Segmentation And Target Market Elio Motors - 1120 Words

Segmentation and Target Market: Elio Motors Paul Elio is the engineer and Chief Executive Officer of an American startup automaker, Elio Motors, which was founded in 2008. Production was scheduled to begin in early 2015 in Shreveport, Louisiana, however it has been delayed. The design of the vehicle has three wheels with all the standard options of a four-wheeled vehicle. The selling points of this vehicle is that ninety percent of the parts used to produce the vehicle are American made, it can get around 84 miles per gallon, and a projected manufacture suggested retail price of only $6,800. Market Segmentation The decision of dividing the entire market into different consumer segments is just what Paul Elio did when he saw a potential for his three-wheeled efficiency vehicle. Before a business can target a specific market, the market needs to be divided into segments based upon similar needs, wants, or desires. â€Å"It is not feasible to go after all customers, because customers have different wants, needs and tastes† (Suttle). Identification of target demographics is necessary for market segmentation research. Consumer demographics range from gender, age, ethnic and religious groups, household size and income, and even geographic regions. Markets can also be segmented based on consumer’s behavioral and psychographic characteristics. Elio took notice that many consumers drive larger vehicles on their commutes and often only have one person inside the car. He saw a need for aShow MoreRelatedSegmentation and Target Market1581 Words   |  7 Pagesï » ¿ Segmentation and Target Market: Elio Motors Tina M Miller MKT 571 August 18, 2014 Jason Leonard Segmentation and Target Market: Elio Motors Introduction Paul Elio is the engineer and company CEO of an American startup automaker founded in 2008: Elio Motors. Production is slated to begin in early 2015 in Shreveport, Louisiana. The design of the vehicle has three wheels with all the standard convinces of a four wheeled vehicle. The selling points of this vehicle is that 90% of the parts used