Put yourself in the position of an entrepreneur who is developing a new propelle
ID: 414496 • Letter: P
Question
Put yourself in the position of an entrepreneur who is developing a new propelled, robotic lawn mower, similar to the robotic vacuum cleaner, to introduce into the market. Develop the segmentation, targeting, and positioning strategy for marketing the new product. Be sure to discuss:
1. The overall target strategy (concentrated, differentiated, undifferentiated or micromarketing) and why.
2. The segmentation methods you will use (demographics (age, income, gender, marital status, children in the home, etc.), geographics, psychographics, etc.) and why. NOTE: You only have to explain which of these you’ll use. You’ll actually describe them in the next part. For instance, if you state in part 2 that you are segmenting based on age and income, then in part 3 you’ll describe the actual age and income range for your target market.
3. Describe your target market – describe the target like it is someone that you know. I want a well-defined description of the target market using the segmentation methods you listed in part 2.
4. Why the target market(s) is/are attractive? Based on the characteristics described in the text explain why you selected this target versus anyone else.
5. The positioning strategy – how will you position your product versus all of the competitors? Consider creating a perceptual map.
Explanation / Answer
Q1) The target strategy for the robotic lawn mover is Differentiated since the product is new in the market and offers the required automation to maintain the lawn which is the differentiating factor.
Q2) Segmentation can be done based on income based on which the individuals/families can afford a robotic lawn mover priced relatively higher than competitors.
Also, segmentation can be done based on age considering the adoption of the technology.
Q3) Target market
The target market includes –
Q4) The target market is selected based on -
1. Adoption of new technology by age
2. Affordability by income
3. Individual vs institutional buyers having widespread lawns
Q5) The product can be positioned as an innovation that not only provides the automation of lawn repair services but also saves time.
Considering the factors as price and Level of automation in a perceptual map, the product is placed in the first quadrant where the price of the equipment is higher but the technology used to automate it is more advanced.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.