MT 450 Marketing Management Unit 5 Journal

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Purdue Global University *

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450

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Economics

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Feb 20, 2024

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docx

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Step 1 Option 1: A new cool mist humidifier reduces dry air and serves as an air freshener. The scents come in mint, apple, spice, and cinnamon. Step 2 Demographics- People in age bracket of 18–55 will make up the product market segment. Based on price and quality, the sector will also encompass middle-class and upper-class individuals. In assessing the purchase criterion, we will also pay close attention to those who spend more than they bring in. Psychographic and lifestyle- People earning $30,000 or more annually are the idea target. Those that tend to occupy the most of their time in confined spaces, such homes or offices, will also fall into this category. The chosen demographic will consist of those who are impressionable and have a favorable view of high-quality goods. Geographical - The US and Canada will be the primary markets for the product sales of the corporation. Step 3: Statista predicts that the worldwide market for air purifiers and humidifiers will grow to $36.8 billion by 2026, with a compound annual growth rate (CAGR) of 8.2% from 2021 to 2026 (Statista, n.d.). Key players in this industry are Honeywell, Philips, Dyson, LG, and Sharp. References Humidifiers Market: Global Industry Trends, O. (2022). Humidifiers Market Size, Share, Trends, Analysis, Report, 2028. Retrieved 1 December 2022, from https://www.imarcgroup.com/humidifiers-market#:~:text=The%20global%20humidifiers %20market%20size,5.85%25%20during%202023%2D2028. (n.d.). Statista. https://www.statista.com/

FMI (2022). Humidifier Market. (2022). Retrieved 1 December 2022, from https://www.futuremarketinsights.com/reports/humidifiers-market

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