Segmentation Targeting and Positioning here after referred to as STP is one important marketing strategy commonly used by marketers to align their products with the right customers. This strategy is essentially an analytical tool that assists marketers to make critical decisions about 1 whom their products should target and 2 how to position their products relative to competitors products so that they are accurately perceived by the selected target market.
MKC1200 Principles of Marketing Assignment 3 – Australia
Your main task is to put yourself in the place of a marketing analyst, and critically evaluate the STP strategy used by Furbo, specifically for their Furbo Dog Camera, as shown below. In particular you are required to (1) identify the targeting strategy used by Furbo in the pet technologies market, (2) determine the specific target market for this product and identify the segmentation variables used to derive this target market, (3) analyse the bases of product positioning strategy for this product, and (4) create a perceptual map for the pet technologies market based on two selected evaluative criteria (not the combination price/quality).
NOTE: your analysis should focus on the Australian market ONLY.
For this task, you are expected to:
1.Research the company and the product extensively; in particular, how the product is promoted in Australia.
2.Collect any online and offline promotional materials used for the Furbo product. Promotional materials include but are not limited to, advertisements, brochures, and websites.
3.For Furbo describe its targeting strategy in the pet technologies market by taking into consideration the range(s) of its product offerings. Identify its specific target market based on the information evidence provided in promotional materials and other relevant resources. More specifically describe the market segment profile of this target market. Then identify the segmentation variables used to derive this target market. Furthermore, critically analyse the bases used to position this product.
4.Finally briefly research the other brands that compete in the pet technologies market.Create a perceptual map for this market by taking into consideration two evaluative criteria (not the combination price/quality) and plotting Furbo Dog Camera and three other brands on the map. Then justify the selections of the two evaluative criteria (not the combination of price/quality) and the three other brands are of your choice.
More detailed information:
I.You are expected to use at least 6 references in total for this assignment. The essay should be fully and correctly referenced using the APA 7th referencing style. The same reference should not be used more than five times. Moreover:
1. You must use at least two marketing textbooks as references.
2. You must use at least three academic journal articles (Note: a limit of two references from the course reading list applies).
3. Promotional print materials (newspapers magazines flyers product brochures) should be included as references where appropriate.
4. Wikipedia and lecture slides should not be used as references.
II.The format must be a structured essay with section headings. You should use headings to better structure your essay. Tables and figures can also be used to better represent some information. No bullet points are allowed.
III. Formatting requirements: You must use Times New Roman size 12 font 1.5 line spacing fully justified paragraphs and 2.54 cm margins on A 4 pages. Pages should be numbered. The first page is a title page which includes your name and student ID tutor’s name and word count. You are encouraged to use some creativity when producing the title page e.g. colours company logo product pictures.This is to be followed by the first page of the essay numbered page 1- the title page is not numbered.
IV. Word limit: 1500 words excluding title page and references. The rationale behind the word limit is to encourage more concise writing and focus on the main task. Note that 10% of the marks allocated to this assessment task will be deducted if the submitted essay is less than 1350 words or over 1650 words.
V. Note that 50 marks will be deducted from your final essay mark if you do NOT reference cite your work at all i.e. no in-text citation and reference list. How ever 25 marks will be deducted from your final essay mark if you do not have in-text citation or a reference list. In addition where there are reasonable grounds for believing that plagiarism has occurred this will be reported to the Chief Examiner for further investigation.