Target MarketsWhen selecting our target markets, we will rely on the target market selection process spelled out for us in our book. Our book lists the first step of the process as identifying the ap-propriate targeting strategy. The best targeting strategy for MCW Boutique will be to have a ho-mogenous market. (Pride, W. M.)Our book defined homogeneous market as a market in which a large proportion of customers have similar needs for a product. (Pride, W. M.) This plan fits MCW Boutique well because our ideal customers will all want to dress good and feel good about themselves. They will also place a large importance on their own personal style. The second step is to determine which segmentation to use. (Pride, W.M.) We will use some demographic variables so that we are able to see somewhat what our main customer is like but also the people around us that are our potential customers are like. The thing here that is hard to avoid would be to have a preconceived idea that a certain demographic would be our customer then we rule out and somewhat ignore other demographics. This is why we will only use some demographic variables. One of the key variables that we will use is psychological vari-ables this way we can truly see who our customers are and how we can carry products that will best benefit their lifestyles. We will also strongly use behavioristic variables so we can see what price range out customers expect us to be in. We will pay the least amount of attention to geo-graphic variables since we are attempting to appeal from people of all backgrounds.The third step is to develop market segment profiles. Our customers will all be some-what similar but also different. They will all have the same attitudes, beliefs, and expectations offashion and our stores inventory. While our customers will all be diverse and have different rea-sons they shop at MCW Boutique they will all have the same expectations of us.
The fourth step is to evaluate relevant market segments. In examining sales estimated, competition, and associated costs I believe the most important for MCW Boutique will be com-petition overall and how the sales estimated related to associated costs. While I believe no matter what MCW Boutique does competition will be stiff. I also think that when making initial purchases for my business in the beginning it will be very important to not spend money exces-sively and to take in to account how much projected success MCW Boutique will have at the be-ginning. The fifth and final step is to select specific target markets. At first MCW Boutique will tar-get high school girls, their moms, girls who attend the local colleges and universities, and young professionals. I have selected these specific target markets because they will be the most likely to shop at MCW Boutique.
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- Fall '09
- Marketing, MCW Boutique