Assignment (1-2 pages) (Please adhere to the page limit.)
Begin by selecting a product or service you are familiar with, such as jeans, computers, smart watches etc. These products are just examples. You may select any product/service you wish. Once your item is selected, the you must undertake research into the specific item: target market and market segmentation.
Your report should contain information as to:
(1) How large is the target market,
(2) what is the future growth potential of this target market,
(3) how does the marketer reach this target market and so on?
These are just a few questions to get you started. Other relevant questions are expected to be developed by you…there are more questions that you may believe are important.
The second section of the report is for you to “re-position” this product to another market segment. For example, if you selected smart watches as your product of choice, and you confirmed that the target market for this is Millennials, then you should define how the manufacturers of smart watches players will attempt to re-position the product to attract the baby boomer generation (or some other generation) to increase their purchases of smart watches players.