Question

Put yourself in the position of an entrepreneur who is developing a new product or service to introduce into the market. Briefly describe the product. Then develop the segmentation, targeting, and positioning strategy for marketing the new product. Be sure to discuss: The overall strategy; why are segmenting, targeting and positioning useful methodologies. Segmentation and targeting choices Characteristics of the target market Why that target market is attractive The positioning strategy

Answer 1

As an entrepreneur planning to create a new self-powered, robotic lawn mower, I need to take a few measures to guarantee success. I have to bring it to the market first. Marketing this item will assist me generate value and meet the requirements of the client. The first phase must be to create the targeted marketing strategy for the new item. Having a powerful approach is essential because it is a significant element when debating the product's importance, achievement, and establishment. Likewise, as an entrepreneur, I'm mainly worried with the revenue this product will produce. Therefore, I will develop a targeting strategy that includes characteristics of the target market segments and explanations as to why the target market is attractive.

To begin with, households are included in the first market section for this technology. The first feature of this market will involve a lawn for the house. Households interested in the product will be ranked in the middle or upper class and will be prepared and able to purchase this product. This product will be specifically aimed at high-workforce homes. This is because it will provide an alternative to those too busy looking for a less labor-intensive option for this routine assignment. This target market is useful because there are many middle-to upper-class households across the nation prepared to buy a product that will make their lives easier.

Second, the lawn services sector, a business-to-business transaction, is the second part of the target market for this robotic lawn mower. This would automate a big percentage of the lawn services industry's daily duties. The first feature of this target market needs businesses to have elevated quantities of service with future expansion plans. By decreasing the number of staff on hand, this product will be aimed at businesses that specifically want to cut labor and salary expenses. This target market is appealing in essence because it would allow lawn care businesses to decrease costs by requiring fewer manual labor and wages while improving service volumes and revenues.

Furthermore, sports clubs are another part of the target market for this new technology. This product will be specifically aimed at big sports clubs with teams on a well-kept field requiring practice or sporting activities. Because there are many sports clubs throughout the United States and the world, such as country clubs, golf clubs, and football teams, this section provides enormous potential for this product, making this target market very appealing.

In addition, colleges and organizations would be included in the last market segment for this lawn care technology. A main feature of this market will involve the board of managers from various universities to take care of their campuses ' picture and appearance. Most schools and universities own big quantities of grassy land. Even the University of Temple, situated in North Philadelphia, has grass fields that need to be maintained. It is essential to maintain the appearance in order to maintain registration rates high, and this product will make this job simpler. This product will focus specifically on universities and organizations with significant grassy fields. This target market is attractive because it is big, in the United States alone there are about 5,300 colleges and universities.

Lastly, this new technology could be very effective and create significant revenue. It might be a failure and a loss of cash at the same moment. It is component of being an entrepreneur to engage in these very dramatic hazards. The main factor between a product's success and failure depends primarily on the business marketing aspect. It is essential not only to produce a helpful item, but also to get it in my consumers ' correct hands. That's why I thought closely about my product targeting approach and analyzed my marketing segments ' features.

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