Report Assignment
The class presentation will be about ten to twelve minutes in length, and you and your group should present an overview of the findings and recommendation.
You are to present a discussion of three critical market segments and the marketing mix appropriate to the segment. How you choose to present your recommendations is one of the choices your group should make, and it will depend a great deal on your product choice and all the other variables.
Your class presentation will describe in your convincing terms why your choice of these three segments is best for the company.
Your report should include:
• Why you are focusing on these three? You will have already described your selection criteria, but why have you chosen these specific targets. (steven)
Since Nest has been developed, it has been a dominant competitor in all of its market segments and has continuously been able to reach its key consumer demographics. Overall, Nest has captured its target audience, and retained its key consumers year after year. Retaining their key demographic which is families and working class individual is essential for later success, since the market projections show that competitors such as Amazon are also attempting to target these individual, so it is important that Nest understands the significance of its competitors' pressure. We have decided to put emphasis on this group of demographics, because working class individual and families play a key significance in the process of annual sales. Since one of Nest's key company goals is to make people's lives easier, families are a perfect demographic to target since they are likely busy with personal priorities and a Nest thermostat will likely benefit, this group.
Nest must also focus a large percentage of its efforts on the psychographic segmentation, which in this case would be its eco-friendly and energy efficient features. Although the features that are already installed have great results, competitors such as Amazon echo have created unique features such as motion detection, in order to save energy and increase it credibility. If Nest does not adapt and apply more effort to energy saving features, we could fear that consumer will see no incentive to buy and install a Nest thermostat, since it does not meet the same criteria. We also decided to put more emphasis on this segmentation because there are global movements to save our planet, and we want our Nest thermostats to be one more step in the right direction towards this movement. This will help our brand name, image and goals while making the world a better place. If people know that te product is helping themselves and the world, it will certainly lead to an increase in annual revenue and a better foundation for the brands credibility.
Most importantly Nest needs to focus on its benefit segmentation, since it is essentially the leading proponent for the company. Nest promises to save all of its consumers money and time, which it has proven to do and improve year after year. Since Nest is currently the leading thermostat for saving individuals money we should still seek to improve this feature since Amazon's echo thermostat, is significantly cheaper. Although Amazon has a cheaper product, Nest still provides better savings in the long run. While Nest still dominates this advantage over its competitors, Nest should still consider that its product must continue to outperform its competitors, or consumer may prefer the cheaper product. Nest products also allow individual to save time in there day, as they do not have to worry about their thermostats throughout the day, but additional features should be considered. Additionally, Amazons thermostat product comes with an Alexa, therefore consumers may consider this product since that saves more time. Although the Nest thermostat is the leading product in its market, this is by far one of its biggest down sides since it does not have the same to offer as Amazon's product.
• What advantages do these three have that are superior to what the firm is already using? (nilou)
• What are the dimensions? You should have some specific information about the size of the market segments, the market as a whole and any additional information you can locate about the segment.
• How will these segments satisfy the criteria for an effective segment? You will use your textbook here, but consider the demographics, location and other facts about the people in the segment.
• For each segment, describe the elements of the marketing mix and why that specific mix is appropriate for that segment. (Elissa)
• What do you expect will be the competitive reaction? What then will your firm do? (steven)
• What needs to happen within the firm to make this scheme work well? Marketers need to coordinate their campaigns across production, sales, finance, customer service, etc. (jean)
• How will you monitor the effectiveness of the choice? Do you see a need to develop a contingency plan due to a high level of risk?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.