and analyzing a target market is a major component of formulating a marketing strategy. A clear understanding and explanation of a product's target market is crucial to developing a useful marketing plan. References to various dimensions of a target market are likely to appear in several locations in a marketing plan. To assist you in understanding how information in this chapter relates to the creation of your marketing plan, focus on the following considerations:
Select and justify the segmentation variables that are most appropriate for segmenting the market for your product. If your product is a consumer product, use Figure 6.3 for ideas regarding the most appropriate segmentation variables. If your marketing plan focuses on a business product, review the information in the section entitled "Variables for Segmenting Business Markets."

The information obtained from these questions should assist you in developing various aspects of your marketing plan found in the "Interactive Marketing Plan" exercise at www.cengagebrain.com.