Marketing Analysis Marketing A Backpack - 1286 Words

Introduction This paper will look at the chosen area of decision making, which was the Target Segment. This required the analysis of the different target segments available when marketing a backpack in a virtual game (MH Practise, 2016). The target segment, also known as the market segmentation, is a similar group of customers to whom a company wants to appeal to (Lamb, 2016). The purpose of market segmentation is to enable the marketer to tailor to the marketing mix. This will allow the company to ultimately cover various segments in a market. There are numerous ways to segment a market. This can be done through demographic, physiographic, geographic and behavioural segmentations (Pewa, 2016). Throughout the report the target segments†¦show more content†¦This will allow companies to heavily market on social media, which as outlined by LYFE marketing as the cheapest method of marketing (Lyfe Marketing, 2016). However, University student may present an issue when trying to market backpacks at a higher price. Often many students are not willing to spend large sums of money on a product, but will still want a good quality product. This is where it becomes difficult for a company to maintain a large profit margin whilst still producing a quality bag. Those between the age of 25 and 34 years, who could be classified as university students, have an average income of $1,200 a week before tax (Australian Bureau of Statistics, 2016). If they are not living at home, a large sum of this income would be spent on rent as well as food, leaving a small amount for personal shopping purchases. School Children The second target segment is School Children. School children are a very important as children have a large proportion of family expenses (Pewa, 2016). Children often present large brand loyalty (Lamb, 2016). It is believed that children will constantly request a good or service from their parents. Often children might see a product advertised by sporting star and will have an instant connection and want the good or service (MH Practise, 2016). School children present many advantages as a target segment. The first being that 87% of parents supply an income to children (Calvert, 2008) .This meansShow MoreRelatedMarketing Strategy : The Heart Of Marketing Mix990 Words   |  4 PagesIndividual Assignment (Marketing) Introduction Product strategy lead an integral role in a firm in the area of decision making. According to Kotler (1991), product strategy is the heart of marketing mix. Adopted a suitable product strategy is imperative for a firm as it cause a direct impact on the satisfaction of the customers. The backpack presented focuses on the function for sports consumers’ needs. This report is to figure out the best comprehensive strategy to fulfil consumers’ needs and simultaneouslyRead MorePrince Sports Case Study1040 Words   |  5 PagesM2. 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