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Marketing Strategy In Footwear Industry

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Marketing Strategy (Group Paper) Product and Market For our project, we have thought of an innovative product that has the possibility to transform the current footwear industry. A product line of stylish sneakers that are affordable, durable, stylish, and are quick and easy to clean; perfect for the millennial generation (18-34 year olds) who are busy working full-time jobs, going to school, working out, and keeping up a social life with friends. We understand the needs of this market very well, as we are a part of it. Thus, we believe that we can offer a superior product that will be particularly appealing to our potential customers. Segmentation Scheme We have developed a segmentation scheme to “divide the total market into smaller …show more content…

Target Market Segmentation Our target market consists of customers between the ages of 18 and 34 with an income of less than $35,000 per year, who live an active and busy lifestyle. These individuals are always out and about whether they’re working out, shopping, going out for the evening, or going to work. A recent trend in fashion for this demographic is the pairing of sleek and neutral sneakers with a multitude of outfits. A durable, multi-functional sneaker could be very beneficial to many people in this group. According to Kotler and Armstrong, by focusing on a large share of one or a few smaller segments or niches, a company will be more likely to achieve a strong market position because of the greater knowledge of consumer needs as well as the special reputation it acquires. Hence, this market promises an abundance of opportunities and profit. The primary reason we’ve decided to target lower-middle class individuals in the millennial age range is due to the fact that we anticipate our consumers to be both quality driven and frugal. The shoe will provide benefits such as durability, style, and affordability to the consumers and will give them a great return on their investment. These shoes are made with the active millennial in mind. This generation of customers is also the first generation to grow up in the world of digital technology, as they are

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