Today, I learn how to combine the 3 levels with the Kotler's five product which lead me to be able to identify the segment of the market; as well as, what will be the best target group of my products. The groups should:
1. be able to afford the price of the products.
2. have some sizes so that my company will earn lots of income.
3. be profitability.
4. be somewhere that my product will give growth rate to my product, geography.
5. consistency behavior for buying of my product.
Since this can make high a profit to company, I can come up with one company that almost take everything into their account. It is an "Apple" company. Their products can be purchase by a well income target, they up date their products annually, and they have an apple store in a big town that have high population. Apple is starting to insert the "needs" or "lifestyles" of their product into kids, high school, college, and everywhere that technology can go through. Therefore, the customers will likely start to use apple's products since kids till grown up and keep forward.
For my Timberland boots, I did imply the marketing segmentation techniques which give me a result that
1. college students, 21-29, have money, like to do exercise, like nature, healthy, exploring
2. working men, 25-35, have some income, want to relax from work, do exercise, like explore nature,
3. family with on children, 25-35, income, both like nature, exercise, like exciting experience,
4. family with children, 25-35, income, both like nature, exercise, short hiking trail( kids ),
5. working men, older than 35, income, want to maintain health,
These are the segment groups that I can come up for now, but the best target groups will be only two or three from the overall segment. Which I suggest that, it will be a group 1 and 3. Because, the college students, men and women, who like to do exercise and nature tends to go out for outdoor activity compare to the student who work out in the gym. As well as, the cost of the boots is affordable for the college students, the range of cost is 100-400. And the family with no children or a couple, they tend to exercise together. Therefore, if they all like nature, outdoor sport, and have some income. They would go for running or hiking rather than working out in the gym as well.
The segment groups, I think that it will need more features that divide or classify them from population. Therefore, I will make an appointment with Paul to see how well I did for my product next week after class.
1. college students, 21-29, have money, like to do exercise, like nature, healthy, exploring
2. working men, 25-35, have some income, want to relax from work, do exercise, like explore nature,
3. family with on children, 25-35, income, both like nature, exercise, like exciting experience,
4. family with children, 25-35, income, both like nature, exercise, short hiking trail( kids ),
5. working men, older than 35, income, want to maintain health,
These are the segment groups that I can come up for now, but the best target groups will be only two or three from the overall segment. Which I suggest that, it will be a group 1 and 3. Because, the college students, men and women, who like to do exercise and nature tends to go out for outdoor activity compare to the student who work out in the gym. As well as, the cost of the boots is affordable for the college students, the range of cost is 100-400. And the family with no children or a couple, they tend to exercise together. Therefore, if they all like nature, outdoor sport, and have some income. They would go for running or hiking rather than working out in the gym as well.
The segment groups, I think that it will need more features that divide or classify them from population. Therefore, I will make an appointment with Paul to see how well I did for my product next week after class.
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