The target group: what does it need? What can it afford?
The value proposition includes a clear target group. Understanding this group is important. One particular question is crucial – what can it afford? Smarter pricing must take into account what purchasers in this group are able to pay for a product or service and design products accordingly.
The most successful car launch of all time began with a specific group of people in mind – 15 to 24-year-olds in 1960s USA, a group growing by 11.5 million during the decade, with a higher proportion destined to go to college and earn enough to buy a new car. Market research highlighted their problem – their ideal car was not available. They were eager to own a car that looked expensive, stylish and ...
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