Market place trends Essay
Market place trends in relation to ITP products show positive results. Research shows that the market in Pennsylvania, DC-Metro, New York, Delaware and New Jersey is known to stick to original products. Target market is not easily swayed by patented products. It takes them a lot of time to embrace a new product in the market. It is very clear that once the product gains approval among the locals they maintain their loyalty. This gives ITP Company a good placing in this market. Potential customer demographics
Potential customer demographics are in line with the figures on the ground in relation to targeted group of people and where they are situated. This aspect enables a Company to approximate the number of customers that they will serve. It therefore becomes very easy for the management in the Company to budget and plan in relation to production quantities among other factors. This also helps an organization to have clear estimates of expected profits during a certain season. The table below shows the population by selected age groups in Pennsylvania, DC-Metro, New York, Delaware and New Jersey.
With this information, ITP Company will be able to know approximately how many customers in each age group they
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Analysis of the market where IPT Company is operating its business shows that there are some competitors therein. These include Grandma’s Treats Company that is a rival Company. Looking at what has been happening in IPT Company, it is evident that IPT Company is leading in the market. Research also shows that there has been approval of patent coating process of popcorns. This mean that there are high chances that other competitor Companies might sprout up in this market. Segmenting Market segmentation is all about having distinct subsets in the market that are normally referred to as segments.
In this case, the behavior of people in each segment is the same. These people have the same attitude and they are quite homogeneous in nature. This means that this group of people can actually respond in the same way to a particular strategy of marketing that is used by a Company. Research shows that this group of people may have the same feelings about a product and the way it is promoted. Small segments are normally referred to as specialty markets. Analyzing the general targeted market for IPT Company is very diverse in nature. The target market is quite varied and therefore there is a dire need for segmentation.
As earlier on illustrated, the target market consists of children, parents and also young adults. In this case, in order for the Company to succeed in its marketing strategies, the target group has to be clearly segmented. The differences between different subsets are normally very distinct in nature. (Wedel, 2000) This will enable the marketing team in IPT Company to focus on each subset and its likelihood of purchasing the products. This will help the Company to have a very high return for the expenditures that the Company will incur.
There are various factors that can be considered during market segmentation. IPT Company will consider the following aspects in its segmentation process. This includes geographic location of the customers, Age and social status. This means that one the segments will consist of young children from one year to twelve, then thirteen to eighteen, the next group is young adults in twenties, then parents who are in thirties and above. Segmentation according to status involves the middle and high status population. The geographic locations include DC Metro, New York, Delaware, New Jersey and Pennsylvania.
This will enable IPT Company to strategize during its marketing techniques. All these will play a great role towards the overall success in this Company in relation its unique products therein. Positioning Positioning of the market is all about the marketing team in a Company trying to create an identity or image in the target market’s minds. This is in line with the Company’s brand, product or organization at large. It is highly linked to comparison of competitive advantage of a product in relation to the market’s other products.
It is sometimes referred to as an act where there is finding of a window in the minds of the targeted group. This is carried out in a very organized manner. The basis of this knowledge is that communication is only effective in the right situations and at the right time too. This is just a form of perception that is carried out in a targeted market. This means the target market has a perception of the product. IPT Company is going to be positioned through the following procedures. First of all the marketing team in IPT Company will define the entire market in which its flavored popcorn product will compete.
IPT Company products are going to compete in DC Metro, New York, Delaware, New Jersey and Pennsylvania. These are the areas that IPT is going to compete. Next the Company is going to identify different attributes that will define the space for the product. In this case IPT Company will inform its potential customers of the uniqueness of its product. This includes the different flavors of popcorn that the Company has including caramel, cheese and butter. The popcorns are coated with these flavors without damaging them. (Trout, 1996)
This Company also produces snack sized pretzels that have savory and sweet flavors. IPT will also collect information concerning its product through sampling method of survey. Through this the management team in this Company will be in a position of knowing customers’ perception about its products. The next step that IPT will carry out in relation to positioning is the determination of the overall share of mind of each product it produces. The next step is that IPT Company will do is to determine the current location for flavored popcorn in line with its product space.
The marketing team in IPT Company will have to take the next step in positioning of its product. This will involve determination of the preferred combination of various attributes of the Company’s products. This will be carried out through interviews and questionnaires that will be administered to the target group of people. After this, there will be examining of the position of the ideal vector and also the product’s position in the market. Through this process, IPT Company will position its products in the market.