Marketing Plan ( Customer and Market Profile) Assignment

Marketing Plan ( Customer and Market Profile) - Assignment Example The US has stable political and economic conditions to support the development and marketing of niche products such as the Brain Reader. The socio-cultural and business situation of the country enhances prosperity of the market for this device. Financial aid by the government helps in further development of the product. Needs satisfied by the product The Brain Reader is a product of the twenty-first century, belonging to the new generation of â€Å"portable neural devices and algorithms† (Duncan, 2012) loaded with the capacity to read the different thoughts that go on in the complicated brains of human beings. The brain is a complicated chamber that generates various kinds of thoughts, feelings, desires and emotions. Till date scientists have been putting sincere efforts to develop ways in which the minds of people can be read; hypnosis is one of those methods, but none of these methods have been able to render complete success. It has been proved in various scientific studies that human beings are often unable to report their thoughts properly either naturally or due to some disability. This makes it difficult for them to communicate properly. This specific product has been devised with the aim of bringing immense benefit to a number of sectors. The commodity would have a simple design and would be user friendly. The person using it would be required to wear it on his or her head like a hair band and a small box attached to the band, which acts like a transmitter, would convert the signals generated in the brain into electronic waves that can be seen on a screen in the form of waves. These waves would be converted into words or commands via a software installed in a computer attached to the screen. Thus the thoughts of a person can be read by outside people that are communicating with that person. The transmitter works on a small battery installed within the box and no connection of electricity is required for running this new device. This data would be automatically updated with time and hence it would be easy to study and analyze the data at a later point of time. Market segmentation and target marketing Market segmentation Market segmentation is â€Å"the process of dividing a market into meaningful, relatively similar and identifiable segments or groups† (Lamb, Hair & McDaniel, 2011, p. 259). This is done with the purpose of enabling the marketer to tailor the marketing mixes so as to cater to each segment successfully. For the current product the market segments have been represented through the following pie chart: (Source: Author’s creation) The four market segments identified for the Brain Reader are criminal investigators, HR Departments in private companies, teachers and academicians and psychologists. While criminal investigators and human resource personnel are the target markets, it can also be used by school teachers to make the process of teaching and learning more efficient. Using the Brain Reader a t eacher would be able to measure the level of understanding of the pupils by evaluating their responses to the lessons imparted in a better way than conducting tests. The device would also ease