Target Market Strategy Presentation
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
...ensive then the traditional 4-P views, since the 5th P as "people" which is very important - it is used to segment and target your market.
Let's first go over the 5-Ps:
Product: You your product, and explain the key features and benefits
Place: where you will sell the products (high end retailers? online? mass production)
People: who would purchase your product - includes demographics and psychographics
Price: how much can you charge for the product
Promotion: how will you promote the product - target strategy
Now, each of these 5-Ps need to be clear and consistent across segments, the own differences will be in tailoring the marketing strategy towards each segment of the population. You need to send out one strong message to your target audience that works across each of the 5-Ps. As well, each P will influence another P, which will be used to build the different target markets. Let's break it down:
High end lawnmower:
Product: has many features, could be considered a deluxe model. Has all the bells and whistles.
Place: Because it is more of a luxury item, it will be sold at an upscale department stores and on specialty gardening websites
People/psychographics: this product is geared to the upper-class urbanite, with the plush green lawn who takes pride in his gardening, wants his lawn to stand out amongst the neighbors, and who does not mind spending extra to get an amazing end ...