The research and development team get together with the information team (IT) to get information on the target segments at the two following levels: The research and development team get together with the information team (IT) to get information on the target segments at the two following levels: - Target or prospective buyers- Competitors (Chopra et al, 2007) The first category promoted the following activities: - Different sets of questionnaires for different segments so as to find the niche crowd to be targeted. - The first draft of the promotional agenda so as to effectively target this segment.
The second category prompted the following activities: - A study of the promotional strategies followed by the competitors, so as to zero in on a strategy that would be different and unique. - A study of the unique selling points of these competitors so as to devise a unique selling point that would define the brand identity of the firm. These activities were found to be omnipresent in the following activities that are actually the stages that were followed towards preparation for the creation of the new product prototype: - Defining the existing demand. - Estimating future demand. - Finding store owners and other brands willing to buy and sell the product. - Identifying the factors required for production and marketing, as well as the sources for the same. - Devising a clear cut flow chart for the flow of activities from production to marketing to selling and finally repeat orders.
In all these activities, there was a clear focus on the demand and the changing environment of the field of lifestyle and interiors. 4. Interviewing the Target Segment The interviews consisted of mostly option type questions and very few open-end questions.
They were conducted among the following groups: (Lysons et al, 2006) - Upper class- Upper Middle Class- Lower Middle Class: Questionnaire V) TouchPoints (Chopra et al, 2007)The following touch points were found among the target segments: - Exclusivity- Pricing- More variety in the same line of products. VI) Competitors: (Chopra et al, 2007)The genuine competitors include combinations as follows: - Strength: Quality; Weakness: Price- Strength: Mass production and Price.
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