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Target Market and Competitive Analysis - Research Paper Example

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Fortunately for Off 2 Gran Grans, segmenting the market is relatively simplistic, especially considering this industry is driven by relationship development and establishment of a solid care giving brand. Segmentation variables include a concentrated emphasis on psychographics,…
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Target Market and Competitive Analysis

Download file to see previous pages... The majority of clients, approximately 60 percent, will consist of those with strong family values, with respect for traditionalism in politics and socialization, with a recognized propensity for brand loyalty.
Under the VALS 2 psychographic model, the largest target market will be the Believers, those who are conservative and conventional individuals valuing predictable and trusted brands (Boone and Kurtz 217). The secondary target market will be characterized with each expansion opportunity by age demographics, population density in certain urban versus rural regions, and income demographics. In some key regions that have the most profitability opportunities, preliminary qualitative market research to identify key characteristics and market needs will be conducted.
potential of higher resource buyers (e.g. the Believer markets). Behavioral characteristics for these markets will be considerably important for the creation of promotional materials to have impact on attitude and brand personality. The high volume of stresses and anxiety for the children of older adults can bring much more visibility to the business if these relationship development opportunities are included in targeted advertising. Because the goal of Off 2 Gran Grans is to establish a brand with dedication, credibility, trust and consistency, the reliability and conventionalism of the business can create emotional, social and psychological connections with the most opportunistic markets.
There are very low franchising requirements associated with this type of business model, with initial investments between only $58,000 and $95,000 and liquid investor assets of only $39,000 (Entrepreneur.com 1). The expansion opportunities for Off 2 Gran Grans will provide additional support for achieving more market presence and producing consistent, streamlined promotional materials in widely-dispersed markets across the ...Download file to see next pagesRead More
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