Question 1:
Market Segmentation is the process of grouping a market of potential buyers into distinctive groups of buyers that have mutual needs and respond equally to a marketing action. This help the companies like B & G Shoprite to target different groups of consumers perceiving the benefits of their products, A Close Shave.
At the end of marketing segmentation, the Company (B & G Shoprite) will be able to establish their target market. B & G Shoprite should concentrate market efforts toward one or a few key market segments consisting with needs mostly close related to the new product A Close Shave.
After B & G Shoprite have segment and target the market, they should consider the best way to position the product. Product positioning will …show more content…
The market resources can be wisely used to maximize their penetration to the target market. The use of prime-time television, which seems to be expensive, might have been used to cover other media which are relatively cheap. Also B & G Shoprite has to engage another consultant to conduct market research, which was already done when developing A Close Shave product, these resources might have used elsewhere to benefit more B & G Shoprite.
A Close Shave has been priced at double the price of the existing shaving foams in the market resulting to only 30% target sales. With the use of market segmentation, B & G Shoprite will be able to develop the effect price of the product in line with the targeted market segments. Each market segments has its own perception to the price, hence it's essential to differentiate price strategies for each targeted …show more content…
Their potential market has been characterized by loyal customers, “I like my dry shave and nothing will shift me from that”. B & G Shoprite should consider these consumers in position and segmenting their new product, as whey the choice the product they stick with them for some time. These ensure stability of market segment for the product so as its behaviour changes can be predicted in the future with sufficient confidence.
Another element to be considered by B & G Shoprite for effective segmenting the market is accessibility of the market segment itself. The targeted market segment has to be accessible and easily serviced by B & G Shoprite, if they consider the South East of England to be their market segment they should be able to service it. This means B & G Shoprite must be able to service the decided consumer and access them by the use of various target market advertising media, for example the use of television slots in all categories not only prime ones.
Question
Market Segmentation is the process of grouping a market of potential buyers into distinctive groups of buyers that have mutual needs and respond equally to a marketing action. This help the companies like B & G Shoprite to target different groups of consumers perceiving the benefits of their products, A Close Shave.
At the end of marketing segmentation, the Company (B & G Shoprite) will be able to establish their target market. B & G Shoprite should concentrate market efforts toward one or a few key market segments consisting with needs mostly close related to the new product A Close Shave.
After B & G Shoprite have segment and target the market, they should consider the best way to position the product. Product positioning will …show more content…
The market resources can be wisely used to maximize their penetration to the target market. The use of prime-time television, which seems to be expensive, might have been used to cover other media which are relatively cheap. Also B & G Shoprite has to engage another consultant to conduct market research, which was already done when developing A Close Shave product, these resources might have used elsewhere to benefit more B & G Shoprite.
A Close Shave has been priced at double the price of the existing shaving foams in the market resulting to only 30% target sales. With the use of market segmentation, B & G Shoprite will be able to develop the effect price of the product in line with the targeted market segments. Each market segments has its own perception to the price, hence it's essential to differentiate price strategies for each targeted …show more content…
Their potential market has been characterized by loyal customers, “I like my dry shave and nothing will shift me from that”. B & G Shoprite should consider these consumers in position and segmenting their new product, as whey the choice the product they stick with them for some time. These ensure stability of market segment for the product so as its behaviour changes can be predicted in the future with sufficient confidence.
Another element to be considered by B & G Shoprite for effective segmenting the market is accessibility of the market segment itself. The targeted market segment has to be accessible and easily serviced by B & G Shoprite, if they consider the South East of England to be their market segment they should be able to service it. This means B & G Shoprite must be able to service the decided consumer and access them by the use of various target market advertising media, for example the use of television slots in all categories not only prime ones.
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