Target Markets


What are target markets? How would you determine the target markets for your new product or service? What are the advantages of developing specific market targets for a small business?

What are target markets? Target markets are specific populations that organizations seek to attract to their product. A specific type of market that they assume will purchase their product. In order to do this the business must first evaluate the market segments based on how these things substantial, accessible, actionable, differentiable, and measurable the markets are within the area. If I were selling a product I would have to determine whether or not it was too large or too small to effectively gain the traction needed within that market. As the owner of this product I would have to have access to the market and physically be able to sell the product within that market. We would have to think about the cost of the product and how much it would cost to market in that area. Some areas of the market are costly. Some of the advantages of developing specific market targets for a small business would include a strong reputation that serves their customer’s . You also have to find that niche within the market that attracts the customer’s to your doorstep and then you have to keep them interested in the product and show them how it will benefit your customer.

Refining Broad Markets


How might you refine broad market segments into focused target markets? Discuss at least three ways that you might segment markets when developing your target markets

By refining broad market segments we would break them down into different categories. Which is refined into a more focused market that would possibly look like a family tree. I have done this with my family tree. By breaking it down in sections allows us to see the broader part of the market that we are trying to sell our product too. Which will allow the owner to see what type of customer you are. Who made the product like the manufacturer which if they were interested in your product for promotional purposes. If car owner was interested in your product for recreational use of the product. The retailer would like to use your product to make a profit within their establishment. By dividing the product even further in the broader markets we are able to see the difference in monetary departments. Many business like these want to know how big the product is and what type of incentive it has to entice customer’s to purchase the product within these broader markets.

Pricing products in any Market


1) What aspects of the product, company, and market determine the appropriate price of a new product? How would you determine what is most influential in determining the price of your new product or service? Provide an example that illustrates your answer.
Some of the aspects that determine the price of a new product within the business, company, product, or market would include: selecting the pricing objective within the company. The business research team would need to estimate and determine how the demand curve is at to determine the price of the product. To estimate the costs and variances at the different level outputs within the business. Therefore, the research team would analyze the competitor’s along with the prices, offers, and costs associated with the product. Furthermore, the company would have to select the right pricing method and decide on the final price of the product. Moreover, company’s rarely set a single price for the products that they sell. The company’s structure a pricing plan in place to show the variations in the geographical demands or costs associated with the product.
In order to determine the price of the new product or service through our assignment I would have to implement a focus group or demo of the product to certain prospective consumer’s to see how much they would purchase the product or service for. There can be several ways to get the information that is needed to make a solid and logical judgement on whether or not the product or service would be beneficial to the company. By administering a variety of tests during different times or in different stages would benefit the business. PSM is a test that is widely used throughout the world in different businesses to determine which price range is appropriate for the product or service being offered. Another option is to measure the demand curves to find out the primary influences within that community or certain prospective consumer’s. Which would include a variety of surveys, and experiments.

Social Responsibility


What role does social responsibility play in the development of a new product or service? What types of ethical questions must you consider when introducing a new product or service?

Social responsibility plays a very important role in the development of a product or new service within a company or business mainly because it focuses around the better part of the aspects of the business. Within the marketing business the social responsibility by increasing the customer expectations, having a tighter government, the legislation and pressure of marketing within the business, or evolving employee goals and ambitions within the company. When a business introduces a new product or service it must be done carefully to avoid the detriment to society and protect the rights of everyone that is involved with the planning and implementation of the product or service. Ethics also plays a role when introducing a new product or service for a business and also includes the consumer as well. Employee’s should be held responsible for any unethical behavior towards other employee’s or customer’s as well. Many times people do not stop and think about what they are saying or talking about in front of the customer. They do not think about the consequences of their actions or words. I have seen and heard it all being a server and let me say this that people are not shy about talking about their lives and what they do.