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Submitted by NJWesner on April 20, 2008
Category: English
Words: 1143 | Pages: 5
Views: 57
Popularity Rank: 116,138
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Jessica currently has two separate strategies. She has to market her product (the website) to both the retailers buying the advertising and the customers buying a membership. The target market for the advertisers is wedding companies that have services to offer to brides and grooms. This may include florists, limo services, disc jockeys, hotels, ballrooms, etc. Jessica needs to have a solid marketing mix in order to attract these companies, and I don’t think she does. First, there is little to no history on her product. In other words, she is in the market introduction stage of the product life cycle. She needs to build a demand before charging premium prices for her services. Having said that, I think the product fills a very good niche that is missing in most cities. Second, there is no interest in her product because most people either do not know that it is available or do not know how to use it. The target market for customers who may buy a membership to her website are engaged couples planning a marriage, as well as those involved in stages of a wedding (parents of the bride/groom, family, friends, etc.). The product in this case is the centralized database of all aspects that go into planning a wedding and the price is the cost of a membership.
I feel that Jessica should continue with her services/product. However, in order for her idea to be successful, she needs to make some major changes. As I already said, the product is in the market introduction stage. For this reason, I think she needs to lower her prices for advertisers in order to attract more companies which will in turn attract more of her second market. For instance, if she runs a promotion where the first 5 companies in each category (flowers, music, location, etc.) receive a deal on their first year of membership, she can create a buzz among the industry which will attract customers. Once the product catches on and has a good following, Jessica can raise the prices to make...
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