Based on the business of your choice, whether your products are cellular phones,

Question

• Based on the business of your choice, whether your products are cellular phones, mp3 players, books, shoes, or food, clearly define your product. How do you determine your target market for your product? What marketing strategies do you intend to use for marketing your product? What pricing strategy might you use?
• If you are planning to move the business into e-commerce, might the target market change? How might a business owner change the product development or the marketing plan to adjust to e-commerce?

• Based on the business of your choice, whether your products are cellular phones, mp3 players, books, shoes, or food, clearly define your product. How do you determine your target market for your product? What marketing strategies do you intend to use for marketing your product? What pricing strategy might you use?
• If you are planning to move the business into e-commerce, might the target market change? How might a business owner change the product development or the marketing plan to adjust to e-commerce?

Explanation / Answer

The target business in this case is the offering of freshly prepared food which is made in an organic manner.

The target market for our offering is a wide spectrum of people who favour fresh foods as compared to frozen or canned stuff and who have adopted a healthy lifestyle based on organic food items. The customer segments are:

The target market could be determined by doing a dip stick survey in which online mailers could be sent or flyers could be distributed asking for opinion about people’s preference for fresh foods and also asking for basic demographic information in the survey to map the customer segment.

The marketing strategy that would be used for promoting the product would be combination of online marketing through facebook, youtube and other digital mediums. Also in combination with this a high degree of reliance would be on word of mouth and capturing audience attention through food kiosks in major malls and city centres.

The pricing strategy would be to be a niche player wherein the customer perceives value of the product and price would be used to signal this value. Thus the price would be slightly higher than the canned or frozen foods to indicate a higher value proposition.

In migrating to the e-commerce place, the target market won’t change and it will be an extension of the distribution channel wherein we would get orders through e-mail or an online portal. The product offering would be same. To adjust to an e-commerce marketplace, the focus on digital marketing such as e-mail marketing, placing ads on popular websites has to increase and customised advertisements using google adwords and other forms of garnering customer eyeballs would be required.

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.