Essay: Preparing to Market a Product
When developing a product a marketing strategy should be put in place with the sole purpose of targeting the market segment that is required. A study of the demographics of the target market ought to be done and some divisions should be made. These divisions can be based on..
“Age which Includes children, teens, and young, middle, elderly, gender: male, female, Education: high school, college, university, Income: low, medium, high, marital status: single, married, divorced, ethnic and/or religious background and Family life cycle: newly married, married for 10 – 20 years, with or without children.”(Agena 1992)
This information can be obtained from doing a local survey of the town you are intending to sell your product or from the local authorities. This is also applicable to international market segment. It is after understanding the demographics of the targeted market that one is able to design his or her product to suit the specific needs of one or more cluster(s) of the customer base. The psychographics of the targeted market should used as a further way of segmenting the market in order to come up with a definite clientele. The lifestyles of the people ought to be taken into account as well as the differences in social classes. The attitudes and beliefs of the people are an important aspect to consider and the activities and interests of the people, which may include the kind of sports, they watch or play. If the type of product being developed is a business-to-business, then it is of paramount importance to understand the sizes of the available industries in terms of the number of employees, their locations and their sales volumes. The mode of their purchases should be considered to understand how it is done which can be either seasonal or continuous. (D’Souza & Weun 2010)