Marketing Assignment Essays

Marketing Assignment Essays Marketing Assignment Essay Marketing Assignment Essay Executive Summary Marketing segmentation is considered as one of the main elements of marketing, and one that is significant and appropriate to the Internet Technology and Glasses industries. Yet, with literature reviews, there are few studies of segmentation evident, and the segmentation of consumers markets for Google Glass is an issue to be addressed. Indeed, this has only becoming relevant lately with changes in the technology environment. This report is presenting the finding of a segmentation study into the market for Google Glass in Australia, the market that is still at a relatively stage in its placement. The study utilize lifestyle group and occupations segmentations, which are often referred to the most significant form of segmentation, and identifies four different market segments. The recommendations for the Google Glass are as follows: A website is a useful tool as it is a tool where consumers can easily access information about the products. For Google Glass, an excellent idea would be to hold a lucky draw or discount for the next purchase of the Google Glass. Virtual store is also convenient for buyers as well. Google Glass should have an online virtual store in order to increase sales. Google Glass should find a way to make the product look different among other products. For instance, Google Glass could sell with an engrave letter beside the glasses. It looks cool and buyers can have the glasses individually. This will not only attract buyers and also consumers feel that getting something extra. To make Google Glass attract the consumers, the display the Google Glass is on the shelf is important. It has to be appealing and able to catch buyers eyes. The color Of the Google Glass must be stand out and customers will look at it. Table of Contents Title Page Executive Summary 1 Table of Contents 2 . 0 Introduction 3 1. Airing 1. 3 scope 3 2. Background Information 3. Literature Reviews 4 3. 1 Segmenting cosmetic procedures markets using lifestyles segmentation by Jennifer Press (2010) 4 3. 2 International Journal of Culture, Tourism and Hospitality Research by Kettle p, Boston S (2009). 5 3. 3 Market segmentation: A Tool for improving Customer Satisfaction and Retention in Insurance Delivery by Fests M Pitchmen 5 4. 0 Segmentation, Targeting and Positioning strategy (STEP).. 64. 2 Targeting 8 4. 3 Positioning 8 . 0 Ranking order 9 6. 0 Target Market One 10 7. Target Market Two 1 0 8. 0 Marketing strategy for Google Glass 1 1 8. 1 Concentrate Marketing 12 9. Positioning 13 9. 1 Positioning Statement 14 10. 0 Conclusion 15 Appendix A 16 References. 16 1. Introduction To understand consumers preference, choice, and buying behavior progress over the time is the Kemp and heart of strategic marketing. Marketers are hardly to satisfy every consumer in a market as it needs pre exists marketers. Through this report, the segmentation, targeting, positioning strategies for the Google Class to potential Google consumers. Also Google Glass is a new product categories entry as well. See appendix A) The main segmentation might used in consumer market which are geographic, demographic, cryptographic and behavioral variables. 1. 2 Aims The objective is provided a marketing strategy framework that ties all this together with a powerful marketing logic. A marketing plan shows how the marketing elements fit together to provide direction and action for growing a business. 1. 3 Scope This report will examine how to promote a new product in the market. In order to promote the product, a company should have a marketing plan which is called Segmentation, Targeting and Positioning plan. (STEP) 2. Background of the product Google Glass is a handy-computer with a head-mounted display (HEM) that is actually developed by Google. Google Glass is an attempt to free data from computers and portable devices like phone and tablets, and place it right in front of your eyes. Basically, Google Glass is considered a camera , display, touched, battery and microphone built into spectacle frame so that consumers can display in individually field of vision, film, take photos, search and online searching. Currently, there are no lenses to fit with the frames; Google is considering joining with sunglass traders. . Literature Review Jennifer Press (2010) According to Jean infer Press focus on lifestyles segmentation which is type of behavioral segmentation and it relies on the assumption that the perceived benefits of a product or service are the main reason that the consumer will choose one product or service over another and that market segments exist because of different lifestyles by the consumer. After the establishment of lifestyles segments, second order segmentation can be set up, whereby the demographic characteristics of the different segments can be analyses. However, the analysis can also involve other related segment bases and does not need to be focused only on demographic characteristics. An analysis containing many methods of segmentation will be the most through, as suggested by Urban and Hauser (2009), and will contribute to a more thorough understanding of how each segment can be targeted. The more information about consumers media consumption and motivations for purchasing can be a direct influence on how to plan a product, how to position it and how to communicate through advertising. Therefore, a main consideration markets must take into account s how to properly segment an emerging market such as that for the new Google Glass. 3. International Journal of Culture, Tourism and Hospitality Research by Kettle P, Boston S (2009) In Tourism industry, market segmentation is implemented broadly. Benefit segmentation is a very influential for lifestyles grouping consumers (Kettle and Turner 1993). It has been developed that because different segments of buyers may need different benefits from using a particular product. Moreover, Haley (2008) stated that the benefits people seek are the basic reason for the existence of true market segments. Indeed, benefit segmentation is shown to predict actions better than geographical and demographical segmentation Haley (2008). 3. 