Market Plan Phase Iii

In: Business and Management

Submitted By prettysweet411
Words 2076
Pages 9
Marketing Plan: Phase 2
MKT/421

Marketing Plan: Phase 2

Market Segmentation
In doing market research and conducting how a company is going to sell a product that company needs to take the time to focus on a target market. In this phase of the marketing plan we are going to focus on the segmentation we will use to market our product.
Needs
The Market Segmentation Company states that, “Market Segmentation, correctly applied, is about understands the needs of customers and, therefore, how they decide between one offer and another” (The Market Segmentation Company, 2012). When we focus on the needs of our target market we can consider needs such as the need for extra space or the need to save time and forgetting about your laundry once you’ve started a load.
Geographic
Simply put, this segmentation is done by the geography of our target market. In this instance it may be best to focus on the urban consumer that lives in apartments where space is limited. However, it is also a way for us to break into the larger home community and offer this product to those who would like additional space in their washrooms for more storage or even a second All-in-One to do two loads simultaneously.
Demographics
Dictionary.com defines Demographics as “the statistical data of a population, especially those showing average age, income, education, etc” (Dictionary.com, n.d.). As we target our demographic we must look at who most likely does laundry and focus on them. Statistically, that role would fall under females; however we cannot sort out single people, college students, apartment owners, etc.
Forecasting
Forecasting contributes to the effectiveness of a product line and ultimately the success of an organization. Proper forecasting provides the organization a way to predict the market potential and sales for a product. Proper forecasting includes estimating…...

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