Bottle design.
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All the formal and informal groups that influence the buying behavior of an individual are that person’s reference groups. Consumers may use products or brands to identify with or become a member of a group. They learn from observing how members of their reference groups consume, and they use the same criteria to make their consumer decisions. (Lamb Hair McDaniel MKTG Chapter 5 page 73)
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From the book MKTG a target marketing strategy involves activities that select and describe one or more target markets and developing and maintain a marketing mix that will produce mutually satisfying exchanges with target markets.
My target market which has been discussed before is Generation Y and the younger parts of Generation X. Gen Y was born between the years of 1979 and 1994. This is an important segment since they spend $200 billion annually and in their lifetime it is said that they will exceed the $10 trillion dollar mark.
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Accurate and timely information is the lifeblood of marketing decision making. Good information can help an organization maximize sales and efficiently use scarce company resources. (Lamb Hair McDaniel MKTG Chapter 8 page 113)
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Researchers have found that because the company has limited resources the niche competitive advantage will be the direction, this market has excellent growth potential since other manufacturers concentrate on releasing one or two new fragrances a year and is not crucial to the success of major competitors.
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For small companies with limited resources that potentially face giant competitors, niching may be the only viable option. (Lamb Hair McDaniel MKTG Chapter 2 page 21)
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Some characteristics of Gen Y:
Family Oriented, Inquisitive, impatient, opinionated
Diverse, good time managers, street smart and
Connected to social networks.
