Although revolutionary and innovative, the new self-propelled, robotic lawn mower will not appeal to everyone. It is essential to develop a targeting strategy for marketing the new lawn mower, and necessary for the strategy to be customer-driven. To create this strategy, we will need to use target marketing, the identification of market segments and developing products and marketing mixes tailored to the selected segments. The process of creating a marketing strategy begins with focusing on a specific type of customer to cater to and determining a value proposition for those customers.
The first step of the process is market segmentation, the act of dividing a market into particular segments of customers that each have different wants, needs, and characteristics. There are many ways to segment the market. Major variables used to segment the
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Despite its innovative technology, it would be useless to market the new lawn mower to a young demographic of city-dwellers. While many different types of people own homes, homeowners with yards are usually families or recently married couples. While it is normal to assume that lawn mowing is done by children or men, in this case it is not necessary to target those demographics specifically because it would limit the size of the market, and the lawnmower is doesn’t require the need of someone to operate it. Lawnmower owners usually also belong to the middle class because one must have a relatively good income to have a yard and spend time or money in keeping it looking good. The upper class can also be targeted because they have bigger yards and would benefit from not having to pay a gardener when the new self-propelled lawn mower could save them money. This target market of upper and middle class homeowners is attractive. These customers are ideal because they have the incomes to purchase the new lawn mower, which is not a relatively cheap
Within the lawn and garden industry, 74 percent of sales came from finished goods, such as lawn mowers, in 1995. Riding lawn mower sales are very seasonal. Front-engine mowers were viewed by consumers as more powerful while rear-engine mowers were viewed as better capable to handle large jobs. However, the front-engine mowers were most popular.
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
State Farm’s ad in Time magazine (December 2015) accurately targets young well educated adults who are in a professional job. State Farm’s ad is a picture of a professional looking mother and her kids getting into they’re grey van. The grey van is split in half and the right side is missing. The other half of the van is replaced with the right side of a RV. Outside the RV an older looking woman and her husband are camping out. In white letters cut out of a red block. It says “INSURE YOU NOW” (Pg. 43). That phrase is over the mother and her kids. Over the RV and older woman it says “ENSURE YOUR FUTURE” (Pg. 43). State Farm’s ad reaches toward young, well educated, professional looking adults. The ad does this magnificently through color, layout,
Terrell, E. (n.d.). Market Segmentation. (Business Reference Services, Library of Congress). Retrieved April 6, 2014, from http://www.loc.gov/rr/business/marketing/
...ife magazine from 1951, the advertisement for general motors shows a bunch of cars in what appears to be a wealthy town, and says that the general motor is the key to a richer life. Another advertisement from 1951, pictures a red shiny car with a woman in the background who seems to be wealthy based on her clothes, and at the bottom, it says that a beautiful dream can come true. What the car advertisements are saying about class is that the wealthy are the ones that own these enjoyable materialistic objects, because no where in the advertisements are there people who appear to be poor; the advertisements only include people who seem to be wealthy or at least middle class. The advertisements are trying to express, that by owning one of these cars it can give one status and power. Fundamentally, the companies are trying to sell the lifestyle that the car can give.
As discussed in Chapter 3, there are several bases for market segmentation. Because the needs and wants of consumers in various markets differ, there are general indicators that are used to segment markets—geographic demographic, and arguably most importantly, psychographic segmentation. From this, variables like lifestyle, family size and region are used to identify key segments for Virginia Beach. (Spiller, 2012, 88)
Imagine being a farmer looking through a magazine and coming across an advertisement for Monsanto. One would expect to find an advertisement like this in an issue of Successful Farming or Farm & Plant. However, looking through a Better Homes and Gardens magazine, one of the most eye catching advertisements happened to be an advertisement for Monsanto. Being a magazine geared highly toward women, a person could assume finding an advertisement promoting flowers or household appliances, not a seed company.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
There are a wide variety of products that have been created over the course of the last decade that have influenced the way that we live our day to day lives. Another product that could greatly revolutionize the world we live in would be a lawn mower that mowed your lawn by itself. This product will have a very distinctive strategy in forming its target market, product strategy, distribution strategy, pricing strategy, promotional strategy, and lastly its competitive analysis.
There are many factors involved in Marketing a new product in a particular market in the UK. However, there are essential basic marketing steps and strategies ‘Goldsport’ can take to make their product successful and this will require a good understanding of each one. This will enable the company to analyse and asses each factors and Identify the benefits and drawbacks that can later have an impact on the process and progress of the new product (The SmartTrainer).
Tractors: From Then to Now “The farm implement industry has profoundly shaped both American agriculture and the national economy. Of all farm implements, the tractor has had the greatest impact on rural life” (Robert C. Williams, qtd. in Olmstead). To understand the history of the John Deere company, one must know its origin, development, and its impact on the farming community.
Segmentation, targeting and positioning are interrelated activities which are important to achieving a successful Marketing Mix. Discuss these concepts in theory and give practical examples of how they can be applied to one industry of your choice
Nowadays, Segmentation, Targeting and Positioning (STP) is the most used strategic way in Marketing. It is the prime of the available methods that are applied to create marketing models in practice. This model is beneficial when making marketing communication plans because it aids marketers to prioritize ideas and thereby create and advertise unique and appropriate slogans to communicate with various segments this is a segment based strategy rather than a product based strategy. This strategy enables to communicate more appropriate messages to product appealing segments.
Market segmentation allows marketers to easily categorise customers in order to identify target markets and products for certain types of customers. Elaborating on this, Pine, Peppers and Rogers (1995) mention that market segmentation is a set of broad characteristics that focus on a group of customers. Furthermore, Kotler (1988) states that segmentation is the act of separating a specific set of customers, that open up markets, with apparent needs, behaviours and characteristics that require specific products. With this being said, marketers use this foundation in order to build and gain more information to target certain markets.
Demographically we can segment the market into groups based on age, gender, family- size, income, family life cycle and occupation.