• October 12th, 2017

Unit 3 Project: Situational Analysis

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Unit 3: Market Segmentation, Targeting and Positioning How can companies develop the best brand position for a target market defined from segmentation? A transcontinental airline wants to build a picture of its customer base to develop the most effective marketing plan. Many other airlines have begun offering cheaper fares with reduced services to meet customer demand for bargains. The airline wants to take advantage of a market that now might be underserved during times of economic hardship – customers who prefer certain luxuries. The airline decides it will market to those who have purchased first class and business class international airfares during the last 6 months and will not market to those who have purchased an economy class ticket. But what about those customers who might buy both kinds of tickets during the course of a year? Many individuals might not want to purchase a first- or business-class ticket if flying for pleasure, whereas they might be reimbursed for travel for work and take advantage of the upgrades. How could the airline develop the best brand position for the target market defined from segmentation? What do targeted segments value about the type of product or service offered by the airline that would make them loyal to the brand being developed? In Unit 2, you explored factors influencing customer behaviours and the effect of culture on the buying process. In this unit, you will conduct a situational analysis for the Unit 3 Project. Students will: •Conduct situational analysis •Critically analyse brand positioning strategies •Develop digital brand positioning strategies for target markets •Analyse effectiveness of segmenting, targeting and positioning strategies Products versus Brands Developing an STP strategy, the topic of Unit 3, is a cornerstone of developing a new brand proposition. Fundamental to this task is being able to differentiate between a product and a brand. Think about the athletic shoes you wear. To what extent did the brand name and/or logo on the shoe impact your purchasing decision? Have you ever paid a little more for a certain word or name inscribed on the shoe? The shoe is the product but this association you have – either monetary, emotional or both – with this version of a shoe is the essence of a brand.

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