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How to Develop a Target Market for the Low Cost Generic Detergent Essay

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Updated: Oct 23rd, 2021

The development of a target market for the low-cost generic detergent would involve some steps before eventually getting into the market to sell the product. First of all, it is important to mention that the market has been identified to be Las Vegas Nevada. The new product will be sold throughout Las Vegas which is the market that has been identified by the company. This is because Las Vegas is the most populous city in the United States with a high potential for shopping.

The population of this particular market of over 478,434 people has the required potential basing on its size, to consume the new detergents and enable the company to achieve its targets in terms of sales. This is because of the new fragrances that would be associated with the product.

The company is in a better position to effectively market the new detergent in the target market. This can be looked at the resources the company has at its disposal. There are adequate human resources to develop the strategy and see its implementation and success in the market. The company has been producing this product for quite some time and addressing the needs of the consumers in the target market would therefore not be an issue.

Market segmentation

The development of this market would begin with segmentation.

Segmentation of this market will be undertaken based on some factors. This will include age and annual income. The first segmentation of the market will comprise the high-income earners, the middle-income earners, and the low-income earners. The supply of the new detergents to the market would be greatly influenced by the segmentation in the market. Low-income earners have been targeted especially with low quantity packaging with very attractive prices. This would help to raise the sales volumes in such segments. The low-income earners have habits of buying in small packaged quantities and this would have to be addressed.

Middle-income earners have the habit of buying both in large and small quantities. Therefore all the packaging would be undertaken to meet their demands.

The high-income earner’s segment will be useful for bulk buying hence quantity would be kept in check to ensure adequate supplies.

Age segmentation would also be instrumental in this market with the bracket between 16 and 40 and the other segment between 40 and 70 years.16-40 years will carry most of the detergents and thus their needs will have to be identified and addressed.

The over 40 years segment is not associated much with the detergents and is therefore not expected to contribute much to the sales targets. Therefore focus will be much on the younger age group.

In the first segmentation, the middle-income earners will remain attractive in the market because of their buying habits. They will be taking both large quantity packages and smaller quantities. This makes it the target segment in developing this market.

In the second category, the younger age group between 16 to 40 years will also be attractive in marketing our products.

In terms of positioning, the middle-income earners would be found in all the major grocery stores in the metropolitan city. The younger age group would also be found in the main grocery store where most of the supplies of the low-cost detergents would be found.

Marketing mix for the segments

Middle-income earners

The product would be tailored to suit their needs by additional quality measures for instance a variety of fragrances. The price of the new detergent would be much reduced to attract them more into bulk buying. The reduced price would be a very instrumental factor in meeting the demands of this market segment. Promotion of the product would be undertaken throughout the middle-income earners in a variety of ways. T.V, Radio, and print media advertising would be given the emphasis that is required.

The location for the new detergents would be accessible to most of the middle-income earners. This would be achieved through the distribution channels to the grocery store in the city.

16- 40 years age group

The product would also be having additional attractants in terms of quality for instance variety of colors and fragrances that would be important in meeting the needs of consumers. The product would also be packaged in attractive bags to ensure that consumers like the packages.

The price of the detergent would also be lowered and this would influence the purchasing habits of the detergent as compared to the competitors. Price in the stores would be an attractant into buying the detergent.

The detergent would be promoted in the segment using a variety of ways ranging from gift packs and also through the media both print, T..V and Radio which are accessed by this particular group. The detergent would be available for this group in all the grocery stores and this would ensure that there is adequate stock for purchases.

References

Barlon, Kimuli. (2006) “The concept of the marketing mix” Presentation on marketing management, vol 1, September 2006, pp 2-7-Turku university.

McCarthy, J. (1960 1st ed.), Basic Marketing: A managerial approach, 13th ed., Irwin, Homewood Il, 2001.

Frey, A. (1961) Advertising, 3rd ed., Ronald Press, New York.

Lauterborn, R (1990) “New Marketing Litany: 4 Ps Passe; C words take over”, Advertising Age, pg 26.

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IvyPanda. (2021, October 23). How to Develop a Target Market for the Low Cost Generic Detergent. https://ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/

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IvyPanda. (2021, October 23). How to Develop a Target Market for the Low Cost Generic Detergent. Retrieved from https://ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/

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"How to Develop a Target Market for the Low Cost Generic Detergent." IvyPanda, 23 Oct. 2021, ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/.

1. IvyPanda. "How to Develop a Target Market for the Low Cost Generic Detergent." October 23, 2021. https://ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/.


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IvyPanda. "How to Develop a Target Market for the Low Cost Generic Detergent." October 23, 2021. https://ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/.

References

IvyPanda. 2021. "How to Develop a Target Market for the Low Cost Generic Detergent." October 23, 2021. https://ivypanda.com/essays/how-to-develop-a-target-market-for-the-low-cost-generic-detergent/.

References

IvyPanda. (2021) 'How to Develop a Target Market for the Low Cost Generic Detergent'. 23 October.

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