Marketing Plan Phase II PrePaper

Topics: Marketing, Athletic shoe, Footwear Pages: 7 (1542 words) Published: February 10, 2015
MARKETING PLAN PHASE II

Marketing Plane Phase II
Team C
MKT/421
November 24, 2014
University of Phoenix
Instructor Catherine Lovett
Marketing Plane Phase II
The following assignment is the second phase of a marketing plan created by the members of Team C in the MKT/421 course. The team was responsible for holding discussions on the new product created in the first phase of the marketing process, which in their case, is a new medically prescribed Nike running shoe made by a specific branch of Nike, known as Nike Adjust. The team was responsible for identifying the segmentation criteria that may affect the targeted market selection, as well as the identification of the target market. Furthermore, the team members were to describe the organizational buyers and consumers of their newly invented product, and the factors that may influence the target market’s purchasing decisions. This paper also includes discussion of the factors that can affect the marketing strategy chosen, the analysis of the current competitors, and the definition of the competitive background of the team’s product. Identify the segmentation criteria that will affect your target market selection

In a world of hi-tech everything, and more and more people becoming active and starting to change to a healthy life style, more and more people are being force to the “sidelines” due to foot and ankle injuries. Combine this with people who have chronic foot issues the Nike Adjust is the perfect solution to keep those people active and moving without pain. Knowing this we can look at what segmentation criteria exists to show it’s a viable market. To help with this we also have to look at the targeted market. But let’s start with segmentation criteria that make this a viable product with in a market. To better understand this we need to understand what segmentation criteria is; it is a strategy in marketing which involves separating a large targeted market in to smaller grouping of consumers that have similar needs and requirements, then creating strategies that are focused on those consumers and target groups. Identification of target market

So now that we have an understanding of what segmentation criteria is we really need to better understand target markets. So to define what a target market is, we can say it is a large group of consumers that a given company can define as costumers willing to purchase a particular product or service. As an example of a target market we could say 18 to 25 year old males are target for the National Foot Ball league. Or people living in Florida over the age of 65 are a target market for a particular sun block product for extra sensitive skin but market segmentation, maybe a particular race of females over the age of 65 as an example. To bring this all together for a product like the Nike Adjust there are several potential target markets that Nike could focus on, which could be easily broken into segments, for example one segment could be the 20 to 40 year olds that are very active and have had injuries or chronic foot issues that are looking for a way to stay active without pain. These individuals could be marketed to by Nike having endorsements from professional athletes whom may have had foot injuries. Another way to target them would be to have advertisements during professional sporting events, or sponsoring marathons or other running events. Another segment of the larger targeted market maybe those over 40 or 50 years old that are not focused on fashion as much but more ease of use, and pure comfort of the product. And they are individuals that may not be focused on high intense exercise or focused athletic support. These individuals will be looking for a practical product that provides support in a concealed shoe that is easy to put on, and provides easy adjustments and changes. The marketing for these consumers maybe more of a print advertising plan where adds are pulled in news or golf...

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