Monday, February 24, 2020

Marketing and Sales Essay Example | Topics and Well Written Essays - 5000 words

Marketing and Sales - Essay Example Finally the study will try to focus on different aspects of green technology required to manufacture an environment friendly phone. Table of Contents Table of Contents 3 Market Segmentation 4 Important Market Segments 5 Mainstream Segment and Niche Segment 6 Different Market Segments for Mobile Devices 7 Feature of Cell Phone for Green Buyer 9 References 11 Market Segmentation Business market can be described as heterogeneous environment. Consumer behavior plays a cordial role to justify the use of various market segmentation techniques. It is pretty much obvious that no product or service creates appeal for all customers. The companies need to understand the requirement of potential customers to design successful segmentation strategy. In simple words segmentation means filtering the target market according to income level, usage pattern, lifestyle, purchase pattern of customers. Price discrimination model of economics suggested that market segmentation increases the profitability r atio for the business (Gill & Crichton, 2011). Conceptual framework of any business strategy depends on understanding, fulfilling or even exceeding the needs of target segment. Centrality of market segmentation strategy depends on establishing equilibrium between product driven segmentation and market driven segmentation. ... Brand Asset Valuator model created by Young & Rubicam can be used as basis for product centric segmentation. (Source- Bavconsulting) Brand Asset Valuator model emphasizes on DEREK model to analyze performance of a particular brand. DEREK stands for D- differentiating factor of the product, E- energy of the brand in terms of meeting future market demand, R- relevance of the product in accordance with customer demand, E- esteem about the brand. Previous success stories for the brand, K- Customer knowledge about the product. Important Market Segments International Data Corporation (IDC) has divided consumer market of mobile in six segments in terms of usage pattern. 1- Tech Evangelists (Customers prefer to purchase new product integrated with state of art technology), 2- Impulse Buyers- (Customers who purchase the product in accordance with demand of situation), 3- Experimental Adopter- (Customer who like to purchase new product after series of experimental usage), 4- Pragmatic Purchase rs- (Customers who are very much rational in terms of purchase decision and they purchase the product after cost benefit analysis), 5- Green Buyers- (Customers who prefer product offered in an eco-friendly way and they try to create a social message of decreasing environment pollution by purchase), 6- Disengaged Functionalists- (Price sensitive consumers who prefer to purchase product satisfying their fundamental needs) (Deans, 2012). Market segmentation for the mobile device can be done in accordance with purchase and usage potentiality of customers. There is range of potential customers: young vs. old, affluent vs. modest income, heavy users vs. light users, technology lover’s vs. technophobes, etc who can be targeted by the mobile manufacturing

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.