Question

Write

1. Select one of the following products, goods, or services as the basis for your written assignment:

• An energy drink that uses all natural ingredients to boost energy levels and metabolism. This drink eliminates all of the harmful side effects that competitors’ products have.
• An “intelligent” home system that monitors the residents’ movements through the house and sends information to family members, caregivers, and medical providers. For example, handrails on the stairs contain heart rate monitors.
• A wireless virtual-reality headset that allows the user to experience 3D virtual reality programs including travel and games.
• A “smart bed” that monitors each partner individually and makes adjustments on its own to keep people sleeping soundly. As sleeping positions change throughout the night, the bed self-adjusts to optimize the sleep surface and comfort level.
• A chain of luxury hotels that offer luxury on-site pet accommodations for their guests’ dogs and cats. Pets can receive massages, pedicures, chef-prepared gourmet meals, and outings to local parks, beaches, and lakes.

2. For the product or service you chose, prepare a Target Market Report that includes the following information:

• Identify the customer need(s) that the product/service addresses. This should include who the product/service is designed for, the unique features of the product/service, and who would you want your customers to be.
• Separate the large market you identified into smaller segments. After creating these smaller subgroups, determine which ones you believe would be the most profitable or productive to target.
• Create a profile of your target segments as described in your text.
• Now that you have identified a market segment to target, is it large enough to sustain the product/service in both the long and short term? You may want to look at demographic information from your state or federal databases, such as www.census.gov.

Answer 1

Let us take the case of a hypothetical energy drink called IDrink.

There are a certain side effects that almost every energy drink has. They are listed below.

1. Insomnia

2. Restlessness

3. Dizziness

4. Headaches

Basically, for any every drink the target audience is sportsmen, bodybuilders or young age group.

IDrink is the first such energy drink that contains minimum amount of caffeine and thus have no side effects as the normal energy drinks possess.

While most of the energy drinks contain caffeine. IDrink is purely made up of B Vitamins to provide necessary energy and strength.

Target Group -> Young people who are engaged in high energy physical activities

This can be divided into several segments -

1. Sportsmen

2. Bodybuilders

3. Regular Gymers.

The segment IDrink should focus on is "Sportsmen" as they are very much aware about all the good effects and side effects of energy drinks.

Thus making it the best substitute for any other energy drink.

Also this group may not be that big enough tk sustain your product. But the key part is that they are your regular customers and need energy drinks in much more quantity than a normal person.

Thus the product will definitely grow in long term because of its natural ingredients and non caffeine content.