3 Market segmentation: A Tool for improving Customer Satisfaction and Retention in Insurance Delivery by Fests M Pitchmen Market segmentation relates to have similar needs and purchasing behavior of customers into segments, each one can be achieved by different marketing programs. Trying to reconcile the needs of different customers and the concept of limited resources of the company, and allows the product and marketing products to adjust to meet different customer groups (Wind, 1978). Market segmentation theory is grounded from the theory Of economic pricing, which indicates that when the profit- maximizing price discrimination section settings (Frank et al, 1972). According to Kettle (1 994), all industries increasingly embracing target marketing. This is the second mass marketing a natural process, a product of the production and sale of multiple products with different features, style and features all buyers and product differentiation marketing Offer the production of a variety of buyers. The goal of the essence of marketing is tremendous customers in their buying needs and behavior; these companies will be in a better position to serve certain customer base. As a result, in order to attract buyers, financial institutions should identify those areas to serve effectively. This requires a careful analysis of the structure of the industry, as well as the relationship between customer satisfaction and return on investment, as well as to assess the organizations capabilities and resources (Doyle, 1995) 4. Segmentation, Targeting and Positioning strategy (STEP) 4. 1 Segmentation 4. 1. 1 Marketing segmentation involves separating a market into smaller segment of consumers with different behaviors, necessitate, and personality that might require separate marketing strategies and mixes. In segmenting consumer markets, Hudson (2008) pointed out that there are four different categories which are geographic, demographic, cryptographic and behavioral variables. Basis of market segmentation a. Demographical Gender There are men and women have different kind of preferences and interest. A product that men would purchase meant for women and vice a versa. The segmentation of the market as the gender is important in many industries eke footwear, car, and cosmetics. Income There are three categories Of income according Of their monthly income: 1 . High income group 2. Medium income group 3. Low income group Channel, Barberry and Tiffany are target on high level income, and Valley girl, Jay Jay and T met are target on lower income segment. Occupation There would have different needs compare to college student or office workers. B. Cryptographic The lifestyle of individual is one of the basic of segmentation. The individual interest, attitude can help marketers to allocate into small group. C. Geographical The classification of market into different type geographic areas refers to geographical segmentation . Similar strategies cant target at different places. . Behavioral Behavioral segmentation is based on consumers buying behavior on particular product and users indicating the potential buyers or new users. In segmenting the market, Google Glass needs to consider the effectiveness of the segmentation. The requirements of an effective segmentation (Kettle, 2003) are as follows: Measurable the market segment would help Google Glass in the potential market, consumers buying power, and the Google Glass sources allocation. For example: different level of income can be determined whether buyers are able to buy the product. Accessible to be effectively, the segment has to be served wisely. For instance: lifestyles group segment would be target as night lifestyle group who likes to have perfume on. Substantial this segment have to large segment and profitable to serve. A car manufacture designs a car whose height is more than 200 centimeters. Differentiable In order to distinguishable and gives respond differently to different marketing mix elements. Actionable -? to be an effectively program, t must be planned for serving and attracting the segments. For example, for those people who are followers of technology, those people will buy the Google Glass for sure. 4. 2 Targeting 4. 2. Companies are interested in targeting particular buyers segments in advertising as they think it enables to speak potential consumers better, to sell more effectively, and to maximize profitability. The marketing theory describes that businesses profit from targeting specific consumer segments in advertising. However, the excessive targeting can lead to unfavorable results. 4. 3 positioning 4. 3. The objective of positioning is to create a unique and good impression image to public. Baht (2008) A product position is important that defined by consumers on attributes and how the product to be place in consumers minds. (Ferret, 2007) Positioning is developed a specific marketing mix to influence potential consumers overall perception of a brand, product line, or organization in general. Lamb, Hair,Marinade (2004) In a nutshell, the position of a product is very important as it related to consumers perceptions of a product quality relative to the attributes of competitive products. Consumers are always purchase large number of goods every day. In order to avoid persistent re-evaluation of several products, consumers are tending to group or position products in the minds to make a quick decision. Rather than let buyers to position product individually, marketers must try to encourage and shape buyers perceptions of different products. 5. 0 Ranking order Table 1. 1 Market segmentation variables for consumer markets 1 Variable Typical breakdowns Cryptographic epistyles, Value and Attitudes Visible Achievement, Look at me, Something better Social class ABA, B, BC,c Personality Ambitious, Compulsive, Introvert, Extrovert 2 Demographical Age under 15, 44- 52 Female, Male Income under $10000; $10000 $20,000; $20,001 $30,000 Coco patio n Professional, Managers, Sales, Retired, students, administration 3 Region Far North Queensland, South-eastern Queensland, Western New South Wales City Size under 7000; 7000- 10000, 10000-40000 Climate Eastern, Southern, Northern 4 Behavioral Purchase Occasion Regular occasion, special occasion Online Behavior Buying behavior, information sharing Benefit Sought Quality, service, economy Loyalty Status Low, Medium, Strong Table 1. Signed by Connie Seas 6. Target Market One 6. 