Identifying The Target Market Is The First Step Of Successfully Marketing A Product Or Business Idea

The three major players in the soft drink market are PepsiCo, Inc., the Coca-Cola Company, and the Dr. Pepper Snapple Group (Change Lab Solutions, n.d.). All of them use effective market segmentation to target specific markets. Effective target marketing requires that marketers, segment the market, by identifying and profiling to find a distinct group of buyers who differ in their wants and needs (Kotler & Keller, 2012). They target their specific product to one or more market segments they have identified, and for each target segment establish and communicate the distinctive benefit of the company’s products to position themselves in the market. Coca-Cola and Pepsi-Cola retain the first and second

The Gap Inc. is a global specialty retailer that operates stores selling casual apparel and accessories for men, women, and children (Yahoo Market Guide, 2001). Under the Gap, are the Old Navy and Banana Republic brands (Yahoo Market Guide, 2001).

As the world grows more socially responsible, there has been a shift towards eco-friendly transportation, such as electric cars or commuter bikes. Taking advantage of this growing segment, our marketing department has decided to move forward with an innovative commuter bike, entering markets in urban areas with high commuting populations. In doing so, we hope to gain the most we can from data and feedback while minimizing cost, time consumption, and competition. In this stage of the new product development process, the shift from product development to test marketing is extremely important. This step requires large amounts of time, money, and analysis, which is why it is essential to weigh the advantages versus the disadvantages.

Continue Mission ensures that military Veterans and their families are the main focus of their mission and that they are given an opportunity to reduce their stress, improve their relationships, and prevent suicide. We utilize a three-pronged approach focused on improving and saving the lives of veterans through one-on-one services, group activities, and a large referral system of community resources that support and educate Veterans. Continue Mission is a 501C-3 non-profit organization founded by Joshua Hansen, U.S. Army, Retired and Laura Cantin.

In this article How Does Target Know so Much about Its Customers? Utilizing Customer Analytics to Make Marketing Decisions, the authors describe the kinds of data needed to recognize changes in a consumer’s habits, privacy concerns that occur when data mining, and marketing decisions made from the information. Whenever shoppers make a purchase or browse their Web site, Target gathers customer information, analyzes it, and might sell the data to other businesses. In fact, all three authors explained, “Target Corporation is a leader in analyzing vast amounts of data to identify buying patterns, improve customer satisfaction, predict future trends, select promotional strategies, and increase revenue.”(Corrigan, Craciun, Powell 159). Along with other stores, Target has created a

Focus group is a group interview. The group is made up of people with the same characteristics and ask them questions about something or someone. The response they give will be recorded and use as reference when making a decision.

In this article How Does Target Know so Much about Its Customers? Utilizing Customer Analytics to Make Marketing Decisions, authors describe data mining program, types of data needed to identify changes in consumer behavior, privacy issues that arise with data mining, and customer analytics support marketing decisions. Target customer behavior is tracked, analyzed, and possibly shared with other business, whenever shoppers make a purchase or browse on its Web site. In fact, all three authors enlightened, “Target Corporation is a leader in analyzing vast amounts of data to identify buying patterns, improve customer satisfaction, predict future trends, select promotional strategies, and increase revenue ”(Corrigan, Craciun, Powell 159). Target

An Entrepreneur decides his future, time, happiness, duties and a whole lot of others. An Entrepreneur will use his imagination and come up with a way to implement his ideas even when others say it doesn't matter, planning, design, deployment and measurement are all subsequent to research. And, in the beginning of everything is the creation of the core product in its raw form a marketing skill. Most people don't understand that without marketing you do not have a product, or a service or a solution to sell.

While I develop my marketing strategy for my self-propelled robotic lawn mower, the first step I would take is determining the market for my product. I understand that the main appeal to my product is that it is a convenience product, but it is not a necessity and most likely will to be offered at a lower price than existing lawn mowers on the market. Because of this, some of the characteristics of my target market is they are economically well-off, live in suburban or urban areas and have limited. This segment is willing to pay extra for the convenience of saving time due to their spending power. This target market is attractive because they fulfill the requirements for effective segmentation. Their spending power is measurable, their market is accessible and can be served, there’s a substantial amount of money in this segment, affluent people are differentiable as marketing to the wealthy is much different than typical advertising, and the information on them is actionable, allowing us to effectively make a marketing plan.

After making the geographical segment, I would divide the market into demographical and psychographic segments. My target market would be older people, middle and upper class families, and people who have a busy lifestyle. Many people after retiring, move to suburban areas and buy a big house. However, they lack the energy to mow their lawns. The robotic lawn mower would be very beneficiary for them as it is capable to cutting the grass on its own without any assistance. Middle and upper class families would also be an interesting target market. These are the people who usually hire someone to cut their grass and must pay for the services every time. The robotic lawn mower would be an investment for them and would save them money in the long

Every day, hundreds of new products are introduced into the market. When launching a new product, companies face many difficult decisions such as choosing the optimal target market. Determining the best target market for a new self-propelled, robotic lawn mower will require proper segmentation, targeting, and positioning. The consumer market should be divided with demographic and geographic segmentation; the entrepreneur should target middle-aged and elderly homeowners in sweltering locations; and the company should apply a “more for the same” positioning strategy.

General Issue: which segments should the company target? How should the company and its products be positioned?

a. What process elements do you believe are critical to ensure your organization understands the target market and its needs today and remains knowledgeable and informed about trends as your business grows and technology and market forces change the market? Are there specific tools (e.g. CRM, big data tools) that should be part of your firm’s toolkit? If so, explain what value they bring, how they fit into your process, and way they are worth the investment of time, money, and mind share during the critical startup phase.

MikesBikes-Advanced models a bicycle industry in a fictional market but with market data based on a real World scenario in the US market. Consumers in these markets have high discretionary income, and will freely buy any bicycle that suits their individual needs. There are five market segments: • • • The Adventurer Segment: Broadly typified by the young suburban bicycle purchaser who wishes to buy a mountain bike. Usually prepared to pay more for a reliable product that suits their specific needs. The Commuter Segment: Consumers who require a bike

The Right Target Market One of the most important marketing functions for a firm is finding