In this modern and globalized era, innovative techniques should be used for introducing products that appeal to the customers. Being an entrepreneur, I will also develop the product in a unique way so that it is attractive for the customers, which will lead to the success of the product. The principal The product is ketchup named as Yum Yum Tomato Ketchup. The product is made of healthy fresh tomatoes and it contains ingredients, which are beneficial for health. The product is especially prepared by focusing on the health of children in order to provide them nutritious food that also helps in their growth. the segmentation strategy is however concentrated strategy that focus on producing one type of product and targets multiple segments. In the case of the concentrated strategy limited product is offered to the target market (Grewal & Lewy, 2008). While segmenting the market the demographics and geographics are considered in order to satisfy the consumers (Aziz & Nass, 2013).
First target market segment’s characteristics are the school going children that take sandwich and fried food etc in their lunch. This target market is having age group below 16 years. Second targeted segment is young people which like to take ketchup with snacks etc in lunch, tea time etc. this segment have ages ranging from 17 to 25 years. The third and the final segment is working people that usually take lunch from outside and like to take ketchup with their food. Their ages range from 25-45 years. The target market however deem appealing and attractive because the product is providing the possible solution of health safety that is associated with targets. Moreover, the target segments are also attractive because it is identifiable, sufficiently substantial for pursuing, reachable and finally profitable (Sun, 2009).
The positioning strategy will however for this product will be to enter the market in order to serve the financial position in market. The primary trait of the product is that we want that the consumers recognize the convenience benefits. The tag line designed for the product is “It’s healthy and different”, which differentiate the product from the rest of market products. The product is available in variety of packing from sachets to jumbo pack and for the convenience of consumers nozzle bottles are also available. The most common packaging is available in 200 grams, 300 grams, 500 grams, and 1 kg. The target group falls in the middle and upper income households. Advertisements are to be done through television advertisement, hoarding, print and media ads. The advertisement on television will be on aired on the leading Television channels such as Discovery, National Geographic, HBO, and Star World etc. the advertisement will also be done in leading newspapers and journals such as The New York Times, The Independent and The wall Street Journal etc, in which the packaging, price and unique features offered by the product for facilitating healthy living in people will be advertised.
For positioning strategy, it is also decided to avoid false advertisements i.e., to misguide people by describing those features that are not offered by the product because this will mar the repute of the product and company. The function of the product is to ensure provision of healthy food especially to children. The product allows people to remain healthy and protected from the harmful ingredients and artificial colors and food additives. It also solves the problem of consumers to search the market for the safe product.
Sun, Still. (2009). An Analysis on the Conditions and Methods of Market Segmentation. International Journal of Business and Management, 4(2), 65-76
Grewal, Dhruv., Levy, Micheal. (2008). Marketing. Tata McGraw Hill Companies, Inc.
Aziz, Samer., Nas, Zekeriya. (2013). Demographic Segmentation and its Effects on Consumer satisfaction. International Journal of Contemporary Business Studies, 4(2), 44-53