Market Segmentation and Product Positioning, SWOT analysis
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Prepare a research plan to support introducing a product or service. In addition to stating your marketing objectives:
1. Identify the marketing segment for the product and explain why this segment was selected;
2. Discuss the target market and why these customers will be targeted.
3. Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company;
4. Describe the market position for your product and service.
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Solution Summary
Market Segmentation and Product Positioning, SWOT analysis, market position
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1. Identify the marketing segment for the product and explain why this segment was selected;
Organization will deal in garments and our brand "REVERSE IN STYLE" will introduce various product line for our customers that includes tops, t-shirt, leggings, jeggings, dresses, accessories etc. Reversible clothing will fulfill following needs of the consumers:
? Don't have to carry so many clothes while travelling
? It will reduce the occupancy
? It can reduce the burden of washing more clothes
? It will reduce the amount of money spent in clothing
Valuable
It can double your clothing choices
Cost effective - Two dresses in the price of only one dress.
Need not necessarily wash if one side is dirty
Market segmentation
As per Wikipedia, "A market segment is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention. The term is also used when consumers with identical product and/or service needs are divided up into groups so they can be charged different amounts for the services. Market segmentation is particularly important for small businesses, which often lack the resources to target large aggregate markets or to maintain a wide range of differentiated products for varied markets."
http://en.wikipedia.org/wiki/Market_segmentation
Our Market segmentation will be on the basis of the following parameters:
Income
As we plan on providing a premium product in the market hence we charge a premium price for it. ...
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