Friday, March 19, 2010

Target Market

"Who are your customers? Who will buy your product? I am often surprised that otherwise savvy small business people either have no idea who will buy from them, or they assume that 'everyone' will.” (Marilyn Guille http://sbinfocanada.about.com/cs/marketing/a/targetmarket.htm)

As for my company LaFave’s, we are going to target young adult females between the ages of 20 to 32 years old, by using this effective solution, young adult females are more prone to become attracted to our perfume “lust”. Using this name is something young adult females can relate to, which in turn will have higher percentage sell rates in the retail business. “Age segmentation can be an important tool, as a brief exploration of the market potential of several age segments illustrates.”(MKTG McDaniel ch. 7 pg. 99)

Targeting these age groups I believe will help the product expand more. In addition, our generation right now is becoming more prone to strong, heavy, attracting smells that will offer variety to young adults alike. This will bring more customers into our business with the company name LaFave and the product name lust.

Since my fragrance is for women that shop at low costing retail businesses; Macy, Wal-Mart, Kmart, Sears, Target, Dillard’s, Ross, and other outlet stores are perfect for our perfume. Again we will have a higher percentage rate from our customers; also it’s where anyone can find LaFaves “Lust” anywhere and is perfect for the holidays. “men and women share similar motivations in terms of where to shop-that is, seeking reasonable prices, merchandise quality, and a friendly, low-pressure environment- but they don’t necessarily feel the same about shopping in general.” (MKTG McDaniel ch. 5 pg. 5)

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