Need some ideas for Application to product /service
PART 2: Application to Product/Service
(NOTE: this section of the assignment will become part of your Final Strategic Marketing Plan)
Provide a quick overview of the product or service you created see attachment for this.
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? Hoover's Pro in the Library is a good tool for this section; it may be accessed under "Find Web Resources"
...nd busy lifestyle often forget the location of their day to day stuff, either due to shortage of time, stress or negligence. For such people, this product will be very handy as urban people will not mind spending a little amount to make their life easier and convenient.
Therefore, the specific demographic profile that this product will be marketed will consist of middle and older aged people, especially those living in urban areas and leading a heactic and busy lifestyle.
As per US census bureau, over 37 million people in USA are over the age of 65 and almost 225 million are above the age of 18, thus ensuring that this product has a ...