Answer To: Prompt: First, review the Prezi presentation Segmentation from MKT 113 on market segmentation as...
Sayani answered on Dec 04 2021
Running Head: MARKET SEGMENTATION OF NIKE SMART WATCH BY NIKE 1
MARKET SEGMENTATION OF NIKE SMART WATCH BY NIKE 6
MARKET SEGMENTATION OF NIKE SMART WATCH BY NIKE
Table of Contents
Introduction 3
Target Audience along with Demographics 3
Internal and External Organizational Factors 3
Importance of Smart Watch in the Market with Example 4
Pricing Strategy 5
Distribution Strategy and Audience’s Response 5
Promotional Strategy 6
Recommended Legal and Ethical Implications 6
Marketing Mix Elements Aligned with Industry Trends 6
Conclusion 7
References 8
Introduction
Essential of market research concisely delivers updated reviews of variety of marketing research topics and underlines various related concepts, which includes marketing mix, market segmentation and many more. This research paper would deal with the market segmentation of the product Nike smart watch produced by Nike organization along with its demographic, price strategy, market analysis, distribution strategy, audience segmentation, promotional strategy, ethical as well as legal implications, and many such related concept. Nike smart watches are famous due to its reputed brand and unique design, which attract the customers and make it easier for the runner to make use of the device, built in GPS.
Target Audience along with Demographics
Usually, Nike target the audience age ranging between 11 to 45 years old, but it emphasized on the teens in order to gain long-term customers. Nike smart watches usually are used by the passionate runners or the one who likes body fitness and check the time accordingly.
Hence, their psychographic segments include the fashionable individuals who consider physical activities as a part of their lifestyles. Apart from the passionate young age group, the older working age population whose age ranges between 45 to 64 years old, include 81.5 percent individual. These watches keep and maintain the updated time accurately (Elhajjar & Ouaida, 2018).
Internal and External Organizational Factors
The external factors include the political, competitors, customers, and weather is beyond the control of human nature and hence affects the organization. On the other hand, in term of internal factor staff culture as well as the financial conditions affects the organization. In regard with the Nike smart watch, the competitors like Apple watch and the Samsung watch, as well as the customers are the two main external factor, which affect the particular organization or the product, whereas staff culture such as employees, leaving the jobs for poor incentive structures, salary structure, or for better job opportunity affect the smart watch organization. Hence, the external factors specially the political factor and the competitors influence the demographics of the targeted audience as well as the staff culture too might affect the targeted audience group specially the poor...