Market Segmentation and Target Market for the New Portable Multimedia Center

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Am pleased to present the findings from the Porttron Inc. marketing team for the analysis of the market segmentation and target market for the new portable multimedia center which will be marketed in the U.S market. The analysis is based on the consumer market.

            The new portable multimedia center being introduced is called Media Popup. This multimedia center is a 10”X12” glossy compact entertainment box and it has 4 surround sound speakers. In addition, it can adhere to any hard surface and all the speakers are equipped with a stick strips at the back. The analysis focused on the consumer market because the features of this gadget appear to cover more of personal use than business market. There have been a lot of improvements in technology as more shrewdness in tech are taking over the current generation. Therefore this product would ideally be perfect for young adults as the target market. Youths of today are more into streaming music, movies and video. The optional additional screen extension provide room for carrying out more that one of these functions at the same time on different screens.  

            This product would also be best for middle-class families’ households which has few children. The parents would be educated, employed or with a business, in their late thirties and early forties majority of them with children in high school and colleges. The estimated income of these households ranges between $ 59,039 and $290,000 as at 2016 (Amadeo, 2018). These demographic groups were picked as our target market relying on their usage. Media Popup is a portable device therefore, they will be in a position to oftenly travel with it.

            Porttron Inc. has a long record of producing high-quality products. Media Popup is available in three different colors (black, silver, white) in addition to the qualities provided above. The Media Popup devices world be assembled at the Porttron Inc. factory and later safely distributed to all stores of the company across the country. To ensure that any potential customer is able to access them easily, would consider distributing to the various supermarkets and electric shops nationwide. (Charles W. Lamb, 2011)s

            Promotion strategies will involve advertising, public relations, sales promotion and personal selling to help the target markets by education and informing them of the benefits of using this product (Charles W. Lamb, 2011).

            The pricing strategy covers all decisions charge to this final product in accordance to the overall marketing strategy of Porttron Inc. (Schindler, 2011). On the other hand, customers would always be willing to pay less. Therefore the pricing for 499 dollars after a period of two year favors the targeted consumers while increasing the competitive advantage of this product.

            I would suggest that the services provided available in Media Popup should be increased to include social media, video and computer games. It would increase the demand, therefore, more sales for the company. This would ensure that the product acquire a strong and sustainable competitive advantage in the market.

           

                                                            References

Amadeo, K. (2018, 5 2018). Average Income in the USA by Family and Household. https://www.thebalance.com/what-is-average-income-in-usa-family-household-history-3306189.

Charles W. Lamb, J. F. (2011). Essentials of Marketing. Boston : Cengage Learning.

Schindler, R. M. (2011). Pricing Strategies: A Marketing Approach.

California: SAGE Publications.

September 18, 2023
Category:

Business

Subcategory:

Corporations Marketing

Subject area:

Company

Number of pages

2

Number of words

526

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