Page 173 - Foundations of Marketing

140 Part 2 | Marketing Research and Target Markets

Internet Exercise

iExplore 1. Based on the information provided at the website, what
are some of iExplore’s basic products?
iExplore is an Internet company that offers a variety 2. What market segments does iExplore appear to be tar-
of travel and adventure products. Learn more about its geting with its website? What segmentation variables is
goods, services, and travel advice through its website at the company using to segment these markets?
www.iexplore.com . 3. How does iExplore appeal to comparison shoppers?

Identifying and analyzing a target market is a major product. If your product is a consumer product, use
component of formulating a marketing strategy. A clear Figure 5.3 for ideas regarding the most appropriate
understanding and explanation of a product’s target segmentation variables. If your marketing plan focuses
market is crucial to developing a useful marketing plan. on a business product, review the information in the
References to various dimensions of a target market are section entitled “Variables for Segmenting Business
likely to appear in several locations in a marketing plan. Markets.”
To assist you in understanding how information in this 3. Discuss how your product should be positioned in the
chapter relates to the creation of your marketing plan, minds of customers in the target market relative to the
focus on the following considerations: product positions of competitors.
1. What type of targeting strategy is being used for your prod- The information obtained from these questions should
uct? Should a different targeting strategy be employed? assist you in developing various aspects of your market-
2. Select and justify the segmentation variables that are ing plan. Develop your marketing plan online using the
most appropriate for segmenting the market for your Interactive Marketing Plan at www.cengagebrain.com.

Raleigh Wheels into a New Era for Bicycle Marketing

From its 19 th-century roots as a British bicycle company, and the brand maintained its cachet for decades. Although
Raleigh has developed a worldwide reputation for marketing Raleigh’s chopper-style bicycles were hugely popular in the
sturdy, comfortable, steel-frame bicycles. The firm, named 1970s, international competition and changing consumer
for the street in Nottingham, England, where it was origi- tastes have taken a toll during the past few decades.
nally located, was a trendsetter in designing and manufactur- Now owned by Netherlands-based Accell Group, Raleigh
ing bicycles. When Raleigh introduced steel-frame bicycles markets a wide variety of bicycles to consumers in Europe,
equipped with three-speed gear hubs in 1903, it revolution- Canada, and the United States. Its U.S. division, based in
ized the industry and set off a never-ending race to improve Kent, Washington, has been researching new bicycles for
the product’s technology. In the pre-auto era, its bicycles contemporary consumers and developing models that are
became a two-wheeled status symbol for British consumers, lighter, faster, and better. Inspired by the European lifestyle

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