Principles of marketing/PMKT101/Segmenting markets target audiences/Segmenting markets skills challenge

Challenge summary

Summary:	How would you segment the market for a given product, identify appropriate target audiences for it and position it?
	2-3 hours

During this challenge you will write a post in your Learning Journal Blog, and respond substantively to at least two (2) of your peers.

Start here

Stimulus resources

1. Review the previously assigned readings and the following supplemental resources:
   • Market Segmentation, on Wikipedia.
   • Positioning & Marketing, on Wikipedia.
2. Use the following two resources to find out about a novel invention - the Human Hamster Wheel Standing Desk. You will use this invention as the subject for your Market Segmentation, Target Markets and Product Positioning learning challenge (and you may already have used it for the Marketing mix learning challenge if you chose to do it):
   • Video - Human Hamster Wheel for the Ultimate Standing Desk
   • Website - Hamster Wheel Standing Desk instructions

Purpose

The purpose of this learning challenge is to:

• Segment the market and identify appropriate target audiences and positioning for a product.
• Document and share your learning experience by posting a blog entry.
• Learn from your peers regarding how they would develop a segmentation plan and positioning for this product.

Value of this exercise

Now that you've learnt about the importance of market segmentation, target markets and product positioning, you will:

• Apply a segmentation approach to the potential market for a real-world product,
• Select key target markets for the product and identify the unique characteristics of these target markets,
• Use these approaches to develop positioning statements and key messages for each target market and positioning / key messages for the overall marketing strategy, applying theory to a real world product.
• Learn from your peers about their perspective - how they plan to segment the market for this product.