...• Describe your target market. • Identify the consumers who are most likely to buy your product in terms of: (a) their demographic characteristics and (b) any other kind of characteristics you believe are important. • Describe (a) the main points of difference of your product for this group and (b) what problem these characteristics help solve for the consumer, in terms of the first stage in the consumer purchase decision making process in Figure 5-2 (page 158). a. College Students: College students would be a good target market for many reasons. 1. They are probably use to their parents doing their laundry therefore; they can come to Wash’N Dry and have someone do it for them here! 2. College Laundromats are probably busy and ran down with a boring atmosphere. At Wash’N Dry we have our exciting lounge and plenty of washers and dryers to choose from and if you don’t feel like sticking around we will call you when it’s ready! b. Single Men: What do you think single men are doing most of the time? Single men are out with their boys, or dating, or busy playing video games. The last thing they are thinking about is laundry. They probably wish they had a woman around to do just that! Now they can just drop if off here and come back by after work to pick it up. It’s easy and convenient! c. Elderly People: Elderly people are normally very particular about their things, especially their laundry. However, there comes a point in time where they can’t really do for themselves anymore...
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...Segmentation and Target Market Bradley A. Parks MKT/571 April 19, 2014 Tara Hall Segmentation and Target Market The author will show how Cedar Fair Entertainment Company can use market segmentation within the industry to sell their product. Using market segmentation can help identify a target market for the company and show the selection process the company can use to identify their market. Market segmentation accomplishes this by splitting the market up by these key components: demographic, psychographic, and geographic. The author will also prepare a position statement for the company using careful consideration of their brand and strategy. Demographic segmentation is one of the most important areas to the marketing department because the information is readily accessible and can drastically dictate the spending patterns of the consumer. Some of the key components of demographic segmentation are age, gender, ethnic background, and the life cycle of a family. Cedar Fair Entertainment Company runs eleven theme parks throughout the United States and targets the age range of 2-60 years. The company can target this vast age group because they provide a safe and fun environment for families and people of all ages to enjoy due to the array of rides and games. The target income level for this company would be middle to upper class with a house hold income of approximately $50,000 or more as their ticket prices are $50.00. The theme park appeals to all genders and ethnicities...
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...Target Market As a sporting apparel company, Under Armour target market includes men, women and youth for use in athletics, fitness and outdoor activities. The main focus of Under Armour’s target demographic however, seems to be young males. Till today, most of its sales are from young male athletes, this is because a high focus on male sports like football and lacrosse. Under Armour have multiple contracts with college football programs throughout the country, which is why this focus spurs the sales of its apparel for those types of sports. Without having any focus on women, the women’s category has suffered low sales. After seeing how its competitor, Lululemon Athletica is a success, Under Armour has begun to target the female demographic more aggressively. Marketing Objectives Under Armour’s brand awareness is very slim internationally. Big companies such as Nike and Adidas are known worldwide with Under Armour as a small competitor. According to Fortune.com, only 6% of Under Armour’s revenue is from abroad. Most of the revenue generated are from sales in the United States. Since Under Armour has already entered the global market, one of the marketing objectives is to make the company known globally to increase its revenue from the international market. Recently, Under Armour has spent millions in a campaign to win over women. The company realized they didn’t target the women’s market like how they did in the men’s market, and was reviewed one of their competitors;...
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...Target Market As a sporting apparel company, Under Armour target market includes men, women and youth for use in athletics, fitness and outdoor activities. The main focus of Under Armour’s target demographic however, seems to be young males. Till today, most of its sales are from young male athletes, this is because a high focus on male sports like football and lacrosse. Under Armour have multiple contracts with college football programs throughout the country, which is why this focus spurs the sales of its apparel for those types of sports. Without having any focus on women, the women’s category has suffered low sales. After seeing how its competitor, Lululemon Athletica is a success, Under Armour has begun to target the female demographic more aggressively. Marketing Objectives Under Armour’s brand awareness is very slim internationally. Big companies such as Nike and Adidas are known worldwide with Under Armour as a small competitor. According to Fortune.com, only 6% of Under Armour’s revenue is from abroad. Most of the revenue generated are from sales in the United States. Since Under Armour has already entered the global market, one of the marketing objectives is to make the company known globally to increase its revenue from the international market. Recently, Under Armour has spent millions in a campaign to win over women. The company realized they didn’t target the women’s market like how they did in the men’s market, and was reviewed one of their competitors;...
