It can be stated that the target customers for compact cassettes could be the students as well as the young people who possesses the fascination in listening music. According to the Census Data of the United States, it has been apparently observed that the nation has the highest amount of listeners. On the basis of this significant data, it can be affirmed from a broader perspective that the repositioning of the product especially targeting the listeners like the youths as well as the students along with others fond of listening music would be beneficial. Relating to the aspect of repositioning, certain key dimensions are needed to be implemented that includes understanding company’s’ effort for doing well, discovering the needs of the customers and exploiting organizational strengths for meeting the demands of the customers. Another key dimension can be identified as culture building for focusing on customers as well as market intelligence (Trout, & Rivkin, 2009). From the above observation it can be stated that in order to enter into new market segment, it is required to identify the strengths and weaknesses of the organizations. It can be observed that compact cassettes requires mass reproducing aspects, phonography records as well as prerecording for attracting customers in the global markets. According to the census data belonging to the US, it can be stated that the target market for the product concerning compact cassettes would be the rural areas of the nations wherein the students and the youths among others resides substantially. It has been apparently observed that the population in the rural areas of the US has been estimated to be nearly about 18% and with targeting this particular market, it would be possible to elevate technological advancements particularly in those areas. In accordance with the reports that published by the US Census Data, it can be observed that the value of shipments and annual payrolls is much higher in the US business markets as compared to others in the global context. The products like compact cassettes entering into the target market i.e. the US would have ample scope of generating greater revenues by delivering quality products to the customers (United States Census Bureau, 2011). 2. Type of Research Required for Repositioning Compact Cassettes The marketing research for products of compact cassettes can be identified as current marketing and promotion plan along with distribution of compensation, current customers profile and competitive products review (McGrath Marketing, n.d). In this similar concern, it can be stated that the types of research required for repositioning the product of compact cassettes in the new target market of the US can be identified as conduction of interview with practitioners, assessing the competition in the target market and developing a detailed understanding of the attributes of products. Furthermore, the other sort of research encompassing conduction of primary along with secondary data is also required for establishing a product such as compact cassettes in the target market of the US. It is quite significant that the identification of competitors within the market segment is quite indispensable for repositioning a product in target market. It can also be stated that the conduction of qualitative research is also required
Repositioning Target Market Demographics Using U.S. Census Data
Repositioning is the process of involving and executing certain major changes in a particular product for the purpose of competing with other similar products…
Indeed, I would market high priced premium quality branded products (for gifts and personal use) as well as budget watches. Indeed, I have chosen Los Angeles because it is the the most populous city in California with a population of around 4.1 million (Beacon Economics, 2010); therefore, this huge market has immense business potential.
This market is one that is using healthcare more often and they are also in need of other services. Many are living longer and much healthier lives than in the past. Both men and women are active and they are living a better lifestyle that includes exercise, good nutrition and taking better care of their health needs.
On the other hand, repositioning is the process of changing an existing brand’s identity relative to a competing product’s identity (Trout & Rivkin 2). It entails conducting researches to know what weaknesses the starting position had, the proper direction to take, and planning and embarking on improving the position (Kotler & Keller 27).
3 Key Sources of Demographics Data. Introduction Demographic data are irrefutable numbers of a group statistically figured to reflect a particular finding. As it were, demographics have a wide area of applications in everyday life. Its uses range from identifying scientific subsets within a particular populace, which depict a reflection of the total number of population or any other empirical finding at a given period of time.
This is because housing consumes a large part of the income of a typical household.
Both prices and quantity of houses available in the market are determined by the construction sector and households. The availability of houses in the market is largely dependent on one main variable, that is, the demographic factors governing the place.
Consumer behavior and preferences have a high impact on how companies indulge in their marketing, promotional and sales efforts. Consumer’s opinions of good and bad and especially the way they define and appreciate beauty can mean the
bjective data is based on information provided by the customers such as how they feel about a particular product (Jain & International Development Research Centre, 1999). This may help to determine the appropriate marketing strategies that can be applied in order to reduce risk