Select a new product or service that you would like to introduce to the marketplace.
Create a 7 slide Microsoft® PowerPoint® presentation describing the market segmentation and a target market strategy for the product you selected. Include information on the following points:
- Consumer demographics
- Consumer psychographics
- Consumer behaviors
- A segment profile
- A target strategy
I will provide you with info, and then feel free to include this info on your power point slide.
The new products are a new line of lawn mowers. There are three lawnmowers in the line - a high end and a utilitarian version, and they are trying to decide which one to produce and sell in the market. You will need to segment your market in order to be able to understand who would be interested in each product, to be able to see which product would bring the highest ROI for your company.
The key in this is to really know your audience in order to segment three different populations. You need to understand how your segment thinks, what interests them, how and where they shop, and how to attract them to your product. I will provide an example to illustrate how this is achieved:
Assume your company makes lawnmowers. There are two versions of the mower - a utilitarian, cheap version, a high end version with all the bells and whistles. Each of the models are geared towards a specific segment of the population. The company can't just create one universal marketing plan to sell the mowers to all consumer - if this would happen, the message would get lost. It is therefore very important to tailor your marketing mix towards each consumer group.
In essence, there are 5 pillars of marketing, which consists of your marketing mix, which is essentially your marketing strategy. Having 5 pillars is more ...
Guidelines are provided on how to organize a target market strategy presentation.