Marketing Strategy for the Hamilton Beach Toaster Company - Essay Example

The target market will focus on the demographic characteristics such as the income of the potential customers as well as their location. The company aims at trading both locally and internationally in major cities in the world. The company aims at creating a position of quality and reliable product in the minds of the customers. By taking such positioning statements, the company will create a good identity and image in the minds of the customers. The company faces stiff competition in the market from other kitchen appliances providing companies and it is essential for the company to strategize on their positioning approaches.

The company is going to reposition its products by adding more features to their toasters as compared to the current features. Moreover, the company is going to identify competing toasters in the market and try to adjust the features of their products to a level that the competing brands do not have. By repositioning the company products, the company will be able to set a unique identity in the customer’s minds. According to Trout and Rivkin (11), the business market is changing. Therefore companies need to come up with products that reflect on how the minds of the customers operate.

By understanding the customer's mind, the repositioning strategies will be easier to adapt and implement.