The following assignments are taken from Chapters 10–12. There are 3 topics to this assignment: 1) Segmenting the Market, 2) Differentiating a Product/Service, and 3) Product Life-Cycle Management.
Part 1 – In 2 comprehensive paragraphs, define and describe (in your own words) the concepts “market segmentation” and “target marketing.” Explain the difference between the two and how the two complement one another. Provide an insightful example of each concept.
Define “product differentiation” and explain why it is important when competing against similar products. Provide an example of a company that effectively differentiates a product, how it does so, and whether/why you believe that company’s effort is successful.
Define and describe (in your own words) “product positioning” and how companies may use “positioning” to their advantage. Describe an example of a company, a product, and a positioning strategy that is NOT found in the textbook.
Part 3 – In 2 comprehensive paragraphs, describe several creative ways (from the text) regarding how a company may extend a product’s “life cycle” and why this is important. Provide 2 examples of products that have enjoyed lengthened life cycles.
Provide and explain a relevant Scripture reference to the subject under study this module/week. This does not contribute to the minimum length of 200 words.