Create the Value: Market Segmentation Analysis and a Value Proposition
Your company has decided to explore the possibility of developing a new retail brand aimed at a specific target market. Please prepare a report that would form the basis of a planning discussion with your senior marketing managers. The term retail brand refers to a retail store concept, as opposed to a manufacturer's product or service brand - the retail company is the brand - like Target, GAP or Victoria's Secret.
Your report should include a detailed analysis of a potential market segment and a description of the proposed value proposition. Your report should be about 1,000-1,250 words and include a minimum of three references. Please use the APA format for your paper and references. Please include the following sections:
1. Brief Description of the proposed retail brand concept
2. Potential Market Segment
Identify the characteristics of your potential target market. The figure from the Week 2 lecture is helpful - you may also include other variables that you consider relevant. You also need to estimate the size of your target market and the revenue potential.
3. The Value Proposition
Describe the bundle of benefits/features that are offered to the target customer. Features are what the company offers and benefits are what the customer derives from these features.
• Functional Benefits - What basic features are offered?
• Emotional Benefits - What features are offered that make the customer feel good?
• Self-Expressive Benefits - What features are offered that help reflect and communicate the customer's values to everyone in the social environment?