Marketing plan phase II Essay
Phase II The Tort Company has invented a new lawn mower. They call it “Scout”. Scout is capable of mowing 45,000 square feet of lawn. Scout has a rechargeable battery, to save on gas, and works around an invisible fence and sonar. Scout is a new lawn tool that every home with a yard full of grass needs. Tort, a respectable company, is known for its affordable and well made products. Identify the segmentation criteria that will affect your target market selection Tort Chooses to segment the market as they believe they will provide better value and service to one or more segments than o mass market.
The lawn equipment business is very competitive and Tort wants to grab as much of the market as possible. They also believe segmenting will be more profitable. Tort first has to develop its target market dimensions based on Exhibit four-seven Relation of Potential Target Market Dimensions to Marketing Strategy Decision Areas. Potential Target Market Dimensions Effects on Strategy Decision Areas: 1 . “Behavioral needs, attitudes and how present and potential goods and services fit into customers’ consumption patterns.
Affects Product (features, packaging, product nine assortment, branding) and Promotion (what potential customers need and want to
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Geographical would include the region of the world or country and the size of the city. Demographic would include income, gender, GE, family size, occupation, education, ethnicity and social class. Tort will want to market to people who mow their own lawns and mostly homeowners, or to small contractors. The Scout will not fit with large lawns, commercial properties or golf courses, yet! It fits with residential lawns. Tort will also need vendors or contractors to sell the Scout. They can decide which stores should carry this new product by segmenting.
Some criteria could be the kind of relationship they have to the vendor, the type of customer the vendor deals with, the location of the vendor, if he customer needs services, the type of buying situation, and purchasing methods. Tort will need vendors who are in a location that will be in contact with its consumer target market. Stores are easily accessible and in good traffic locations. A vendor who already carries Tort products and has a good customer base with Tort users will be marketing plan phase II By impulsively optimal. These customers are already tamari with the quality to the Tort brand and will most likely to try the Scout.
In order to get a good start and overcome ethical hurdles, Tort can use a seven step approach to market segmentation. The seven steps are best practices and are: “1 . Select the broad product-market, 2. Identify potential customer’s needs, (both consumer and business), 3. Form initial homogeneous sub-markets, Identify determining dimensions, 5. Name possible product markets, 6. Evaluate product market segment behaviors and 7. Estimate the size of each product-market segment,”(Perpetual, et. Al, 2011, peg. , exhibit 4-11). This helps balance between marketing too narrowly, the same old thing, or too broadly.
Tort can use this for brainstorming and edit as needed. Identify your target market Tort Company is selling the Scout lawn mower. The company wants to make sure that they are doing what they can to promote this item. So they broke it down into people they want to target. There is two main places that they want to sell this item, on the Internet and in stores. The stores have to be outdoor stores that sell different outdoor supplies and on the Internet Tort needs to make sure that there are sells for purchasing online. Tort Company wants to make sure that everyone is getting to see how wonderful this item can be.
Tort is sending out flyers in the mail, TV immemorial, and ads on billboards to get this item seen. The more they advertise it, the more people will see how easy it works. Tort wants to make sure that all homeowners and business owners know how easy and simple it is to cut grass now. There are two segmentations being used. “The Geographic segmentation that, which is based on location such as home addresses and the Demographic segmentation which is based on measurable statistics, such as age or income” (Ward, 2013). Tort does want to target people that will benefit from this item. Elderly, adults and teenagers will all benefit from this item.
With Scout the person can be sitting under an umbrella or inside, whereas the lawn gets cut all by itself, sitting in air conditioner while someone’s chores get done outside. Describe the organizational buyers and consumers of your product or service and the factors that influence their purchasing decisions. Discuss how these factors will affect your marketing strategy The organizational buyers for the product would be people with landscaping businesses and people who have big yards to mow. At this point they are tired of the everyday hassle of having to labor when mowing yards in the hot sun.
Many landscape business owners would love to Just sit back and let the mower do all the work, which is where this product comes in at. Some factors that would influence their purchasing decision would be those who want to save time and those people who are just tired of tackling the complications that come with mowing their yards. Most of the targeted consumers will be glad to have such a product on the market. This gives them time to be with their families without the worry of guiding the lawnmower and trying to make sure it goes in the right direction of the lawn.
Their purchasing session will be “can I trust this lawnmower to do exactly what I need it to do without having to operate it myself? ” Tort Companies marketing strategy would ultimately be geared toward proving to these people that once the product is purchased an individual can sit back and enjoy the benefits of Just programming the machine. They sit back to enjoy their favorite beverage while having a nice conversation with the family or spouse on the front porch. Analyze current competitors and define the competitive landscape tort your product or service Torso’s hands free lawnmower option is new to the market.
However, battery operated lawnmowers have been available for many years. There are several lawnmower manufacturers but not as many who offer battery operated lawnmowers. Torso’s greatest competitors in this type of mower are Craftsman, Black & Decker, and Deere & Company. A competitive landscape is an analysis that helps a company to identify and understand competitors, followed by an analysis of their strengths and weaknesses and how the target business can improve upon what its competition is doing (Business Dictionary, 2013).
In order for Tort to analyze their current interiors and develop a competitive landscape, Torso’s research department must develop a SHOOT analysis on each competitor. Craftsman is one of the most recognizable brands for lawnmowers. Craftsman was born in 1927 when Sears decided to create a superior brand of tools; the tools would have to meet the most rigorous set of standards to earn a place in the craftsman line (Sears Archives, 2013). Craftsman’s greatest strengths are product diversity and innovation. Craftsman’s weakness is that it is controlled by Sears Holdings, which continually struggles financially.
The opportunities are the growth in innovation and brand recognition. The threat to Craftsman is the increase in competition. In 2010, two companies combined to create Stanley Black & Decker. These two companies combined to deliver the tools and solutions that industrial companies, professionals, and consumers count on to be successful when it truly matters (Stanley Black & Decker, 2013). Black & Decker’s strength is their wide range of available products. The weaknesses of Black & Decker are the inability to generate consumer interest and financial performance.
The opportunities are the growth in cost saving initiatives and growth in the consumer electronics market. The threat is stringent environmental regulations. Founded in 1837 by John Deere, a blacksmith and inventor, Deere & Company has grown into one of the world’s most admired businesses (Deere, 2013). John Deere was determined to build his business based on integrity, quality, commitment, and innovation (Deere, 2013). The Deere Company is one of the largest manufacturers of agricultural machinery in the world, providing tractors, plows, balers, lawnmowers, ND many other agricultural products.
Deere & Company’s strengths are a strong market position, brand name, and international business. The weakness is the inability to generate a high volume of sales in Europe. Europe is one of Deer’s main markets, accounting for nearly 20% of total sales (Chimera, 2012). Deer’s production outside the U. S. And Canada during the first quarter was 16% lower than projected, because of weakness in the European region (Chimera, 2012). The opportunities are the growth of agricultural demand. Threats to the company include environmental restrictions and rising employment wages.