Ear Tv Marketing Plan

A higher than the usual level of anticipation has accompanied the conception and introduction of Ear TV. The wonderful thing about this product is that it is unique, opening up possibilities and new innovations in ways that not other product has yet to do. Regardless of how anticipated this product is, Best Buy would like to 'play it safe' and make sure that their pet project of Ear TV is properly marketed. In order to do this, Best Buy will identify their target market, discuss buyers and consumers, and analyze the current competitive landscape.

Segmentation Criteria and Market Selection

Always, when a new product is developed it is important to determine who will be served and what segment of customers will be selected. Best Buy has already identified identifying the segmentation criteria that will affect the target market selection. Best Buy has already embarked on a "customer-centricity" segmentation strategy, by which it set out to identify its best customers and win their loyalty by serving them better (Armstrong, 2011). The customer-centricity segmentation strategy will fit the product's presentation of the Ear TV and will flow smoothly and do well in their environment.

Identifying the target market falls right in line with Best Buys strategy. Their segmentation analysis revealed that the groups of typical Best Buy shoppers are high-income men, suburban moms, male technology enthusiasts, young family men on a budget, empty nesters with money to spend, and women being sold technology that will keep them connected to their community. While the aforementioned groups make up the majority of customers, the target market is for the product is more focused on the high end and middle group of income. Even though Ear TV is only slightly more than a comparable television, it is indeed a luxury item. This means that not all income brackets will see this product as a necessity when purchasing a TV. We have tremendous confidence that Ear TV is a good fit with Best Buys strategy and marketing plan. Positioning our product anywhere within the Best Buy will only enhance the individual product TV's as our product can be utilized with any system.

Consumers and Buyers

These particular products reach the final consumers or end-users of the product. With technology changing regularly, the product has the latest upgrades to ensure the Ear TV will meet the needs of individuals, families, as well as the hearing-impaired consumers. The factors that influence these consumers decisions are economic needs, psychological variables, social and purchase situation. With some consumers the purchases are based on the economic need, these buyers are people who do research on the product, manufacture as well as the use of the product to obtain the best choice for the time and money spent. With psychological variables, these factors motivate the consumer to purchase the product. The other psychological variables to consider are the consumer's perception of the product. The consumer needs to obtain trust that the product will work the way it states will work. Additionally, said product needs to fit the specific lifestyles with the convenience of parental controls. Many consumers are family oriented and look for products to fit this lifestyle. The consumer also includes the culture in which the person lives within to determine that purchase. With the current culture having a large technological base, this product is one of the newer tech gadgets in today's markets. (Perreault, Cannon & McCarthy, 2011)

These factors will determine how the marketers will entice the consumer to purchase this product. With the advertisements that show the product has these factors the consumer use to determine what products are used. Thanks to the good reputation and quality products that Best Buy has hitherto established, consumers already trust the quality of service and the dependability of products offered. This enables markets to use these as a base to ensure the product lives up to the expectations. The strategy needs to include the product is