There are many needs of consumers when they are looking for a vehicle to purchase or rent. However, some needs may not apply to each individual. I have included several things that different types of people would feel they need. *
* Truck bed
* Seating capacity (6+)
* Compact (for speed)
* Trunk space
* Additional storage
* High pulling power
* All-terrain capable
* High-safety rating
* High top speed and acceleration
From these needs I have compiled four different submarkets. First, I have identified a family market. This submarket is targeted towards families with young children. This market will be nicknamed “Mom and Pop”. Next there is the submarket for cars capable of going off normal roads into rough terrain. People looking use these vehicles for recreating and other outdoor activities fall in this category. This submarket will be nicknamed “Mudders”. People looking to use their automobile for work purposes are another submarket. They will need to move heavy/big loads, as well as having the ability to tow. This submarket will be nicknamed “Tough Guys”. The final submarket I came up with is the sports car submarket. These consumers are looking for a thrill, and enjoy high powered vehicles. This submarket will be nicknamed “Speedsters”.
As mentioned before, the Mom and Pop market will be aimed towards families with young children. They will have a combined income between $40,000 and $80,000, so vehicles will need to be in the medium price range. With young children, they will most likely want to carpool with the parents of their children’s friends, so even if they only have one child, they may need to seat more than five. The vehicles will mostly be used for inter-city travelling for activities such as soccer games and dance classes, but will also need to go the distance for vacations. The Mudders submarket will be active consumers who might not have the highest...