Answer to Question #165203 in Marketing for Jennifer Brown

Question #165203

Select a conglomerate or group of companies such as Grace Kennedy.

  1. Identify the segmentation bases and variables applicable for three (3) different products within the Grace Kennedy.
  2. Recommend appropriate target marketing strategy for these products/companies.
  3. Identify the relevant USP being touted by each product and write a positioning statement for each product/company.
1
Expert's answer
2021-02-22T13:33:56-0500


Question 1

Segmentation basis and variables.

Grace Kennedy companies products include

1. Insurance Company - a segment for Grace Kennedy insurance company are a. demographic- insurance services targets adults working class or business owner who can pay for their insurance covers thus age, income and lifestyle variables are applicable.

b. psychological segment - variables include lifestyle and personality.

2. Food industry. Segmentation for Grace Kennedy companies includes;

a. Demographic segmentation - variables contain family size that affects the customer purchase frequency and quantity. Income variable - most food products sold by grace Kennedy company are luxury food that can be purchased by high-income clauses, for instance, canned meat and fish, jams and jellies among others.

b. Geographic segment.

The variable is Nationality- in Grace Kennedy company dairy products are only sold in Jamaica and most of the products are sold in specific countries such as Grace Kennedy remittance services in the United States, Trinidad, and Guyana.

C. Psychographic segmentation.

The variable is a lifestyle characterized by beverages and drinks, jams and jellies canned meat, and fish sold in the Grace Kennedy food industry.

3. Remittance services.

a. Geographic segmentation - variable is nationality since the remittance serves targets foreigners.

b. Demographic segmentation.

Variable is age- adults working away from their country. Another variable is income- targeting working classes.

Question 2

Targeting strategies for products.

1. Insurance company - segment marketing strategy

2. Food industry- mass marketing strategy.

3. Remittance services- customized marketing strategy and segments marketing strategy.


Question 3

Relevant USP and positioning statement.

1. Insurance Company - health cover is the unique setting proportion for hospitalized patients who need to clear their hospital bills.

A positioning statement for the insurance company - school fees cover for lower classes help them to settle their children education fees hence improves the level of education of their customers.

2. Food industry - food is among vital basic needs for every individual. The most of food industry in Grace Kennedy company deals with ready food such as chips, juice, canning meat and fish, jams, and jellies that meets the needs of the busy working-class individual who may not get time to prepare food.

USP- read food such as chips and juices for busy working employees or business owners who do not get time to cook their food.

3. Remittance services.

Money transfer is the USP of the foreign population that appeals to customers who seek to support their families financially.

Positioning statement- money transfer for foreigners who are working away from their country, remittance services will enhance the transfer of currency to different nations


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