Product Description and Classification
The product under consideration is a coffee, tea, and espresso machine. This machine brews coffee by forcing pressurized water through a puck of ground coffee and a filter to produce concentrated coffee usually referred to as espresso. The machine can also be used to produce tea (Thurston, Morris, & Steiman, 2013). However, it is mostly used to produce espresso. The company ensures that the espresso machine is of high quality to attract and retain the highest number of consumers. The espresso machine supports the company’s mission, which is to improve quality and convenience of consumers through the provision of high-quality, innovative electronic solutions. Many consumers lack time to engage in traditional methods of preparing a coffee or tea drink especially in the morning before they start their daily activities (Thurston, Morris, & Steiman, 2013). The solution provided by the firm gives them convenience, as it enables them to prepare a hot drink in the morning without much effort. As such, they can avoid skipping breakfast or having to visit espresso shops for fix.
There are different categories of consumer goods including convenience, shopping, and specialty good and services. The coffee, tea, and espresso machine falls under the shopping goods, as it is a product that consumers do not buy often. A consumer expects to use the product for a longer period of time, hence research the market prior to making the purchase decision. For example, a consumer is likely to engage in research to compare product price and features (Lynn, 2012). It is essential for the company to ensure that its products stand out from the rest and are priced competitively to attract many customers. Compromising on quality or overpricing the espresso machine will lead to low sales and profits.
Geographic and demographic segmentation strategies are used to target consumers in the market. The company targets individuals in cities or towns. Consumers in such geographical locations live a busy life with tight schedules. With this being the case, they are attracted to products that……………..