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Assisted living center

Opening a luxury assisted living center in the foothills.
1) What is a target market?

2) What is the target market of the product or service selected?

3) What is the importance of selecting a target market?

4) What issues and questions should be considered when selecting and managing a target market?

5) What is a brand?

6) Why is branding important?

7) After selecting a current, common health care brand, address the following:

a) What images or thoughts do you relate to that brand?

b) Does the branding appeal to the market? Do those images influence the consumers' decision to buy or use that brand?

c) Is the product successful?

d) What is the profitability of the product and what is the affect on the bottom line?

e) If this were your product or service, what would you do differently?

Solution Preview

1) What is a target market?
The target market is a segment of customers that the firm has decided to direct its marketing efforts towards. If a business properly defines its target market it can focus its marketing mix on the target market. This leads to success in marketing.

2) What is the target market of the product or service selected?
The target market of the luxury assisted living center in the foothills is senior citizens, residing in the USA, over the age of 62, who have savings of at least $600,000 and an annual income of $48,000 and above. The explanation is that luxury assisted living center in the foothills charge at an average $400,000 entrance fees and $3,500 per month service fees.

3) What is the importance of selecting a target market?
The importance of selecting a target market is that once the target market has been selected the variables of marketing namely product, price, place, and promotion can be focused on the target market. This will bring much better results than unfocused marketing ...

Solution Summary

The response provides you the marketing perspective of a luxury assisted living center . It also gives you the relevant references.

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