Consider this situation. You are the Marketing Director for a large, global company (you may choose the type of industry your company is in). Your supervisor, the Chief Executive Officer (CEO) for the company, has asked you to develop and implement a new product for the company. This product might be a completely new product that currently does not exist, or it might be a modification of an existing product.
Given your idea, you decide to formulate a preliminary marketing strategy. Specific elements to include in this preliminary marketing strategy follow:
• Market Segmentation (a summary of how you would categorize your new product into these respective areas)
o Demographics (1-2 paragraphs)
o Psychographics (1-2 paragraphs)
o Geography (1-2 paragraphs)
o Behavior (1-2 paragraphs)
• Target Markets
o Assess which market-coverage strategy you think would provide the best opportunity for your new product (1-2 paragraphs)
• Positioning (1-2 paragraphs)