• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

managing in organisations

Extracts from this document...

Introduction

Executive Summary This report is a marketing plan for a new toaster created by Future Appliances, the CustomToast. The report starts off by analysing various approaches to segmenting the market. Such variables as geographic, demographic, behavioural and psychographic customer characteristics are used to size up the target market. Psychographic, being the variable of choice is thoroughly investigated and assessed to gain a better understanding of the potential customers. Next the report moves onto competitors. It outlines who are the main ones and what they offer. Further on careful positioning tactics are discussed and how they will aid to give the CustomToast a competitive advantage. This section explains how the CustomToast will be portrayed to the public and how this will be achieved. The last section of the report contains information on pricing. It explains how with pricing, different sections of the market will be targeted. Introduction Future Appliances is proud to announce a new innovative toaster to hit the market, the CustomToast. If there is ever an easier or more practical way to do something, people will do it. The CustomToast takes toasting bread to the next level by introducing a programmable toaster. The toaster will be able to store up to 10 different toast settings, including toast time and heat strength. ...read more.

Middle

Mainly because both this groups would most likely utilize the features of the CustomToast and take advantage of its affordable price. Good, solid and reliable products are important to this group. The Conventional Family Life segment struggles to improve their basic living standards and give their families better opportunities than they had in their own childhood, so developing a toaster which is both affordable and has a luxury feature added on top will definitely appeal to this group. The next groups to be analyzed are the Visible Achievement and Socially Aware. Both groups seek innovation and new products while keeping in mind quality and value for money. Family is very important to 'Visible Achievement' so they place great emphasis on providing their families with a high quality environment. A new facility or something to make life better or easier for the kids would no doubt appeal to them. The Socially Aware segment is continually searching for something new and different. Their attraction to new innovations is so high that they will jump in and purchase it regardless of the cost. The styles and features of the CustomToast have been kept rather simple because if it was too complex or innovative it would be hard to target a number of segments at once. ...read more.

Conclusion

54). One main goal is to help customers focus on the actual value and advantages of the CustomToast, unlike some other products which are focused on just making that one extra sale. By focusing on value Future Appliances hopes to increase the CustomToast's reputation and position in the market and build a stable price which will make consistent sales time and again. List of References Kotler, P, Adam, S, Brown L & Armstrong, G 2006, Principles of Marketing, 3rd edn, Pearson Education Australia, Prentice Hall. Alllvine, FC 1987, Marketing Principles and Practices, Harcout Brace Jovanovich, Orlando, Florida. Birt, I 2005, Marketing and Promoting Your Business, Pearson Education Australia, Frenchs Forest NSW. Baker, MJ 1998, The Marketing Manual, Butterworth-Heinemann, Linacre House. Dibb, S 1998, 'Market Segmentation: strategies for success', Marketing Intelligence & Planning, vol. 16, no. 7, pp. 394 - 406. Simkin, L & Dibb, S 1997, 'A program for implementing market segmentation', Journal of Business & Industrial Marketing, vol. 12, no. 1, pp. 51 - 65 Benjamin, C 1997, Roy Morgan Values Segments, viewed August 2006 <http://www.roymorgan.com/products/values-segments/values-segments.cfm> Hogan, J & Lucke, T 2006, 'Driving growth with new products: common pricing traps to avoid', Journal of Business Strategy, vol. 27, no .1, pp. 54 - 58 TABLE OF CONTENTS Page Executive Summary 1 1. Introduction 2 2. Market Segmentation for Toasters 3 2.1 Geographic 3 2.2 Demographic 4 2.3 Behavioralistic 4 2.4 Psychographic 5 3. Analysis of Competitors 7 4. Positioning the Product 8 5. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our International Baccalaureate Business Studies section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related International Baccalaureate Business Studies essays

  1. Leadership styles and analysis of my leadership skills.

    The fifth assessment is "How Good Am I at Disciplining Others", I scored 20. This assessment gives an insight on how effective I might be at practicing discipline at workplaces. The scores ranged from 8 and 24, 22 and above indicate excellent skills at disciplining team member.

  2. Analysing Job sectors in Canada. Identify trends in employment and occupational demand patterns for ...

    Some of the functions formerly performed by directors of finance are now the responsibility of accountants or partners in accounting firms or audit firms. On the other hand, adapting financial and accounting services to international trade somewhat slowed down this trend.

  1. Free essay

    Marketing Case Study. From many various factors for segmentation, we can choose two bases ...

    Income can only specify the affordability of the consumer to purchase for the product. Income is one more strategy used by some manufacturer as well. Any manufacturers target on price responsive for consumer but some may target on high revenue consumer.

  2. BP Financial analysis

    As a vertically integrated company its operations span from the exploration for new crude oil and natural gas fields, through the production, refining, distribution, to the marketing of fuel, energy and other petrochemical products. It also has an alternative energy division.

  1. New business plan

    New Zealanders are to have the healthy environment and quality of life they want. (Environmental issue) For our restaurant, we first should ensure all the raw material are of high quality and will do no harm to people health. In addition, some raw material such as tofu and other herbal recipe should be good to people health.

  2. In this paper, we will focus in four main factors which had the most ...

    This is why the interest rates for loan raised up to 18% -20%. Investors were "short of breath" and turned away from the residential session when interest rates were too high. Some real estate specialists said that there were only 10% buyers who bought their apartments used them for mortgage because the lending rates of banks were too high.

  1. Business plan for Laundry Toaster laundry dryer.

    It can also bring a new era into the world?s furniture industry that is the combination of technology into ordinary furniture and make people?s life easier. The advantage of this product is it is the first kind of cupboard in the world to have the function of drying and storing clothes in the same time.

  2. How does an international chain hotel and individual hotel operate differently ?

    The advantages of franchise are the corporate image and brand awareness of the hotel is already well-known and consumers always choosing by the hotel?s reputation or hotel they trust.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work