MKTG 4250 Project Essay

Submitted By z_ach
Words: 625
Pages: 3

MKTG 4250
Status Report #1 Define Our Need:
­People hate doing laundry and forget to switch their wet, clean clothes into the dryer→ 2­in­1 smart washer/dryer with an app that the consumer could control when to dry clothes and to continue to tumble dry if they were not going to be home for awhile.
­ Target audience: higher income/educated professionals that are away from home a lot, but need to get simple tasks like drying clothes, easily and effectively.
­ Consumers hate picking between flavors when eating fro­yo→ Fro­Yo Divider ­People living with allergies often have a difficult time at the store deciding on what they can and are going to eat. ­Public land is over­crowded, hunter and anglers have to jockey around one another putting their own lives in danger to pursue their prey, all the while private land remains pristine and often unused.

­Time, Convenience, People hate waiting in line and not knowing where to find the good deals and their friends during a late crowded night at the bars.
­Target Audience: 21­30 year olds who enjoy the nightlife, but always run into a problem when running into lines and not being able to locate their friends.
­Industry: Social Media type but without the friend request and constant bombardment of worthless shit that people say.

Our group is addressing the pain points of time management and convenience, specifically for tech­savvy young professionals who rely on mobile applications to address these needs.
According to Mintel Reports, 91.6% of Americans in 2013 own a smartphone; thus, utilizing mobile applications could appeal to a very large target market (Mintel). The telecommunication and technology industries is a large opportunity for new innovative products. According to GE Capital the way we use are smart phones is rapidly changing,
“While the use of conventional SMS texting is leveling off, texting via social media and mobile apps use are growing” (GE Capital). This industry is quickly growing as well; the size of the mobile application industry was over $26 billion in 2013 as is expected to grow $75 billion by the end of 2017 (The Guardian).
Our target market consists of 52.8 million millennials that are tech­savvy and willing to adopt new and innovative products that allow them to conveniently and easily manage their time. “According to one marketing agency, the average Millennial spends $784 a month on discretionary expenses like entertainment and eating out. According to American Express,

they are the largest demographic for new purchases of technological gadgets and fashion…