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...Segmentation and Target Market MKT/571 January 26, 2015 Dawn Obermoeller Segmentation and Target Market Understanding the current demands of consumers is key to determining new ideas, knowing how to present those ideas to the public, and ensuring a better chance at success. When first putting together the business plan for a new product, product suppliers need to evaluate and monitor their target market; after of course determining what the target market may be. Airguard has been in business since 1964 and has continuously tackled the competitive industry of air, oil, and water filtration. With their success since the beginning, they have successfully shown their understanding of how to target consumers and maintain them. Positioning Statement For residential and commercial filter users, Airguard’s DP40 brand pleated filters rank amongst the highest in quality and durability for any user, as the newest technology in filter manufacturing is used to construct the most efficient filters. Airguard’s patented technology allows the product to be just as effective as their biggest competitors but at a lower price bracket. As these products are usable by both residential and business consumers, the DP40 filter can last up to three months which in turn saves the end user even more money. Market Segmentation With Airguard being a major manufacturer in the filter industry, it is impossible for them to target all potential consumers. In order for Airguard to be...
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...Amazon’s Marketing Plan Case Amazon's Target Market Segmentation E-commerce is becoming more international now as more foreign countries flock towards the online marketplace. Technology is becoming less expensive as it is being produced more than ever. This allows underdeveloped countries to use these online marketplaces such as eBay or Amazon. Across the world, shoppers are buying more products online; and even with their mobile phones. Amazon is creating websites for China. The U.S. has been using Amazon for over 20 years now, and it has grown to offer just about anything you can think of. Amazon’s biggest selection is in books, movies and media, That is only because they started the company as an online bookstore, Amazon is now selling over 200 million products in the U.S. and 306 items sold every second (Yarow, 2012). Amazon has approached its marketing strategy differently than some companies by using segmenting over having specific target markets. When a customer joins Amazon, they do not get questioned on personal information to determine what marketers will promote to them, but their behavior throughout the site plays a huge role. As customers use the site, their activity is recorded and registered to then be provided with content related to what they’ve previously had an interest in. This can all be done with very simple technology that can even build automated messages through emails to customers (Kanary, 2014). Amazon seems to attract individuals of the higher...
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...1. Target Market Profile 'Segmentation analysis refers to the way in which organizations identify and categorize customers into groups defined by similar characteristics and similar needs or desires.' (Hudson, 2008:88) Market segmentation is important because it attracts more customers to the product and as Hudson points out 'customers will be more satisfied with the product because it has been designed with their needs in mind'(Hudson, 2008:88). There is a wide range of segments and markets are divided for segmentation purposes which are used in many businesses related to tourism. Due to the fact that 'market segmentation recognizes that people differ in their tastes, needs, attitudes, lifestyles, family size and composition, etc..'(Middleton, 2009:97), it is used worldwide in tourism marketing because only a little amount of companies try to appeal to the whole market. 2. Target Market Below is a description of a family that is a target market profile for the organisation Tour Spain. It is based on the market segmentation variables. Brown family consists of four members and those are – David age 42, Kate 36 and their two children Stacy 12 and Kevin who is 8. They are British citizens living in Wimbledon. David and Kate both have Postgraduate's degrees in Business and Accounting. David is employed by Lloyds bank and Kate works as a part-time assistant. They both earn 65'000 per annum. Browns are affluent...
