The product thus selected is a smartphone application called SmartPark which can be used to book a parking slot in prior. SmartPark is a totally new product which is being introduced for the first time. This application aims at reducing parking related issues by reserving a parking space in advance at busy places like shopping complexes, and stadiums. The target audience for the product will be adults with a valid driving license who own or drive a motorable vehicle and require a parking space in heavy crowded places like shopping complexes, movie theaters, stadiums, and heavily crowded event places.

Explanation:

Product: SMARTPARK- A smartphone application for booking a parking slot

A customer-centered marketing strategy is the key to any successful marketing plan. For this complete the processes of segmenting, targeting, and positioning so that you will have a solid understanding of who your target customer is and how you should position your product.

Identify and describe at least three customer segments (buyer groups) within the market in which your product resides.

Select the consumer segment that you will target as you market your product and explain why you chose this segment.

Describe the chosen target market, being sure to include demographic, psycho-graphic, behavioral, and geographic details about your target market.

Discuss cultural elements that will need to be considered for your product based on the demographics that you've selected.

Discuss the competitive landscape of your product: