CLASS PROJECT Introduction to Marketing
Assignment 3: Target Market & Distribution
Names of all team members: Ana Beltran, Caleb Gray, Hassan Lovett, Rodrigo Garofalo
Part I - Favorite Product:
Target Market Segmentation
Restate your team’s chosen product from Assignment 1, Part I
Our selected product is the Rocketbook: Fusion Model
Geographic:
Rocketbook is distributed globally through online platforms like their official website and major e-commerce platforms such as Amazon, eBay, and Walmart (Stated in GlobeNewswire). They also have a presence in physical retail stores, including office supply retailers, technology stores, bookstores, and specialized stationery stores in select countries. Additionally, Rocketbook products are often distributed through educational institutions, corporate channels, and business solutions providers. While the specific distribution channels and availability may vary, Rocketbook has established a wide reach to cater to its target market, which includes students, professionals, educators, and individuals seeking a digital notetaking and organization solution.
Demographic:
Rocketbook's demographics are mostly composed of students, professionals, educators, tech-savvy individuals, and environmentally conscious consumers. Students use it for notetaking, professionals for organization, educators for lesson planning, and tech-savvy individuals for digital integration. Its reusable feature appeals to environmentally conscious users. Overall, Rocketbook caters to a diverse range of users seeking a digital notetaking and organization solution.
Psychographic:
Rocketbook's psychographic consists of tech enthusiasts seeking digital solutions for notetaking and organization. They value efficiency, productivity, and innovative tools. Eco-conscious individuals who prioritize sustainability are attracted to Rocketbook's reusable feature. Creative thinkers and problem solvers appreciate capturing their ideas digitally. These psychographic traits represent key motivations and preferences of Rocketbook users, but individual users may exhibit a combination of these characteristics or have unique motivations for choosing this product.
Benefits Sought:
Rocketbook's benefits sought include efficient notetaking and organization, seamless integration of digital tools, enhanced productivity, eco-friendly practices, and convenience. Users appreciate the paperless and clutter-free solution, access to notes digitally, improved workflow management, reduced paper waste, and the flexibility to use multiple devices. Rocketbook caters to these sought-after benefits by providing a versatile and user-friendly digital note-taking experience.
Distribution
Where is this product sold? Be specific. Name retailers.
The Rocketbook Fusion notebook is sold at various retailers. You can find it on popular online marketplaces such as Amazon, where you have the option to purchase it directly from the Rocketbook store or from third-party sellers cited in GlobeNewswire on Rocketbook’s destinations. It is also available at office supply stores like Staples and Office Depot. In addition, you may come across the Rocketbook Fusion at retailers like Best Buy, Target, Walmart, and the official Rocketbook website.
Does the company use an intensive, selective or exclusive distribution strategy?
Rocketbook primarily follows a selective distribution strategy, partnering with specific retailers and online marketplaces to sell their products. This approach allows them to maintain control and ensure their products are available through trusted and established channels.
Using research to support your claims, explain how the price and/or pricing strategy (from Assignment #2, Part I) for your favorite product is/are appropriate for the target market. (Include short or in-text citations)
The $20 - $50 range price for the Rocketbook Fusion is fair in its target market (in over 40 countries available on Amazon, eBay, Walmart, and multiple physical retail stores) due to its innovative features, including reusable pages and advanced scanning capabilities (Stated in Rocketbook’s FAQs). The cost-saving aspect of reusable pages, coupled with the convenience and efficiency it offers, appeals to professionals, students and other individuals that have an interest mentioned in Medium’s Notebook Review. The price also considers factors such as production costs, research and development, and desired profitability. At last, we believe that our price range is appropriate.
Using research to support your claims, explain how the distribution strategy and/or chosen retailers for your favorite product is/are appropriate for the target market. (Include short or in-text citations)
The selective distribution strategy employed by Rocketbook Fusion, along with carefully chosen retailers, is well-suited for the target market. By carefully curating the retailers, Rocketbook ensures that their product is available in locations where their target customers frequently shop (retail stores such as Walmart, Staples and Office Depot and online platforms). This approach helps to create a sense of exclusivity and convenience, catering to the specific needs and preferences of their target market.
