Segmentation, Targeting, and Positioning (hereafter referred to as STP) is one important marketing strategy commonly used by marketers to align their products with the right customers. This strategy is essentially an analytical tool that assists marketers to make critical decisions about (1) whom their products should target and (2) how to position their products (relative to competitors’ products) so that they are accurately perceived by the selected target market. Your main task is to put yourself in the place of a marketing analyst, and critically evaluate the STP strategy used by Microsoft for one of its products, Lumia 950, as shown below. In particular, you are required to (1) identify the targeting strategy used by Microsoft in the smartphone market, (2) determine the specific target market for this product, (3) identify the segmentation variables used to derive this target market, (4) analyse the bases of product positioning strategy for this product, and (5) create a perceptual map for the smartphone market based on two selected evaluative criteria. NOTE: your analysis should focus on the Australian market ONLY. For this task, you are expected to: 1. Research the company and the product extensively; in particular, how the product is promoted in Australia. 2. Collect any online and offline promotional materials used for the focal product Lumia 950, as well as the promotional materials used by Microsoft for its smartphones in general. Promotional materials include, but are not limited to, advertisements, brochures, and websites. 3. For the company Microsoft, describe its targeting strategy in the smartphone market by taking into consideration the ranges of its product offerings. 4. For the focal product Lumia 950, identify its specific target market based on the information/evidence provided in promotional materials and other relevant resources. More specifically, describe the market segment profile of this target market. Then, identify the segmentation variables used to derive this target market. Furthermore, critically analyse the bases used to position this product. 5. Finally, briefly research on the other brands that compete in the smartphone market. Create a perceptual map for the smartphone market by taking into consideration two evaluative criteria and plotting Microsoft Lumia and three other brands on the map. The justified selections of the two evaluative criteria and the three other brands are of your choice. More detailed information: You are expected to use at least 6 references in total for this assignment. The essay should be fully and correctly referenced using the APA 6th referencing style. The same reference should not be used more than five times. Moreover: You must use at least two marketing textbooks as references. You must use at least three academic journal articles (Note: a limit of two references from the course reading list applies). Promotional print materials (newspapers, magazines, flyers, product brochures) should be included as references where appropriate. Wikipedia and lecture slides should not be used as references.