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August 24, 2020
Week 4 DQ4: Review p. 363 of Psychology and Your Life. What are behavioral assessments? What are the benefits of behavioral assessments?
August 24, 2020

Targeting The segments we at YETI intend to target specifically with our new products are domestic and international campers.

The international market has a large additional consumer based that has plenty of untapped potential. In fact, an analyst from Jefferies predicts that YETI is in its early global phase with plenty of potential future growth (Bezinga). It’s also important that existing consumers in the USA are just as equally focused on for segmentation. These two geographical variables should be broken down further into different lifestyle variables. Most people that buy YETI products are active, but they often live very different lifestyles according to their hobbies and recreational activities. These segments should include campers, hunters/fisherman, tailgaters, and boaters. Campers would be interest in nearly all YETI has to offer including drinkware, backpacks, and coolers. Fishermen and hunters would most likely gravitate towards coolers for storing beer, meat, and fillets. Boaters and tailgaters will also most likely purchase coolers for keeping various beverages cold during games. Campers, hunters/fisherman, and boaters will be targeted in both markets while tailgaters will be targeted specifically in the U.S. market. Targeting The segments we at YETI intend to target specifically with our new products are domestic and international campers. We believe that the attractiveness and feasibility of these two segments are superior to other segments. The needs of these target markets match perfectly with our company objectives and resources. In other words, the needs of the customers in these segments are aligned with what we offer as a company. Camping is the most attractive of the domestic activities due to the size and growth of the segment. According to the 2017 American Camper Report, “40.5 million Americans, or 13.7% of the population over age 6, camped at least once in 2016. The participation rate was up slightly from 13.6% in 2015 due to an addition of 500,000 new or returning camping participants” (Coleman). These statistics plainly illustrate how popular of an activity camping in the country, along with the incremental growth of the segment year to year. We at YETI also feel that the high level of competition we face in the camping market is beneficial, as our competitive advantages of performance and image will be enough to increase our market share. The size of this growing segment is very attractive to us at YETI, we believe that targeting the segment will be advantageous to both parties. Camping is also the most sizable of the international activity segments due to its popularity across continents like Europe and Australia. Travel expert Rick Steves says that camping is “the middleclass European family way to travel” and that there are thousands of campgrounds across the continent (Steves). Tailgating and boating are activities that lack the international popularity that camping possesses. The international market’s needs are related to camping, and we at YETI have more than enough resources to meet these needs. Positioning Yeti will offer a more for more value proposition. We offer higher quality products than relevant competitors. Our products outperform in effectiveness, style, and longevity. Yeti coolers and drinkware offer the highest thermal insulation and durability on the market. Our products are offered in multiple colors and styles to match any personality while not sacrificing the appearance of pure functionality.

 

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