Segmenting and Targeting Microwavable Rice Bowl Customers

Abstract

[Name] STP involves breaking down markets into groups of potential customers, targeting such customers, and positioning brands to suit such targets beyond reasonable doubts. If applied properly, STP proves a potential competitive advantage for the business. The current case scenario introduces a unique brand with different targets customers whose preferences, tastes, and purchasing potentials may differ immensely. However, to ensure the success of the microwaveable rice bowl in the competitive markets, the need to identify different segments, select which segments the brands will serve the best, and position the brand so that it spells a value added advantage over competitors brands. In grouping distinct market segments, considering those customers that share common interests is essential. For instance, race, age, and gender might be a great demographic descriptor of the new product segments as it would help identify which group best suits which flavor, whether beef or chicken. One can assume that men would love the beef flavor and female chicken flavor, thus targeting and positioning this new brand to such customers. Geographically, the new product can remain directed to the same group that shares common demographic qualities like age, income, race, and gender to ensure that the brand best addresses the demands of the set target group. It is imperative to note that when a microwavable rice bowl is directed to a group that shares common characteristics and interests, it is obvious that though their purchasing powers may differ, their interests towards the product will enhance their purchasing demands thus remain glued to the product which proves a potential targeting and positioning strategy. Psychographic and lifestyle segmentation allows the marketer to identify markets based on consumers' activities, interests, and opinions, which takes the marketer back to the characteristic demographic consideration. It is all about defining a...