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Marketing Plan "Phase Ii Paper"

1620 words - 7 pages

The purpose of business is to succeed, to be profitable and increase its presence in the market. Any business that has a new product to present to the market must first do a tremendous amount of research to ensure that success. Research involves more than just a survey that may have sufficed in the past. Today businesses must consider what segment of the population is the target market, and not stop there since then it must be divided into demographic, geographic and psychographic segments. The company will then have to decide who the organizational buyers and consumers will be. Competitors must be considered and analyzed for the product before it is made known to the world. All these ...view middle of the document...

The Universal drink is just like Vitamin water, different flavors, convenient and inexpensive. The segmentation criteria's that will impact Merck & Company's target market mainly will be the demographic and geographic segments.Demographic segmentationDemographic segmentation is the process of segmenting market based on variables such as gender, family size, family life cycle, income, occupation, education, religion, race and nationality. This is the most popular bases for segmenting customer groups because consumer needs, wants and usage rates often vary closely with demographic variables and is easier to measure than most other types of variables. Companies who use age and life-cycle segmentation offer different products or use different marketing approach for different age and life-cycle groups.Geographic SegmentationGeographic segmentation calls for dividing the target market into different geographical units such as cities, inner city neighbor hoods or commuter towns. In this way of segmenting market, a company should produce and sell the right products in the right geographic areas at the right times.Psychographic SegmentationPsychographic segmentation is the process of segmenting a market into different groups based on social class, lifestyle or personality characteristics. People in the same geo demographic group can have different psychographic profiles.Organizational BuyersThe organizational buyers and consumers of the "Universal Drink" would consist of individuals who are at least over the age of 18 years old and who are interested in a new method of birth control. The Universal Drink comes in a variety of flavors by which consumers find good tasting. This product was sampled by a group of 100 adults both male and female in Europe and 95% of them found the Universal Drink to be both good tasting and effective. There were 3% of the consumers that sampled the product and had an adverse reaction due to taking other medicines in conjunction with the universal drink, and the other 2% did not like the taste. The majority of the consumers that were apart of the sampling process, agreed that the Universal Drink was easier to consume and was better tasting than the standard pill and patch.The uniqueness of this method of birth control is that it is used by both male and female. Scientist have been researching and studying ways on how invent a male contraceptive. Before inventing the "Universal Drink," men everywhere would depend on condoms, vasectomy, and abstinence. The new birth control drink, in addition to preventing pregnancy, could possibly prevent an HIV positive male and females from spreading the virus. When conducting the sampling of this product, studies showed that 2% of the individuals were HIV positive and during this testing period did not use any other form of birth control and did not pass the disease to its respective partner. There was definitely a need for a different type of birth control.The Centers for Disease Control...

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