Measuring Correctness in the Chosen-Target Market
Step one is to choose a nationally known retailer and describe what in your opinion is their chosen target market using the eight attributes listed in Exhibit 7.2 (Page 183).
Step two is to provide your assessment as to the "correctness" of their chosen target. If you agree with who they target, so state a provide a brief defense of your position. If you disagree with their targeting choices, briefly state what elements you would handle differently and why (for example "their lower age limit is too low for their product mix, I would raise it because tween's are almost as fashion conscious as are teens).
Step three is to categorize their master strategy using the three choices described at the end of the chapter, niche, mass, and growth. Your chosen retailer may be using two or even all three of these strategies and if so, mention that but be sure to identify which of the three you believe to be the most defining of the organization over the long term.
Step one is to choose a nationally known retailer and describe what in your opinion is their chosen target market using the eight attributes listed in Exhibit 7.2 (Page 183).
Step two is to provide your assessment as to the "correctness" of their chosen target. If you agree with who they target, so state a provide a brief defense of your position. If you disagree with their targeting choices, briefly state what elements you would handle differently and why (for example "their lower age limit is too low for their product mix, I would raise it because tween's are almost as fashion conscious as are teens).
Step three is to categorize their master strategy using the three choices described at the end of the chapter, niche, mass, and growth. Your chosen retailer may be using two or even all three of these strategies and if so, mention that but be sure to identify which of the three you believe to be the most defining of the organization over the long term.
Step one is to choose a nationally known retailer and describe what in your opinion is their chosen target market using the eight attributes listed in Exhibit 7.2 (Page 183).
Step two is to provide your assessment as to the "correctness" of their chosen target. If you agree with who they target, so state a provide a brief defense of your position. If you disagree with their targeting choices, briefly state what elements you would handle differently and why (for example "their lower age limit is too low for their product mix, I would raise it because tween's are almost as fashion conscious as are teens).
Step three is to categorize their master strategy using the three choices described at the end of the chapter, niche, mass, and growth. Your chosen retailer may be using two or even all three of these strategies and if so, mention that but be sure to identify which of the three you believe to be the most defining of the organization over the long term.
Marketing
Author’s Name: _______________________
Institutional Affiliation: _____________________________
Marketing
Step 1 – Selection of a National Retailer
Wal-Mart
Age
From 18 years to 60+ years
Gender
Male and Female
Household Lifecycle
Young, Single, Newly Married, Couples with Children (both newborn and teenagers), Other Dependents
Income
US$25,000 per annum and above
Occupation
Executives, Managers, Freelancers, Blue Collars, Homemakers, Student, Unemployed, etc.
Education
Minimum High School Graduate
Events
Any
Race and Ethnic Origins
Any
Step 2 – Measuring Correctness in the Chosen-Target Market
In personal opinion, Wal-Mart has performed precise and ideal market segmentation in order to capitalize the market share in the United States of America (USA) and global consumer segments. Primarily, Wal-Mart is a retailer and wholesaler that regulate cash and carry, hypermarkets, supermarkets, and supercentres. The penetration of Wal-Mart into micro and macro consumer segments requires the business to entertain audiences from each background and broader age bracket significantly. The product portfolio of the company specializes in drugs, groceries, electronics, apparels, optics, automobile parts, and operation support solutions for businesses (Forbes, 2019). Based on the identified product portfolio of the company, the targeted market based on occupation, events, racial originations, and events are ideally determined by Wal-Mart collectively.
On the contrary, the segmentation based on age, income and household lifecycle are equally correct in the case of Wal-Mart. According to Carbonara (2018), the consumer retail sector became highly competitive and technologically integrated over the past decade. Consumers are more inclined towards one-stop shops or one-click solution...