January 27, 2011
1. Identify the marketing segment for the product and explain why this segment was selected?
Bounce House rentals are very popular these days. If there is not one on every physical corner, there is on every internet one. Every search tool is bombarded with such.Then the question comes to mind: Why do people keep investing in it? Simple, if the knowledge in the same tool is so clustered with these companies is used to the business advantage, it can flourish. For this to happen, patience and dedication are needed. Dedication as to get started is not a breeze. Money is needed right of the back to be able to invest in the equipment. The equipment consistsnot only of the inflatable, bouncing, devices but at the very minimum a method of transportation, unloading, loading and set up are required. Last but not least, still at the minimum requirements, a strong body, free of aches and pain, is also needed. The commercial inflatables, which are rental appropriate, fluctuate form two hundred to seven hundred pounds. Going on to extras, but important, area patented logo, well constructed website, flyers and business cards. (Primm & Roncevich pg.49-51) Even though there are free sites available to make profiles, a professional website is the present equivalent of a first impression. (Jacques, 2009) Several books and articles state that an average of ten thousand dollars is appropriate to start such business. (Primm, & Roncevich 2007 pg.10) Thru all this, patience is a must as if a home based office is the one used, recommended for this type of business while tax deductible, good management, dealing with prospective clients and never ending marketing are required. (Primm, & Roncevich 2007 pg.19)
2. Discuss the target market and why these customers will be targeted?
After the business is up a running a realization comes in.When that phone starts ringing and clients start asking for services, it is not only bounce houses that one needs but everything else required for a party. It is a business where competitors are usually complete as to the different occasions goes. Decorations, cakes, catering, disc jockeys, face painters, balloon twisters, dancers, tables, chairs, tents and the list can keep going. The owner orowners have to make a decision towards the market and its needs, it is very important to take into consideration that not only because one or two clients asked for more things is the norm, but it can be. In the case an expansion of the business comes there are two options. First option is to acquire the added equipment and/or subcontract other businesses or people who complete ones needs. Whenthere is a subcontracting a price is set within the individual and the owner of the company which normally is a lower fee of what they would charge on their own as the company will be the one getting the gigs and of course a profit from this alliance has to come for the business.
As mentioned before marketing is necessary for the business to thrive and because of the excessive amount of this typeof industry around one has to move the ponds on the right direction. Bounce Away Bouncers started with an idea and it is now up and running. The marketing objectives are to target and get as much families in a 30mile radius from the home based office located in Windermere, Fl zip code 34786. Although commonly the bounce rentals seem to be directed to middle and upper classes with the understandingof not going too low on prices marketing keeps hitting lower income families. (Primm, & Roncevich 2007 pg. 9) For example, now a very popular research tool for almost every, if not all services offered, needed or requested is www.craigslist.com. This site is mostly known for the outrageous deals that are find here and no other place. Considering this fact and having researched other rental...