See attached file.
Based on the product: digital camera
Write a paper in which you outline the preferred customer base, buyer behavior, demographics, psychographics, lifestyle, geographic area, benefit segmentation, and user segmentation for the product(s). Identify the ideal target market for your selected product. In your paper, include the following:
- Provide a specific description of the target market, which should be measurable, accessible, sustainable, differentiable, and actionable.
- Include the total marketing budget. This is when the cost of acquisition is not greater than 10% of the retail price or one month of annual service.
- Estimate the size of the market and estimated penetration percentage.
Provide justification for your answers.
Marketing of Digital Camera
In the global era of competition, organizations provide better quality product at low price to target their market and fulfilling their customer's needs. To attract target market, organizations provide more creative and usable products to its customers. EIRAM deals in electronic consumer's product and provides many kinds of electronic product to fulfill needs and target its market. Market size, target market, penetration percentage and market budget for EIRAM will be discussed (Westwood, 2002).
The company has developed its digital camera to target and retain its customers for its products and to attain organizational goals. Good picture quality and attractive appearance of digital camera help the organization to attract its customers or target market. An ideal target market can help an organization to fulfill their needs and objectives in terms of profitability and sales. It can be done through ideal targeting marketing strategies (Bloss, 2008).
To retain the firm's customers and attain competitive position into the market, it is important for the firm to adopt ideal target strategy. Existing and new customers for digital camera can be divided by the firm to target its market. For the EIRAM firm's product, family and professionals would be ideal target market (AdSim Players Manual). These can be discussed as follow:
Family: Family would be an ideal target market for digital camera in terms of existing and new customers for the product. It is easy to access to families which are living in a society through survey, market research and direct contact (AdSim Players Manual). Joint and nuclear family will be selected as a target market for the digital camera. The families are measurable and sustainable. This target market is simple and easy to differentiate from other target market (Bly & Bly, 2010).
Family members are most of the time ready to adopt the products ...
The customer base, buyer behavior, demographics and area are examined.