Marketing Plan Project Part 3: Product/Service, Product Life Cycle Strategy Essay

Marketing Plan Project Part 3: Product/Service, Product Life Cycle Strategy Essay

CONSUMER BEHAVIOR, TARGET MARKETING AND BRANDING

MRKG 1331 Sections: 86001 and 86002

March 3, 2022

Consumer behavior, target marketing, and branding

The target market for my Nike brand relies all on the world. This is because Nike is a world-famous brand that is recognized globally. To be able to achieve this, I will need to carry out market segmentation. Market segmentation is, at its greatest basic level, the practice of dividing your aim market into more sociable groups. Using demographics, requirements, urgencies, common benefits, and other psychographic or social criteria to better comprehend the aim audience, market division is used to create subsets of a market and better understand the target audience.

· Geographical segmentation

Geographic division is a marketing method that targets goods or services to people who reside or shop in a convinced geographic area. It is grounded on the assumption that individuals in a certain place have alike necessities, wants, and cultural anxieties to those in other places. For this segmentation, I will focus on customers within the united states of America. (Basile, et al. 2019)

· Demographic segmentation

When using demographic segmentation, a business’s target market is allocated into collections grounded on elements such as age, gender, education, income, and so on. Demographic division is a market division method in which an organization’s target market is distributed into sets grounded on elements such as age, gender, education, and so on. It helps enterprises in improved considerate their consumers’ demands so that they can respond to them more effectively. Through this market segmentation, I will group the target population into demographic factors such as age, gender, and many more to be able to identify their needs and wants.

· Psychographic segmentation

Psychographic division is a research practice that is used to study customers and divide them into sets based on psychological features such as character, life, social status, actions, interests, views, and approaches. (Gajanova, et al. 2019) Psychographic segmentation can be used to study customers and divide them into collections using psychological features such as character, life, social status, actions, interests, sentiments, and attitudes. Through this approach of segmentation, I will be able to know what my target and potential want.

· Behavioral segmentation

When it comes to customers, behavioral division is the action of classification and grouping them grounded on the behaviors that they show. The kinds of items and substance persons consume, as well as the rate with which users link with an app, website, or trade, are all instances of these behaviors.

The needs that cause my target market to buy

My target market is surrounded by a diversity of needs that makes them buy the brand of Nike. To begin with, with demographic factors, such as age, gender, and sex, young people are mostly interested in fashion, through this need for fashion, causes my target market to buy. Quality is another need that makes my target market buy our product. Nike for a long period has been known for its good quality hence making people purchase the brand.

My organization’s product

My organization’s product is shoes, clothing, garment, gear, accessories, and services. The needs that cause our target market to buy our products are; Nike brand is a globally recognized brand, every person feels good to own at least one product of Nike. (Arora-Jonsson, et al. 2020) Through this, many customers have been able to purchase the brand because they feel good in being appreciated by the brand of Nike. Our brand helps in solving the target market needs by offering quality and long-lasting products that help the consumer to save his/her money. What makes our organization different from our competitors is; the quality of the products we offer, service, channels of distribution, relationships, reputation, and price.

References:

Basile, I., Ferrari, P., & Abate, G. (2019). The Impact of Sectorial and Geographical Segmentation on Risk-based Asset Allocation Techniques. Investment Management and Financial Innovations, 16, 260-74.

Gajanova, L., Nadanyiova, M., & Moravcikova, D. (2019). The use of demographic and psychographic segmentation to create a marketing strategy of brand loyalty. Scientific Annals of economics and business, 66(1), 65-84.

Arora-Jonsson, S., Brunsson, N., & Hasse, R. (2020). Where does competition come from? The role of the organization. Organization Theory, 1(1), 2631787719889977.

Marketing Plan Project Part 3: Product/Service, Product Life Cycle Strategy Essay