Targetbase was one of 15 award recipients selected from a pool of more than 1, eligible suppliers based on excellence in quality, value, and customer service. Targetbase of Irving, Texas, was honored for marketing strategy and consultation, and development and management of proprietary customer databases. It takes an army to run this business, and it all starts with great leadership. The Honda team is killing it this year with exceptional growth in
Benefits Loyalty Demographics are statistical measures like age, income and level of education that defines a market segment. Much statistical information can be found at the US population can be found at US census site.
Geography refers to where the product will be used or where your customers are located. Convertibles are not aggressively marketed in Canada. Few surfboards are purchased in Michigan, similarly few snowboards are sold in Florida. Shopping Target market of honda, leisure habits, familiarity with technology and religious practices are lifestyle characteristics.
Benefits refer to the fact that different market segments may derive different benefits from the same product. The designers believed that young car buyers would use these features to derive the benefit of supporting an active, outdoor lifestyle.
They could use the vehicle to take a group of friends to the beach one day and carry cargo for a camping trip the next day. However, older consumers also used these features to derive a different benefit.
They used the vehicle to carry home improvement supplies, garden equipment and take their children to college. This second market segment surprised the design team. Loyalty refers to a customers affinity to specific brands or products. For instance frequent flier miles programs have made some people very loyal to specific airlines.
Similarly, General Motors has had much difficulty in trying to convince Honda and Toyota customers to even consider a General Motors product when purchasing a new vehicle. The product description from the manufacturer is presented below.
Capture Everything The Pulse smart pen records audio and links it what you write. Tap on your notes or drawings with the tip of your Pulse smart pen to hear what was said while you were writing.
No Need to Lug the Laptop The Pulse smart pen automatically captures everything as you write and draw. Transfer your notes to your computer, organize them, and even search for words within your notes. Find what you want in seconds.
Share Your Notes Transform your notes and audio into interactive movies. Upload your creations online for everyone to see, hear and play. Begin with the five different characteristics of a target market. Demographics — The product information repeatedly reference notes, therefore the bulk of the customers may be traditional age college students, say 16 to 22 years old.
Therefore we can assume that they are from the upper middle class and probably from a family that not only values education but the adults in the family have college educations. Geography — Even though the product is not particularly suited to a climate or location, it is does require a infrastructure that supports the use of computers and other high tech devices.
Therefore you would not expect to sell many of the pens in developing countries like Nicaragua. Lifestyles — The majority of the users of the pen will be busy, serious and tech savvy students.
These students care about their grades and desire to save time. Many will be holding down a part time job in addition to attending college. Benefits — If students use the product to improve grades and save time, professionals, like lawyers and doctors, may use the product to improve the accuracy and ease of finding the notes that they have taken.
Loyalty — Not applicable to this product.
How does this apply to new product development? When you are developing a new product, people in the target market should be consulted to determine which benefits the product should deliver, how much they are willing to pay for the product and where would they shop for the new product.
People in the target market should also be consulted when descriptions of the product, drawings or prototypes are developed.
Finally, marketing professionals will need the description of the target market to determine how to reach potential customers. What web sites do they frequent? Are people in the target market the only people that should be consulted when developing a new product? No, see the next section about the buyer type model to learn about other groups of people who have valuable information for a product developer!
Leave a Reply Your email address will not be published.Honda vehicles have existed in the market for long time and it likewise has been developed to another course of action. The development in its making has pay routes for the vehicles to be made through different arrangements which is both for the long way and citys.
Honda's huge marketing launch for the redesigned Accord will include pitches aimed at Hispanic and black consumers. Honda Accord campaign targets Hispanics, blacks The mass-market.
Honda Consumer. Drilling down further, we see that the most popular type of Interests for the Honda's demographic is Transportation. The most popular Interests by Reach for Honda consumers are 'Transportation' and 'Entertainment'.
A new report from the National Insurance Crime Bureau finds that the Honda Civic was the most popular target for car thieves last year. Source of black market parts.
Hero Honda used Product Specialization for target market of Hero Honda Splendor. Market specialization: The firm concentrates on serving many needs of a particular customer group.
For instance, a firm can sell an assortment of products only to university laboratories. The term target market is used because that market is the target at which you aim all your marketing efforts. The markets you are trying to reach are people with .