Introduction

Marketing involves making the existence, price and importance of a certain product known to potential customers. This is an important aspect that determines the success of any organization in terms of competitiveness and increased profitability. The process gains more importance especially when introducing a new product in the market. Introducing a new product in the market should be done with caution to ensure that the organization maintains existing customers and also get hold of new customers (Cant, 2006). Organizations must always strive to ensure that they have the best entry strategy that will be in line with the organizational goals and objectives and also meet the consumer demands. This paper will give a detailed report of a plan for targeting and segmenting market for new liquor filled chocolates.

Target market and segmentation

Before introducing a new product in existing and new markets, it is imperative noting that the target market and segmentation will be instrumental to the success of the product. The new liquor filled chocolates will be a special product that will require special target market. For instance in this case, the new product will be targeting the youths and more so the females (Dibb & Simkin, 2008).  It has been noted that the young females are the greatest consumers of chocolate related products. Identifying such target market will be essential for the organization since it will be easy for the organization to make necessary adjustments on the products. It will be easy to collect the customer’s feedback on the satisfaction derived from the consumption of the products. Such information will be essential in improving the overall competitiveness of the organization.  It will also play a vital role in reducing competition since the product’s aim is to tap a market free from other competitors.

Market targeting and segmentation will also be driven with the company’s desires to offer utmost customer satisfaction. The organization has identified the increased demand for refreshments and other beverages. Hence, introducing the new liquor filled chocolate in the market will offer refreshment options to the youths. The products will be different from those offered by the competitors in terms of packaging, pricing and nutritional content to ensure a competitive edge. Having realized that the target market mainly comprises the youth, it will be imperative ensuring that the pricing strategy meets the youths’ income (Cant, 2006). Most of the youths have little money to spend and thus it will be vital ensuring that there is an effective pricing strategy. In addition, the branding of the new product must also be very appealing to attract more potential customers from the target market.

Positioning is also another important aspect in effective marketing. After identifying the target market and the segment, it is prudent identifying the way to position the product in accordance with the target market and the customer segments. This is a process whereby the organization is expected to select a marketing mix that suits the market demand and the objectives of the organization. An effective marketing mix is the one that offers the organization a competitive edge over its competitors.  Marketing mix is defined by the 4Ps namely; product, place Price and promotion. For instance, the product in question is a new liquor filled chocolates that is recently placed in the market (Dibb & Simkin, 2008).  The product has to be packed in a way that it attracts more of the target customers. It is in almost every aspect better as compared to those offered by the competitors.

The other factor in marketing mix involves ensuring that the product is at the right place and at the right time. It is the obligation of the organization to ensure that the supply chain involved in the marketing process is effective thus ensuring that there is constant supply of the product. Lack of efficient supply will be detrimental to the organization since potential customers may seek these products from competitors. It is also imperative ensuring that the products are available for the right price thus ensures customer satisfaction as well as sustainable profit ability of the organization. Also, promotion is another essential aspect in the marketing mix. Liquor filled chocolate is a new product and it will therefore be essential engaging in intensive promotion. These promotional practices will increase product awareness among the target market thus increasing its market presence (Cant, 2006).  The choice of the promotional tools largely depends on the target market of the new product. For instance in this case, internet marketing will be the best bet considering the heavy presence of the youth in the internet. Sponsoring events such as music and sports will also be a fruitful promotional activity since such events attracts more youths.

Conclusion

As aforementioned, introducing a new product in the market is not an easy task. Market segmentation and market targeting helps a lot in the introduction of a new product in the market. It is however imperative noting that identifying a market segment is also not an easy task. Intensive research of identifying market gaps and the desires of a certain market segment will be essential. In addition, it will be essential identifying the current market situation and identify threats and opportunities facing the introduction of the new product in the market (Cant, 2006). A good entry strategy must ensure that the organization remains competitive as compared to the competitors.

References

Cant, M. (2006). Marketing management. Cape Town, South Africa: Juta.

Dibb, S., & Simkin, L. (2008). Market segmentation success. New York: Haworth Press.

 
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