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Target Audience & Competition are the next components to be addressed in the process of developing a Marketing Strategy. To choose an appropriate target market, one must understand how consumers make purchase decisions.
PART 1: General Research
1. Research and discuss Maslow's theory of needs and how it is applied to marketing. Resources MUST include articles in the library's full-text databases.
2. Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort. Research MUST include material from articles in the library's full-text databases.
PART 2: Application to Product/Service
(NOTE: this section of the assignment will become part of your Final Strategic Marketing Plan)
1. Provide a quick overview of the product or service you created - you should continue using the content from the U2 Discussion Board.
2. Even though you have "created" a product or service, the applications and research in this section will be real.
o Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
o Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Hoover's Pro in the Library is a good tool for this section; it may be accessed under Find Web Resources'.
The assignment requires the use of ARTICLES from the library's full-text databases. Articles are found in periodicals. These are not to be confused with eBooks or Reference Books. The most popular databases in marketing are: ABI Inform Global, Academic Search Premier, and Business Source Premier.
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American Intercontinental University
Unit 2 Individual Project
MKT640 - A Managerial Approach to Marketing
Project Type: Unit 2 Individual Project
Date of Submission
Tree Ties are decorative products placed on trees, which allow homeowners to show their personalities. They are designed to be fun or serious, depending on the mood of the homeowner or person attaching them. They also help instill a greater appreciation for the beauty and benefit that nature provides. Marketing the product requires plenty of fresh ideas, while incorporating principles of competitiveness. Because Tree Ties competes in a larger lawn decorations industry, it is a considered a new entrant. However, the product itself is entirely new. New product introduction is often approached differently than a new entrant. The marketing strategy for this product must, therefore, consider theoretical approaches for both types of products and tie those concepts together in a more customized fashion.
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Tree Ties is a product and brand that allows homeowners and tree lovers to express themselves, by decorating trees in a creative and safe fashion. The product will compete with other types of lawn decorations and is intended to reach segments of the population that appreciate trees, have a sense of fun or playfulness and express themselves with lawn decoration. It is also ideal for residents of condos or housing developments, where lawn decorations are restricted or prohibited.
Maslow's Theory of Needs and its Application to Marketing
Basic physiological needs, such as water, food and air, are at the bottom of Maslow's hierarchy of needs. Tree Ties have little to do with meeting consumers' basic needs. At the next level, safety and security ensure that we are protected. Tree Ties do not directly ensure safety, such as in offering security or protecting consumers from becoming victims of crime. However, consumers who view lawn decorations as possible safety hazards can consider an option that is off the ground and out of harm's way. Families with small children and the elderly are likely to appreciate a product that enhances the landscape, yet does not pose a hazard for tripping and falling.
Beyond safety and security psychological needs, like love and acceptance. McClusky (2011) suggests that the marketing of products should consider current events and trends. One current and growing trend today is the increasing interest in protecting the environment. Tree Ties draw attention to trees and their importance in the natural environment. Products and policies that that show concern for the environment are becoming more accepted and are increasing in demand. Tree Ties meets the needs of caring and acceptance for consumers, by highlighting a precious natural resource.
At level of individualization, Tree Ties are easy to use for nearly every segment of the population, while offering individuals an opportunity to express their unique personalities or characteristics. Tree Ties meets the needs of a variety of individuals at this level, with a wide range of color options and patterns, in its product line. Today's economy is tough for many citizens. Many people do not have large amounts of disposable income for landscaping or lawn decorating. Yet, they still want to decorate their outdoor spaces. Tree Ties are inexpensive and can be frequently changed, if desired. The many color options and pattern choices allow consumers to express their own unique sense of style.
At the highest level, self-actualization allows an individual to show and act upon concern for others or toward issues of a more regional or global nature. Drawing attention to trees, in a safe manner that does not destroy or deface them, shows others how nature can be appreciated. The sense of appreciation for trees and the natural surroundings is visible, which may encourage
neighbors and friends to consider issues that involve the larger society or planet. Decorating an
outdoor space in such a manner also helps to make the world brighter and happier for others, who may see the tree decorations.
The Consumer Behavior Model
The Consumer Behavior Model defines the stages that consumers move through, in making purchasing decisions. How a product is marketed or promoted can affect each stage of the decision making process. In the first stage, the consumer acknowledges a problem, as a need. Marketing strategies for Tree Ties must consider how the product meets the need. The ...
The solution discusses Target Audience and Competition marketing strategy.