Strategic Marketing - Knowledge Assessment

Sample Solution

   

A target market is a specific group of people that a company aims to reach with its marketing messages. A market segment is a group of people within a larger market who share similar characteristics.

To differentiate its target market from its market segment, a company needs to identify the unique needs and wants of its target market. The company can then develop marketing messages that specifically appeal to those needs and wants.

Full Answer Section

    For example, the target market for Coca-Cola might be young people aged 13-35. The market segment for Coca-Cola might be all people who drink carbonated soft drinks. Coca-Cola can differentiate its target market from its market segment by focusing on the unique needs and wants of young people, such as their desire for a refreshing and fun drink. Taking advantage of target markets by gender Companies can take advantage of target markets by gender by developing marketing messages that specifically appeal to men or women. For example, a company that sells clothing might develop a different marketing campaign for men's clothing than it does for women's clothing. Companies can also take advantage of target markets by gender by developing products that are specifically designed for men or women. For example, a company that sells razors might develop different razors for men and women. Product positioning strategies of Coca-Cola Coca-Cola uses a number of product positioning strategies, including:

• Positioning by product attribute: Coca-Cola is positioned as a refreshing and invigorating drink. This is evident in its marketing slogans, such as "Open Happiness" and "Taste the Feeling."
• Positioning by user: Coca-Cola is positioned as a drink for everyone. This is evident in its marketing campaigns, which feature people from all walks of life enjoying Coca-Cola.
• Positioning by product class: Coca-Cola is positioned as a carbonated soft drink. This is evident in its marketing campaigns, which often feature images of Coca-Cola cans and bottles.
• Positioning by use/application: Coca-Cola is positioned as a drink for any occasion. This is evident in its marketing campaigns, which show people enjoying Coca-Cola at a variety of events, such as parties, sporting events, and picnics.

How Coca-Cola uses product positioning to successfully market its brand Coca-Cola is very successful at using product positioning to market its brand. The company's marketing messages are clear and consistent, and they resonate with its target market. Coca-Cola also uses a variety of marketing channels to reach its target market, including television, radio, print, and social media. Here are some examples of how Coca-Cola uses product positioning to successfully market its brand:

• Coca-Cola's "Open Happiness" slogan positions the drink as a refreshing and invigorating way to start your day.
• Coca-Cola's "Taste the Feeling" campaign features people from all walks of life enjoying Coca-Cola together, positioning the drink as a way to connect with others.
• Coca-Cola's sponsorship of major sporting events positions the drink as a drink for any occasion.
• Coca-Cola's use of Santa Claus in its marketing campaigns positions the drink as a symbol of the holiday season.

Overall, Coca-Cola is a master of product positioning. The company understands its target market and uses a variety of marketing strategies to position its brand in a way that resonates with consumers. Conclusion Product positioning is an important marketing strategy that companies can use to differentiate their products from the competition and appeal to their target market. By understanding the unique needs and wants of their target market, companies can develop marketing messages and products that are specifically designed to appeal to that market.