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Target Market Strategy - Essay Example

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This piece of research paper presents a fictitious product, called E-walker, and examines how STP strategy would help the company enter the markets and thus to achieve marketing success. E-Walker to meet emerging needs of new generation Today’s market is dominated by large numbers of electronics and computerized or digitized products. Electronic shoes and slippers seem to be a very new idea to such a marketing concept. The electronic shoes and slippers from the E-Walker, a private limited company located in California, will be extremely amazing experience to the new generation sports men and the general public. Today’s business is technology-driven. E-Walker is planning to campaign its brand name as ‘E-Walker’ for its products. Company is planning to invest a good amounts in research and develop in order to find how effectively and strategically it can integrate micro-computer and software to shoes and slippers, so that, the new generation sports men and general public would be able to enjoy their walks. It’s truly going to be computerized shoes or slippers in everyone’s foots. The microcomputer chips attached to these shoes or slippers can automatically measure one’s walk-distances, count his footsteps, measure his blood-pressure in foots, compute the speed of a sportsman etc. E-Walker will attract indoor players like badminton and tennis because it can electronically track one’s footsteps and outdoor players like cricket and football due to that it can help players boost up their sports-ability through digitized system it has been attached with. E-Walker would offer its products to both sports and footwear suppliers. Sports shoes and other shoes and slippers will be designed and developed differently, and therefore, it will be more economic for the company to use different supply chains to market them. Sports shoes will be supplied to sports suppliers. Other shoes and slippers will be supplied to general footwear suppliers. STP strategy to enter the markets and barrier to it Segmentation strategy of E-Walker As Bygrave and Zacharakis (2010, p. 170) noted, segmentation is a company’s basic marketing dimension for setting strategic framework and is the key to marketing process of identifying the right customers of the company as well. For effective marketing, it should segment its market by breaking down the total market in to sub-groups like geographical, demographic, psychographic and behavioural etc (Lancaster and Reynolds, 2001, p. 68). As far as E-Walker is concerned, the company has to conduct researches about various needs and wants of the customers. The company thus needs to understand how technology can meet the individual requirements of people as well as sportsmen. The company would propose to segment the market in to four, they are e-shoes for sportsmen, e-shoes for general public, e-slippers for sports men and e-slippers for general public. Targeting Strategy Marketers normally target a group of people or organizations by designing and implementing a marketing mix so that the company will be able to meet the specific needs of that group (Lamb, Hair and McDaniel, 2008, p. 220). As and when a specific market or group of people in that market are targeted, marketing mix elements like product, price, promotion and place can be developed according to the specific requirements, behavior and expectations of ...Show more
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TARGET MARKET STRATEGY Your name …………………. College/ …………. Introduction ‘Strategy’ is perhaps the most important term in the academic disciplinary of marketing, management, leadership and economics…
Target Market Strategy
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