To be competitive in the market and realize profits from the sale of the product “Be Fine Vegan Skin Care” in a competitive market, marketing executives analyze and design a market plan that is strategically tailored to target a specific market segment and whose demographic distribution is in harmony the product. Be fine vegan skin care is a small product that has been tailored with characteristics to satisfy a market segment where it can be used to curl one’s hair pretreatment making it look fresh.
In addition to it has oil absorbing characteristics and it is organic in composition. The most appropriate target market could be females in the age of 20 years to 35 years as it is also used to make up the face and lip treatment as a beauty product. It is important to note that the product that will answer the question on who should be targeted, the socio-economic status of the target market, and geographic distribution of the market (Kelley, Hoffman & Davis, 430).
Target Market Profile of the Product
For the product, the target market profile will be characterized by four profiles to potentially exploit any opportunities available in the market for the product. Among the defining profiles include demographically characterized profile where a number of the customers have never been identified with the product. Thus, the product is new in the target market.
That will call for a marketing plan and strategy to meet the customer and convince them of the benefits to be derived from consuming the product are worth. However, a strong relationship will have to be established between first time buyer profile to enable a strong partnership and relationship to define the partnership between the first buyer relationship and product. The marketing plan will be defined by such characteristics that will enable the buyers to be committed to purchasing the product for consumption. Thus the marketing plan will be characterized by adverts and strategies to promote the product. Consumer behavior, consumer
Positioning and Differentiating the Product
Jenkins and McDonald argue that a strategy of a marketing plan for the positioning of a product should be characterized by average pricing, good quality, organic taste, and targeting the needs of the market profile already discussed above (23). The positioning strategy will also incorporate the whole view that the product is small and to enter the market and curve a size will incorporate other issues such as product differentiation. In order to be competitive in the market, the marketing plan, rich with marketing information, constituting demographic distribution and customer profile, aiming at specific customer segments, and aggregating all information to create a tailor made concept to stimulate demand for the product. Product features will be differentiated, functional features will be addressed, and the overall design will be tailored to meet the current target profile discussed above.
The marketing plan is characterized by a strategy of differentiating the market with a new offering. The offering is inherently an organic product that is user friendly that is not associated with the side effects that are associated with industrial chemicals. According to the marketing plan, the matrix, product, price, promotion, and offering are key elements of the process. The strategy is aimed at producing a new market segment. On the other hand, the new offering is intended to segment the market by incorporating the matrix mentioned above, leading to a new market segment.
The aggregate result will be a strong product differentiation and market differentiation.
Jenkins, Mark, & McDonald, Malcolm. Market segmentation: organizational archetypes and research agendas, European Journal of Marketing, 31, 1, 17–32.1996. Kelley, S. W., Hoffman, D.
& Davis, M. A. A typology of retail failures and recoveries, Journal of Retailing, 69 (Winter), 429–52.1993.