I need some assistance with these assignment. the main target market of the innovative foamed doom Thank you in advance for the help! The Main Target Market of the Innovative Foamed Doom
The main target market of the innovative foamed doom and other structures are the architects and other people who are in the construction business. More specifically, the different architects in the local United States market and international market.
The construction industry of United States of America (USA) has been recovering from the after-effects of the worldwide economic recession. In the year 2010, the total spending on construction was around $ 816 billion. Apart from this, in the same year the manufacturers in United States shipped around $ 486 billion of the different materials and supplies related to construction. In the year 2008, there were around 7,73,600 construction companies in United States (AGC of America, 2011). All of these stats indicates that there is high potential and growth opportunity in the industry. The new concept of foamed dome and other structures can be marketed to a considerably large target market.
Need for the New Product:
The target market for the new product of foamed dome is large, however the company will have to clearly identify the need and requirements of the market. The constructors and architects are in search of more environmental friendly and inexpensive construction material. Different companies and firms are coming up with several innovative products and construction material in order to make the construction industry more sustainable (Miller, 2011). Apart from this, due to the recent economic crunch architects and constructors are looking for cost saving solutions. The new and innovative product being introduced by the company will be able to cater all these changing needs of the target market.
Point of Parity (POP):
It is important to establish Point of Parity (POP) for any brand in order to make sure that the product or brand can be related with other products and competitors in the industry. This in turn allows the customers to establish the basic understanding and a point of reference. The Point of Parity (POP) in this case is that the foam dome is also used in the construction of different buildings and structures like other constructing material.
Point of Difference (POD):
Once the Point of Parity (POP) has been created, the next step for the brand is the creation of the Point of Difference (POD). It is important to create a Point of Difference (POD) for a brand so that the customers are able to differentiate it from other products in the market. The Point of Difference (POD) in this case is that the foam dome and other structures are easy to install and at the same time is inexpensive as compared to other construction material. Hence, it will not only be economical but will also save the construction time.
The company has to be careful in the formulation of the differentiation strategy and competitive edge over other competitors in the industry. The main advantage in this regard is related to the cost and time saving. The company will promote the same point of differentiation through different marketing mediums. This in turn will allow the company to build a better brand image in the market. The new construction will be marketed and promoted as innovative construction solution for the architects in order to save the time and money.
AGC of America. (2011). The Economic Impact of Construction in the United States. Retrieved April 24, 2011, from Miller, G. (2011). ‘Innovative Materials developed for Construction Industry.’ The Guardian.