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Marketing Strategy (Example)

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Target Market Identification: Fossil Smartwatch Name Institutional affiliation Target Market Identification: Fossil Smartwatch According to Wheelwright (2010) a market for a new product is most likely to get positive responses if the marketing department considers the needs before designing a product. Customers in every market segment have specific needs and manufacturers have a responsibility of identifying them before making products so that the can respond by making purchases once products are released in the market. The manufacturers of fossil smart watches recognize that the market has a potential for growth as long as the marketers identify the needs and fulfill customer preferences and specifications(Durmuşoğlu & Barczak 2011). Having market knowledge enables the manufacturing department to experiment with different designs and come up with unique products that can fit all customized needs. Since the fossil smart watches target competitors the marketing department should factor in their weaknesses and capitalize on them which act as an opportunity for the fossil smart watch manufacturers (Wheelwright 2010). When the marketers of the fossil smart watches study the market and understand the tactics competitors have when marketing their goods it will be easier for the manufacturers. References Bhuiyan N. (2011). A framework for successful new product development. Journal of Industrial Engineering and management  4(4) 746-770. jiem.org Durmuşoğlu S. S. & Barczak G. (2011). The use of information technology tools in new product development phases: Analysis of effects on new product innovativeness quality and market performance. Industrial Marketing Management  40(2) 321-330. www.sciencedirect.com Kahn K. B. (2012). The PDMA handbook of new product development. John Wiley & Sons. books.google.co.ke +K.+B.+%282012%29.+The+PDMA+handbook+of+new+product+development.+John+Wiley+%26+Sons.&ots=CSRGWrhHNv&sig=nYvW8qk-ylt88LKmcwdPLmA-FqQ&redir_esc=y#v=onepage&q&f=false Wheelwright S. C. (2010). Managing new product and process development: text cases. Simon and Schuster. http://scholar.google.com/scholar_url?url=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fhl%3Den%26lr%3D%26id%3Dawmav051w24C%26oi%3Dfnd%26pg%3DPR11%26dq%3DWheelwright%2C%2BS.%2BC.%2B%282010%29.%2BManaging%2Bnew%2Bproduct%2Band%2Bprocess%2Bdevelopment%3A%2Btext%2Bcases.%2BSimon%2Band%2BSchuster.%26ots%3DYDPlMAkk7P%26sig%3DznvUcPhpzUybHhmJrtTtnMC7Ihw&hl=en&sa=T&ct=res&cd=0&ei=fYOdWqX7IoKumgG7yJ1Y&scisig=AAGBfm0XlTAoYRBUkRXKWaZsvAikS-ZmRA&nossl=1&ws=1366x665 [...]

Order Description:

1. please read requirements carefully 2. 3 pages and double space 3. APA style. 4. In this submission, you will need to identify your various target audiences and your positioning consistent with the segmentation strategy and information you have identified in the previous submission. Your multiple target markets need to encompass the best of the market segments for each of the types of Fossil watches from your market research and should be based on market size, competitive positioning and value proposition to the target. 4. based on fossil 3

Subject Area: Marketing

Document Type: Research Paper

This project has already been completed by one of the Studybay experts. The client rated this project:

Project's rating is 5/5

Price $30

Words 825

Pages 3

Completed in 1 day

Expert Samuel M

Client Review

good job

Positive
02.12.2018

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