Marketing Strategy for Suave

ASSIGNMENT 1 PREPARATION: TARGET MARKET/USERS

Get a jump start on your first assignment. Go the course guide and review the requirements for the Positioning Statement and Motto assignment due in Week 4.

Review the instructions to understand the expectations and budget your time accordingly.

Be sure to carefully review the grading rubric.

Use the following template for this assignment: Assignment 1: Positioning Statement and Motto Template [DOCX].

Download this template to your computer and Save As using the following identifier: LastName_FirstName_Week4_Assignment 1.

Now you’re ready to get started on the first section of the assignment.

For this assignment, you will select from Tesla, Smoothie King, Suave, or Nintendo as the basis of your work. Select one of these four companies and get started on the first bullet in the template, 1. Target Customers/Uses. The following provides some context to help you complete the first question section in the template. (Remember you are doing your own assessment on the business, do not go to the company website and copy their analysis. You need to do your own assessment on the business you select.)

For additional help with this section of the Assignment 1 template, review Chapters 1 and 2 in your textbook, and review the following resources:

Target Market Segment Strategy.

Companies use segmentation and targeting to promote their products, services or brands effectively.

Target Marketing and Segmentation: Valid and Useful Tools for Marketing.

Target Market/Users

Who is your market? Who is the target customer for the selected business? Identify which segments the business targets. For example, if I was going to “guess” at Coach’s target market, it would be:

Female.

Ages 25–55.

Bachelor’s degree.

Upper middle to upper income.

Live in an urbanized area.

Consider themselves trendsetters.

How does the business you selected segment their market?

Look at age, gender, race, religion, geographic location, education level, income, family size, etc. Then look at psychographics (interests, hobbies, routines, shopping habits, etc.).

Why does the business target this market?

Using Coach again, it’s because their bags are primarily used by women. They’re expensive, so the buyer’s income is usually on the high side. When the income is high it generally means the buyer has more education. Not everyone will pay upwards of $300 for a purse, so the company targets people who want to make a statement and display their wealth by making stylish choices. Also, Coach purses must be purchased at a certified Coach retailer or Coach store which are located in higher end retail venues that attract wealthier shoppers.

How will you reach your market?

What’s the way best to reach your target market audience? For example, if you are targeting the 15–25 year old age range, the best way to reach that market is social media, specifically Facebook, Instagram, Twitter, SnapChat, Reddit, etc. However, if you’re targeting an older age group, social media is a nice start, but& you will need to use other channels such as television, radio stations, billboards, in-app commercials, product placement in movies or television shows, etc.

List the most common stations the target market is most likely to listen to or watch.

List that media and then discuss why you think these are the most appropriate channels.

How Will you Capture your Audience’s Attention?

Is it a flashy sign? It is the word “Sale?” Is it the “latest and greatest?” Think about your own personal reaction to advertisements—what captures your attention? What makes you stop to learn? Use the information about your market to help identify what will capture the audience’s attention.

How does the selected business want to be perceived? As the most prestigious brand? Or as the “go to place for sports gear” like Nike? When people think of the business, what do they think of? Look at the demographics and consider how the business captures their customer’s attention. This will help you determine exactly how the business wants to be perceived.

What does the Customers Value?

Do they value price? Do they value quality, warranties, or being the first to have a new device? Do they value showing off their money?

Use what you’ve learned in your research to identify what the target customer values and explain how you arrived at that conclusion.

Marketing Strategy for Suave

Suave is one of the leading corporations that offer personal care products. It makes sales in different states across the globe. Despite having an extensive market base, there is a need to expand it further. The extension would serve to boost the corporation’s sales. Companies with extensive market base enjoy economies of scales; thus, it is important to develop a feasible marketing strategy for Suave to increase its market coverage.

Target Market

Instituting a target market is vital for an effective marketing plan. The target market for Suave corporation is females. The females will be from 25 years to 50 years. The targeted individuals should be from middle to high-income societal class in the urbanized region. The target market will be females who are highly sensitive about their everyday looks.

Market Segmentation

The target market will be segmented further by demographics, psychographic, behavioural, and geographic. In the demographic section, the target group are 25-50-year old females from all religions in middle-high income families. They should be trendsetters, focused on skincare products, and sensitive on looks. The corporation focuses on impulse buyers who are willing to spend highly on new products. They will be individuals from semi-urban and urban areas.

Reasons for the Target Market

The target groups were selected as the corporation believes they fit into its market base. Women from 25-50 years old are the main targets since these are individuals who are conversant with what they need for outward looks. Most women of that age are keen on doing the right skin and face care that helps them look younger. Equally, most of them belong to the working class; thus, can afford the firm’s products. The firm targets all religions as the products are viable for all women irrespective of their religion. Individuals willing to spend on new products are essential since they will provide a market for the firm when it introduces new product lines. Women from urban and semi-urban areas are targeted since they are conversant with personal care products.

How Suave Will Reach the Target Market

Suave will reach the target market through social media. The firm will use social media platforms such as Instagram, Facebook, Twitter, and Tik-Tok to advertise their products. The target group use these platforms frequently; thus, they will come across adverts and information on the firm’s products in the corporation’s main account. The firm will make increase the number of followers by constantly uploading offers and giveaways.

How Suave Should be Perceived

Suave intends to be perceived as an essential personal care brand. Individuals should view it as an affordable and critical personal care brand that they need for their daily living. When they see it being advertised, they should think about self-care and improving their general outward appearance.

Value Proposition of Suave

The firm offers affordable and high-quality products to its customers. The prices of the products range from $6 to $40. They are cost-effective to the target market; middle-high income women. The firm also offers warranties of up to 1 year.  It has a returning policy that allows consumers to return poor-quality products.

Conclusion

In conclusion, Suave needs a marketing strategy to aid in expanding its market base. The target market involves women from 25-50 years since they are conversant with self-care products. The firm will use social media to reach its consumers. The returning policy and warranty offer provide value to consumers.

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