Foundations of Marketing 5th Edition by Ferrell,William Pride

Exercise 18

Identifying and analyzing a target market is a major component of formulating a marketing strategy. A clear understanding and explanation of a product's target market is crucial to developing a useful marketing plan. References to various dimensions of a target market are likely to appear in several locations in a marketing plan. To assist you in understanding how information in this chapter relates to the creation of your marketing plan, focus on the following considerations:
Discuss how your product should be positioned in the minds of customers in the target market relative to the product positions of competitors.