STP, Product Management & Situation Analysis

Introduction

The process of establishing a good marketing strategy starts with the identification of the target audience as well as the competitors. Consumers’ purchase decisions and preferences are crucial when determining an appropriate target market (Ulwick, 2016). This paper focuses on the management and situation analysis of beauty products in Atlanta City, Georgia.  

According to Maslow’s theory of needs, people’s demands can be represented in a hierarchical manner. At the bottom, the needs include basic items like food, water, clothing, and shelter. At the apex of the needs stand out as those who have achieved the stage of self-actualization. This hierarchy of needs is applicable to the field of marketing. Sellers and market researchers focus on products and services with the greatest demand. For instance, a good number of individuals who look for love, safety, and a sense belonging need a certain variety of products and services (Thompson, 2019).

The consumer buying behavior model can be equated to an inverted pyramid. The six stages of the framework include problem identification, information search, and determination of choices, decision, purchase, and post-purchase evaluation. All the concepts of the model are applicable to the marketing effort. It is the duty of promoters, sellers, and market researchers to identify the problem affecting the target buyers. All marketing efforts should be geared towards addressing the identified problem. The second stage of the information search is also crucial because it guides marketers on the identification of the product on demand (Jones, 2014). 

The focus of this research is on the sale and marketing of beauty products in Atlanta City, Georgia. The identified goods include bathing soaps, body scrub, nail polish, lipsticks, and clothing, among others.

The target market for beauty products is women aged between twenty and forty years old living in Atlanta City, Georgia. According to the socio-demographic information obtained from the American FactFinder, it is clear that the city has a large number of women working in different places. The greatest population in the city are the working class of males and females aged between twenty and forty years. The rationale for the decision to pick beauty products is the population of working-class women. Such individuals have a higher purchasing power due to their socio-economic status and peer influence. Everyone would like to be part of the team that appreciate beauty and physical stature.

The competition in this market is huge because many people have ventured into the same business. For example, the business will experience competition from established shops like MAC cosmetics. The biggest players in this industry are online sellers and marketers. Today, technology has taken a center stage in the promotion of such products. It is also crucial to note that some shops like MAC cosmetics have built their names and reputation for a long time. Here, it is difficult for certain clients to abandon such renowned shops for a new product. However, the advantage is the size of the market. Many people, especially working-class women, use such beauty products. The trends in the beauty industry comes out as the clamor to use social media and other technological tools. The selected product will fit in because the entrepreneurs want to adopt the technology (Inc, 2019).  

Conclusion

In summary, the management and situation analysis of beauty products in Atlanta City, Georgia, guide the market researchers in making crucial decisions. It is important to understand consumer buying behavior and preferences so as to meet their needs as expected. Many people around the world buy products and services due to their Maslow’s hierarchy of needs.

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References

Hornik J. and Giulia M. (2014). Synchrony Effects on Customers’ Responses and Behaviors,

            International Journal of Research in Marketing 26, no. 1 (2014): 34–40.

Inc. (2019). How to Conduct Competitive Research. Web. Available at:

Jones, S. (2014). The Six Stages of the Consumer Buying Process and How to Market to Them.

            Business2Community Journal.

Thompson, M. (2019). Description of How Marketers Can Use Maslow’s Hierarchy of Needs.

Hearst Newspapers, LLC. Web. Available at: https://smallbusiness.chron.com/description-marketers-can-use-maslows-hierarchy-needs-39333.html

Ulwick, A. (2016). Best Practice: Uncovering Unmet Customer Needs. The Marketing Journal.

Web. Available at: http://www.marketingjournal.org/best-practice-uncovering-unmet-customer-needs-anthony-ulwick/