Potential Customers For My Product

As for our market segmentation the concentration will be on teens, young adults, and parents. Since teens don’t typically cook a lot we believe that there should be a chance for success in this area because we are offering quality products at a cheap price. The same could be said about the young adults as they could be new into the work force and looking to get the most food for the price and this is something that we will be able to provide for them. With all of this being said our main focus will still be with parents and families. This is because we want to gain customers at a young age and hope to maintain these customers for the period of their entire lives. If our business is able to obtain life-long customers it is sure to be a success and this is what we are looking for with our business.

Targeting is a method of examining the market segments and follow all or any of the following 3 types: undifferentiated, multisegment (differentiated) and concentration (niche) (Palmer, 2009). Selfridges’ products diversity means its target include both men and women aged >25 years belonging to the high-income group whose interest is fashion and luxury. Thus, Selfridges’ targeting can be said to be concentration (niche); however, due to its prime locations, Selfridges also attracts general public including families, singles and tourist. Therefore, in that aspect, its targeting strategy is differentiated.

In a nutshell, a brand needs to know its consumers to be able to provide them with premium products and service as well as to communicate theses benefits through the right channels.

1. Target a new customer segment that id young and always ready to try something new and exciting.

Identifying the target market: the business’s target market is 50-65 year old females, however this is not appropriate anymore for the current demographic characteristic of the area the business is in. The business’s market segment must be encompassing of younger females as well. The business will include clothing that is suitable for females from the age of 20 all the way to 65. The business is known for selling clothing that is targeted at older women; hence it is essential that the business’s original clothing range is not completely abandoned. An expanded range which caters for women of all ages is more appropriate for the

Target market refers to the group of customers that a given business aims to satisfy and serve in its marketing initiatives (Dave,2010). The company has a huge target market. Nike offers a a wide product rage with which it targets specific groups of individuals. The company strives to meet the sppec9ific requirements of a group of

The first P of marketing is product, or in this case service, the commercial was about Taco Bell’s breakfast service. The service is about giving people another fast food breakfast option. Taco Bell offers some novel concepts and familiar favorites to typical fast food breakfast options. I do not feel that there is a specific demographic or group of people that the service is for. I think it is just for the general public. It’s a convenience service where they offer breakfast food fast that is easy to eat. If I had to choose a target consumer group for the service it would be people that already eat fast food breakfast elsewhere.

When deciding on your target market you have to realize that you aren’t going to appeal to everyone, people have different tastes and interests. Trying to appeal to everyone is a plan that will bring failure rather than success. When figuring out who your target market will you have to consider the type of food

Whilst making marketing decisions a business must decide their method of marketing. This will then be the way in which all future marketing activities will be planned. This is marketing planning. It has a huge number of benefits for any business. It’s influenced by the strategic plans of the business and its corporate objectives. Large public limited companies such as Nestle will usually have an overall plan for the business and has set objectives which they’re able to achieve. Smaller companies within the business will then create their own marketing plans which fit in with the overall strategic plan. The business has to consider several questions before coming up with the marketing plan:

Specialized products, being marketed to a specific sector, also have a unique opportunity to market directly to a target audience. Being aware of the differences in marketing to mass audiences and the targeting of specific groups, is a valuable arrow in the quiver of a marketer. Comparing the differences in the older generations gives the marketer an insight into how to mass market, while targeting the groups as a whole. There is also an interesting opportunity for the marketer to target a very specific group for specialized products. While the job of the marketer remains the same, the methodology must be different to reach the intended audiences.

Most market segments are the techniques used to attract the right customer. The object of market segmentation is to reduce the risk in deciding where, when, how and whom the product and service is marketed to. (Pine, 1992). Market segmentation splits the buyers into groups with similar needs and wants to best utilize a business’s marketing strategy. Couture Candy’s marketing segment would be an Occasional market segment also blurring lines with a Mass customization segment. Couture Candy would largely fit into the marketing segment of Special Occasions. Many of the products we provide and decorate would be for seasonal events such as holiday themed cookies or rare occasions in people’s lives like weddings. Creating multiple products to satisfy multiple marketing segments is an effective strategy when it serves the customer needs better, does not reduce the quality of goods, and adds to the sales revenue and profits of a business (Pine, 1992). In a mass customization segment, goods are tailored to the taste of individual customers. Mass customization is cake bakers approach to build to order (BTO) manufacturing. This is manufacturing a product only when there is an order from a customer. Couture Candy

AT&T is the 2nd largest cellular company in the U.S. today. While there are several competitors in the telecommunications industry, the company’s largest competitor however, is Verizon wireless. AT&T has several services in its portfolio, to include, wireless cellular service,

Target markets help companies focus on the opportunities that offer the best chances of success and profitability, which is important because no business can be all things to all people.

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

So it is clearly visible from above comparison that Nestle is trying to attract such customers who have less buying power.