What are the key elements of the I-Zone marketing mix?
Marketing mix includes product, price, communications and distribution decisions. The keys for Polaroid were the target market they were trying to attract lay in hitting all four of these areas. They realized that teens at this point in time had more spending power than any other generation preceding them. They divided the market into preteens, tweens, and older teenagers. They priced their products based upon a teenager's allowance or small income job, their communication channels included teen magazines, TV spots, and music groups that were geared toward their target market. Their product was hip, colorful, and a "fashion accessory." The name of the product itself also brings up a good point. "I" could mean a number of things, one thing especially comes to mind: independent (which ALL teenagers strive to be). Our generation wants things fast and cheap, but still at good quality.
Polaroid did this by allowing pictures to be developed instantly and also allowed teenagers to think up of creative ways to use their products.
What aspects of the I-Zone marketing mix might have been influenced by or developed based on business research?
One idea Polaroid might have used was test /marketing/groups in which they would have come up with new ideas of how to use the film after it had been developed. They then took these ideas and placed them in ads and media events to show all the uses of the new I-Zone film. Polaroid used business research to target a specific market instead of everyone they choose to target teenagers and even more specifically girls. By researching the trends of young teenagers they were able to organize a product marketing scheme that made the I-Zone one of Polaroid's most successful product launches.
What role should business research play in a consumer products organization such as Polaroid?
Business research should be paramount in any organization but even more so in a consumer oriented market. In a market such as this trends develop, with research one can hopefully analyze these trends and develop a product that would be successful. It is also helpful to learn about the demographics of your target market; here research also has an important role in price determination and the correct way to advertise so one can attract the most attention from a target market.