Outlined below is a new idea for a service. The proposed target market for this luxury service is affluent, upper social class consumers. Your task here is to evaluate whether this target market and the proposed offering is financially and technically viable.
Introducing the new ‘King and Queen for a day’ service…
- We send 5 people to your house for a day to pamper you completely. Breakfast in bed – facials, nails, massage – gourmet lunch – afternoon nap
- All while we take care of the kids and tidy your house
- Ideal for wedding anniversaries, St Valentine’s Day and other special occasions
- Priced at $1,000 – but compare that to a weekend away in a hotel with all the benefits – great value to be looked after!
- Does the product meet a real market need?
- If so, would some consumers be ‘motivated’ enough to actually purchase the product?
- If so, would the target market be large or profitable enough to pursue?
- Therefore, does a viable target market exist?