Marketing
Target Market
Our innovative product is a new category of automotive safety devices, a floatation device that will prevent passengers from drowning when passengers are in an accident involving bodies of water such as lakes and rivers. The market targeted for our floatation device will be U.S. automobile drivers who are between the ages of thirty to fifty years of age that have an average or above average income and education at the college level. These targets have been selected base on an evaluation of our internal resources and consumer demographics and psychographics.
market has been chosen for two main considerations. First, as a startup, we have decided to stick to a single regional market as a launching pad for our new product. Our initial resources for product development and marketing will only be $20 million. These funds will not allow adequate penetration of multiple markets and we are not prepared to deal with differences in regional consumer tastes, advertising, employee management, and legal requirements for conducting business. Secondly, the U.S. market provides enormous opportunity. In 2001, the U.S. had approximately 166 million automobiles. Other geographic regions will be explored as the business becomes prepared to expand over time.
The personal security segment or what some refer to as the reliables segment is twenty-one percent of the overall automotive market, or nearly thirty-five million consumers in the U.S.
This group's purchasing decisions are driven by value, safety...
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