Screenshot attached has instructions. This assignment relates to the Keller Will

Question

Screenshot attached has instructions. This assignment relates to the Keller Williams company.

The new product Keller Williams will sell is COMMERCIAL REAL ESTATE

T-Mobile LTE 11:44 PM 40%. , Week4 Assignment INSTRUCTIONS Use the same company from your Week 2 assignment. Your company has decided to launch a new line of products. Create a 1,400- word report and include the following information: Choose the target market for your product, and describe your target market in detail. Create a new product that would appeal to your market. Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product. Recommend the best methods of conducting marketing research to answer these questions. Be sure to include why you chose these particular methods. Outline the steps you will take to bring your product to market from idea generation to commercialization, using a multi-step product development process. Format your assignment consistent with APA guidelines. Click the Assignment Files tab to submit your assignment. STUDENT MATERIALS Grading Guide

Explanation / Answer

Most of the company segments their product according to different target group. A group of consumer at which a company aims to provide products or services is called target market.

The product selected is beauty product such as face wash, vasline, face cream, etc. The demand of this beauty product has been increasing over the years. The target audience would be mostly men and women with age group of 18 - 40.

The company chooses different marketing strategy to differentiate their brands. Some of them are as follows.

1. Product demonstrations - Most of the professional use product demonstration strategy to target a consumer. It one of the best strategies as there are 75% chances the consumer will buy the product. The product demonstration helped the consumer to educate about the product. Product demonstration mostly takes place in exhibition, colleges, malls, etc.

2. Internet marketing - This strategy has been used by most of the company. In internet marketing, the professional post the contents and benefits of the product on social media websites. This kind of marketing is used to target the age group of 18 - 40.

3. Telephone marketing - The professional use telephone marketing to guide the consumer about the product and services. Most of the professional uses this marketing strategy by giving discounts and offers. The consumers are more attracted towards offers and discount and hence they switch the services to other company.

4. Direct marketing - It is one of the best form marketing communication. The professionals himself goes to the consumer place for marketing the product. This is very useful because chances of buying the product by consumer increase.

The competition has been increased over the years. The company are trying to bring new product which eradicate acne and at the same time act as a face washer. The products are getting innovative as a result of technologies. Hence product innovation, price, quality and result oriented product has leads to different brand perception.

One of the best form of marketing is buzz marketing

Buzz marketing is widely used by many companies that focus on maximizing the word-of-mouth of a particular product. It is the traditional marketing strategy which is simple and involves low cost.

Following are the values created by buzz marketing

1. It creates awareness among the customer which is faster than any other marketing strategy.

2. Social media marketing is the main component of buzz marketing. It can create buzz in social media platform and also helps to communicate with customers.

3. The buzz marketing involves low cost to the company. The company needs to hire marketing and sales professional to adapt buzz marketing. Company has to pitch the right words to their right customer.

4. There are 7 out of 10 chances in which the customer will buy the product.

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