Part II - Techowear Wearable Technology Product:
Target Market Segmentation
Restate the name of your team’s new product from Assignment 1, Part II
Life X Band
Geographic:
It's perfect for urban commuters, hikers, and fitness enthusiasts. Target geographic areas include bustling cities, outdoor recreation destinations, fitness-conscious regions, tech-savvy cities, and tourism hotspots.
Demographic:
The ideal demographic for Life X Band includes active, tech-savvy individuals who prioritize health and fitness. This includes urban dwellers, outdoor adventurers, and those interested in wearable technology.
Psychographic:
The psychographic profile for Life X Band includes health-conscious individuals seeking to track and improve their fitness, tech enthusiasts who embrace new technologies, outdoor enthusiasts who enjoy nature and adventure, goal-oriented individuals striving for self-improvement, and time-conscious individuals valuing convenience and efficiency.
Benefits Sought:
Life X Band offers sought-after benefits such as convenience with GPS navigation, health and fitness tracking for goal achievement, improved navigation for exploring new areas, and enhanced well-being through monitoring features. Tailor marketing efforts to highlight these benefits and attract individuals seeking a versatile wearable that enhances their daily activities and overall lifestyle.
Distribution
At which specific retailers will you want to sell Techowear’s new wearable technology product?
Potential retailers for selling Life X Band include Best Buy, REI, Amazon, mobile carrier stores (e.g., Verizon), health and wellness stores and department stores like Walmart. Establishing an online presence is also beneficial for direct customer reach.
Would you use an intensive, selective or exclusive distribution strategy?
A selective distribution strategy would be ideal for Life X Band. It allows for better control over brand image and customer experience, targeting specific retailers aligned with the product's positioning. This strategy creates a sense of exclusivity, quality, and relevance to the target audience, helping differentiate from competitors and attract discerning customers.
Using research to support your claims, explain how the price and/or pricing strategy (from Assignment #2, Part I) for Techowear’s new product is/are appropriate for the target market. (Include short or in-text citations)
The price range of $350-$370 for Life X Band is appropriate for the target audience since it reflects the product's quality, features, and positioning as a premium wearable device (previously cited in The Social Grabber’s Article about marketing essentials for smartwatches). This pricing aligns with the target market's willingness to invest in reliable and advanced technology for fitness tracking, navigation, and health monitoring (cited in Alliet Market’s research on smartwatches in the market). It also positions the product as a valuable tool for those seeking convenience, performance, and a comprehensive wearable experience.
Using research to support your claims, explain how the distribution strategy and/or chosen retailers for Techowear’s new product is/are appropriate for the target market. (Include short or in-text citations)
The selective distribution strategy for Life X Band is appropriate for the target market. By carefully choosing specific retailers aligned with the target market's preferences (stated in one of Rocketbook’s FAQs), the product can be made available in relevant retail environments. This ensures that the product reaches the intended audience while maintaining control over brand image and customer experience, resulting in a more tailored and effective distribution approach for the target market (Topic mentioned in the Scirp research) .
References:
Part 1:
Rocketbook. (n.d.). Rocketbook: Your international shipping questions answered. https://getrocketbook.com/blogs/news/rocketbook-your-international-shipping-questions-answered
Efficient U. (n.d.). Rocketbook notebook review. https://medium.com/efficient-u/rocketbook-notebook-review-79ec2365fe33
GlobeNewswire. (2020, November 9). BIC Acquisition of Rocketbook, the leading smart reusable notebook brand in the U.S. https://www.globenewswire.com/news-release/2020/11/09/2122398/0/en/BIC-Acquisition-of-Rocketbook-the-leading-smart-reusable-notebook-brand-in-the-U-S.html
Part 2:
Scirp. (n.d.). Analysis of Factors Affecting the Stickiness of Freight Forwarders Based on Customer Experience.https://www.scirp.org/(S(351jmbntvnsjt1aadkozje))/journal/paperinformation.aspx?paperid=98365
Allied Market Research. (n.d.). Smartwatch market. https://www.alliedmarketresearch.com/smartwatch-market#:~:text=Segmentation,healthcare%2C%20sports%2C%20and%20others.
The Social Grabber. (n.d.). Target market of smartwatch. https://thesocialgrabber.com/target-market-of-smartwatch/
