The companies and the various brands across the globe are continuously reinvigorating their businesses and positioning themselves in order to achieve growth and profitability. The companies need to continuously innovate, reinvigorate and update themselves and their products in…
It is the marquee of Daimler Chrysler. The model resembles in size and shape to the 1997 Chrysler CCV prototype (Chrysler PT Cruiser, 2011).
The marketing plan is all about repositioning and revitalising the PT Cruiser that has been struggling since many years and underwent a decline stage. PT Cruiser has been one of the successful retro-styled vehicles. More than 1.3 million PT Cruiser cars were manufactured since the year 2000. However, despite its stylish look and many advanced features, the sales of the car have been plummeting in the recent years. It has been analysed that the reason behind the sales slide and the failure of the PT Cruiser have been that the Chrysler didn’t invest the required sum in this model. It has even been argued that the reason behind its failure has been that the car was never improved by the company over its life span. The target segment was primarily the middle aged people who bought these cars.
It has been evident that PT Chrysler has been targeting the middle aged group, i.e. 50 years and above. The term market segmentation can be defined as the process whereby the customers and/or the potential customers are split in a market into different groups or sections (McDonald & Dunbar, 2007).
There are always two basic strategic choices for any company. Either the company can segment the market or it can treat its entire market as its potential customers for the goods and services that it renders. By the word ‘segmentation’ the development of the unique marketing strategies in order to meet the market needs of the market place, is perceived (Weinstein, 2004).
In addition to the middle aged people the target segment should be youngsters as well. By driving its attention towards this particular segment, the company can gain a significant number of customers in comparison to the middle aged people.
In terms of benefit segmentation, the company needs to focus upon investing in the style of the product as it has not gone ...
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