Question
Write a 300-word email to the CEO of the company for the product you selected with recommendations for a new target market who will purchase
Write a 300-word email to the CEO of the company for the product you selected with recommendations for a new target market who will purchase your product. Address the following in your email: Choose a basis or bases for segmenting the market of this product . Select which segmentation descriptor(s) can be used for the product. Define which strategy could be used for selecting a target market for the product. Describe at least one form of secondary research that can be conducted to gather more insight into your defined target market. Explain why you selected this form and how the information might be beneficial.
Step by Step Solution
3.38 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
Subject Recommendations for Expanding our Products Target Market Dear Thomas Abuyeka I hope this email finds you well I wanted to share some recommendations regarding the target market for our product Nivea After conducting thorough market research and analysis I believe that expanding into a new target market will significantly contribute to our companys growth and profitability To effectively segment the market for Nivea propose using a combination of demographic and psychographic segmentation Demographic segmentation allows us to divide the market based on measurable characteristics such as age gender income occupation and geographic location Psychographic segmentation on the other hand focuses on the lifestyle values interests and behaviors of consumers Based on these segmentation bases I suggest considering the following segmentation descriptors for our product 1 Age Targeting young professionals aged 2535 who are techsavvy and value convenience 2 Income Focusing on middle to uppermiddleincome individuals who have the purchasing power for our product 3 Geographic location Prioritizing urban areas with a high concentration of our target demographic To select the most suitable target market I recommend ...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting Decision Making and Performance Management
Authors: Ray Proctor
4th edition
273764489, 978-0273764489
