Slide\'N Joy Market Segment Analysis PDF

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Slide ‘N Joy Market Segment Analysis

Slide ‘N Joy MARKET SEGMENT ANALYSIS

Danielle Schneider, Ben Slupecki, Evan Leitch, Stacey Everton UNIVERSITY OF WISCONSIN | MAY 5, 2017 1

Slide ‘N Joy Market Segment Analysis

Table of Contents Executive Summary...............................................................................................................3 Customer Profile....................................................................................................................4 Target Market Segment......................................................................................................................4

Initial Analysis of the Target Market Segment.......................................................................5 Size and Potential of the Market........................................................................................................5 Demographics....................................................................................................................................6

Behavior and Personality Traits.............................................................................................6 Work Outside the Office.....................................................................................................................6 Presenting to Clients..........................................................................................................................7 Working in the Office.........................................................................................................................8 Lifestyle Characteristics.....................................................................................................................9 Cultural Influences and Industry Trends...........................................................................................9

Positioning Statement...........................................................................................................10 Marketing Mix.....................................................................................................................10 Product Description.........................................................................................................................10 Features............................................................................................................................................ 11 Benefits............................................................................................................................................. 12 Packaging the Product......................................................................................................................13 Customer Support.............................................................................................................................13 Place................................................................................................................................................14 Online Focus.....................................................................................................................................14 Distribution Partnerships.................................................................................................................14 Price.................................................................................................................................................15 Price by Product Type.......................................................................................................................15 Bulk Prices........................................................................................................................................16 Competitor Pricing...........................................................................................................................16 Promotion........................................................................................................................................17 Trade Shows......................................................................................................................................18 Magazine Advertisements..................................................................................................................18 Internet Radio Advertisements..........................................................................................................20

Conclusion............................................................................................................................22 References............................................................................................................................23

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Slide ‘N Joy Market Segment Analysis

Executive Summary Our report is for Slide ‘N Joy management on how our marketing team believes is the best way to market Slide ‘N Joy. This involves a customer profile, behavior of our target market, and our marketing mix. This report begins with our customer profile. As a group, we decided that the Slide ‘N Joy’s best target market is 25-35 year-old traveling sales men and women. This segment is substantial and it located in six to seven dense locations in the United States alone. In addition, traveling sales men and woman spend a lot of time on the road where Slide ‘N Joy can greatly help them do their work more efficiently. This report further dives in to our target segment the traveling sales representative. Many people in this group enjoy being efficient with their time and want to see the cities they visit. This is just one reason that millennials will be the best segment for the Slide ‘N Joy. More examples why can be found on pages six and seven of our report. The marketing mix is made up of product, place, price and promotion. These four P’s of marketing are integral to the success of the Slide ‘N Joy on the open market. The product is durable with strong aluminum hinges that allow the Slide ‘N Joy to rotate 180o. The product comes with single or twin screens in regular or premium. In addition, a case is available for purchase. This section also goes into the benefits of the Slide ‘N Joy on page 10. Place is quite simple. In general, most our sales are going to be online. The only purchasing of products not online would be at trade shows that only occur once or twice a year. The price varies between $250-$500 depending on the product. It is more expensive than other non-portable monitors but the functionality and portability allow prices to be higher. On the other hand, Project Expanda is a competitor that is cheaper and could be a threat to Slide ‘N Joy’s market share. Finally, promotions will be in many forms including booth exhibits and advertisements in print, video, and digital. Advertisements could be found in magazines such as Forbes and on music devices like Spotify. Overall, this report sums out how we believe Slide ‘N Joy management should market this product.

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Slide ‘N Joy Market Segment Analysis

Customer Profile Target Market Segment The target market segment for Slide ‘N Joy is traveling sales representatives. Traveling sales representatives are business professionals who are often on the road and travel to the client or potential client and sell the product or service to them. They often have to prove that their product or service is better than the competition in an efficient and clear presentation. It is necessary that traveling sales representatives know the product and service as well as all attributes, prices, warranties, and terms of the product or service (Studentscholarships, n.d.). There is pressure and determination to sell due to income and job security being tied to their sales numbers. Slide ‘N Joy can help all sales representatives that need to travel to the customer by giving them modern technology to assist in presenting and explaining products and services, as well as checking and updating spreadsheets. Young professionals within the millennial age range are ideal consumers for Slide ‘N Joy. Growing up in a technological age allows them adapt to new electronic attachments better than their older partners. Additionally, Slide ‘N Joy will be able to complement their cool and sophisticated image in order to sell more to their clients. Therefore, the target age for Slide ‘N Joy users is 25-35 years old. For a sales representative, Slide ‘N Joy fits well with the persona of the of the millennial market. Furthermore, this age group is just getting started in their professional careers and are more willing to try new things that will help them work more efficiently at their first jobs. The target market also likely lives in California, Texas, Florida, New York, or Illinois as those are the states where the most sales representative are employed (as seen in figure 1). Another major area would be the Midwest, including Wisconsin, Minnesota, and Illinois as these

