Week 4

On Tuesday this week, we watched a Shark Tank pitch about a product called Bambooee. Bambooee is an alternative to using disposable paper towels.  Bambooee is innovative in that each sheet is reusable.  These sheets can be thrown in the washer to be used again, and they even get softer with every wash! Their company is also in the process of creating a cosmetic line, as well as toilet paper(these would not be reusable, of course!).  This product does not rip nearly as easy as a paper towel does, and is also environmentally friendly.  For every roll of Bambooee purchased, a tree will be planted.  Because of all of this though, the product is much more expensive than your run-of-the-mill paper towels; each roll costs between $12.99 and $15.99.  I, personally, would not purchase this product.  Although they are reusable, so are normal towels.  I would much rather buy cheaper towels than Bambooee, even though they are more environmentally sound(only, in that they plant a tree with every purchase). 

With this in mind, we applied Bambooee to what we have been learning about segmentation. Market segmentation is the process of dividing a market into meaningful, relatively similar, and identifiable segments or group.  These subgroups share characteristics that cause them to have similar product needs or desires.  In class, each of us picked a market segment to market Bambooee to. We used an online interactive tool that let us examine segment groups based on demographics and behaviors. Each and every person in the country is to fit into one of these segments. From the hat, I picked "58 Golden Ponds".  This segment includes downscale, older folks.  Theses singles and couples above the age of 50 live in retirement lifestyle in small towns across the country.  They make less than $30,000 a year, and pass the time with leisurely and sedentary activities, such as crafts and gardening.  They stereotypically shop at K-Mart, drive a Buick, and go to bingo each Thursday night. 

At first  I was unsure of what to put on my advertisement(to theoretically be placed in a magazine or newspaper of some sort).  How could I get this segment to by Bambooee, especially with the high price?  I thought of my grandmother; she fits into this segment perfectly.  In order to get her to buy this, I would tell her about the environmental benefits and how planting a tree would help not only the world, but her grandchildren.  She would like that. On the ad, I wrote, "For every roll of paper towels you purchase, a tree is planted.  For a better world for your grandchildren, and for the world!". I consulted the "Color Emotion Guide" and decided to use the color green for my ad(not only because the product itself is "green" and eco-friendly).  Green represents peacefulness, growth, and health- perfect for both my market segment and for the product! Because men prefer bright colors and women prefer softer colors, I decided to include both, to satisfy both sexes preferences. I also used a visual representation to show how many towels they would be saving by using Bambooee.

I was also able to check to see if my segment was located in Springfield, and my hometown, as well as a couple of places across the country I have visited.  It was in none of them, which is important to realize while marketing your product.  If this segment is not in the place you are selling the product, is it worth it? Otherwise, who in the area will buy your product? There are a lot of questions to think about.

Going through each aspect of this advertisement helped me to realize what I needed to do for my SMART Project.  It is important to use the right colors for our logo, to appeal to our target market.  Also, it is important to know where are target market lives, and if they would even use it.  Doing this research prior to marketing and selling the product is crucial.