In: Business and Management

Submitted By ceromanorman
Words 692
Pages 3
I. Marketing Mix Strategies and Programs
A. Market Targeting
As mentioned in the SWOT analysis, the firm needs to expand its current market in order to keep up with the ever-growing competition. The primary target of Famous Belgian Waffles are teenagers, young adults, and those who lean more on a budget-friendly. Many opportunities have been missed out by only focusing on one market, since other competitors of Famous Belgian Waffles also have products which cater to a more mature consumer. The size of the new market should comprise of 10% to 15% of the total current market of Famous Belgian Waffles, as this product is new entrant to the market. The demographic, psychographic and behavioral characteristics are as follow: * Demographic
Famous Belgian Waffle targets customer segment that represents students who belongs to a middle class; and teen-aged to middle-aged belonging to middle social class. They also target mall passers and Families in small to large numbers who love and enjoy eating together. | STUDENTS / TEENAGERS | MIDDLE AGED | MALL PASSERS | FAMILIES | AGE | 12-20 yrs. old | 18-35 yrs. old | Age varies * Kids, teenagers, young adults, adults and seniors | Age varies * Kids, teenagers, young adults, adults and seniors | INCOME | Low to Medium/ financially dependent | high | High to medium | High to medium | PRICE SENSITIVITY | Low to medium | low | low | high | OCCUPATION | * Elementary, highschool, college student | * Employed or unemployed | Occupation varies | | | | | | |

For the psychographic characteristics of the customers, Famous Belgian Waffle will need to segment their customers based on their lifestyle such as their activities and personalities

PSYCHOGRAPHIC | DESCRIPTION | STUDENTS / TEENAGERS | Activities: Eating out with friends,…...

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