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Slide ‘N Joy Market Segment Analysis states have a high average wage of sales representatives. Furthermore, Wisconsin has the highest concentration of sales representatives. The areas with either high density or high overall employment numbers are great states for Slide N’ Joy to target because of their great opportunities for success (Bureau of Labor Statistics, 2016).

[Figure 1]

Initial Analysis of the Target Market Segment Size and Potential of the Market The number of sales representatives is quite significant and creates a large market for this product. According to the Bureau of Labor Statistics, in 2014, there were 1,800,900 sales representatives employed in the United States. This occupation also has a 7% expected growth rate from 2014-2024 which is the average for all professions (Bureau of Labor Statistics, 2014). However, this means that in 2024, this market will be nearly 2,000,000 people. With this 5

Slide ‘N Joy Market Segment Analysis promising future and sizeable market, Slide 'N Joy can succeed by assisting sales representatives with explaining products, services, or other information by giving their single screen laptop an additional one or two screens.

Demographics Generally, travelling sales representatives have above average incomes. According to the BLS, in May 2015, the average annual salary of traveling sales representatives was $69,100. By comparison, the average annual earnings for all occupations is $48,320. Sales representatives for the tech industry had particularly high salaries, $89,170 on average (Bureau of Labor Statistics, 2015). Because of their high incomes, traveling sales representatives would probably more willing to invest in a Slide 'N Joy monitor than the average consumer, especially since Slide 'N Joy would help them more efficiently conduct business while traveling. Domestically and internationally, 38% of business travel is done by airline, and 20% is done by train or subway (Kelly, 2012). Since a significant portion of travel is done using public transit, sales representatives won’t be able to carry heavy and bulky equipment. The lightweight and simplistic design of Slide 'N Joy makes it easy to carry around while on the go. Additionally, in a 2015 survey, 25% of respondents said they do some of their work on a plane while travelling. Slide 'N Joy’s compact design is ideal for staying productive while in a tight airplane cabin (Kelly, 2012). On average, the majority of traveling sales representatives have pursued higher education. 50.8% have a bachelor’s degree and 16.9% have a master’s (Bureau of Labor Statistics, 2014). Overall, traveling sales representatives are more educated than the general population so they’re probably more comfortable at handling technology than the average American.

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Slide ‘N Joy Market Segment Analysis

Behavior and Personality Traits Work Outside the Office What makes the traveling sales representative the target market for Slide 'N Joy is the fact that many of the behaviors and actions the traveling sales representative undertakes can be made easier using the Slide 'N Joy. One function of the Slide 'N Joy is it allows you to do your work outside of the office, an obvious need for the traveling sales representative. This is seen through the following chart (Figure 2).

An increasing number of business travelers do work outside of their office. Slide 'N Joy allows business travelers to work as efficiently as they do at their office where they have their dual or triple monitor computers.

[Figure 2]

Presenting to Clients Another area where a traveling sales representative could benefit through the dual/triple screen is in presenting their product to the customers. Simply put, sales representatives’ goal is to sell a product. Often times, a PowerPoint is not the most effective as it lacks the face-to-face interaction you get from sitting at a table. It is also not cost effective or reasonable to print out or bring an electronic device of your product to the client. This problem could be solved using Slide 'N Joy.

[Figure 3]

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Slide ‘N Joy t Segment Analysis

Observe the multiple uses seen in figure three. While the client is giving the presentation, he can be face-to-face at the table of the client while the company’s product is on full display. When the client has a question on the product sales representatives can quickly expand on it verbally or using the connected device. The Slide 'N Joy gives much more flexibility to sales representatives on the go looking to give the strongest presentations they can.

Working in the Office While working in the office, sales representatives typically have to present slide decks and graphs when pitching to clients. In fact, according to a 2016 survey of millennial travelers, most common purpose for business travel among our target age range is meeting with coworkers in other offices (Ghosh). Before pitching to clients, sales representatives work in their own offices to collaborate with co-workers on presentations and pitch ideas. Slide 'N Joy’s dual screens allow for a sales representative to easily share ideas with other workers without the hassle of having to transfer all of their data from one computer to another. On typical onescreened laptops, switching between spreadsheets and slide decks can be extremely difficult and seen as unprofessional. With Slide ‘N Joy, sales representatives can utilize all three screens for optimal ease of use.

