Business and Management
Submitted By ceromanorman
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,…...