Page 5: Target markets and market segmentation
Having successfully developed the new product in the laboratory, Amway has to decide how it is going to be marketed. This is the responsibility of the Corporate Marketing Team.
Firstly, the marketing team had to decide what the objectives were for Satinique before they could plan the marketing strategy. What are we trying to achieve with this new product and how are we going to achieve it? Only then can they consider the tactics they would employ. This is called the marketing mix.
One of the first questions was 'who is this new product being aimed at?' This is known as the target market. To answer this question, Amway had to conduct extensive market research to collect both primary and secondary data.