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Slide ‘N Joy Market Segment Analysis

Lifestyle Characteristics The lifestyles of this target market are different from those who came before them. Specifically, our target market falls in the millennial category (born in 1977 -1996). According to a VALS article, “the majority of young adults enter in the VALS framework as experiencers self-expressive, sociable, and spontaneous” (Breman, 2016). As they gain experience they turn to be Achievers. In fact, according to the same article, 43% of all millennials are primary or secondary Achievers. What this transition means is, as this group gains more experience they begin to see the results of their hard work. They are now transitioning out of entry-level roles and beginning managerial roles. Additionally, our target market spends a majority of their leisure time online. They use the internet for a mix of productivity and fun activities. From checking emails to posting memes, our target market falls in the middle of the internet usage spectrum between baby boomers and the igeneration (Macke, 2015). This means, are target market is knowledgeable about technology and will be able to quickly adapt to the Slide 'N Joy.

Cultural Influences and Industry Trends The traveling sales representative position is changing quickly due to the advancements in technology. Compared to the baby boomers, the upcoming generations utilize technology in the workplace more than ever before. For example, “around a third of young people use their smartphones to make a booking, while for business travelers over the age of 45, this figure is just 12%” (Young, n.d.). This not only shows the difference in technological advances, it also shows that young professional sales representatives are more involved in the decision-making process when it comes to their travels. Consequently, giving them more authority and power in the workplace. Due to their greater authority in planning their trips, young professionals are using

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Slide ‘N Joy Market Segment Analysis their time to travel outside of their working hours. The mix between business and leisure has been increasing due to technology and the ability to work on the go.

Positioning Statement To the traveling sales representatives aged 25-35 years old, the Slide 'N Joy gives you the benefits of working with the dual monitors you need with the flexibility of working on the go. We chose this positioning statement to encompass the core benefits of Slide ‘N Joy for our target market. From its lightweight and durable design, to its ability to save time and easy portability, Slide ‘N Joy is currently the leader in dual screens for laptops. This positioning statement emphasizes the freedom sales representatives could have if they took advantage of Slide ‘N Joy’s product offering.

Marketing Mix Product Description Slide 'N Joy is an additional screen for your portable laptop (Macintosh and Windows) that enables users to work more efficiently and give more effective presentations. This product gives professionals multiple screens wherever they are. The attachment is customized for the size of the owner’s laptop computer and adds up to two additional screens to give the user a variety of benefits (see figure 4). With two or even three computer screens, productivity, sales, efficiency, and convenience are all improved. With the ability to carry multiple screens wherever business may take the user, Slide 'N Joy gives them the opportunity to work just like they are at their own desk on their desktop computer with multiple monitors. It’s not only easy to set up, it’s customizable, too. Overall, it’s a product with many benefits.

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Slide ‘N Joy Market Segment Analysis

[Figure 4]

Features Slide 'N Joy simply attaches to the back of any monitor by adhesive magnets that secure the Slide 'N Joy attachment to any computer. In an article by Michael Franco on CNET, he shares how this Slide 'N Joy attachment works. After Slide 'N Joy is attached, the panels directly slide out to the left and right or the laptop and have aluminum hinges that allow the screens to move 180 degrees. The screens are connected and powered by either one USB 3.0 or two USB 2.0. It is an easy device to connect to any laptop. The sizes range from 13 to 17 inches and at most weigh just under half of a pound (2015). Whether you are using a Macintosh or Windows operating system, Slide 'N Joy will work flawlessly. The screens are thin (19 mm thin to be exact), lightweight, strong with aluminum hinges, and display in high-definition, making them durable to frequent travel and wear-and-tear (Yourslide.com, n.d.).

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Slide ‘N Joy Market Segment Analysis

[Figure 5]

Benefits There are many benefits of having Slide 'N Joy attached to one’s monitor. To start off, the 180 degree swiveling screen make presentations and sales calls a breeze (see figure 5). Whether it is in-front of a group of people or only a client or two, the additional display screens let you show the client/customer only what you want to display. Slide N’ Joy even looks professional with a large variety of casings to show that it is a higher-end product. The screen casings come in a variety of colors and have premium models that include wood grain, leather, and even a carbon material to please any aesthetic demanded. A visual presentation displayed on futuristic

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Slide ‘N Joy Market Segment Analysis technology will help amaze the customer and hel...