Answer & Explanation:A customer-centered marketing strategy is the key to any successful marketing plan. For this project piece, you will complete the processes of segmenting, targeting, and positioning so that you will have a solid understanding of who your target customer is and how you should position your product.In a 4-5 page paper (not including title and reference pages), include the following:Identify and describe at least three customer segments (buyer groups) within the market in which your product resides.Select the consumer segment that you will target as you market your product and explain why you chose this segment. Describe the chosen target market, being sure to include demographic, psychographic, behavioral, and geographic details about your target market.Discuss cultural elements that will need to be considered for your product based on the demographics that you’ve selected.Discuss the competitive landscape of your product:Who are your key competitors and how do you plan to position your product to stand out from the competition?What key benefits will you focus on as the foundation of your product positioning strategy?Make sure to include an APA formatted title page and reference page. Use NoodleBib to document your sources and to complete your reference page and in-text citations.Proofread your final assignment for correct spelling, grammar, and punctuation. For more information about APA, please visit the Online Library, which is available through the Resources tab. For information and a link to access NoodleBib, see the School of Business library guide.
launchinganewproduct.docx
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Running Head: Marketing
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Launching a new product into the market can prove challenges for many companies.
Some of the goals of a product launch include; expanding the consumer base, growing market
share and establishing awareness of the product and the company. Thus, as a product manager, a
clear and well-detailed plan on the launch would be the key pillar for the product success. I am
planning to launch an existing product that is new to my company. The product is a Facial skin
care product which is a beauty product. I have selected Facial skin care product because Beauty
products are highly valued and have a growing market share globally. Recent studies have shown
that women who expended a larger percentage of their income on cosmetics affirmed that they
felt more gratified, prosperous, secure and influential (Silverstein, & Sayre, 2009, p.46-47).
The majority of them also confirmed that they experienced reduced levels of stress even
where they worked longer hours. Furthermore, this product would also meet women’s yearning
to look younger and attractive. With my company having more women at the executive and top
leadership level, this would serve as a huge cornerstone towards acquiring market share since
having women at the top would assist make fundamental decisions and offer input regarding
what doesn’t and what echoes with consumers (Silverstein, & Sayre, 2009, p.48). Also, the
market share for facial skin-care products around the world has expanded to approximately $20
billion categories. Hence, with the growing consumer spending in cosmetics in the United States
and around the world, launching a cosmetic product would most likely be successful (Silverstein,
& Sayre, 2009, p.49).
My target audience for the Facial skin care product would be female millennials of ages
between 18 and 34. This target audience is more interested in cosmetics that enables them to
look younger and increasingly attractive (Holbrook, 2000, p.178-179). Furthermore, this goal
Running Head: Marketing
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audience is more interested in latest fashions. Some studies have shown that these groups are
ready and willing to spend any amount of a product that would enhance their looks and
appearance (Holbrook, 2000, p.182-183). Internationally, this audience control approximately
$20 trillion in yearly consumer expenditure, and that number could rise to about $28 trillion in
the next four to five years. Moreover, they are $13 trillion in aggregate annual incomes might
touch $18 trillion in the five years (Silverstein, & Sayre, 2009, p.48-49). In total, women
epitomize a growth market larger than a combination of India and China, almost more than two
times as large. In regards to these figures, it would be imprudent for any business to overlook or
undervalue the female consumer (Silverstein, & Sayre, 2009, p.51-53).
Furthermore, this target audience is progressively acquiring power within the work
world. Currently, in the United States, the percentage of working females is almost overtaking
the percentage of working males. Also, three-quarters of the individuals who have lost
employment in the present recession are males. Therefore, as the decline economic subsidies,
women will soon represent one of the biggest market opportunities as well as a formidable drive
in stimulating a recovery and creating new success. Thus, the greatest and most attractive target
audience for the Facial skin care product would be millennials of ages 18 to 34 (Silverstein, &
Sayre, 2009, p.51-53).
The Facial skin care product would deliver significant value to the target market through
various ways. For instance, the product will not only moisturize the skin; but it also has formulas
that comprise several benefits such as capillary strengthening which is structured to avert or
disguise aging as well as skin plumping and sun protection. Also, the product would enable this
target audience to feel more contented, powerful, confident and prosperous as well as experience
reduced levels of stress during long working hours (Holbrook, 2000, p.189-192).
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References
Holbrook, M. B. (2000). The millennial consumer in the texts of our times: Experience and
entertainment. Journal of Macromarketing, 20(2), 178-192.
Silverstein, M. J., & Sayre, K. (2009). The female economy. Harvard Business Review, 87(9),
46-53.
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