Please see the attached word documents. I am looking for some help for the following
I. Define target market: include the following
Describe your target market, whether a business or consumer market, using segmentation variables. These include the use of demographics, psychographics, geodemographics, geographies, or other segmentation criteria.
Describe your rationale for selecting the target market(s) that you did. State why these markets are attractive to you, as a marketer.
Describe the market in terms of its anticipated growth, revenue opportunities, past performance, etc. Utilize our author's criteria for segmentation to demonstrate that your target market(s) suggest the likelihood of success - the market needs to be identifiable, measurable, sustainable, accessible, and reachable.
II. Developing the Competitive Analysis
For your top two (2) primary competitors:
Indicate why you have selected these two competitors. Offer a SWOT Analysis that focuses on the STRENGTHS and WEAKNESSES of each competitor.
Describe of each company, its current market share, its product or service set offerings, its financials (e.g., revenues, profitability, etc.), current positioning within the market, target market that is seeks to reach, recent history (how are they doing?), and how they market themselves to the target market that you also wish to reach.
Do a comparison of your product or service with that offered by the competition. How will you differentiate your product/service from that offered by the competition? Inherent in your presentation will be why your target market would likely select your offering over that of the competition. If you don't have a differentiator, your target market won't see one either.
Describe the likely response that these two competitors will take once you begin to make ample waves, assuming that you are entering a market in which competition already exists.
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Product or Service Description
As consumers, there are an abundant amount of products to choose from. With that being said, I would like to propose a product that has never been seen before. I would like to bring automatic hydraulic jacks or AHJ into the market. The following will describe the product, the target market and potential problems solved.
AHJ is a product that can be mounted to any vehicle. AHJ will be located on the corner of each axel allowing the individual to change a tire without having to haul a traditional jack to change a tire. The installation process will be very easy. A power source from the vehicle battery will be used to operate. The AHJ system will include a switch that operates each tire individually. Part of the vehicles computer system will contain a smart chip that allows this function to only operate in the park position.
The target market for this product would be all individuals that own a vehicle. AHJ would advertise to all generations that are currently driving a vehicle. The advertising team would have to be very creative to ensure that all members of the target market are interested in this new technology.
AHJ will solve all of your flat-tire changing needs. The worries of changing a tire with a traditional jack are now over. Individuals will not have to worry about traditional jacks slipping and taking the risk of the vehicle falling on them. With the current jack system it is very dangerous to change a tire on a slope or steep grade. AHJ is part of the vehicle; one can change a tire at any grade.
With any new technology, there are risks involved. With the proper research and marketing, the AHJ will be successful. The need for a safe system already exists. With correct planning, vision and appealing to the targeted market, this invention will be the next big thing.
In performing a SWOT analysis, the brand awareness is the primary objective for entering the targeted marketplace and sustaining the consumer interest long-term. By designing the SWOT analysis on the measure of accountability, the opportunity to bringing forth a synergy of resources honed on uplifting the strength of the product or service accordingly.
• Reduces time and costs
• The product in the car that warrants a flexible time on saving and abundance of monetary advancement for the owner both male and female.
• Convenience (Aim in thinking how consumers prefer an easier process than other competitors)
• Pricing (Aim in ...
A competitive analysis for developing a target market is described. The rationale for selecting the target market is determined.