How would you describe a "market niche?" Describe four product/services that you own or consume that you would consider to be "niche" products. Why do you believe this to be true?
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How would you describe a "market niche?"
Describe four product/services that you own or consume that you would consider to be "niche" products.
Why do you believe this to be true?
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- Choose a fast-food restaurant chain that does business in your area. Describe the company's target market and explain how its marketing mix is designed to appeal to this target market. Explain how they segment the market to match their product/serviceWhat are the market segments? How would you plan on choosing your target markets and why?How can a company effectively identify and target the most profitable customer segments within a chosen market? What strategies can be used to maximize profitability within these segments?
- Define the nature and scope of the questions you must answer with regard to your market. Identify the types of information you will need about the market to answer those questions. For example, do you need to know about the buying habits, household income levels, or attitudes of potential customers?Describe the current competitive market for your product. Can you identify the number of brands or the market share that they hold? Expand your analysis to include other products that are similar or could be substituted for yours.To conduct a consumer analysis for the product—the good, service, or idea—in your marketing plan: 1 Identify the consumers who are most likely to buy your product—the primary target market—in terms of (a) their demographic characteristics and (b) any other kind of characteristics you believe are important. 2 Describe (a) the main points of difference of your product for this group and (b) what problem they help solve for the consumer in terms of the first stage in the consumer purchase decision process in Figure 4–1. 3 For each of the four outside boxes in Figure 4–4 (marketing mix, psychological, sociocultural, and situational influences), identify the one or two key influences with respect to your product. This consumer analysis will provide the foundation for the marketing mix actions you develop later in your plan.
- Identify a product or service you want to market, and choose a market targeting strategy you think is best to apply on your chosen product/service.whats the common target market groups, their purchasing habits and the ways companies try to attract consumers to buy their product or service.Present an example of a good or service that is targeted based on Demographic, Geographic, Psychographic and Behavioral segmentation. You need to present an example for each one (Demographic, Geographic, Psychographic and Behavioral) and elaborate on the "why" with clear examples and arguments that support your answer.
- How do marketers identify the Most Valuable Customers and understand their Needs?You are opening a bookstore, and now working on the marketing plan. Select two target markets for your business. Please explain the criteria you considered in segmentation. Present an appropriate marketing mix for each target market. Provide explanations on your decisions.After a company segments its market, it needs to decide which segment (s) is most attractive to serve. Discuss the different targeting approaches that a company can utilize to serve consumers in the segment (or segments) that it may choose to target?