New product Our new product now is Magic Cloth packaged in red and blue colors. The product helps people shave more easily than a regular razor. We are targeting male, female, and well-educated persons. The first year is crucial as we target enormous sales through our adverts and market positioning supported by the quality of the product (Magic Cloth 1). Chapter 8: Segmentation, Target Marketing and Positioning 1. Segmentation Variables Used and Why They were used Market segmentation variables in this case are well-educated male and female. This segmentation is highly based on the observable characteristics behavior of customers in the target market therefore making it easy to identify and address their needs with the marketing message (Martz 1). 2.
Target Market Description: marketing strategy used The company uses differentiated target marketing strategy. In this case, the company decides to serve only one segment of the consumers, well-educated male and female whose product needs usages or market responses are different from any other category of people (Havalder 105). 3. Product positioning, positioning statement, and the overall positioning strategy Positioning for this product will define the target market in a manner related to competing products in the minds of the target customers (Martz 3).
The positioning statement will be “The Magic Cloth: Solving all your shaving issues in the quickest time possible”. This statement gives the product a very good image compared to other competitor products. The overall positioning strategy aims at handling customer’s issues differently in each segment. Chapter 9: Products, Services, and Brands How our product will be classified and why the classification Our product is convenient since it will solve the daily need of shaving the target customer has due to its ease in usability hence making it the best product for people who do not have so much time to spend on the tasks.
Benefits the product will provide This product will help consumers to shave more easily than a regular razor and ensure high levels of hygiene. It will have antibacterial treatment to ensure there are no after-shave effects. Its colors and style makes it fit for any gender hence solving gender differences on product choice. The Brand name of the product, how we came up with the name. The brand name of these products is Magic Cloth.
We decided to give it this name after considering what it does to the hairy parts of the body and the results it brings. Its ability to shave the whole body in the shortest time gives a customer a completely new feel of a new cloth hence the name Magic cloth. How the brand will be packaged and labeled An attractive cover with full instructions on how to use it printed on the outside will pack the product.
The labeling of the product will contain our mark of quality, which will distinguish it from counterfeits and competitors products (Magic Cloth 1). Product and customer support services that will be available We are planning to have promotions that will encourage customers to purchase as many products as they can as well as provide after sale services to them who will purchase in bulk. Works Cited Havalder, Krishner K. Industrial Marketing: Text and Cases. 2nd ed. New Delhi: Tata McGraw-Hill Publishing Company Limited, 2005. Print. Magic Cloth. “Changing the Way American Cleans”. The Magic Cloth, 2012. Web.
22 March 2012.. Martz, Wes. “Marketing Segmentation, Target Market Selection, and Positioning. ” Western Michigan University, 30 January 2012. Web. 22 March 2012. < http: //homepages. wmich. edu/~wmartz/assets/03-segmentation. pdf>