Bus 330 Principles Of Marketing

Product -customer value. Product: Modular furniture Foreign market: IndiaEasy to relocateEasy to assembleLow costOccupies less spaceTarget market at home foreign marketTarget market at home is low income group. The furniture appeal is of small, affordable and easy to relocate. This gives an important emotional benefit of owning a product which requires minimum care ad yet delivers maximum value.Target at foreign market is middle class and nuclear families. Competition - home and foreign marketsLocal small furniture vendors and small scale industries catering to small towns and tier2 citiesSegmentation, targeting, and positioning Segmentation criteria for arriving at target group are:Demographical segmentation: young, professional, mid to high income group with busy life, college studentsGeographical segmentation: urban population mainly in metro citiesPsychographic segmentation: students, office goers and people having fast paced lifestyle Positioning Environmental facts and trends- foreign markets One of the 14 largest furniture markets in the worldGrowing at 30 % CAGR, with only 15 % of market organizedImports increasing at a fast paceOnly 10500 furniture importers in the organized sectorMarketing MixProduct Cost leadership and Differentiation PricePricing is crucial to reach to every kind