This paper examines P.C. Genius Inc.'s strategic approach to market segmentation and product development, focusing on two key market segments: workhorse and innovator customers. The analysis explores the company's methodology for selecting target markets based on customer purchasing probability and demand likelihood. The study details the development and testing of two products, Smart-Desk and Lap-Tech, designed specifically for these market segments, along with the comprehensive marketing strategy employed to reach target customers.
P.C. GENIUS INC.
Team Paper: P.C. Genius Inc.
The two market segments settled upon were workhorse and innovator. The key factor taken into consideration in selecting the two market segments was likelihood of success measured in terms of our ability to meet and satisfy customer needs and expectations as well as product pricing. With this in mind we plugged in two crucial variables namely; the probability of customers purchasing the products we offer for sale and the likely demand/likelihood of making actual sales.
When it comes to the probability of customers purchasing the products we offer for sale we sought to determine our ability to meet customer needs. In this case we established that the two market segments selected had high scores in counters of relevance to the company. For instance, while workhorse had a high score on the ‘peace of mind, safety, security, and no hustle’ front (i.e. 126), innovator registered the highest score in as far as the technical leadership position of the vendor was concerned (i.e. 131). Towards this end, it should be noted that most of those in the target market deem the company as a progressive enterprise on the technical front. Further, it was established that the company had the capabilities and expertise to offer products that were deemed secure and convenient (from the perspective of the customer).
In as far as the likely number of units to be sold is concerned, it should be noted that the company would want to offer for sale differentiated products. The said products would attract a premium price. The ideal markets for an approach of this sort happen to be Chicago and Toronto which are markets we have significant presence in. The company would be able to rake in more dollars from sales in the two regions per unit sold than it could in any other market. This is more so the case given that the two markets score highest on the ‘price willing to pay’ counter. More specifically, whereas innovator has a score of 4,003 in Chicago, workhorse has a score of 3,401 in Toronto.
The two products that were designed for the test market were Smart-Desk and Lap-Tech. In this case, we first sought to research the viability of the two products. This we were able to do by clearly defining the market and establishing the needs that competitors were not meeting. We established that Smart-Desk and Lap-Tech were ideal for the target market. This was followed by the making of prototypes of the two products for testing purposes. Essentially, the prototypes were tested by collaborating with carefully selected representatives of the target market. Feedback was sourced and taken into consideration. Further, a number of issues – mainly relating to design, functionality and ease-of-use, were identified and fixed.
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