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Requirement
Pick three products to analyze and write your introduction to the paper.Picture yourself as a product analyst working in a consulting firm. Your job is to evaluate where various products are on the product life cycle curve.Pick three products with the following characteristics:
Product 1 - has been around forever with little change
Product 2 - released relatively recently, perhaps in the last 2-3 years
Product 3 - released very recently, in the last 2-3 months
You must pick products from three different industries (for example, they cannot all come from high tech/computer sector).As an introduction to your paper, describe each of the three products, including details about how long each product has been available in the market.
Step 2Analyze how the characteristics of the target audience affect the marketing of the three products.
Analyze how the characteristics of the target audience affect the marketing of the three products, and speculate on the products' adoption rates and processes.
For each product write at least a couple of paragraphs describing the characteristics of who the product is targeted for. Be sure to state your reasons clearly.
How do the characteristics of the target market affect the marketing efforts?Consider and describe the characteristics of the product and the type of person for whom it is targeted for at its particular point in the product life cycle.Next, explain how the characteristics of the target market change as the product moves through the life cycle.Explain what you believe the adoption rates would be. (This does not have to be quantifiable information.)
Step 3Summarize your findings.
Solution
Introduction
I have chosen three products which are Lays, Readme 3s Prime, and Mahindra Canto. The first product is Lays that belongs to food and beverage industry which was introduced in the US (1932). The second product is Redme 3s Prime that belongs to a smart mobile sector which was introduced in August 2016 (Jorgenson, 2016). The last and the final product is Mahindra Canto which belongs from automobile sector introduced in February 2016.
Process Adoption Rates and Processes.
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Target Market
Lay’s Chip mainly targeted children’s of high schools because it knows that children may be there a big source of market growth in the US. Apart of it, Lay's chips also targeted the young audience of entertainments and sports like consumers in stadiums, theaters or at home. The target market of lays should conduct its marketing activities by focusing children's and can use children entertainment marketing advertisements. Mahindra Canto targeted the high-class peoples who have more income and high lifestyles because it is so costly normal person are not able to afford it. The organization utilizes highly attractive advertisements through sponsorships of sports and various other entertainment movies.
Redme 3s Prime targeted the game players, business people, Video lovers and young generation. It introduced such quality which is appreciated by everyone and high growth chances in the near future (Coetzee, 2016). It targeted them because it wants to serve those customers who demand smart environment for themselves. Xiaomi organization utilizes such activities which show the features of their product through an advertisement.
Characteristics of Products
Lay's offering low calories and low fat to their customers. It is full of different Vitamins and Calciums. It made by different ingredients like potato, Sodium, Potassium, protein and various others. All these ingredients jointly provide a good taste to the product which makes it distinct from others.Lay's is on maturity stage and survive in the market by launching additional changes in its flavor. With the passage of time, it targeted every consumer for enhancing its sale in future and maintain itself in the market.
Mahindra Canto is a combination of various features. It has a new engine and a 6-speed AMT (Automated Manual Transmission) that Mahindra calls Autoshift. It has SUV-like bold stances, sportier than its current model, and looks more refreshing.
It is on the growth stage and earning lots of profit and demanded more by customers due to its high features. It will target more and more customers as per growth of its sale.
Redme 3s Prime is developed by using GSM or LTE technology. It provides dual Sim facility to its customers (Gong, 2013). It also has 5.0 inches screen size with latest Android Version. The other features of it are 13 MP back and 5MP front, IPS LCD capacitive touchscreen with the high quality of video pictures.
Redme 3s Prime is on introduction stage because it is recently launched now and will be growth in future with high profit.
The characteristics of the target market of Redme 3s Prime will be changes as per its growth because the organization introduces various new features to capture the whole market.
Conclusion
After studying all this it can be said that the adoption rate of Lay's will be enhanced as per the growth of its market, Mahindra canto adoption rate is mainly based on the economy and its features; as per the passage of time it will be costly, and the Redme 3s adoption rate will be decreasing because of innovative products at lower cost.
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Jorgenson, D., Gollop, F. M., &Fraumeni, B. (2016). Productivity and US economic growth (Vol. 169).Elsevier.
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Gong, H., Wang, M. Q., & Wang, H. (2013). New energy vehicles in China: policies, demonstration, and progress. Mitigation and Adaptation Strategies for Global Change, 18(2), 207-228.
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Coetzee, W. J., &Haydam, N. E. (2016).Colour association test as a target market analysis technique at an emerging destination-an exploratory study.CAUTHE 2016: The Changing Landscape of Tourism and Hospitality: The Impact of Emerging Markets and Emerging Destinations, 999.
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