Part 1- Product/Service selection

Think carefully about this selection as you will be working with this product/service for the entire culminating in a presentation.There are a number of idea websites that you might use to help provide a product/service business idea such as:Springwise | New business ideas, trends and innovation andEntrepreneur.com. You may also choose to imitate aspects of a company that is already doing business (but you may not directly use an existing company for the project) in the marketplace or you may have your own business or business idea you wish to work with.

• Briefly describe your chosen product/service business. Provide some rationale for your choices.

Part 2-Segmentation, Targeting and Positioning Strategies;

A) State your chosen product/service business. Identify the top 3 competitors you may face in the marketplace. Provide some rationale for your choices.

B) Your business may be better suited for business to consumer (B2C) or business to business (B2B) but for this activity please provide choices for both markets as follows:

1. Using the Bases of Segmentation from the lesson provide a detailed description of the (B2C) consumer segments for your product or service (i.e. Geographic, Demographic, Psychographic, Benefit, and Usage Rate).
2. Provide a detailed description of how your product or service will be segmented for the B2B market (i.e. Firmographics, Company Characteristics, and Buying Processes).
3. Describe your target market strategy (i.e. Undifferentiated, Concentrated, Multi-segment)
4. Describe how you would position your product in the consumer market using the Positioning bases (i.e. Attribute, Price and Quality, Product User, Product Class, Competitor, Emotion).
5. Provide a perceptual map of your product/service business using the top 3 competitors and your business.
6. Include your rationale or explanation for your choices in items 1 - 5 above.
7. Use the course terminology from the lesson when developing your work.
8. It is expected that some secondary research will be evident in your submission. Use the APA format for in-text citations and references (bibliography).
9. APA format for both 3 and 4 above.