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
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…
The method is designed to detain the vehicles’ movements so as to keep the rental car business and the driver safe in the event of an accident. These external cameras help to record any movement that occurs near and around the cars. It is also considered to keep the driver safe for insurance reasons so that insurance premiums will get reduced.
Market segmentation-----------------------------------------------------------------4 4. The target market and the target group------------------------------------------5 4.1 Target group ---------------------------------------------------------------6 4.2 Analyzing the target group-----------------------------------------------7 4.3 Identifying the target group----------------------------------------------7 5.
In this report, the marketing plan of Creations for You has been presented. The situation analysis suggests that marketing for wedding services is becoming lucrative because people want to organize memorable functions without having much focus on costs. Rather than visiting the different service providers for wedding arrangements, people prefer hiring a planner which may organize everything for them.
My company is already practicing the social media marketing and some activities have been partly successful. However, the fans and followers are not active according to the company’s expectations. Social Media Plan Overview The organization’s goals for social media entail developing and increasing people’s interests in the products and gaining market shares by providing services to clients through the social media.
The major aim that characterized the six-year marketing plan is to ensure that at the entry point, the company takes charge of 30% of the existing market and grow this percentage up to a level of 37%. This would involve the sale of 1500 pieces of PirateEye products in a year by the sixth year. The target market is identified to be boat owners.
As a function of this level of research, it is possible for the firm or entity to gain key insights into the best ways in which a given product or product line is able to be integrated and prove to provide an overall increase in profitability. As a function of such an understanding for the need of research and understanding with regards to the markets and the consumer tastes, the following brief summary will detail the market as it exists for Red Bull energy drinks (Solomon 25).
Goals CEO's Goals: Determine the optimal number of employees and payroll for executives Devote at least 30% of the budget to marketing activities Marketing Goals: Achieve $35,000 in sales four months after opening by offering up to15 services per day Have a customer return rate of up to 85% by the end of the first year Expand the number of services offered to 45 by the end of the first year Provide services that are customized as per the client’s requirements Strategic Goals: Establish as a high-end, profitable beach business for top quality, customized spa facilities in Virginia Tactical Goals: Establish exclusive contract with travel agents to attract tourists Provide exclusive membershi
The study will offer a marketing plan for a newly developed Wine Bar in Sweden. Wine bar business is one of the profitable businesses around the world. A potential crowded place is required in order to establish a wine bar business. Finch wine bar is trying to enter in the potential and competitive Swedish wine market.
This has caused it to have an enhanced image within the market. On the other hand the construction business in the UAE has attracted many businesses and investors. GTM Bids is therefore threatened by competition which is likely to emanate from new
The author states that the recent economic downturn has made the current consumer base to change the grocery-shopping trend. The current customer base includes young singles; younger childless couples and mile aged childless couples. On equal measure, the current target audience includes the married women with children and busy mothers.
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