Harry's - Various Potential Market Segments for Product

Various Potential Market Segments for Product:

Demographically

• Gender:  Harry's needs to segment the market geared towards women, and more specifically towards women's perceived values.  Harry's has solely focused on the male side of the industry.  While instituting a new product, they should tap into the potential brought on by women consumers. For example, Schick offers a personal touch guidline only given in women's razor packages that features guide bars which set up hairs for proper angle shaving.

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• Age or Life Stage:  Segmenting the market in this fashion is ideal in order to fine tune the process.  Women of all ages do not shave, and it is important to reach out to the ones that do.  In a more broad manner we could say that Adolescence, Early-Maturity, and Late Maturity women shave. This generally means from the beginning of their teenage years (13) to their mid to late sixties (65).
• Birth Era:  This segment is a possibillity, when considering technology as a potential aspect.  Baby Boomer's i.e. our parents have less technological interests than the millenial's do.  So if instituting an electric razor as opposed to the typical fashion, we may need to specifically target the millenial's in doing so.

 Socioeconomically    

• Income:  Harry's could go with the same approach here for women as they do for men.  Offer a cheap affordable shaving utensil or kit that can easily be accessible by the mass women consumer.  This reaches out to both young and adult buyers who's economic stability fluxuates greatly.

Main Basis for Segmentation Strategy:

        The main basis is to strategically communicate women's needs within the shaving industry, and precisely target the correct market to generate the highest profit for Harry's Razors.  By strategically integrating Harry's business into the women's market, it would substatially increase Harry's standing within the shaving industry.  More specifically, we would like to interepret what segment of women would be most ideal to target. Demographic segmentation is among the most popular bases for segmenting a particular consumer group.  The reason being for this is that consumer needs and want vary closely with the seperate demographic variables.  Income is used to divide the markets, because it influences the consumers product purchase.  It directly affects a person's buying power and style of living.  With the implementation of a cheap, affordable, and yet durable product that reaches a large segment of women shavers Harry's would be able to ignore economic barriers.