29 Jun We chose to offer atransportation service (product) fordowntown
Question
Completed Thus Far For assignment. Not Asking for a rewrite-Just want to get an ” A” on this assignment.
The product and market
We chose to offer atransportation service (product) fordowntown residents (market). Downtown residents typically have a lot of options to choose from when it comes to inner-city transportation. Personal vehicles, as well as public transit, taxi services, private transportation like Lyft and Uber, and even the street corner rickshaws all offer an alternate form of getting around other than walking. We need to offer a service that gets downtown residents where they want to go and do it with a style that is consistent with their lives.
Segmentation
Research shows that, as of 2015, downtown Denver is home to about 73,000 permanent residents. The number of people living downtown has increased by about 150 percent since 2000. Of these 73,000 residents, nearly 60 percent of them have college degrees or some form of higher education. The average age of residents is 33, and the average annual household income is $76,263. Nearly 25 percent of downtown residents don’t evenown a vehicle.
Income segmentation: Do we target downtown residents who make at or below the median household income of $76,263, or do we target those that make more? ( I say lets target people at or below the median household income maybe the people who are recent college graduates) -Hela
Lifestyle segmentation:Do we target downtown residents who typically stay in the city for their recreational activities, or those who travel outside of the city on a frequent basis? (outside of the city) -Hela
Target segment
We should target those downtown residents who make at or below the median household income and tend to travel often outside of the city. If we market only to the more affluent population of the downtown area, we miss out on a much larger portion of its residents.
The transportation services market in the downtown area is already saturated with competitors that provide cheap rides within the city. By choosing to service those residents who seek recreationoutside of the city, we narrow the market down and set ourselves apart. Over 65 percent of Colorado residents participate in some form of outdoor recreation every year. With a quarter of downtown residents who don’t own a vehicle, that’s a significant number of individuals who may seek activities like hiking and skiing but don’t have the means to get to them.
With the population of downtown Denver increasing by about 15-18 percent every five years, the number of residents and potential customers will only continue to grow.
Offer differentiation
Our transportation service needs to differ significantly from others in the downtown Denver area, lest we become another taxi company that people only call when they need a ride back from the bar. Because of this, we simply cannot offer transportation to single riders or groups that only want to travel inside the city.
To differentiate ourselves, we need to offer more than just a transportation service; we need to offer a transportation experience – an adventure – with a specific and predetermined destination to somewhere outside the city. This destination could be river rafting, hiking trails, ski resorts, quaint mountain towns, etc. We would provide a semi-luxurious, comfortable ride to large groups of people who may or may not know each other. Our service would allow total strangers to talk to, mingle, and network with each other during the ride. Once the ride stops, the adventure continues, and we will be there once it’s over to take them back home.
These would be the benefits of choosing us over the business-like and efficiency-focused services like Uber and Lyft, the tedium of waiting for a taxi, and the total lack of comfort when using public transit.
Positioning statement
For downtown residents seeking an escape from the city, using our private transportation service will provide you with a travel experience to your chosen adventure where the excitement doesn’t stop when we get you there; it lasts long after we get you home.
GRADING REQUIREMENT-
2) Create a Segmentation Scheme
Segment your chosen market using two levels of two variables (consider those on pp 194-199 in the textbook). For instance, if you decided to focus on the “Downtown Residents” Market you would need to pick two levels of two variables associated with this market to create your segmentation scheme. These variables might be: a) do they have pets or not, and b) are they away from their home more than 4 nights per month or not. These two variables (and the levels listed) might be meaningful if the Product Category you chose was Pet Care, but might not be helpful if your Product Category was Transportation.
3) Target One Segment and Justify
With your segmentation scheme in hand, pick one segment to target and justify why this is the most appropriate segment in terms of the segment’s attractiveness (e.g., under-served by competitors, size or expected rate of growth) and your firm’s ability to solve the problems faced by these consumers (e.g., experience, skills, available resources). Consider the information in the textbook on pp 202-204.
4) Differentiate the Offering
Essentially, this is part of the positioning process (review pages 210-215 in the textbook). First identify what the people in your targeted market segment want from the Product you plan to offer. List the determinant attributes (the most important features to them when choosing among competing products), then list what competitors are doing to meet these needs. Find gaps where you can do a better job than competitors. These are the attributes (features) you will use to differentiate your offering. Convert your features into benefits (e.g., feature: 20 megapixel camera, benefit: super-clear pictures) and justify why the targeted market segment will now chose your offering instead of a competitors.
5) Write a Positioning Statement
The positioning statement summarizes the marketing strategy into one sentence. Note that you need to fill-in the information in the [brackets]. To get full credit, you MUST use the following form for your positioning statement:
For [your targeted market segment] using [your planned new product] will provide [the most important attribute (or the one you are differentiating on)] because [the most significant support].
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