Question

Q1. How Target Corporation, will evaluate market segments and choose the best ones to serve? How will it create value propositions to meet the requirements of target customers?

Q2.  How Target Corporation, will manage all of their products and services? What are the steps in the best development process for new products?

Answer 1

Answer for Q1)

Part-1)

Target Corporation will evaluate market segments and choose the best one in the following ways:

1)Target Corporation first evaluate whether the market segments are large enough to give sufficient profit for given operating costs.

2)The sector growth is another key point to be analysed.

3)Whether the competition intensity in current sector is beyond the limits or reasonable.

4)Is there any restrictions to enter into such markets segments or the accessibility may be obtain to reach it.

5)Whether the Corporation have sufficient resources to compete.

6)Will it fits with the company's mission and vision.

Part -2)

It will create value proposition to meet the requirements of target customer in following way:

1)The Corporation will investigate about the needs of target customer.

2)It then analyse what it must do to satisfy their need.

3)If it can satisfy such need,then it must design the product to satisfy their need and launch such product into targeted market.

4)Now review about the product whether there is any rectification needed.

5) Redesign a new product if needed

Answer for Q2)

Part-1)

a)Product Management is one the Major functions of the organisation.It can manage their product or services in following way:

1)Review your currents products with needs of consumer.

2)Then see whether product can be continued or needed modification or new product will be demanded.

3)Now compare our products(after modication or redesigning if any needed) with the products of the competitors.

4)Rectify if any needed.

5)Promote the products as it will make consumer aware of your product.

6)Maintain good relationship with customer by providing best value to their money and best after sale services to win his loyalty.

This must be repeated regularly for the growth of the corporation and it can't be neglected even after growth of the corporation.

Part-2)

Steps for best development process for new products:

1) Identify that what product must be sold at which place at what cost.

2)Conduct the research on the market to mould the product based on need of the potential customer.

3)Now, Develope the new product and test it whether if fulfills the market needs and of desired quality or not.

4)Communicate the products to promote the features of the product to make customer aware of product.

5)Maintain good relationship with the customers to know their needs or value additions if any needed not only for profitability but also for Survival.