When you base your marketing plan on geographic segmentation, you have to include the strategy you will use to approach the target segments. Specify the reasons for your choice of geographic segments and why you think the members of the target segments will buy your products. Focus on One Area You can use geographic segmentation in your marketing plan if your strategy is to focus your sales locally. Geographic segmentation by country is appropriate when your marketing strategy is effective in your home market but not in other countries.
Benefits Loyalty Demographics are statistical measures like age, income and level of education that defines a market segment.
Much statistical information can be found at the US population can be found at US census site. Geography refers to where the product will be used or where your customers are located.
Convertibles are not aggressively marketed in Canada. Few surfboards are purchased in Michigan, similarly few snowboards are sold in Florida. Shopping habits, leisure habits, familiarity with technology and religious practices are lifestyle characteristics.
Benefits refer to the fact that different market segments may derive different benefits from the same product. The designers believed that young car buyers would use these features to derive the benefit of supporting an active, outdoor lifestyle.
They could use the vehicle to take a group of friends to the beach one day and carry cargo for a camping trip the next day.
However, older consumers also used these features to derive a different benefit. They used the vehicle to carry home improvement supplies, garden equipment and take their children to college.
This second market segment surprised the design team. Loyalty refers to a customers affinity to specific brands or products. For instance frequent flier miles programs have made some people very loyal to specific airlines.
Similarly, General Motors has had much difficulty in trying to convince Honda and Toyota customers to even consider a General Motors product when purchasing a new vehicle. The product description from the manufacturer is presented below. Capture Everything The Pulse smart pen records audio and links it what you write.
Tap on your notes or drawings with the tip of your Pulse smart pen to hear what was said while you were writing.
No Need to Lug the Laptop The Pulse smart pen automatically captures everything as you write and draw. Transfer your notes to your computer, organize them, and even search for words within your notes.
Find what you want in seconds. Share Your Notes Transform your notes and audio into interactive movies. Upload your creations online for everyone to see, hear and play. Begin with the five different characteristics of a target market.
Demographics — The product information repeatedly reference notes, therefore the bulk of the customers may be traditional age college students, say 16 to 22 years old. Therefore we can assume that they are from the upper middle class and probably from a family that not only values education but the adults in the family have college educations.
Geography — Even though the product is not particularly suited to a climate or location, it is does require a infrastructure that supports the use of computers and other high tech devices. Therefore you would not expect to sell many of the pens in developing countries like Nicaragua.
Lifestyles — The majority of the users of the pen will be busy, serious and tech savvy students. These students care about their grades and desire to save time. Many will be holding down a part time job in addition to attending college. Benefits — If students use the product to improve grades and save time, professionals, like lawyers and doctors, may use the product to improve the accuracy and ease of finding the notes that they have taken.
Loyalty — Not applicable to this product. How does this apply to new product development?
When you are developing a new product, people in the target market should be consulted to determine which benefits the product should deliver, how much they are willing to pay for the product and where would they shop for the new product.
People in the target market should also be consulted when descriptions of the product, drawings or prototypes are developed. Finally, marketing professionals will need the description of the target market to determine how to reach potential customers.
What web sites do they frequent?Honda introduced the Honda insight in , and had designed it to target tech-lovers. The initial marketing strategy included a small budget for advertising in television and radio. Positioning & Target Consumers BMW Target Consumer Profile & Brand Positioning (Who & What) In BMW Group confirmed its position as the world's leading premium manufacturer in the automobile industry with record sales, and profits exceeding €3 billion.
In a statement today, Honda Malaysia in which DRB-Hicom Bhd owns a 34% stake, said the seven-seater crossover BR-V had enabled Honda Malaysia to penetrate into a new market. "Honda Malaysia has set a new sales target of 15, units, a 50% increase from the initial target for the BR-V, for the remaining months of The Honda Clarity will be available late this year with a fuel cell powertrain.
An all-electric version will arrive in the summer of and a plug-in hybrid based on the Accord Hybrid’s 2. We love cars that handle, but so much suspension resistance on such a short wheelbase means trouble. The SRT-6 hops its way up sectioned concrete freeways like a malfunctioning lowrider.
The market targeting\nis defined as â The process of evaluating each market segmentâ s attractiveness\nand selecting one or more segments to enter.â Market segmentation is only the\nfirst essential step in the overall process of target marketing.