Discuss the four major methods to segment a market: geographic, demographic, psychographic and behavioral segmentation. Marketers rarely limit their segmentation analysis to only one or few variables. Using the Roy Morgan Values Segment of your Marketing Plan Project as an example, describe the geographic, demographic, psychographic and behavioral characteristics of this Value Segment. Define what is a “new product”? Discuss the five characteristics of a new product that may affect its rate of adoption. Using the new product of your Marketing Plan Project as an example, discuss the likely adoption of this new product in your target Roy Morgan Values Segment with reference to these five characteristics: relative advantage, compatibility, complexity, divisibility, and communicability. Companies introducing a new product can choose between two broad pricing strategies: market-skimming (or price skimming) and market-penetration pricing. Compare the differences between these two new product pricing strategies. With reference to the new product of your Marketing Plan Project, discuss and justify your recommended pricing strategy for this new product in light of the Roy Morgan Values Segment you are targeting.

Discuss the four major methods to segment a market: geographic, demographic, psychographic and behavioral segmentation.

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