Develop a viable marketing strategy for a product using market segmentation, targeting, and positioning.
Read the scenario and address the checklist items of this competency assessment.
In 2020, Carlo or Carlo’s Pizza* launched a new concept of eating pizza — conical pizza! Instead of eating pizza in its traditional form, the pizza dough is eaten like an ice cream cone. The cones are made through a patented device created by Carlo. This technique allows consumers to eat pizza on the go with one hand. Therefore, the pizza does not drip with grease or sauce. The cones are personalized with whatever fixings the consumer desires. Market research indicated this product would be a huge success. The organization even started franchising the concept in 2021. Nevertheless, the company has had lackluster sales. Carlo believes they need to do a better job targeting the right customers, segmenting the market, and repositioning the product. He has hired you as a marketing consultant to help him out.
Checklist:
• Describe the concept of targeting.
• Create a customer persona for the conical pizza using target segments.
• Research segments using the process of demographic, geographic, psychographic, and behavioral segmentation.
• Propose the sectors with the greatest growth prospects, most profitable customers, and most promising opportunities for the conical pizza using scholarly research.
• Create a value proposition using the conical pizza’s functional, psychological, and monetary value.
• Prepare a customer value analysis to reveal the company’s strengths and weaknesses relative to various competitors.
• Describe the concept of positioning.
• Address three points of difference (POD).
• Address three points of parity (POP).
• Develop a strategy for creating a sustainable competitive advantage.
• Prepare a positioning statement for the pizza cone.