Target Segment<\/p>\n
Our primary target market is based on demographic segmentation within China, with an understanding that it is impossible to satisfy all pet owners. With more than 80% of pet owners being women, we intend to reach this market. In terms of psychographics, our product targets individuals who feel emotional attachment to pets and those that desire to fit in to the pet culture. Combined, our target market will include, pet owners (women) born after 1990 and millennials and gen Y for online sales. Additionally, single women, college degree holders, and those with a disposable income are targeted for the Chinese market.<\/p>\n
Product<\/p>\n
The cat rocking chair is a product that is specially designed for pet lovers and pet owners. It is made for a therapeutic and relaxing form of entertainment, bringing a person and their favorite pet closer. It is designed to maximize comfortability, with high quality features, and affordability. Quality is emphasized as a main priority as well as comfort for a user\u2019s body. The consumer can expect maximum luxury and comfort while bonding with their pet. <\/p>\n
Price<\/p>\n
Due to the uniqueness of our product, a premium pricing strategy will be pursued. Premium pricing is a method of establishing a steep price in order to create the perception that a product\u00a0must be of\u00a0excellent quality (Feng et al., 2019). In certain circumstances, the quality of the item\u00a0is not much improved, however the producer is perceived to\u00a0have\u00a0made significant investments in the promotion necessary to create the product. Informed by the notion among target buyers that a cat rocking chair\u00a0is a premium item of particularly high quality and distinctive design, the strategy is developed to maximize sales and revenue.<\/p>\n
Promotion<\/p>\n
Weibo will be used as a starting point to market the product using savvy Weibo advertising and branding, posts, and hashtags. We will host events, write blog posts, provide introductory offers, and run a social media contest. The idea is to first build awareness around the product and to have customer engagement. Afterwards, WeChat will be used as a primary channel to market and sell the product due to its versatility. WeChat is a simplified social media platform that combines several of the elements and functions\u00a0of the planet’s top social media platforms in a single package while also encompassing every aspect of daily life (Guo & Zhang, 2020). By using this vast resource, our firm plans to launch marketing campaigns that take advantage of a wide range of aspects of the user’s surroundings. On WeChat and Weibo, advertising, sales promotions, public relations, and direct marketing will be applied to reach the target market.<\/p>\n
Place<\/p>\n
The cat rocking chair will be primarily distributed online via our website, through the company app, and on social media pages. Shoppers may do research, compare prices, and make purchases using a variety of channels, including our website, marketplace, mobile application, physical shops, and social networking sites. We also intend to have retail locations all over China, visit trade shows, innovative product events, and via third party retailers in physical retail stores, and through e-commerce giants like Alibaba and JD.com. <\/p>\n
References<\/p>\n
Feng, S., Hu, X., Yang, A., & Liu, J. (2019). Pricing strategy for new products with presales.\u00a0Mathematical Problems in Engineering,\u00a02019.<\/p>\n
Guo, L., & Zhang, Y. (2020). Information flow within and across online media platforms: an agenda-setting analysis of rumor diffusion on news websites, Weibo, and WeChat in China.\u00a0Journalism Studies,\u00a021(15), 2176-2195.<\/p>\n","protected":false},"excerpt":{"rendered":"
Target Segment Our primary target market is based on demographic segmentation within China, with an understanding that it is impossible<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-40886","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\n