New Product Launch Marketing Plan, Part III

New Product Launch Marketing Plan, Part III
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New Product Launch Marketing Plan, Part III
Segmentation, target market, and positioning
The Wrist Bit product is set to be launched on September 17, 2015. Segmentation of the market, targeting, as well as positioning are vital to the marketing strategy of any business organization (Peterson, Jaret & Schenck, 2013). For the Wrist Bit product, segmenting the market, targeting as well as positioning will entail identifying the potential market segments for this brand, deciding the market segment to target for an advertisement campaign, and how to properly position the benefits offered to the targeted consumers.
Segmentation: segmentation of the market entails categorizing the diverse customers into segments which have the same needs or they would respond in the same way to a particular marketing action. It is worth mentioning that each segment of the market would respond to a dissimilar marketing mix strategy, and each of them offers different profit as well as growth opportunities (Peterson, Jaret & Schenck, 2013). The market for Wrist Bit product will be segmented in the following ways: demographics. This type of segmentation is focused on the customer characteristics. The market will be segmented in terms of age since there would be products targeted for those aged 16 years to 21 years; the 21-35 age group; and for persons aged 36-55 years. Behavior: market will also be segmented in terms of behavior. There will be Wrist Bit products intended for the busy professional who needs to access at any time Wrist Bit’s multi-office function with a fashionable sleek wrist wear design. Still in terms of behavior, there will be products intended for those who are fitness conscious who exercise often. These people will need the product to help them monitor their heart rate during exercise and workout, to measure the distance they walk every day to and from work, jogging, or during exercise drills.
Target market: the Wrist Bit product will be targeted for two groups of consumers. The first group consists of consumers in the fitness industry or fitness conscious people who engage in workout and physical activities often. These people need an easy-to-wear and practical product that will help them in monitoring their heart rate as they workout, to measure the distance they walk each day or the distance they jog. The other group of consumers includes the busy professionals who will need to access the product’s multi-office functionality and appear stylish.
Positioning: this entails de...