1.0 Executive Summary The Market The market for Siomai Making Machine is huge in the Philippines. The researcher has identified two distinct market segments that they will market their products to. The first segment is the DIY segment of individuals. The second segment is people that will utilize a semi-automatic machine to have the products made at their home. The Product Siomai Making Machine is introduced to the market, but has planned to mass produce for greater markets’ demand. Since it is semi-automatic, Siomai Making Machine can save the individual entrepreneur from 70%-90% of the total time and effort spent on making siomai. The Management Siomai Making Machine is invented by Mr. Rey Pauig (informations about the …show more content…
The first segment is the DIY segment of individuals. The second segment is people that will utilize a semi-automatic machine to have the products made at their home. There are other companies that only sell ready-made siomai. Most of them sell their products as franchise. 4.1 Market Segmentation Siomai Making Machine has identified two market segments to target. DIY These people usually work from their home. They have entrepreneur skills and like to expand business for bigger customers. This segment has a variety of motivations for do-it-yourself work. One motivation is saving money. Another is the satisfaction of completing the product on their own. Some demographic information of this group includes: • Age 26-56. • Male/Female • Married with at least one child at home. • Household income ranges from 50,000-80,000php • Has couple of regular customers Convenience This segment is looking for the advantages of a Siomai Making Machine without the challenge of exerting too much time and effort. They appreciate the value of the machine. This group recognizes the environmental and/or economic benefits of Siomai Making Machine. Demographic information is as follows: • Ages 35-65. • Married with at least one child at home. • Household incomes of 65,000-100,000php • 79% have an undergraduate degree. • 27% have a graduate degree or post undergraduate
Consumer behavior is also a factor to be considered, because factors affecting consumer behavior will make clients not to buy, for one reason or another. To get the target market or rather to increase the target market, one has to create and deliver content that attracts and contains customers. As is in the case of our products in John Deere Company, necessary strategies have to be implemented to retain the new target market. Marketing strategies capable of luring people especially the old
These challenges, awareness, availability, accessibility and affordability are the obstacles that stand in the way of a product being successful or not. If appropriately traversed, the company can expect to see huge profits. However this can only be done through a very thorough understanding of this unique market and the appropriate application of practical and pragmatic marketing strategies.
The first phase of our solution is concerned with improving the current situation and overcoming the shortfall in a fast and inexpensive way. According to exhibit "current situation" we can identify two bottlenecks in our current production process, "Add Paste to Cup" and "Inspect Carbon Rods". Those are below the necessary capacity of 540 units/min. To overcome this, we suggest adding one additional machine ("Add Paste to Cup") from the factory in Guarulhos to reach a overall capacity of 540 units/min and engage two more persons, one to operate the additional machine and one in the "Inspect Carbon Rods"-operation (exhibit alternative II).
Complete a market segmentation of no more than 1,400 words for your buyers. Be sure to include the following:
Technological- Modern manufacturing techniques like robotic equipment can prove to be much more efficient than traditional methods. However it is expensive at $250,000.
The purpose of this exercise is to help you define and classify your chosen product, and define a specific target market. What a product is, how it supports the company mission, and how it fits
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.
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.
Chapter 7: Mass customization of products has become a common approach in manufacturing organizations. Explain the ways in which mass customization can be applied to service firms as well.
Keep in mind that the level of customization and system integration should be the primary basis for segmenting the market and selecting a target. Construct a matrix and answer the following two questions. Keep in mind that high level of customization and integration would be costly.
Carefully evaluate the pros and cons of the segment markets and determine the market where the product has definite advantages over other
The company has an objective to promote the knowledge of the healthly vending machines to people around different industries and to increase the interest of the devices to people who are already aware of them.
The customer service budget is $ 100,000. Therefore, the selection of the target group is very important, in the Level 3, the main choice is as the object of the investigation. The higher of the proportion accounted for by such groups in the first and second stages of market development prospects, which is because for the development of new products process. The emergence of new groups will inevitably drive the market forward, to focus on market research, demand at the same time can be appropriate to adjust the customer service budget, increase market
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.