The target is however with the smaller boat owners, who form close to 35% of the entire market strength. A consumer behavior analysis undertaken shows that the consumer base are in high demand for high quality technology based system that can actually track pirates even before they get on board boats. This sets the basis for the marketing mix, whereby high quality products that are not too expensive are supposed to be produced for the market. The introduction of PirateEye to small boats would also serve as a very fertile breeding ground for owners of marine transport to test and comprehend the quality and value of the system. With this opportunity, it would be easier to switch to competitive marketing for larger boats and ships in the medium to long term basis. Still on the application of the STP, it will be emphasized that the business to business segmentation criteria, commonly referred to as B2B shall be used. This is because this segmentation criterion gives the marketer the opportunity to assessing most aspects and areas of market including demographics, psychographic, behavioral, and environmental. This means that the B2B is a multi-dimensional approach that would help in meeting all the marketing goals set out by the company. Introduction Market penetration in the marine transport industry has never been an easy venture for new competitors. This is because of the existing competitors have already established solid brand equity and are thus very found with the consumer base. Commonly these competitors engage in the trade of boat and ship accessories, which generally helps in making the activities of boat owners easier. Not much attention has however gone to the area of transport security in terms of the activities of pirates. It is not surprising therefore that there is currently only one key competitor in the manufacture and installation of surveillance security systems for boat owners (Knill, and Tosun, 2008). This brief background gives credence to why the aim of introducing PirateEye as a market security product option for boat owners is a viable venture. The present report looks at why and how attention was given to the smaller boat market as against other segments of the market. One interesting dynamic of the target market is that there is enough research that suggests that frontrunners in the theatre industry, which form the majority of the target market, have an urgent quest and need for an immediate and coordinated technology that will address the problem of piracy in their industry. In other words, there is a ready market (Katel, 2011). Evaluation of the Targeted Market Ideally, the targeted market for the PirateEye product is the many industry players in the marine transport business. This is made up of all stakeholders who are concerned in one way or the other with the transportation of people and raw material from one place to the other. Most ideally however, owners of smaller boats shall form the core customer base of the product. A brief demographic analysis on these groups of persons suggests a very interesting trend that favors the fortunes of the company in a great deal. For example it is on record that there are over 140,000 commercial boat owners all across the globe (Billitteri, 2007). These are collectively used by more than 10,000,000 travelers on an annual basis. Reports of incidence of piracy among the general number of trips made by
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MARKETING SIMULATION REPORT Executive Summary The report is the qualitative presentation of the marketing simulation that was undertaken for PirateEye, which is a security surveillance device for marine transportation. A six year marketing plan was developed to be used in entering into the marine transportation industry as a new entrant…
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