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Target Market for VIVID@HOME

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  • Post Date 2020-05-05T05:46:14+00:00
  • Post Category Assignment Queries

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Target Market for VIVID@HOME

Target Market for VIVID@HOME

            VIVID@HOME aims at becoming the most sought after product in the world. VIVID@HOME aims at targeting the most articulate clientele for its products. The company wishes to target the market segment composed of people who will possibly appreciate the product. VIVID@HOME is certain that not everyone will be interested with the product and has decided to narrow down to a specific target group through segmenting the market. The company also considers cutting costs through market segmentation. The first market segments that VIVID@HOME wishes to target are the parents. Parents are possible clients to VIVID@HOME whether married or single with an average household income of approximately $1000 and above. In Australia, parents make up 17% of the total Australian population. There are approximately 4 million parents in the country. Most parents are opposed to holding leisure events outside their homes and may admire VIVID@HOME’s products which bring the experience at home. A significant number is likely to appreciate the product.

Young people are also possible consumers of the product. Most young and unmarried people aged between 16 and 26 have great interest in partying experiences. 26% of the population in Australia, that is, 6 million, comprises of young people. This class of people is expected to use the product in large volumes since the product achieves maximum partying experience. VIVID@HOME also notes that the segment is price sensitive due to possible low income. ¾ of this group is expected to use the product.

Couples will definitely be attracted to the product. The couples may be married or just living together for fun. The company through background research has established that there is a tendency for couple to appreciate near home experiences. Usually, couples opt to party and merry at home rather than outdoor experiences. The ability of the product to provide near home real experiences will possibly fascinate couples. Australia has an average of 2.5 million coupled family homes. A significant number of more than half the population is likely to subscribe to the product.

VIVID@HOME aims at attracting users from approximately 12 million homes in Australia. The company anticipates high market growth rate due the high probability of market acceptance. The company assured to achieve a clientele base of around 20% to 30% of the target population which is approximately 4 million homes. The company is very optimistic with the success of the product in the Australian market. Additionally, the company plans to launch it product in the USA. The company approximates the US population at 320 million. From the huge number, the company expects to tap 70 million homes. This indicates that the target market for VIVID@HOME in USA is saturated. VIVID@HOME also aims at marketing its products in all other developed nations across the world.

In every country, the company applying the same criteria of market segmentation, that is, identifying parents, couples, and young people. VIVID@HOME has customized the product to fit various consumer segments. Based on the demographic consumer segment, the product aims at increasing emotional ties between people. For example, using the company’s product, one can be able to generate a 3D image of a deceased relative conveniently. This may help to increase the emotional connections. Through its products, the company aims at satisfying the geographic consumer segment. This is where the company’s products can connect people in different places hence nullifying the distance between them. In respect to the psychographic consumer segment, the company’s products can be utilized in eliciting memory in young children. VIVID@HOME’s light technology can generate images for young children to memorize. Additionally, the technology produces brilliant artistic images which may bring a wonderful and memorable experience. Finally, the company targets to become the most obvious product that everyone ought to use.

Promotion Strategy

            The main objective of the company’s promotion strategy is to create awareness of the product in the target market. The company aims at disseminating information about the existence and the features of its products. Since the company is relatively new in the market, the company focuses on notifying the target market about the availability of the product.  Consequently, this will stimulate the demand for the products in due course. The company also uses the promotion strategies to create demand for its products. Through promotion, the company’s products will definitely manage to attract prospective customers. VIVID@HOME will use the most common elements of promotion mix which are; advertising its products, conducting sales promotion, use of personal selling as well as public relations (McDonald, 2007). The company intends to position these techniques in such a way that they complement each other. For example, the company may want the target market to experiment its products through a sales promotion program. This promotion strategy may be supplemented by popular media and social media advertising. This is where the company may advertise its products alongside sale promotion through different channels. The company may also use personal selling at the same time through organizing personal meetings with prospective customers. Connectively, the company can also engage in charitable activities to improve public relations.

VIVID@HOME intends to use both push and pull strategy in communicating its existence in the market. Through the push strategy, the company will establish distribution systems and convince the middlemen to stock its products. This strategy will enable the company to market its brand and ensure that its products are readily available in the market. Pull strategy will also be used where the company will market the product direct to the consumer. The customers are likely to appreciate the brand in large numbers. The company expects the customers to seek the product directly from them. This strategy will hence serve the purpose.

Advertising Campaign Plan

VIVID@HOME intends to use competitive product advertisement in order to nullify the probability of a competitor from accessing its market segment and will use a strategic advertising campaign to achieve the purpose.

Market Environment Analysis

The company will conduct PESTLE analysis of the industry in order to understand the market environment. In Australia, the company is cautious of the political environment since the government keeps interfering with the country’s economy through tax adjustments. The economic environment for the company is favorable due to overall good performance of the Australian economy. The product is likely to do well in the social environment as it targets people of all calibers. The technological environment will favor the product since it’s a technological venture itself. The sound legal structure in Australia will support the product.

Target Audience

The product targets parents, couples and the youth. This is due to the high likelihood of the group to use and appreciate the product.

Set Objectives

The company aims at availing the product in the market within the next 12 months. The company also looks forward to making money as soon as the product is launched in the market. The company also aims at maximizing its profits through articulate utilization of first mover strategies.

Message Strategy

The company aims at using vivid description of its products in the advertisement. The company will showcase the amazing experience of its products to the target customers through the ads.

Resource Allocation

The company has created a budget of $95 million for advertisement purpose. Cost of media advertisement is estimated at $55 million while human resource is expected to be $45 million.  This is 6.7% of the total annual expected sales.

Media

The company will use TV advertising. This is because the adverts will probably cover a wide geographical area. Online advertising will also be used especially social media to get the attention of the youth. Effective TV advert will run for 30 seconds.

Producing the Advert

The advertisement will be perfectly designed in a manner that all features of the product will be noticeable. The functionality of the product will be showcased.

Placing the Advert

The advert will be run during the highest rating show in order to catch the attention of most people.

Evaluation

Pre-evaluation and post evaluation analysis will be done to establish the success of the advertisement.

Public relations

Through public relations, the company aims at providing annual reports on its operations. These reports will be given freely to the public and prominent customers. Sponsorship programs will probably create a positive reaction of the public towards the company. The company will also engage in charitable activities such as sponsoring needy students.

Sales Promotion

With respect to sales promotion, the company will engage in sponsoring big events and offer trade allowances in order to showcase the products to a bigger audience. The company will also organize major contests to display their technological inventions to the prospective customers. The company will also perform sales contests in order to market the intermediaries.

Personal Selling

Personal selling technique will focus on both customers and intermediaries. This is because the product is new in the market and using both platforms will be beneficial. A high number of sales people will be used. The company will also use viral marketing techniques since most people are currently on social media (McDonald, 2007).


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