Snazzy Sodas Market Targeting Strategy
SNAZZY SODAS MARKET TARGETING STRATEGY
1. Outline and discuss the market targeting strategy that you would recommend Snazzy implement for its new line of energy drinks. Provide rationale for your strategy choice.
• When deciding which market segment should be targeted, one must first think what type of people energy drinks will most appeal to and additionally, who might find the effect of energy drinks most attractive? Because young people in their 20s are likely to be much more active when compared to other age groups, it seems that this market segment should be chosen.
• Given that the market segment has been identified, it is necessary to develop a strategy to target specific key groups that might find the energy drink worth purchasing. I believe that this product should be advertised to sport enthusiasts, gamers, ‘work-aholics’ and university students. These specific groups within the chosen market segment may have a need for energy drinks over and above others in the target segment because of their need for concentrated energy that is easily consumerable.
• The design of the can is also important when marketing this product. Designs that are distinctive and vastly different to competitors might allow this product to stand out from the crowd.
• Knowing the competition is important and need to conduct research into their strengths and weaknesses. As such, Snazzy Sodas should distinguish itself from them by the product design and produce advertising that specifically appeal to the key groups identified above.
2. Explain the consumer behavior characteristics that are likely to influence consumer purchases of this new product.
(a) Information search – if the consumer is not aware that this product can address their need for an energy boost then it is unlikely they will purchase the product. To address this, key advertising and an encouragement to ‘spread the word’ is important so that the consumer recognizes that amoung product alternatives, the
1. Outline and discuss the market targeting strategy that you would recommend Snazzy implement for its new line of energy drinks. Provide rationale for your strategy choice.
• When deciding which market segment should be targeted, one must first think what type of people energy drinks will most appeal to and additionally, who might find the effect of energy drinks most attractive? Because young people in their 20s are likely to be much more active when compared to other age groups, it seems that this market segment should be chosen.
• Given that the market segment has been identified, it is necessary to develop a strategy to target specific key groups that might find the energy drink worth purchasing. I believe that this product should be advertised to sport enthusiasts, gamers, ‘work-aholics’ and university students. These specific groups within the chosen market segment may have a need for energy drinks over and above others in the target segment because of their need for concentrated energy that is easily consumerable.
• The design of the can is also important when marketing this product. Designs that are distinctive and vastly different to competitors might allow this product to stand out from the crowd.
• Knowing the competition is important and need to conduct research into their strengths and weaknesses. As such, Snazzy Sodas should distinguish itself from them by the product design and produce advertising that specifically appeal to the key groups identified above.
2. Explain the consumer behavior characteristics that are likely to influence consumer purchases of this new product.
(a) Information search – if the consumer is not aware that this product can address their need for an energy boost then it is unlikely they will purchase the product. To address this, key advertising and an encouragement to ‘spread the word’ is important so that the consumer recognizes that amoung product alternatives, the