Question

Select any product that you are familiar with such as computers, jeans or personal MP3 players. Once the item is selected, then you must undertake research into the specific items : target market and market segmentation. Your answer must contain information as to: How large is the target market, what is the future growth potential of this target market, how do/does the marketer reach this target market and so on? Also, mention in your answer that how will you re-position this product to another market segment.
For example, if you select MP3 players as a product of your choice, and confirm that the target market for this is Millennials, then you should be able to define how the manufacturers of MP3 players will attempt to re-position the product to attract the baby boomer generation to increase their purchases of MP3 players.

Adhere to the following structure while answering

Research on target market

- Potential market and available market

Market Segmentation

- Segmentation based on any 3 criteria

- 2nd Section

Market repositioning

- How was it positioned before? (1 mark)

- Which customer have they chosen to reposition? (1 mark)

- How will it be repositioned?

Pls Note : Select electronic gadget only!

The above question is from 'Marketing Management' discipline. So, please have the answer accordingly.

This is the appropriate question. No more additional inputs needed

ASAP..

Answer 1

The selected product is a passenger car. This product is selected because now it has become a product with high demand from all levels of people. Earlier it was owned by upper-middle-class people only. The target market for these products is youth (people in the age group 18 to 40), people in the age group (40-55), and people in the age group above 55 years. The selection of the target market depends upon age, income, living standards, price, etc. The available target group is business class and class 1 officers and executives having a high income. The potential markets include the middle class and lower-middle-class people. The potential market is bigger compared to the target market, therefore, by framing marketing strategies and making variant products to cater to the needs of the potential market the sales can be increased. The future of the target market also seems promising. Since the product life of passenger cars is becoming short, companies can continuously develop variant designs of the existing models to attract the target group. Also, they can come up with new designs. Shifting from petrol cars to diesel cars, battery cars, hybrid cars which works on petrol and gas etc. to name a few.

There are many modes of segmentation for passenger cars. this focuses mainly on the customers and their specific requirements. The three criteria selected for market segmentation in the case of passenger cars are 1. environmental friendly approach 2. Qality and safety features and 3. family requirement ( a second car need, off road drive etc.).

The product was positioned before focusing upper middle-class and business class. Now they have chosen middle class and lower middle class customers to reposition. They will be repositioned by implementing optimization in the car designs to come out with low budget cars which have fuel economy and other cost benefits. Thus, companies can reposition its targeted customers from business classes and tyre 1 officers to common man. Another customer segments to reposition is ladies and senior citizens. Automatic cars without gears will be their choice.These repositiong can be accomplished by promoting automatic car usage by ladies and senior citizens, battery car usage by environmental friendly customers.