Product market
The product market for the flip-flops product within the UAE exists under the generic market for footwear products. The estimated product market size is six million people since the total population in UAE is 8.4 million. Since the flip-flops product can be used by everyone, the product market is 70% of the total human population in the UAE.
Market segments
The product market for the flip-flops product within the UAE can be segmented into five sections as summarised in the table below.
(Source: Lambert, 2010)
Target markets, objectives, and strategy
From the above segmentation analysis, the flip-flops product will target the young digerati and home user customers since they are the majority. The objective of the business will be to penetrate the flip-flops market in the UAE through provision of fashionable, comfortable, affordable, and quality footwear. The business will accentuate on customer satisfaction and affordability as a strategy for upholding its position as the preferred supplier of the flip-flops product (Lambert, 2010).
Positioning strategy
In the overcrowded market for footwear in the UAE, product positioning is directly linked to the success in the short and long term, especially for a new product such as the flip-flops. This product will be positioned as the first of its kind in the UAE market. As the first player for this kind of flip-flops footwear, it is easy to project a steady market share gain within six months for the proposed business. As a result, a permanent and positive image of the company will be glued in the minds of the clients. In addition, series of market research on customer demands will be carried periodically to improve on satisfaction, desires, and expansion to new market territories (Lambert, 2010).
Perceptual map
The current perceptual map is to make sales across the major towns in the UAE. Specifically, the targeted sale will be informed by research and thorough review of the existing footwear products offered by competitors. The long term perceptual map will be to roll out the flip-flops product to other regions and make sales to a tune of six times the current sales projection. Since the product is self selling and self explanatory, there will be no need of employing many sales persons (Lambert, 2010).
Reference
Lambert, D. (2010). Customer relationship management as a business process. The Journal of Business & Industrial Marketing, 25 (1), 4-28.