1 Lifestyle Groupings Joey Winner (2010) notes that the influence of peoples lifestyles on the services and goods and consumers that they bought. In order to increase market segments, marketers are targeting consumers lifestyles. To target on people who have the attitudes like look at me, they will feel proud and they thought they are so special and they can afford to buy luxury good like Google Glass, and even Pad, phone and etc. 7. Target Market -row 7. Occupation According to Kettle (2006) different kind of occupation is easy to target on as instruction workers, medical staffs or repairmen can all have the benefits from Google Glass. For instance, one of the features of the glasses is the camera, the camera will be able to capture the video and send it back to the main office, or simply save it locally. Clients can then see the work performance through the glasses. Apart from that, the police officers can also discover many of the elements in a hand-free display that very useful. The address will show in the glasses if there is an important message or emergency. 8. 0 Marketing strategy for Google Glass 8. 1 Concentrated Marketing In order to apply concentrated marketing (also called niche marketing), Google Glass is decided go after a large share of a few sub-markets according to Australian Bureaus of statistics data (see appendix A). According to Susan Ward in About . Com, A niche market can be defined as a focused, treatable portion of a market. It is also defined that a business is focused on a niche market is addressing a need for a product that is not addressed by ordinary providers, therefore Google Glass decides to target on specific group of people needs. Google Glass will base on a lifestyles group segmentation base n consumer markets as it has concentrated on lifestyles particularly the business class people those who are working at the office and need to have meeting with clients and wanted to have a sense of fashionable to represent company reputation. In additional, Google is also such of well known brand, therefore for those people into trend who is called followers will buy the products. No matter how expensive is it and consumers even do not bother the products features. Private labeling is one the strategy to target on people who is socially aware as for those people who always have to socialism with linens and need to keep updating clients information therefore Google Glass is suitable and convenient for them to have a quick check. According to an article by (Stanley 2005), some of the advantages of a private labeling strategy are as following: Create an opportunity to look exceptional than other products Customers sales increase Increase consumers loyalty Easy to control at pricing As Google Glass has a best feature called navigation and it can speak an address, find the location. Apart from that, Google Glass is a 5-megalith unit capable of recording IPPP video. This is also an extra feature for Google Glass s well. ( engaged 1 SST May 201 3) therefore, the advantages above are suitable for active people or even introvert people. Apart from that, for those people who like to spend money on expensive good, because they will have the feeling called visible achievement. Even though the product is not suitable for them, they still want to buy it. 9. Positioning Google Glass can position based on specific product attributes. The positioning strategies can also based on the needs they fill or the benefits they offer. The positioning strategies for Google Glass are to lower the price ND position Google Glass for certain classes of users. In order to gain competitive advantage, the image differentiation can be an advantage for Google Glass as Google is a famous brand if compare to VIXEN MI 00. If come to a similar product, buyers would take this consideration into account. Even though those positioning method that are suitable for Google Glass, however, there is also competitor in the market which is called VIZIER M 100, a product is similar to Google Glass. In addition, Google Glass also can advertise on television that let people know that product. As a result, everyone might insider to buy the product and consumers will tell other friends about the product as well. There is always a product life cycle for a product, Google Glass is not exceptional. Once the Google Glass launch into the market, it will go through four different stages of a product life cycle which is introduction, growth, maturity and decline. (See appendix A) 9. 1 Positioning Statement High Price I pad Google Glass GAPS Navigator Smartness poor Quality Good Quality Low Price Table 2. 1 created by Connie Seas 10. Conclusion In a nutshell, based on the case study and other journals, in order to have a successful developed of a new product into a market segment needs to give the product its own identity in the market. Therefore, first segmentation of the market has to be made, then chose the target segment and finally developing positioning strategy of the product. Referring to Google Glass, its segmentation needs to be covered in several different criteria. The consumers of the Google Glass are lifestyle group and occupations who are constructors or police workers and also for those buyers who are follow technology trend that was looking something better that would buy the reduce. However, some critical changes are going in the future due to the similar products release in the future as well. Therefore, the recommendations for Google Glass to increase the sales and keep the customers in the market are as follows: In order to increase the Google Glass sales, the ups is one Of the ways and also maybe the best way to help Google Glass to sell the product effectively, and it was first developed by EX McCarthy in 1960. The ups are: Product Google Glass might be able to do online marketing for online buyers and for those people are always stay home. It is such easily for online users and this will increase the sales. Price One of the items of price setting which is called discount. Discounts are usually given when customers would pay off at once. Therefore, this payment method would be suitable for Google Glass. Promotion Words of mouth is one of the way to promote Google Glass, consumers will spread the news to other buyers if the product is good. Therefore, Google Glass try to avoid advertise the product on television.