state that all the products or services that are developed cannot have the same

State that all the products or services that are

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state that all the products or services that are developed cannot have the same properties hence they cannot be used by all consumers. However, one product can be used across different market segments. A market segment refers to a group of consumers that exhibit similar characteristics of desire for a particular product (Jin & Liu, 2018). Market segmentation, therefore, is the process
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MARKETING PLAN 4 that a firm engages into group the market according to the needs and characteristics of consumers. Market segmentation that is targeted can, therefore, be done according to: Geographic Segmentation-This enables a firm group the market according to climates or cultures of particular geographic locations. It would, therefore, require a firm such as Company G to design a marketing mix that fits a specific geographical location. Psychographic Segmentation-Factors such as personal beliefs, lifestyles or values are used in the segmentation process. These factors are used to show the extent to which a consumer is willing to spend. Demographic Segmentation-In this, the segmentation is done according to factors such as the level of education, income or gender. Behavioral Segmentation-Segmentation is done with respect to the buying and spending habits of the consumer. The target market for the electronic food processor can be segmented in line with demographic, geographic and psychographic segmentation. In demographic segmentation, the company could use factors such as income level or gender to segment. In this, the appliance is usable in the kitchen which is associated with women. As such, marketing strategies should target women to increase sales. Additionally, targeting the middle class will also work as the product is in the shopping products class. With regards to geographic segmentation, Company G could target areas where fats foods are preferred. This is because the goal of the device is to facilitate easy and fast preparation of fast foods. The company could aim at creating awareness in emerging markets to gain profits. According to psychographic segmentation, the firm should target women as this group struggles to balance between the workplace and home affairs. Competitive Analysis Before launching a new product, it is critical for a firm to analyze the competitive environment of the industry. The reason for this is for the company to create a good competitive strategy that will be unmatched in the industry. Moutinho & Phillips (2018) states that the Porter’s Five Forces Model is a tool that is very effective in the analysis of competitive framework of a specific industry. For Company G, the analysis is as follows: Rivalry-The electronic food processor form Company G will definitely face competition from brands such as Oster and Hamilton. These companies have introduced a similar appliance in the past. These products from the competitors of Company G have been accepted by consumers globally. At the moment, these other players are competing for larger market shares. Therefore, the rivalry is quite high.
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  • Winter '16
  • Professor Obura Oluoch
  • Marketing

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