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Essay sample - New Product to the Market (Timed Drink Dispenser)
Pages 4 (1004 words)
The introduction of a new product to the market involves the creation of the product, bringing it to customers and ensuring its growth and prosperity. In this case, the new product is a drink dispenser that can be used for beverages and water. It is made of glass and can handle up to five liters of the drink…
It is also cheap and hence affordable to most people all over the nation. Market segmentation involves marketing strategies that are used for classifying a broad market into subsets of consumers with similar needs for the product (Kotler 68). The specific characteristics of the product are divided into different categories of age, location and family size. The marketing strategies are designed to target specific customers. Segmenting helps in measurability, which is determining whether a particular segment is fit enough to be pursued. Accessibility is also a criteria in segmenting which entails reaching a given target group, where a region where people pay less attention is inaccessible. Demographic segmentation is also used to classify the market by dividing it into the variables of age, location and even family size. Demographic segmentation is great for segmenting customers into different groups, where customers are linked to the variables and segmented accordingly. Segmenting of the market involves dividing it into groups of consumers with similar wants. Consumer based market segmentation is performed on a specific product basis so as to create a close relationship between the consumers and the product. This demographic segmentation helps in identifying groups of similar consumers and the potential ones. ...
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