MKT 421 Week 3 Team Assignment - Marketing Plan Phase II

MKT 421 Week 3 Team Assignment - Marketing Plan Phase II -...

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Marketing Plan: Phase II 1 Running head: MARKETING PLAN: PHASE II Marketing Plan: Phase II University of Phoenix MKT/421 - Marketing
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Marketing Plan: Phase II 2 Abstract Pet Palace has a product about to be introduced into the market. The product is called, Allergy Be-Gone. This product has the potential to improve the health of individuals who have allergies to pets. Allergy Be-Gone can also make it possible for individuals who never thought they could own pets due to allergy concerns, have new options. Even though the product is a first of its kind in this industry, and has already proven to be a popular product in the testing stages, strategic marketing will be the key to the overall success of Allergy Be-Gone.
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Marketing Plan: Phase II 3 Marketing Plan: Phase II This paper will take a look at many aspects of marketing to gain a full understanding of how to best market the product. Knowing that the product is not just for current pet owners, but potential future owners of pets, a study will be done to learn who the target market is and the criteria surrounding this finding. Another key finding in the marketing of this product will be to understand what the competition is. This will be a crucial part of the overall marketing strategy. Pet Palace knows they have a product that can potentially change the quality of life for many individuals. They also understand that without the proper marketing, their fabulous product may not be as successful as it could be. The time devoted to finding out key items such as target markets, consumers, buyers, and competition for their new product will be a small investment into their future. This paper will show how Pet Palace plans on achieving all these findings. Segmentation Criteria Affecting the Target Market The American consumer market consists of more than 300 million people who consume more than $12 trillion worth of goods and services each year, making it one of the most attractive consumer markets in the world. The world consumer market consists of more than 6.6 billion people who annually consume an estimated $65 trillion worth of goods and services. (Armstrong & Kotler, 2009). Knowing which demographic market to target is one of the primary undertakings any marketer will take prior to putting a new product in place. The normal process can be quite lengthy and include many direct mailings, surveys, and phone calls to determine who would like this product in various parts of the nation. In marketing, the culture, social class, and even lifestyle are involved to make a decision. These factors are not going to be needed in our target market. We will not be targeting the usual groups such as certain nationalities, religions, racial
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MKT 421 Week 3 Team Assignment - Marketing Plan Phase II -...

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