Marketing Pl Target Market Essay

Marketing Pl Target Market Essay

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SECTION 3: TARGET MARKET: A full description of the current market segment(s) and identification of an existing or new target market to be the focus for the remainder of the strategic marketing plan, including a discussion of why this target market represents a growth opportunity for the company. Description of target market must be extensive and based on the criteria for segmenting consumer markets as outlined by Kotler. Also discuss the positioning strategy to be used for this chosen target market.
This section describes the customers we are targeting. It defines their demographic profile (e.g., age, gender), psychographic profile (e.g., their interests) and their precise wants and needs as they relate to the products and/or services you offer.
General Motors current target market is concentrating on four markets Brazil, China, India, and Mexico. They are building a variety of vehicles starting with small compact cars and utility vehicles for sales in these markets. The idea is to look at the needs of these developing countries and act on the needs through new vehicles. Even though China had a huge increase in sales from YTD 2015- YTD 2016, the U.S. still dominates the sales market for GM. In order to make GM the leader in the market, the new target market recommended is as follows:

Target markets: recent college grads ages 22-25
This represents a group of individuals who will:
A. Be driving for a long time
B. They represent a group who have a higher chance of earning a higher income
C. College grads will most likely need a car for their new post-grad job

Demographics-Young single, educated individuals with either a Bachelor or Master degree, male and females between the ages of 22-25, with an average income of $50,...

... middle of paper ...

...ulfilled. This generation with a market size of roughly 98 million (“Fact sheet: Aging in the United States,” 2016) is comprised of individuals that want to purchase reliable and worthy vehicles that also make them feel youthful and trendy . If satisfied and happy, they will spread the word to other individuals in this same target market. Also, according to Nielsen report, they account for $230 billion in sales and makeup 70% of the nation’s disposable income. (Stagaman & McDonough, 2014)
Loyalty- Loyalty is very important to this generation. Having a vehicle with a strong reputation as well as a company that is loyal to both its customers and employees, more importantly, brands that offer exceptional customer service, true value proposition, and prioritize simplicity. (Kito, 2014) Securing the customer loyalty of this target market would inspire true advocacy.

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