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
Research and discuss Maslow's theory of needs and how it is applied to marketing.
Define the stages of the consumer behavior model (or industrial model, if appropriate) and apply how the concepts affect the marketing effort.
PART 2: Application to Product/Service
Provide a quick overview of the product or service you created - "Amare- with Love" Eco Friendly Essentials.
Even though you have "created" a product or service, the applications and research in this section will be real.
- 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.
- 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?
In the current competitive world market, marketing strategies of the firms play a crucial role as these help to target the right market through using effective and efficient strategies. In the paper, marketing strategy for Amare- with Love will be discussed that is eco-friendly firm and offers family essential products.
Maslow's theory of Needs
Maslow's theory defines the human motivations that are responsible for making decisions towards purchasing any products or availing any services. Maslow uses and defines various stages to consider the human developmental psychology such as physiological, Safety, Belongingness and Love, Esteem, and Self-Actualization needs. These influence the consumer behavior and consequently influence the marketing efforts of the firms (Dou, Lim, Zhou, Cui & Su, 2010). This model is applied by the firms to assess the behavior and perception of the customers for buying the products and make the marketing strategies accordingly. Different stages of the model assist the firm to choose right target market as per their needs and wants. According to the theory, the firms try to fulfill the basic needs of the customers to push them towards next move, which facilitate the business development through product development (Groucutt, Leadley & Forsyth, 2004).
These motivational drivers are used by the firms as key determinants to sell their products and support potential growth and success. Firstly, the firms try to fulfill the physiological needs as food, shelter, breathing, etc. those are base for survival. As the firm considered these, they move to next step to fulfill the customers' needs as safety needs (O'Reilly, 2001). After this, belongingness and love, esteem, and self-actualization needs are considered by the firms in their marketing strategies to increase customer satisfaction. The marketing strategies are formed in a manner in which customer can feel the fulfillment of their needs, which increases organizational effectiveness too (Dye, Mills & Weatherbee, 2005).
Consumer Behavior Model
Consumer behavior model will be appropriate for Amare- with Love to sell its products in the market as this model will be beneficial to understand that how customers make choices for products and which factors influence their choices. In the first step of this model, understanding about the needs of customers in concern of organizational products is evaluated (Loudon, 2001). Then information related to the products and services that can attract to the customers is collected and incorporated in marketing efforts of the firm. In the next step, the alternatives that may be purchased by the customers are evaluated, which helps to determine the change in marketing efforts (Reynolds & Olson, 2001). To make it more effective and evidenced, post purchase behavior of the customers is also evaluated that helps to determine the customers' perception about organizational products/services. Application of the ...
The solution develops a marketing strategy in a case study. Maslow's theory of needs and how it applies to marketing is examined.