Team 7
TR 1:35-4:15
Professor Anthony Cox
27 September 2017
Target Market Analysis Assignment
Target Market: The market that we are targeting for Precision Point is the interior design market. We will not be targeting the consumers of this market, but rather the business that are involved. We plan to sell an augmented reality (AR) process of creating and showing interior designs to interior designers themselves that they can use to better service their clients. Augmented reality can be described as a technology that allows for the virtualization of a 3D model overlaid onto the real world, and can be interacted with and seen in real time and real dimensions.Our service will involve using AR technology, along with Precisions Point’s current mapping technology, and using it to show the designs that interior designers create in order to expedite the design process. Our proposed idea will also save designers time in creating these models, which will save them money and give them a monetary reason to use our services. Our service will go beyond simple modeling though, and will allow the designers to show their designs in an AR style and have their designs be as real as possible in order to confirm the designs before construction starts.
Characteristics and Trends
The interior design market consists of residential, commercial, interior decorating, and merchandising interior designing clients. Among this group of clientele, the residential interior designers hold the majority
This paper will introduce a product and service which operates in the U.S. with the intent to expand within foreign markets eventually. The service that I chose is a current service in the food service industry that does exist but would benefit from enhancing it; there are market trends for the new service that would definitely satisfy potential customers’ needs and wants once the idea is brought to their attention. The goal is to bring the feel of the city’s fine dining and lounging experience to areas outside the city without having to travel far or spend more. The service is an
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).
Presently, Ethan Allen relies heavily on the use of technology to conduct their business operations. According to their 2014 Annual Report, the company understands that any disruption to the Internet including, ‘acts of God”, malware, insecure coding, data leakages, and human error could adversely affect Ethan Allen’s operations, revenues, and the consumer’s ability to shop online. Consequently, Ethan Allen has taken measures by investing and continually investing in technology risk management and disaster recovery plans. Despite the risks associated with the use of technology, Ethan Allen realized that the Internet is a highly competitive medium for marketing home furnishings and that consumers are spending more time browsing the Internet before entering stores. Ethan Allen is no longer a one dimensional company, they are remaining relevant in the marketplace thinking long term using digital strategy technology to meet the ever growing consumer demand to buy direct. The in-store Design Centers (place) coupled with technology (promotion) will empower Ethan Allen’s on-site designers to provide superior customer service and in turn drive additional sales. Ethan Allen is becoming more competitive and consumers who want to customize products will have interior design support online using
Burberry target audience is designed for both sexes however it is dominated by the female target audience who have a high disposable income. The brand has their own childrenswear range which can appeal to parents but are likely to be people from wealthy backgrounds. Burberry is famous for appealing to celebrities who purchase coats and dresses which have a high end appeal. Burberry focuses more on customer value in order to attract and retain costumers. With the aim to achieve this by producing a marketing concept by meeting and exceeding costumer needs then their rivals.
In order to effectively undertake market research on customer behaviour; such as expected prices, how they react to certain methods of research and what kind of care do the customers expect after the purchase is made, it would be best to use observation along with focus groups. Surveys, if used, should be done face to face by door knocking as it is more convenient and has a high response rate. The survey should include quantitative and qualitative type’s questions in order to get a `broader view of the customers’ behaviour. Questions could include “What do you think affects your behaviour
All across America, in towns metropolitan and suburban, you will probably be able to hunt down a Target. Identifiable by its glowing red bullseye logo, Targets normally sprawl across city streets, and stand anywhere from 1-5 stories tall. Out of the many superstores consumers these days have to choose from, I chose to review Target.
Target Corporation is among the top ten largest retail outlets in the U.S. offering clothing apparel, produce, home décor, and other household goods. The utilization of its infrastructure and information technology systems provides Target with one of its greatest strengths of forecasting consumer needs, which establishes repeat customers and consumer loyalty. “Making Target your preferred shopping destination in all channels by delivering outstanding value, continuous innovation and exceptional experiences” (Target Corporate, n.d.). The firm is supported by a strong IT department, a phenomenal leadership team that develops concrete operational planning, and consist of an organizational structure that is one other firms can model to achieve success. Target’s physical locations existence within a foreign market was short lived when Target ventured into Canada in March 2013. After closing its 124 stores in 2015, the firm is in a better position for a global expansion into Ethiopia, which has become an emerging and back into Canada where it first experienced failure.
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 paper, we analysed the target audience, big and small differences, content, and ways to improve the annual report. The Hershey Company’s Annual Report and 10K have many differences and few similarities, where each document is written to communicate financial statement disclosures to its intended audience.
We are on target this week. Leslie has completed the problem statement, Merari has completed the Target Demographics/Population, and Dwayna is on schedule to have her slide on the impact of the Problem completed this week. Our communication this week has been outstanding. We had several email conversations as well as our scheduled Skype conversation Thursday evening. We have worked well together to ensure our presentation would reflect a common theme. At this point in time I do not foresee any issues that will prevent us from successfully completing our team
rnott‟s brand uses colourful, musical and fast ads to promote the Tiny Teddy biscuits. The 2009 IGA/ Arnott‟s promotion consisted of buying 2 Arnott‟s Tiny Teddy to enter a price withdrawal of $100, 000 (Lottos 2011). This promotion was
It was founded in 1884; M&S has grown from one market to an international, multi – channel retailer. The shop sells high quality cloth with a good value and
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.
The Right Target Market One of the most important marketing functions for a firm is finding