Essay on GARMIN

After a successful launch of the LG Watch Phone in Europe, LG Electronics Canada, Inc. is preparing to introduce The Watch Phone to Canada. As an assistant marketing manager I will aid in the development and execution of a niche marketing plan that blends with LG’s 51 years of brand equity while increasing market share in consumer electronics. No other watch phone currently exists in the Canadian market. The market is saturated with mobile phones and portable electronic devices that have 3G capability, a touch screen interface, MP3 player and video calling. LG must entice consumers to switch from their handsets to the LG Watch Phone and generate sales from new markets. Potential customers for this product will be

It needs to be a specific group of customers. Sometimes using stereotype images can help to describe a group, such as the “soccer mom.”

The potential consumer target markets fall into two categories; the segments will be referred to as “Suburban Select” and “Young & Active”.

Gen Y consists of approximately 80 million people in the U.S. They are the fastest growing demographic in the workplace and marketplace. Globally, they are the emerging adult population that is consistently exercising more influence due to their numbers, expected longevity and hyper connectivity. Psychographically, Gen Y is known for being dependent on technology. Often disregarding what is involved mechanically, but sharply aware of efficiency and convenience, the two generations are results oriented and seekers of instant gratification (Dorsey, J. 2013, January 14) Gen Y airs on the side of environmentally conservative – which we will magnify when marketing our “no cup system” and coffee ground catch

According to the Consumer Goods Classification, the JAM Classic Boom box would fall into the shopping category of the three-way consumer classification system. This item would not be purchased as frequently and costs a bit more than a convenience item, though will last a significantly longer time then one also. Because of these reasons our customers will spend a greater amount of time comparing multiple audio device items until they finally conclude that the JAM Classic Boom box is the best that money could buy. Because our product falls in the shopping category, Company G will utilize a specialized marketing and promotions effort to have the most bang for our buck. (Consumer Goods Classification, 2014)

Introduction: Marketing has become an art form in today’s society, analyzing specifics and how the consumers react to certain goods and services. The needs of consumers are constantly changing, so marketers must study every detail and be able to recognize the changes in wants and needs. Marketers use this data to become “sensitive” to the needs of each group of individuals, appealing to the minorities with said products. Below is a slight insight to what questions and data marketers analyze to make their goods and services appealing to the individual groups.

Demographic Segmentation fragments the market into categories according to different demographic factors, usually with regards to the wants and needs of multiple consumer groups. The

How should this market be segmented? Identify the key segmentation variables that are relevant for this market.

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

Note: An educated guess can be made that there is an overlap between the 3 target segments. This is a positive from the point of view that we can focus our attention on a niche segment that is affluent, well-informed, health conscious and highly likely to remain loyal.

Society’s attitudes and their cultural value are the basis form of sociocultural segment which may drive other segments’ conditions and changes. Nowadays, generation Y which born between 1980s-2000s has more focused in healthier lifestyle such as a good balance diet and adequate food supply. These kind of characteristics have turned to the firm’s aggressiveness of using technology to improve on their products.

– Current market situation: detailed consumer and business market segmentation and analysis of market drivers will be undertaken to identify the most valuable

target markets with respects to that product. For this reason, in this report I picked

XYZ analyzed available market research data to identify target segments that would be profitable and fit with our strategy. As a result, we identified three initial target markets – the Cost Cutter, Workhorse, and Traveler. Use patterns and demand data for these customer segments are shown in Appendix A.

b. It uses the psychographic segmentation in the social class basis as it targets the upper middles and the upper upper class. Moreover, it targets people with modern lifestyle, they want everything easily and quickly, that they buy packaged milk rather than buying loose milk that takes a lot of time to be ready for drinking.