Marketing Charcterisitics Essay
MARKET CHARACTERISTICSThe present market demographics focused on are the following:Size: Jewish and Jazzys macroenvironment is geared towards a specific demographic division of the population. Jewish and Jazzy is a product that will be most successful if geared towards the Jewish segment of the population. Since 2,500,000 Jews live in New York City, the major starting focus of Jewish and Jazzys consumer marketing efforts should be in New York City. Location and Density: The marketing effort focus will be towards the most highly dense Jewish communities in and around New York City; for example; Borough Park, Crown Heights, The Upper West Side, Yeshiva University, Etc…
Age: The age of the target consumers for which the Jewish and Jazzy style of music is most popular, according to local authorities in the industry, ranges from early 30’s to mid 50’s .
Gender: This music is geared towards both males and females with equal marketing intensity. There is no evidence from past album sales of this style of music that would indicate a greater preference of one gender than another.
Race/ Ethnicity. The people who will enjoy this music the most are those who share the same cultural values as the music. Therefore, the main marketing focus will be aimed towards Jews of all religious standings, backgrounds, and educations. Occupation/ Income: The marketing of this product is feasible for all types of occupations and levels of income because of its inexpensive, one-time-cost price. Growth TrendsJewish and Jazzys sales will fluctuate with the coming and going of the Jewish Holidays, and the heavy buying seasons of the Jewish year, such as Channukah and Purim. Jewish and Jazzy will be able to establish stable growth trends and sales patterns regardless of the economic situation because of its inexpensive cost, and its status as a niche product.
Major Brands and CompetitorsThe major competition for Jewish and Jazzy during the initial stages of its adoption process in the market, will be previously established singers, songwriters, composers, and groups that have dominated the Jewish music scene for years; such as The Miami Boys Choir, Mordechai Ben David, Avraham Fried, Piamentas, and Dveykus. Once people realize how unique Jewish and Jazzy is, there will be an entire niche of people buying Jewish and Jazzy because there is nothing else out there like it, and therefore, over the course of time other music wont be able to compete in Jewish and Jazzys niche market.
THE MARKETING MIXProduct ConsiderationsJewish and Jazzy is a tangible and durable product. Its frequency of purchase is totally dependent on the product variety. The product is perceptibly differentiated because it is so unique that the customer will notice it. Jewish and Jazzy is revolutionary because it mixes Jewish music with contemporary jazz. This characteristic alone will give it perceptibility.
Price ConsiderationsBefore there can be demand for Jewish and Jazzys music, there must be awareness on the part of the potential customers in the demographic population mentioned above. Once that awareness is created by the proper marketing techniques, such as television, radio, and newspaper advertising, demand will rise. To assist in the initial sales stage, the price of the product will be kept low in order for the general interest to be kept high. Once the demand increases, then the price can be increased accordingly. There will be two versions of the product produced; cassette and compact disk. Jewish and Jazzy will keep the prices competitively low.
The initial price for the audio-cassette version will range from $8.00-$10.00, and the compact disk version will range from $12.00-$14.00 (depending on location, and seasonal demand). These prices are about five percent less than the average cost of other cassettes and compact disks of the competition, which will render Jewish and Jazzy larger sales. Jewish and Jazzys company objectives will be focused on presenting a new and unique product to an unaware public. In the beginning of its production stage, Jewish and Jazzy will focus on trying to meet the interests of its probable customers by developing the right blend of popular Jewish music with contemporary jazz. Jewish and Jazzy will focus its first efforts on marketing in order to find out what the response will be from its interested consumers. Then Jewish and Jazzy will focus on meeting the specific interests of the customers in order to influence more sales in the future. The price strategy that Jewish and Jazzy will adopt will be the promotional price strategy. The reason for this strategy will be in order for Jewish and Jazzy to gain demand, interest, and to stand out amog its other competitors. This pricing strategy will gain customers in the initial stages of production. Once the customer has realized the uniqueness of this product, the price can then be raised since the customers will already be hooked, and the lower price that interested them in the beginning now wont be the deciding factor in their purchase. The promotional pricing strategy involves other areas too. Cash rebates can be offered to customers who buy the product from a certain retail store within a specified time such as Channukah and Purim. This strategy will raise interest during the most important sales times of the year and maximize the profits for Jewish and Jazzy.
Understanding the BuyerUnderstanding the drives and motives that the customers will exhibit is very important for Jewish and Jazzy to determine who to market their product to. Jewish and Jazzy is a purely To view the rest of this essay you must be a screwschool member click here to become a member. Words/ Pages : 938 / 24