Traditional Toy Case Study
3.2 Targeting for launching the traditional toy:
Targeting is basically selecting an aimed segment after evaluating various market segments. With the completion of market segmentation, it is necessary to do the targeting of the market after carefully evaluating each segments ( Armstrong & Kotle, 2014).
The company now requires to decide, which market segment needs to be concentrated, in order to reach the company’s goals and objectives.
The toy company has three different strategic approaches, which can be used to target the required market segment.
• Concentrated Market or also known as the niche marketing (single segment): This strategy is basically where, the marketers concentrates and focus on the needs of a single segment which is …show more content…
Also, all the instructions to use will be clearly mentioned on the packaging.
• Product user: This toy has been specially designed for the age group between 6 -11 years. Therefore, the toy company will be positioning by focusing on the product users which are the children.
• Product class: The Company will be looking into the association of the toy product along with a class of product. For example: associating this traditional Toy along with a Christmas tree or other Christmas gifts.
• Competitors: The toy company will be positioning with respect to its competitors by highlighting on their unique features such as: quality, design, pricing etc… which stands out different from its competitors (Blythe, 2002).
Hence, the above basic approaches will be focused and targeted by the toy company in order to position their product in an effective way among the consumers in the market.
4. Marketing mix for the toy launching:
Marketing mix is a tool or technique used to promote a product /service by a firm. This technique will helpful to develop the long and short term strategy in the firm. This technique is a combination of 4 P’s, which are product, price, promotion & place ( Armstrong & Kotle,
Targeting is basically selecting an aimed segment after evaluating various market segments. With the completion of market segmentation, it is necessary to do the targeting of the market after carefully evaluating each segments ( Armstrong & Kotle, 2014).
The company now requires to decide, which market segment needs to be concentrated, in order to reach the company’s goals and objectives.
The toy company has three different strategic approaches, which can be used to target the required market segment.
• Concentrated Market or also known as the niche marketing (single segment): This strategy is basically where, the marketers concentrates and focus on the needs of a single segment which is …show more content…
Also, all the instructions to use will be clearly mentioned on the packaging.
• Product user: This toy has been specially designed for the age group between 6 -11 years. Therefore, the toy company will be positioning by focusing on the product users which are the children.
• Product class: The Company will be looking into the association of the toy product along with a class of product. For example: associating this traditional Toy along with a Christmas tree or other Christmas gifts.
• Competitors: The toy company will be positioning with respect to its competitors by highlighting on their unique features such as: quality, design, pricing etc… which stands out different from its competitors (Blythe, 2002).
Hence, the above basic approaches will be focused and targeted by the toy company in order to position their product in an effective way among the consumers in the market.
4. Marketing mix for the toy launching:
Marketing mix is a tool or technique used to promote a product /service by a firm. This technique will helpful to develop the long and short term strategy in the firm. This technique is a combination of 4 P’s, which are product, price, promotion & place ( Armstrong & Kotle,