Product Reassesment research paper Example | Topics and Well Written Essays - 1000 words

Product Reassesment - Research Paper Example Product reassessment gets conducted due to the product’s performance in the market. Market performance indicators may result to a product reassessment (Graham et al, 2008). This paper will discuss a reassessment of battery free remote control in the US market. The target markets for this product include retailers and consumers who are in search for battery free remote controls. Developing a marketing strategy involves the identification of a target market and coming up with a mix that will appeal to potential consumers. Developing an ideal market mix involves paying attention to factors such as price, product, and promotion. Target marketing involves selecting a viable target market by factoring in; the expected growth, size, cost to reach, competitive position and compatibility (Graham et al, 2008). Target marketing may undertake the single target market approach or multiple target market approach. In repositioning the target market for battery free remote control, branding i s essential as 76% of American consumers base their decision to purchase a product on its brand name (Kahn, 2011). The product’s retail market is also growing massively as large retailers offer exceptional demand for the product. A few of this retail chains own over 4000 chains in the US and thus provide ample appetite for the product (Kahn, 2011). Marketing research is vital to ensure that the product gets repositioned towards its target market. Research is crucial in determining how market mix influences customer behavior. In order to reposition the product to its target market, it is necessary to conduct positioning research (Graham et al, 2008). This will help the manufacturing firm to determine the perceptions of the target market in regards to their brand. Positioning research identifies how the target markets view the brand in relation to other brands from competitors. It helps the firm to understand what their brands stand for from the customers’ views (Graham et al, 2008). Positioning research will also help the firm to differentiate its products from those of other competitors. It will help the firm to develop its own position in the market with the view of appealing to its target market through its own product attributes. It is necessary to also conduct a segmentation research for the product. This will help the firm to identify the behavioral patterns of potential buyers. Segmentation research allows the firm to determine the demographic characteristics of the target market. Determining the demographic and behavioral patterns of potential buyers is vital in repositioning the product in the market. Demographic and behavior pattern data assists firm management to understand their target market while in the design process of the product. The data derived from such research helps the manufacturing firm to redesign the product in accordance with the target market’s taste and preferences. This will help to reposition the product in t he target market along competitor brands (Kahn, 2011). Adoption rates refer to speed with which new members of a society start to use new technology within a specified time (Kahn, 2011). To increase the adoption rate for the product, the firm should consider on the product pricing. The product should be offered at a competitive price by the firm. Competitive pricing will allow the target mark