Describe the target market for your NAB business
Part 1: Please answer the below in a min of 250 words.
Describe the target market for your NAB business including a description of your target market’s key demographic elements. You should also mention the geographic, lifestyle, psychographic, purchasing pattern, and buying sensitivities of your proposed target market.
Please see the attached document for additional information.
Part 2: Please comment on the students discussion post below in a minimum of 150 words. (Warren)
Demographic Description:
Our main focused consumers of FOY beverages are college educated single or married couples between the ages 25 and 40 who earn over $35,000 per year and may have children in the home. These are our hard working health conscious young adults.
Our secondary market group are those, mainly above 55 who have medical conditions and must watch what they eat and drink, due to diabetes, obesity, chronic inflammation or heart disease. These are our aging to retired customers with serious health risks looking to change their diets for the better.
Geographic Description:
The area we plan to initially serve FOY beverages is at inner city cafés, urban malls, senior communities and local grocery stores. We then plan a future release into local restaurants, sports stadiums, amusement parks and casinos.
Our target area is Cincinnati, Ohio and the surrounding suburbs. Cincinnati is a great launching area as it encompasses northern Kentucky and Indiana for a tristate release of the product.
Lifestyle Description:
Since our customer base is middle income and above, our customers shop at larger local malls, outlet malls and established grocery store chains. They enjoy casinos, amusement parks, and going out to dinner several times a month.
Our secondary market still enjoy life and go out to dinner and casinos and continue to shop at local grocery stores.
Psychographic Description:
Our primary focus group consider themselves as socially responsible and health conscious. They want to enjoy all that live has to offer, but in a responsible manner.
Our secondary group, want to continue to enjoy life, but with a healthier lifestyle. Due to age and illness must now watch what they eat and drink.
Purchasing pattern description:
We anticipate that our primary market group will purchase FOY beverages for home and for their children on a weekly basis. We also believe that they will purchase the product when they are out to dinner, entertainment etc. Many will pay by credit/debit card as they tend to track entertainment spending and grocery spending.
Our secondary market group will be more thrifty as some may be retired and on a fixed budget. Those with health issues may not be able to work, therefore price is a serious concern to them. They may be more inclined to use cash for their purchases.
Buying Sensitivities Description:
Our primary focus group are more willing to pay for a healthier product. Their focus is on health and fitness and the health of their children. They want quality and ease of use packaging for them and their children.
Our secondary market are more cost conscious and want an affordable product that meets their needs. They too want a quality product that is easy to access (both where to buy and open) but also fits into their budget.
all_smiles_non_alcoholic_beverage_company
Answer preview to describe the target market for your NAB business
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