Marketing My New Product : Market Segmentation Essays

830 Words Oct 24th, 2015 4 Pages
Marketing my new product I need to first make sure I understand the target market I want to market my lawn mower towards. I want to focus on buyers who have a greater interest in my product and ones that I can achieve value from. There are four steps in a customer driven marketing strategy and that is segmenting, targeting, differentiating, and positioning. The first step I need to do is find out who I will serve. That is by market segmentation and diving my desired market into smaller segments to fit my customer’s needs. Market segmentation is divided up into four categories; geographic, demographic, psychographic, and behavioral. In geographic terms I need my customers to be in countries that are developed. They would be in urban neighborhoods with a dense population. They would have a family and live in a development city area. In demographic they would be divided into age, gender, occupation, income, and generation. Some customer characteristics they would have would be affluent consumers with high or middle class income. My mower is self-propelled and so it would be expensive to lower class consumers. The generation most suited to them would be millennials or generation Xers. The next segment would by psychographic. It would be based on social class and personality. I would have to choose customers that reflect a lifestyle of comfort and luxury. They don’t want to mowe their own lawn or they don’t have time to after a hard day at work. The last segment would be…

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