Entrepreneurial Opportunities (pdf)

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Entrepreneurial Opportunities
Customer SegmentationIn order to bring the new business plan on floor more effectively, it is very essential inorder to segregate the target market. It will assist in analysing the target market as per theproduct which will assist in targeting the market efforts to the particular customer base only. Inorder to discover the potential market and target them for the new cream Organix. The STPapproach is very effective marketing model (Wedel and Kamakura, 2012). As per this model,through segmenting the target market, targeting the right customers and properly positioning theproduct in market place will assist the business to grow faster.Segmentation: It can be said that in order segmentation of the potential customer in themarket can be dome through 4 different ways, Demographic segmentation includes segmentingthe customers on the basis of age group, gender, job status or their disposable income. It can besaid that, as the new product is the skin care post-workout cream it can be more useful to themake than female. But as the product is skin care oriented with organic ingredients, it will attractthe females of 18-35 age group. It can be said that, the disposable income of the customer shouldbe around 15000 pounds, who affords to go to gym (The STP Model of Marketing Segmentation,Targeting, and Positioning ,2019). It can be said the segmentation on the basis of demographicwill assist in making write strategies to target a particular group. The second segmentation is onthe basis of geographic, the product will be launched in all over UK and the urban areas.Psychographic segmenting is based on the habit, interest, lifestyle etc. The new product is for thepost-workout, thus it will target the customers who enjoying doing exercise and are font on theskin-ageing care. Lastly, behavioural segmentation is based on cementing the customer as pertheir behaviour.Demographic Segmentation:Job StatusIncomeGenderAge GroupHigh school or collegestudents, working a minimumwage job to be able to affordour productThe incomeofourpotentialcustomersshould be over£15000Women andMales BothIt is becausethey are highlyconcern about18-34 for Women and 18-45for men.It is because it is the age groupwhich are highly concern ontheir beauty and skin.1
there skin.Geographic Segmentation:The product will be launched in UK, especially in the urban areas. However, peopleliving in rural areas could also acquire the product through online.Psychographic Segmentation:BeliefAttitudesLifestyleInterestPeople who wantsorganic productsbecause the productsare free fromchemicals, are betterfor your health andalso for theenvironment (TheBiggest Trends in theBeauty Industry, 2019)Men feel moreconfident in their look,which may be drivingdown the usage ofskincare product.Doing exercises, livinga healthy lifestyle,organicproductconsumers, who areconcerned about theirskin conditionsW omens are highlyinterested in using theinnovative skin careproducts.Behavioural Segmentation:Customer behaviourWhenWhereHowWhySports meetsThe targetedconsumers are theones who identifysports as a way of life.Compared to the limitclimate outside, theyprefer the atmospherebetter in health andBy identifyingwho arenot using daily organicproducts, but they arepresenting interest inour innovative organicskin care product.(The-ongoing-evolution-of-organicTo assist potentialcustomers, males andfemales in order tobring down the risk ofskin diseases causedby tight gym clothesintensive workouts,etc.2
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