Fin 534 Essay

Submitted By armondmaster1972
Words: 905
Pages: 4

Identify the marketing segment for the product and explain why this segment was selected. The target product for sale is an Iron-oxide based filter that is comparable to the widely used Brita filters in an average American household. Addition to the efficiency of a common drinking water purification filtrate, our filter exceeds by filtering out a harmful element that is generally found in drinking water: Arsenic. The product will be a cost efficient one compared to the other leading brands in the market based on its sustainability. This will not only contribute to reduce the billions of dollars Americans spend each year through bottled water consumption but also in reduction of improper waste management of plastic bottles that are not recycled. Gaining market share and building a brand name and identity will be the main marketing focus in the medium term. We feel that emphasis on branding will also be critical. The name, sign, symbol and design of our products gives the consumer an identification to relate to. The introduction of a comparable recognizable brand will also intensify consumer interest. Our short term objective is clearly to create product awareness. Customer loyalty and product identity will also be key objectives. The main short term objective, however, is to build a loyal consumer following. This will be achieved through the product qualities and customer satisfaction. If these objectives are met we should break even and cover all associated costs. Long Term objectives will be to improve current product offerings and also include product additions. As the company grows there may also be opportunities to expand. Increasing wholesale and retail is our main long term objective.

Discuss the target market and why these customers will be targeted. Our target market will be the whole of United States, concentrating more on the states where Arsenic contamination in drinking water has been a significant issue. The USGS 2010 map shows about half the states of our country has places where the people are exposed to drinking water with an Arsenic level of 50 µg/L, where the Environment Protection Agency and the World Health Organization allows a maximum level of 10µg/L for arsenic in drinking water.1 The current maps are based on samples from 31,350 wells.1 Widespread high concentrations were found in the West, the Midwest, parts of Texas, and the Northeast.1 Even though the injurious potential of Arsenic is not published vastly about, people are exposed to water containing toxic levels of arsenic form natural groundwater and therefore are susceptible to diseases associated with this element. Chronic effects at low concentrations include: Cancer in skin, bladder, lung, and prostate.2 Non-cancer effects include skin pigmentation problems. Arsenic poisoning became a reportable condition in Florida on November 24, 2008.3 Reported cases are classified based on clinical presentation and laboratory results. Also, the 2010 Arsenic report is available online that clearly states the importance of this health hazardous element.3 Arsenic contamination has remained a health hazard for decades. Different types of filter have been applied to reduce the rate of contamination, over the period. But the race for developing an efficient filter is still at large. Our product will be a portable inexpensive unit to ease this significant contamination problem in many parts of the U.S.

Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company.
The following SWOT analysis captures the key strengths and weaknesses within the company, and describes the opportunities and threats.
Strengths:
* A wide range of personal contacts. * Focused customer attention. * Quality products. *…