market strategy - target market strategy

Selecting a target market is important for any company especially since “market segment differ in size and potential, segmentation helps decision makers more accurately define marketing objectives and better allocate resources” (MKTG3, McDaniel Lamb Hair, Ch 7, pg 98) For Hirmoi there are three segmentation we focus on, age, gender and income.
For our company’s age segmentation we decided to focus on women of Generation X and the more mature women of Generation Y. Annually members of Generation Y spend nearly $200 billion and over their lifetime they spend about $10 trillion. As for Generation X spend about $125 billion annually. Gender segmentation is also very important because Hirmoi is made for women. Hirmoi is made to make a woman feel sexy and enhance her beauty. Another segment that is important to Hirmoi is income segmentation. Women of Generation X and Y are both at a very important part of their life. Women of Generation Y are just getting into a career or just getting out of college and women of Generation X are juggling both the family life and the work life. Hirmoi is a high quality perfume and an affordable price for women of both Generations.
In order to get Hiromi product out to women of both Generation X and Y we will be retailing our products in popular department stores such as: Macys, Dillard’s, Nordstrom, JCPenny, etc. Having Hiromi in department stores makes it easily accessible for women to purchase and even sample the product. As the company grows and become more popular Hiromi will open up an online retailing site. “Over 70 percent of Americans have Internet access either at home or at work.” (MKTG3, McDaniels, Ch 13, Pg 201) Having an online site will make it much more convenient to our customers. “As the popularity of online retailing grows, it is becoming critical that retailers be online.”(MKTG3, McDaniels, Ch 13, Pg 201)