Question

As the visionary responsible for your business' creation, you'll typically regard your target consumer plan as flawless. After all, had you thought them flawed, you would have already corrected them. Then, when target consumer shifts (like if soda drinkers stopped drinking soda) , you see this outcome as a reflection of the business as a whole. Relook your marketed product and choose a new segment to target, objectively perform a root-cause analysis, and correct only what needs correcting.

Answer 1

As my target consumer stops drinking soft drink i will do a deep study and will look for the reason, Age group, prices, , and their location and then look for new segment of consumers to target in order to increase the sales of my product.

1 Age Group: First I will look for why my target consumers has stopped drinking the soda and possible reasons could be my target consumers are the middle aged people who are more health conscious and that's why they stopped drinking soda.

2 Prices : I will look for the prices as well, whether my prices were high and whether due to that my consumer stopped drinking soda.

3 Location: Whether supply of my soda is in stores which are mostly visited by the middled aged group people between 30-45 and whether this is the possible reason why they have stopped drinking soda, it means my soda's reach is not to the other areas, i.e. college canteens/areas frequently visited by young and college going people.

Based on above root cause analysis of demography/age group, prices and geography/location, i have analysed that i should target young college going people who has craze for soda drink and are the best market to penetrate with change in location for availability of my soda.

So i will choose the young college going students and target the college canteens and places which are frequently visited by them, i.e. bus stops, metro trains, parks, disco, etc. and this mixed strategy of age and location will increase sale of my soda to the new segment, that is young college students.