Introducing a Product to the Market Essay Example | Topics and Well Written Essays - 750 words

Introducing a Product to the Market - Essay Example In an argument by Kerin (2012) market segmentation is an effective way of introducing a product in the market since the entrepreneur is provided with an accurate way of analyzing the consumer behavior. The author further asserts that the entrepreneur is also able to understand the general behavior of the market and trends that may affect the performance of is product (Kerin, 2012). The argument is supported by Kotler & Keller (2012) who is of the assumption that a thorough market analysis through segmentation enables the ability of the entrepreneur to find the most strategic marketing strategies. For instance, the authors cite that the entrepreneur may understand the best way the market prefers to access marketing information (Kotler & Keller, 2012). The information acquired may be more effective if the entrepreneur realizes a specific target market. From these provision, identifying the target market through market segmentation is an effective overall strategy. Depending on the nature of the product, the most accurate target market would be a population between the ages of 16 to 30. The product is aimed to attract the preference of a market that has the largest conception of mobile phones. Dacko (2008) is of the assumption that the entrepreneur must select a target market based on the impact expected from their product. For instance, the young generation is mostly attracted to technological trends and social innovations. The major characteristics of this target market is their ability to recognize trendy product from a large market. In addition, their market selection is based on uniqueness and time relevance. Kotler & Keller (2012) assert that a young target market has massive preference on luxury goods. The authors further point out that their consumption of luxury goods is not majorly limited by pricing levels (Kotler & Keller, 2012). The target market is also very swift in shifting preference from one product based on a new entrant