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Running Head: Target-Market Strategy 1Target-Market StrategyShane AllisonGrand Canyon University: AMP42511/11/2018
Target-Market Strategy 2The development of a new product is a process that is easy to devise, but difficult to construct. Creating a new product requires careful planning as 50 percent of new products fail within the first year of distribution (Stock & Zacharias, 2011). The failure of introducing a new product stems from determining whether it is needed in the market. Ultimately, products fail to reach production or become obsolete within the first year of dispersal because manufacturers misunderstand consumer needs (Stock & Zacharias, 2011). This paper will reveal the idea of a new product that will serve two business markets, explain the process for entering each market, recognize potential barriers that may ensue, while establishing the necessity for the product beingintroduced and why it will succeed in today’s market. Market IdentificationAccording to USGS (2016) the world contains 71% of water, from that, 96.5% is ocean water, and only 2.5% is clean fresh water. People rely on the necessity of water to survive because the human body is primarily comprised of water (Popkin, D'Anci, & Rosenberg, 2010).Each day water is consumed in several ways, from bottled water, filtered water, tap water, or even boiled water. People primarily choose their method of consuming water based on cleanliness, price, taste, and convenience. However, what about people who can’t choose a preferred water source, let alone, have access to fresh water? According to The Centers for Disease Control and Prevention (CDC, 2016), 780 million people worldwide do not have access to a fresh water source. Most of the population living with water scarcity are countries such as Yemen, Libya, and most of Southern Africa. These countries rank the highest among water shortage or contaminated water, and yet each one borders the ocean. The ocean contains the mostwater in the world, however given its high amount of salinity it cannot be used for drinking. If
Target-Market Strategy 3

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