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...Target Market There are two groups that are the target market for the Italian restaurant that is planned to open with high tech and futuristic installations. One of them is the generation Y, the kids born in late 1980s to 1999, who are very knowledgeable about the new technology being brought into the market. The other group would be the families who would come to enjoy the services and technology of the restaurant and have a family time together. Today’s generation Y would be between the age of 13 and 24. This Gen. Y is connected to is most connected group of people due to the help of the technology. They themselves are a marketing tool with the help on the technology they seem to achieve this. This in turn helps the businesses. 91 % of these individual make their Facebook Places and Foursquare check-ins public which is in a way is promoting the business by letting people know that they were there. That would cause the other friends to look up the store where there friend has checked into. According to the statistics 66% of the individual are likely to this. This form of marketing is beneficial for the business. The generation Y promotes the things they like and the places they have been to. The other target markets are the families consisting. They are the main focus our strategies. This group is likely to spend more money than the individual and are more likely to come back to the restaurant if they find to their liking. They are likely to bring kids with them. Kids area...
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...Target Marketing A target market is a bunch of customers against which a business has planned to aim its marketing efforts and finally its merchandise. A properly defined target market is the key element to a successful marketing strategy (Florencia, 2009). Target marketing is an excellent utilization of your most valuable resources; time and money, for the generation of additional revenue. Importance of the Target Marketing Chances of a successful business aggrandizes only with the increase in the vivid vision of an expected customer base. On defining the target customers, you can • Properly determine if enough potential customers are available for your business (in short, evaluating if there is sufficient demand for your products or services) • Tweak your ideas of business to better meet the requirements of your potential customer base • Furnish your products and services to better meet your the requirements of your customers and wishes • Target your marketing efforts to focus your most promising customers • Design your marketing messages in a right fashion using the right tone, language, and attitude to best appeal your substantial prospects. Defining a target market will not restrict your business. New entrepreneurs at times resist defining a target customer base, keeping in mind that it might restrict the business or minimize the number of potential customers. This is a misconception. Understanding the target customers does not hold your business back from acquiring...
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...Nike’s target markets High performance athletic gear produced by Nike is mostly targeted at professional athletes, while selling related products such as high quality pairs of shoes, sporting equipment and also clothes. The company’s services seek to develop athletic potential, according to the company. When the professional athletes are aired on television, indirectly it is also aiming at sport viewers. Examples include the Sochi Winter Games, the Super Bowl in New York City and also the World Cup in Brazil, as noted in the letter from Nike’s company to it’s shareholders. Nike’s other products, which include shoes, clothes and other accessories is targeted at the younger generation, males and females ranging from 13 to 35 years. This is because the Nike brand aspires to promote a positive and confident attitude and in that sense targets people that want to have that attitude. In a way it is also targeting potential customers that are interested in athletics and wish to pick up a sport. One of Nike’s aim is to target certain sports that are popular in certain countries. As an example, products related to rugby if advertised in Europe will be a big hit while the same products promoted in the US will not receive a very good response as rugby is more famous in Europe. As of 2014, the company wants to target different markets, and one of the markets consists of mainly female consumers in Western Europe. In fact, the Women’s Training segment is growing faster than the Men’s...
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...TARGET MARKET EBay has a very wide range of target marketing mainly because of the wide range of product available at it’s website. Millions of items like collectibles, appliances, computers, equipment and many more miscellaneous items are listed, bought or even sold on a daily basis. In other word, eBay generally target online auction and shopping communities. However, eBay also has business strategies to target specific segment of the market. From the entire wide range of items available, eBay originally was set up to promote and sell antique and collectibles. This causes eBay to focus more on this segment market. Another key market segment for eBay would be the car and motor enthusiast. This is because of the unexpected popularity with the users, which is the second most visited segment on the site. Due to this, eBay has been focusing more on these two segments as their primary market target. KEY SEGEMENTS Antiques & Collectibles Started out to be selling collectibles and antiques with auction-based online sales. These targeted markets are usually antique lovers that are willing to bid very high for a rare item. EBay has established them very well in the market, which until today, antiques, and collectibles generates the highest sales gross. Motor lovers Using credibility of leading car collector Kruse Inc., eBay expanded its categorical offerings with eBay Motors. EBay Motors became one of its most successful target segments with $2,500M Global Gross...
