Running head: MARKET STRATEGY Running head: MARKET STRATEGY

Market Strategy1

Module 2- Market Strategy Student Name Grand Canyon University AMP425 Marketing Environment April 15, 2012

Market Strategy Curtis, Rhodes, Grand Canyon University Marketing Environment AMP-425 Professor Brockway

MARKET STRATEGY

Market Strategy

Everyone uses blinds in their homes. What I hate about blinds that are available today are those ugly strings that dangle for everyone to see. Too many times either the string breaks or are tangled or one side wants to come up and the other side stays down. What about the safety of your children or your pets that can tangle themselves up in those strings? What about those motorized blinds that most cannot afford? I have thought of an idea which is simple and nor expensive to the manufacture or the consumer. The simple addition of adding a motor at the top would eliminate the use of strings to raise or lower blinds. Similar to what are used in awnings today. This motor could be ran on batteries and easily replaced. The research I did shows that in the consumer market today Blinds that are motorized cost as little as one hundred dollars for each blind. The everyday simple consumer cannot afford this. My designed would allow families to afford my product. With a simple button on top of the blind allows you access to open or close the blind. "The task of dividing the total market, which is often too large to serve efficiently, into smaller segments that share common characteristics, is called segmentation" (Kotler, 1987). Organizations using this enhanced customer knowledge will be able to match the requirements of the customer with firm's offerings (McDonald, et al. 1995). Segmenting a market is required by the organizations that manufacture goods or provide services where they do not have to worry about addressing each individual customer but a group of customers grouped together under a category or segment. The segmentation can be based on the types of population, by age, color, sex, and so forth. This kind of of classification is usually called demographic segmentation. Another kind of of segmentation can be geographic. People would have various buying behavior depending on where

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they are located. This is because of the climatic conditions of that region, the tradition and culture of the people of that region. Income, lifestyles are other factors based on which populations are also segmented. Targeting subsets is the next phase. Who likely would benefit or would be interested in my product. Not all potential users of a new product or a new generation of a technology adopts the new product at the same time. Consequently, because of the stage at which they adopt the new product, adopters traditionally are classified into five categories: Innovators, Early Adopters, Early Majority, Late Majority, and Laggards (Rogers, 1996).The idea here is to identify who falls where? I would target an age group of 30 years of age to 60 years of age, those who have families and are concerned with safety for their children. , income based would be a major target such as lower and middle class. The target group would avoid are those groups who are young in age. They have little interest in what and how to save a few dollars means in the common household family. This would be an attractive target simply because of the cost of the product. For example, when I asked around at work about motorized blinds, the first reaction was they were too expensive to the everyday person who made a livable wage. This would be the idea target to sell or introduce my product. Positioning or how am I going to sell this product is crucial to the success of your product. (Doyle, 1990) states that, "Positioning should not be part of your strategy but the backbone of your business plans."In reality, the problem here is how to introduce this to the market. As a marketer, I want to know how this product will effect the consumer. The consumer will see this innovation as cost saving and cheaper than the conventional motorized blinds that they see today. No matter whom you target, cost is on everyone's conscience because of the economy that the consumer faces today. The battery operated blind would eliminate the cords that could be a safety issue with

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children and household pets. One of the attributes that this can offerto the consumer is it is more attractive to the consumer as well without the burden of spending your paycheck. Nevertheless, reality tells a different story providing sufficient evidence that most of new products fail immediately after their introduction, while another high portion is withdrawn within their first twelve months on markets since not finding enough market acceptances. Possible conclusions could be either that companies do not translate the data collected correctly or that the practice of segmentation can be inadequate (Oestreicher, Klaus, Mar, 2011). In summary when we look at market strategy, I have to be able to break down large groups into smaller segments in order to identify whom I need to target. Segmentation and targeting are necessary steps in order for my product to be successful when introduced into the market. These steps will allow me to position my product and understand the consumer's needs and wants. The consumer today look for quality, price, safety, what attractive, I can offer this to them because I know what they want.

MARKET STRATEGY References

Oestreicher, K. G. (2011). Segmentation & the jobs-to-be-done theory: A conceptual approach to explaining product failure. Journal of Marketing Development and Competitiveness, 5(2), 103-121. Retrieved from http://search.proquest.com/docview/876865089?accountid=7374 Mahajan, V., & Muller, E. (1998). When is it worthwhile targeting the majority instead of the innovators in a new product launch? JMR, Journal of Marketing Research, 35(4), 488-495. Retrieved from http://search.proquest.com/docview/235211260?accountid=7374 Butt, I. (2010). The impact of product positioning strategy, manufacturing strategy and their coalignment on firm's performance. Carleton University (Canada)). ProQuest Dissertations and Theses, Retrieved from http://search.proquest.com/docview/614162334? accountid=7374