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managing in organisations

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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.

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