1. The unique attributes of X-1 products are that they waterproof, weatherproof, and sweat proof, making them ideal for athletes. These attributes differentiate X-1 from their competitors by taking a user-centric approach to product design. This approach has allowed them to innovate their market and provide solutions to common problems of athletic headphone users. 2. I see only one primary target market: athletic music enthusiasts. However, X-1 has segmented this market into threes primary segments: the endurance segment, the outdoors segment, and the club segment. While the function of their product satisfies the same need —a waterproof headphone— segmenting their market in this way allows them to effectively communicate with each group.
Instead of the above letter, assume that at Pablo’s retirement dinner, the chairman of the board of directors of Xerxes Corps., in his speech, said “In view of the fact that you have been faithful to Xerxes Corp. for 30 years and have resisted efforts of our competitors to hire you away from us, the corporation promises to pay you a pension of $100,000 a year for life.” Pablo stood up and said, “I accept your pension promise with gratitude.” Is Xerxes Corps.’s promise enforceable by Pablo and if not, what would be necessary to make it enforceable? Explain.
Market Analysis Summary The global sports and fitness clothing market is expected to soon reach over $125 billion dollars (PR Newswire, 2015, June 26) and individuals across the U.S. are becoming more active (Institute for Health Metric and Evaluation, 2013, Jul 10). The breadth of the overall market covers many subsets of products and consumer groups. Target segment. There are two primary segments in the market; sports apparel and fitness clothing.
Eddie Bauer Inc, offers many different products for both men and women who seek versatile, classically styled, high quality merchandise to meet their wardrobe and home décor needs. Eddie Bauer considers the location of its stores to be the most vital factor in achieving maximum sales. The company, however, must determine how it can best identify these locations in order to reach its target market. With recent demographic changes, it is essential that they gather information to answer some key questions in order to do so. (Aaker, Day, Kumar, & Leone, 2010)
Wegmans target market and customer is “everyone”. This is one retail place that gender and economics doesn’t really matter. They take EPT, which is a government aid for those who are in need of food for their families, so it accommodates all people of every economic status. If I had to gear in on a customer, I would say it is appealing to the mother’s out there. Wegmans offer cute double car carts with the steering wheel, so kids are entertained while mom shops. Some of the stores also have the “W-kids Fun Center”, which is where you drop off your kid(s) so they can have fun doing activities while you as a mom shop without distraction.
During this simulation, we came up with several characteristics that make the particular target market to be unique. These segments vary in size and demographics, price sensitivity, and the backpack features they are looking for.
Customers that purchase the Pill, truly want a wireless speaker. It is sturdy, easy to carry around, reasonably priced for the quality and has great sound. There is a growing trend towards high quality audio products. In 2013 everyone considers themselves an audiophile. The technology required to make high quality audio products has become less costly to produce, making it more accessible to the masses. Bose, Sony, Pioneer and Sennhiesser all produce studio quali...
Product: As an athletic shoes producer, they try to provide better quality and more comfortable shoes that fit to the sport player through research and development. By claiming their shoes meet the physics need of different sports, which help the sport player to maximize their ability by protecting them and reduce the sport harm.
Furthermore, Under Armour’s goal is to expand their wearable watches and bracelets into built-in sensors that go into the clothing they create. This product will allow consumers to be accessory free and still will be able to track their activity levels. This innovative idea will surely bring in consumers, and provide Under Armour with the push they need to directly compete
Recently, across the headphone market, there's been an increase in sports-focused products that are designed to be sweat-resistant and stay comfortably in the ear while the listener is in motion. Skullcandy is adapting to these changes, like other leading brands, such as Bose and Beats, by developing a line of earbuds specifically for athletic performance. In addition, Skullcandy has devoted extensive resources to creating earbuds and headphones specifically made for women. They tend to come in feminine designs with explosions of flowers and in a color palette of pinks and pastels.
Their strategies have helped them to gain brand equity which increased their customer satisfaction and been able to expand their business and survive in this tough economic conditions. They have successfully build up on the renaissance experienced in mobile industry where customers are increasingly using video, audio and apps on portable devices such as tablets, mobiles. Beats by Dre have successfully used sports and fitness segment to increase their sales quickly. Dr. Dre clearly identified the important need of consumers in times of growth of smart phones and people are always on the go but did not have good options in terms of headphones which gave good audio quality and had smart designer look which has been endorsed by many celebrities. Customers are appreciating the difference which Beats products have created niche in premium headphone segment by transforming the way audio and sound is heard by users.
Many steps are taken while marketing a product or company, such defining a target market and researching the best approach to gain customers (Solomon, Marshall, & Stuart, 2012). Due to market fragmentation, many markets can be divided into small subgroups allowing for a better marketing approach. As seen in the marketing approach of the product Cheerios, understanding smaller target groups can create specialized campaigns to reach consumers, which increases brand loyalty and sales. In 2014, Mark Addicks, General Mills Chief Marketing Officer, stated with the new technology age his company has began a new approach focusing on new target markets such as expectant moms, which require folic acid that can be found in Cheerios (Schultz, 2014). Cheerios
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.
Question 1:When Howard Schultz launched Starbucks, who was the target market and how was Starbucks positioned to appeal to this target market?
The marketing goals are: Increase customer retention, Increase eCommerce Sales, Increase our Community Involvement. The first goal specifically works towards reaching 60% repeat sales through different promotional strategies like emotional marketing and sponsoring different professional athletes. Customer retention is extremely important to maintain Nike’s market leader position. Increasing eCommerce is a major focus for Nike. Last year we were able to increase our eCommerce sales by a profitable 51%. Our second goal is to continue this trend by increasing online sales by 50% every year for the next four years. It is our belief that doing so will solidify Nike as a leader in the online athletic market. Nike truly believes that sport can change
When creating a marketing mix for a product, the company needs to look at the 4Ps: product, place, price and promotion (Eugene McCarthy, 1960). “When considering the 4 P’s of the GoPro, it is clear that the company’s success has been due in large to such great marketing.” (Suki Chan, 2013)[1].