MKT 571 WEEK 4 NEW PRODUCT LAUNCH II

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Product Description
PRODUCT DESCRIPTION
MKT 571 Week 4 New Product Launch II
New Product Launch II
Introduction
Henry Ford’s famous line, “any color you want, as long as it is black” no longer fits the current hypercompetitive marketplace. The launch of the Model T and the development of the assembly line allowed Ford to make such assertion on the market because products were more price focused, and there were fewer competitors. Nowadays, with technology and customer (value-based) branding, buyers have numerous choices for every commerce or merchandise. Instead of the homogenous mass production, there is a movement towards differentiation through customization and market segmentation. Therefore, ZENN Motors Inc., and all other organizations must consider the four P’s of marketing (product, place, price, and promotion) when launching a new product or in company positioning.
Market Segmentation
Segmentation divides the consumers into well-defined portions, and then re-groups customers who share similar needs and wants; typically into geographic, demographic, psychographic, and behavioral sectors. The geographic segment divides consumers into topographical areas such as regions, countries, neighborhoods, and etcetera. A demographic market splits variables by “age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class” (Kotler & Keller, 2012, p.216). Psychographic segments interpret how lifestyle (personality, attitudes, values, and personal interest) changes affect the global market. Finally, the behavioral segment seeks to increase brand loyalty and the purchase experience for return sales;