Segmentation and Target Market - 1581 Words

Segmentation and Target Market: Elio Motors Tina M Miller MKT 571 August 18, 2014 Jason Leonard Segmentation and Target Market: Elio Motors Introduction Paul Elio is the engineer and company CEO of an American startup automaker founded in 2008: Elio Motors. Production is slated to begin in early 2015 in Shreveport, Louisiana. The design of the vehicle has three wheels with all the standard convinces of a four wheeled vehicle. The selling points of this vehicle is that 90% of the parts used to produce the vehicle are American made, 84 mpg, and a projected manufacture suggested retail price of only $6,800. This paper will discuss the target market, market segmentation, and company strategy and branding. Market Segmentation The†¦show more content†¦The marketing strategy will set the tone and direction of the advertising through tone, style, and themes that included messages. Elio has prototypes that have been traveling across North America to stir up the interest of the target market. This visual presence has allowed Elio to take pre-orders and create public interest. It has also allowed Elio to educate the market about the product. The advertising position for Elio is product differentiation and lifestyle. The differences that stand out is the initial cost and the fuel efficiency of the vehicle. It also is positioned as a vehicle that meets the commuter lifestyle. It is not meant to replace existing family vehicles, only as an addition to the family fleet as a daily commuter. Elio’s primary market is the commuters. Company Strategy and Marketing Decisions Elio’s business strategy is well conceived. As stated by VP of Sales Jerome Vassallo, â€Å"As a commuter, 93 percent of the time you’re in a car by yourself. You’d drive a small car like this to and from the office and leave a larger vehicle parked back home in the driveway for when you need to carry additional passengers or have more cargo room† (Elio Motor: How it all Began, n.d.). The fuel savings for an individual could add up tremendously over the long-term and even cover the cost of the vehicle within a few short years. Elio realizes that it will not be the primary car for many households and with the low fixed cost of $6,800 it will makeShow MoreRelatedSegmentation and Target Market1876 Words   |  8 PagesSegmentation and Target Market The three major players in the soft drink market are PepsiCo, Inc., the Coca-Cola Company, and the Dr. Pepper Snapple Group (Change Lab Solutions, n.d.). All of them use effective market segmentation to target specific markets. Effective target marketing requires that marketers, segment the market, by identifying and profiling to find a distinct group of buyers who differ in their wants and needs (Kotler Keller, 2012). They target their specific product to oneRead MoreSegmentation and Target Market1835 Words   |  8 Pagesï » ¿ Segmentation and Target Market MKT/571 Segmentation and Target Market The fitness industry in the United States has grown greatly as more individuals are exposed to healthy living as a lifestyle. Rather than simply attracting athletes, fitness facilities are recognizable service providers to all demographics. As a result, the job outlook for personal trainers and exercise instructors is good. According to the â€Å"Bureau of Labor Statistics† (2014) website, â€Å"employees of fitnessRead MoreSegmentation and Target Market1494 Words   |  6 PagesSegmentation and Target Market XXXXXXX MKT/571 - Marketing November 22, 2014 xxxxxxxxx Segmentation and Target Market In business marketing, market segmentation and targeting specific markets aids organizations by reducing the risks involved in decisions of how, where, when, and with whom the brand, product, or service will be advertised, directed, or promoted to. Positioning the product or service to the accurate target while controlling the marketing budget are tactics used by marketingRead MoreMarket Segmentation And Target Market803 Words   |  4 PagesMarket Segmentation and Targeting As identified that the ultimate purpose of running an organisation is not only manufacture their wares but also earn profit. Because of different sorts of clients, there is no product exist that may encompass all client demands. For every organisation, the market assortment procedure include to segment, target and position. Market segmentation is the process of dividing the total market into groups, or segments, consisting of people or organizations with relativelyRead MoreThe Market : A Target Market Segmentation1915 Words   |  8 PagesI. The Market A. Target market segmentation 1. What are the needs? The buying process starts with need recognition. The buyer recognizes a problem or need. A need can be triggered by external stimuli. For example, an advertisement can develop a person’s need to make a purchase. The marketer at this stage should research consumer needs in order to determine what kinds of needs or problems arise and how they lead the consumer in making a particular product decision (Armstrong Philip, 2012). MaslowRead MoreSegmentation and Target Market2004 Words   |  9 Pages Segmentation and Target Market MKT/571June 09, 2014Erica Hayes Segmentation and Target Market Marriott International, Inc. was founded by J. Willard and Alice Marriott in 1927 and has been a leading hospitality company for over 80 years. It has more than 3,900 properties, 18 brands, and associates with its headquarters in Bethesda, Maryland, USA. The company boasts of revenues of nearly $13 billion in the fiscal year 2013 and is expanding globally. This paper specifically discusses theRead MoreTarget Market And Market Segmentation1506 Words   |  7 PagesTarget Market and Market Segmentation: The above demonstrated Farmer’s Fridge log has been renovated to reflect a more modern, culturally stimulating and reflecting the country of the Philippines. The logo consists of a mango like shape in the back drop which also represents the sun. This decision is based off of one of the Philippines most popular fruits, the mango. The reference to the sun derives from the country’s flag which has a sun with eight rays shooting off that reflect the countriesRead MoreSegmentation And Target Market Analysis1485 Words   |  6 PagesSegmentation and Target Market Paper The fundamental component of Market segmentation is a market-based strategy. Market segmentation strategies are generally used to identify and further define the target customers, and provide supporting data for marketing plan elements such as positioning to achieve certain marketing plan objectives. Businesses may grow product differentiation strategies, or an indistinguishable approach, concerning specific products or product lines subjectable to the specificRead MoreSegmentation And Target Market Paper1613 Words   |  7 Pagesï » ¿ Segmentation and Target Market Paper MKT/571 Segmentation and Target Market Paper â€Å"Marketing segmentation and targeting are particular important for finding customers that are the best match for a business’s products and services† (Suttle, 2014,  ¶ 2). â€Å"KnowledgeNet Enterprises LLC is an industry leader in IT and business skills training† (KnowledgeNet, 2013,  ¶ 1 ). This paper will go over several aspects of the company including an overview, demographic, psychographic, geographic and behavioralRead MoreSegmentation and Target Market Paper1094 Words   |  5 Pages Segmentation and Target Market PaperJonathan GraceMKT/571October 21, 2014Dr. Johnny MorrisSegmentation and Target Market PaperThis plan was put into in 1936, establishing the Government Employees Insurance Company, the company known and respected today as GEICO. GEICO was primarily directed toward federal employees and certain groups of enlisted military officers. Lillian Goodwin actively marketed the company to this group of consumers and within a year, GEICO had written over 3,700 policy holders