determining the segment of the population you will consider as your target marke

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determining the segment
of the population you will consider as your target market for the new product
you are introducing as part of your marketing strategy plan project. Using the
marketing tools you’ve read about segmentation, respond to the following
questions when designing your target market segment:
Please complete bullets 4
and 5.
What are the specific demographics you might appeal to?
What are some lifestyle and behavioral traits of this segment?
Where would you likely introduce this product (regionally,
nationally)?
4.What needs/wants of this
segment is your product satisfying (features/benefits)?
5. Why is this segment optimal
for this product?
Cite and list any sources using APA format.
· Our product Top Tier Performance feed is a
researched-based feed that serves equine athletes in all disciplines. We work
every day to energize, nourish, and develop each Equine athlete through all
phases of their careers. From their young life as a foal with their Dam, all
the way through their first training day, until they become a champion in the
show pen, and even into their retirement. There is not an athlete we cannot
deliver the most innovative and effective formula for. Our demographic consists
of all breeds of horses and ponies, the activities they participate in and the
millions of equine enthusiasts. These enthusiasts represent every walk of life
and live in urban and rural areas. The horses and people involved represent an
influential industry for facilities such as farms, ranches, stables and the
products involved.
· There are over nine million horses with two
million owners and 85% of them married women between the ages of 38 to 45.
Their average income is around $185,000 with 38% having a net worth above
$500,000. 85% are recreational riders, 30% competitive riders, 11 % breeders
and 28 % consisting of horse facility managers, groomers/exercisers,
professional trainers and racehorse owners. Also, the FEA has created the
largest online directory of entities offering equine-assisted therapy services
with over 1,000 in the U.S. alone (covering every state). If all participants
past and present along with their parents and volunteers are included, the
exposure to this market would be over 500,000 in this segment. 48,000 veterans
through different veteran program are connected to this industry as well. The
FEA, college programs such as the NCAA (through NCEA) and IHSA all contribute
to the exposure to over 450 colleges equestrian teams, with over 10,000 participants
and a student body of 3.8 million. If the alumni and the families are included,
indirect exposure to the equine feed industry would be over 41.9 million.
According to the Foundation for Equestrian Athletes (FEA) “together, the
breeding, raising, training, showing,
· racing, riding and care of over nine million
horses represents a vast industry that when pulled together in all its diverse
aspects makes a huge contribution to the country’s economy”.
· We would introduce our product regionally and
nationally through sponsorships. When top riders are sponsored, they make
social media posts as well as participate in advertisement promoting what feed
they use and how they train their horses. Then marketing tools has been used
for decades and has proven to be the best platform for reaching all
demographics and setting trends. Also, we will pay our dealers more to ensure
that our advertisements and posters are visible on the windows, and all
doorways as well as having our products up front and also place at the
beginning and end of the pet aisle.

 

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