Choose A Product That Has Been Targeted For One Market – Term Paper Example
Defining the target market Home Depot’s products have traditionally being targeted towards men. However, guided by significance a house carries in the personal life of a person, its attachment with women, attributes of retreat, security and personalities compelled it to offer its DIY and home improvement products to women category. Detailed dissection of this target market goes as:
Demographic- demographics will include women customers who demand coziness, personal touch and warmth to their residing place. It will be placed in high-class income cadre able to avail the services of professional builders and contractors.
Socio-economic- it will include factors like working class of people and those who wish to add a unique element to their babies room or similar other section of the house.
Psychographic- psycho graphically, Home Depot’s products in women category will cater to the needs of urban class customers. This will also incorporate features of enhanced appearance, status and show demanded by corporate clients.
Lifestyle- Home Depot’s products will leave an experience in the minds of customers who consider their home décor and furnishing equivalent to their own personality.
Defining the product mix
The product mix for this new group will encompass:
Product: home improvement tools, do-it-yourself projects, home décor accessories, etc.
Price: targeted at middle and high income strata.
Place: women specially will be allowed to carry out their own renovations proudly through stores; corporate clients will be specially served through professionals and agents for added services (CCK 2011).
Promotion: primary promotion will be done through women and family magazines and display of designed interiors at company’s stores. Discount coupons and offer pamphlets will be distributed at real estate agents and offices also.
Value-added products and services
To grab immediate attention and response, differential sections will be opened up at its stores. Busy customers will be served separately due to their hectic schedules and time constraints. Uniquely, short sessions for home improvement will also be conducted, providing customers with fundamental knowledge of colors, styles and aesthetics (Tolunay 2011).
CCK. Home Depot. 19 November 2011
Tolunay, Cenk. Home Depot vs. Lowe’s: Financial Analysis and Comparison. 19 November 2011