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...New Product Launch Marketing Plan Marnice Gaston, Heather Manypenny, Yesenia Rodriguez, Rama Krishna Kullapally, Aya Tsuchiya MKT/571 April 27, 2015 Isaac Owolabi New Product Launch Marketing Plan Target Summary The first Target store opened in 1962 in the Minneapolis suburb of Roseville, Minn., with a focus on convenient shopping at competitive discount prices. Today, Target remains committed to providing a one-stop shopping experience for guests by delivering differentiated merchandise and outstanding value with its Expect More. Pay Less® brand promise. Target currently is the second largest general merchandise retailer in America, with Target.com consistently being ranked as one of the most-visited retail Web sites. Target is recognized as a leader in innovation across the retail industry. From pioneering the concept of designer partnerships to consistently being best in class in store design, Target remains focused on not only meeting, but exceeding, its guests' needs. To remain relevant to its guests over time, Target continually reinvents its stores, including layout, presentation and merchandise assortment, to create an engaging shopping experience. BMW Summary BMW can trace its roots back to Karl Rapp and Gustav Otto. In 1916, the Flugmaschinenfabrik Gustav Otto Company had merged into Bayerische Flugzeug-Werke AG (BFW) at government behest. Elsewhere, in 1917, the Rapp Motorenwerke Company morphed into Bayerische Motoren Werke GmbH, which was duly converted...
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...MAYBANK TARGET MARKET By: Mohammed Faeizal Fareez Ab. Rahman UUM KL How to determine target market? In discussing a target market for a bank it is not easy determine one because banking business not related to a particular project. Unlike a car manufacturer or food branded clothing business their product a meant to cater the need for particular community. Banking business is unique since ideal banks should cater for every level of demographic needs. In order to determine target group or consumer for banking business we should be looking at certain aspect which is: Criteria How to identify target group/market Number of branches More number of branches identify that bank have a larger target market. Location of branches If the branches is located in major city obviously bank is targeting business and commercial customer, higher level income customer. If the bank is located in remote area than the bank is actually targeting a niche market. Range of product If the bank is concentrating in investment product than the bank is called an investment bank. If the bank core product is targeting for agriculture project financing than the bank is targeting customer from agriculture sector for example : Agro Bank New product launch (for the past 1 year) New product launch is to cater current market condition for example card credit launch for new graduated employee. Joint venture and collaboration with other parties. Joint venture between bank and 3rd party such as government...
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...SEGMENTATION AND TARGET MARKET PAPER Segmentation and Target Market Paper Marketing strategies such as segmentation are based on dividing a larger population of consumers into smaller segments that can be grouped by common needs and or priorities. These different groups can then be targeted by different marketing methods to entice them to purchase goods and services (Wikipedia-Market Segmentation, 2014). Marketing segmentation can be very important for a company because it can help the company expend its’ resources more efficiently. This will increase the return on investment of the money spent on marketing. It allows a company to target those consumers most likely to purchase from them. Best Buy is an electronics chain superstore that employs marketing segmentation and target marketing to more effectively increase sales. Marketing Segmentation Demographics Best Buy’s largest customer demographic population is the Baby Boomer population. Their most vital population segment is actually the young twenty-something’s to early 30s adults who are college educated and do not have children. This population is important because of their perceived preference for discriminating tastes and their exposure to a wider range of products and services due to their college education. Not having children is also an important factor as they can potentially have more disposable income to spend on themselves (Smith, 2012). Psychographics The psychological variables for this demographic...
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...How to Conduct Target Market Analysis ShareThis Every successful business plan includes target market analysis because you have to know who your customer is before your business can succeed. The 6 steps below guide you through the process of conducting target market analysis so you can properly assess the market your company appeals to. Step 1: Identify Your Target Market When you identify your market, you ask yourself a series of questions about your potential customers. When you think about who will buy your product, decide on their: •age •gender •annual income •what they do for a living •what they do in their leisure time •whether are not they have children Then, get more specific to your product. Find out how many of your type of product they already own or tend to own and how often they replace the product. Step 2: Divide Your Markets Your target market may include several different segments in terms of: •demographics •geographic location •attitudes and beliefs •purchasing trends If this is the case, divide your target markets along these lines in order to reach them more effectively. Step 3: Conduct Market Research You can use printed information collected by the federal government at practically no cost including the U.S. Census or the annual Statistical Abstract of The United States, published by the U.S. Department of Commerce. Given the sheer volume of information in these publications, though...
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