No business has the ability to satisfy all customer needs all the time. Different customers have different requirements hence no universality and identity in tastes and preferences. Therefore, the strategy by most businesses tailors their products to specific customers through market segmentation, targeting, and positioning. Therefore, before the introduction of a new product into the market, market analysis cannot be overlooked. Dysons Vacuum Cleaner has managed to penetrate into different markets due to sound market analysis.
Market Segmentation: Dyson’s Vacuum Cleaner
The market of household Vacuum Cleaners is expected to grow at a rate of 4.7 percent over a period spanning between 2016-2024 (Camilleri, 2018). The ever-changing urban lifestyles and tight schedules for urban dwellers will require an efficient and user-friendly Vacuum Cleaner. As at 2009, sales of Vacuum Cleaners hit more than $14 billion with a majority of sales recorded in Europe and North America where Dyson had successfully competed and acquired a high-end market for their vacuum cleaners. The Asian and the European market for vacuum cleaners is growing rapidly, and Dyson has taken up this opportunity to expand its market share through product differentiation and market segmentation.
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