New Product to the Market (Timed Drink Dispenser)

New Product to the Market (Timed Drink Dispenser) Essay example
College
Essay
Marketing
Pages 4 (1004 words)
Download 0
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…

Introduction

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. ...
Download paper
Not exactly what you need?

Related papers

Pricing - New Product Development
Analysis of design and technical features of the product are essential part of product development and would be required in price evaluation period. The challenge is to engage with the competitors and meet the market in effective and deliberate way. In the longer run, the aim is to build a relationship with British Petroleum in order to meet the primary objective of market capturing. This will…
Marketing a New Product
These services rendered by the company are generally related to the mobility parameters and thus encourages the consumers to purchase the automobiles for a safer and hassle free journey. Though the company encompasses a large number of automobile brands yet the company endeavours to render an individual identity to each of the different brands falling under the banner. The individual brands and…
Export marketing (US market) opportunity for UK based energy drink.
This has resulted in the evolution of a new pattern of consumer behaviour from consumers of various new and emerging economies. It needs to be mentioned that in order to meet the growing amount of diverse needs of the customers, the setting up of global trade processes is very essential. It is of utmost importance that global trade is highly necessary as it helps in satisfying the needs of the…
Launching a new product
The company currently operates in Singapore, but it is planning to extend its operations in the UK. The UK offers a vital market for the company bracelet due to the high rate of economic growth and high consumer disposable incomes of the population. More than 40 million people in the UK would be willing to buy the product and contribute towards charitable work due to the caring attitudes of the…
New Product on the Market
To come up with a new product, a company may consider optimizing the things their customers need and the various other resources they have, which can facilitate production without making losses. To succeed in the different areas of the business, the companies a company need to carry out a proper market research that will lead them to understand the customers to whom they intend to supply the new…
Launching new financial product in emerging market:
Buoyed by strong economic performance and political unity, the emerging markets like Thailand, India, China, and South have become the hot spot for foreign investment (Allan and Michael, 2010). The banking systems of these countries follow the Basel II accord and this has brought standardization and improved risk minimization and risk diversification. Banks and financial institutions from the…
To develop a "marketing Plan" for expanding a product or service into a new market (Wal-Mart)
The people belongs to different countries have different cultural values therefore it is very difficult to analyze various cultures in a single region. Still UAE has got its own cultural values but it is limited to the 20% of the total population. The marketers need to update their strategies by analyzing the changing trends in the consumer behavior. It is difficult to analyze the culture of…