No longer will the words "Honey, I think I left the stove on", be uttered.
Abstract
As the firm continues its introduction of the latest innovation in cooking products development - the GE Range Safety Sensor - General Electric (GE) must determine the viability of the product in the existing household appliance market. To accomplish this, GE will conduct various forms of marketing research. Marketing research is "the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions" (University of Phoenix, 2006). To begin marketing research for the GE Range Safety Sensor, GE attempts to identify the target market, understand the buyers / consumers purchasing decisions, and analyze the current competitive landscape.
Target Market
The GE Range Safety Sensor is a specialty item that would be incorporated into GE's existing and upcoming line of household cooking ranges for a small additional charge. The sensor would appeal to residential homeowners currently using (or considering the purchase of) gas or electric range units.
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English: Classic General Electric neon sign, in Wi...The target consumer falls within the middle to high income demographic and values safety in the home (possibly due to the presence of young children). Of this demographic, 21.7% were born between 1965 and 1976, while 16.2% were born between 1936 and 1945. Both of these age groups will be buying major appliances due to the starting of new careers, growing families, or upgrading of existing appliances within the household (Let's Talk Business, 2002). Location of the target demographic is global, however, initial focus will begin primarily within the United States through major appliance retailers such as Sears.
A smaller secondary target market will consist of households with individuals that have special disabilities such as memory deficits, cognitive disorders, visual deficits, or auditory impairments.
Buyers / Consumers
When customers buy products or services,