Target Market Strategy

Target market strategy benchmark assignment
Name Course Instructor Date
Create a new product that will serve two business (organizational) markets.write a 750-1000 word paper that describes your product, explains your strategy for entering the market, and analyzes the potential barriers you may encounter. Explain how you plan to ensure your product will be successful, given your market strategy.Include and introduction and conclusion that make relevant connections to course objectives.
New product
The proposed product is a smart watch that detects both the heart rate changes and the risk of sleep apnea. The smart watch is also connected to mobile devices through an app where users can use the app if far from the smart watch. Fitness enthusiasts monitor heart rates changes, and those at risk of high blood pressure increasingly use smart watches. Sleep apnea is one of the most common sleep conditions in society, and knowing whether people need the evaluation of the condition is helpful to improve the quality of life. Commonly, it is associated with factors such as advanced age and obesity. This is characterized by abrupt respiratory pauses and periodic snoring.
Strategy for entering the market
Launching a new product requires identifying marketing strategies that will ensure accelerated growth. For a product to get started quickly in marketing there is a need to create buzz around its launch, starting weeks or even months in advance. One of the most popular techniques to achieve this is through giveaways and pre-launch contests. Offering the product exclusively to a handful of the lucky few, in exchange for helping spread the word about what's coming is one option that will be explored. More people are online more than ever before. Making users share their participation in social networks and keeping potential customers engaged helps marketing the product to a new market.
Determining consumer trends is essential to ensure the success of the marketing strategy when entering a new market. Analysis and identifying consumer trends would help market and adapt products and services to meet the target customer needs. Knowing the consumer and developing new products requires meeting and exceeding customer expectations (Cooper, 2019). The challenge is how best to implement the marketing strategy based on an accurate assessment of customer needs without making an accurate reading of the consumer. Combining the consumer needs with communications makes it easier t...