UNIT 2 - ANALYSIS FOR MARKETING DECISIONS Unit 2 - Analysis for Marketing Decisions



Abstract

In this paper, we talk about Sugru and its marketing plan which includes Identifying the target market. Providing a specific demographic profile and rationale for the decision and the size of the market and its purchasing power. Then we talk about the competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does the product/service fit in? Literature about Maslow's theory of needs and how it is applied to marketing and consumer behavior model is also given to help choose an appropriate target market. Introduction

Sugru which is a brand of silicone rubber which looks like a modeling clay only it is more than that. It is soft and flexible when removed from its air tight bag and hangs on to its plasticity for thirty minutes and in 24 hours its self curing characteristic at room temperature allows it to turn into a strong and flexible silicone rubber.

The Maslow hierarchy of needs is applied to marketing when trying to understand the consumer's decision making process. In order for one to assign a target market for its products, one needs to understand what derives the consumers and their decision making process. And Maslow's hierarchy of needs can help understand how much the consumer is motivated to fulfill that need (Maslow and Stephens, 1998). Marketers need to analyze all these stages of consumer behavior in order to reach upon the final consumer perceived value about the product. There is a much competition out there in the market these days that one not only needs to understand the needs of the consumer but also understand their behavior and decision making process so that the consumer's expectations are met (Deaton & Muellbauer, 1980).

This is a huge market so in order to create a more specific target market that will be of prime focus are the teenagers. There is no product like Sugru out there in the market yet which provides the same features and has the quality that Sugru has. So there is no direct competition in the market yet. The market size is very big and the potential market size is even bigger because they are many consumers out there in the market who are too lazy to get their stuffs fixed because wither it's too hard to do themselves and the results are not always good or if they go out to get it fixed, the cost is not worth it (Davis, 1981).

Discussion

Maslow Hierarchy of needs

In 1943 the Psychologist Abraham Maslow introduced the concept of Hierarchy of needs in a paper 'A theory of Human Motivation' and in one of his ensuing book Motivation and Personality. What this hierarchy of needs basically describes is people are motivated to basic needs fulfillment and then moving on to another, which includes more advanced needs. It is in a form of a hierarchy in which the lowest levels of the ...