Essay:

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  • Subject area(s): Marketing
  • Price: Free download
  • Published on: 14th September 2019
  • File format: Text
  • Number of pages: 2

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Our company is a company that sell products that are specifically for business travelers that can make their business trips more organized. Our segmentation of this product called Phenom 1.0 towards customers will be based on the psychographic and behavioral. Psychographic market segmentation implies separating the market based on factors such as social class, lifestyle and identity while Behavioral market segmentation isolates a market into segments on basis of customer knowledge, behaviors, uses or reactions to products. There will be only two segments of its customers, as we more focus on the business travelers only. Also, it's too costly and there will be only one type of products that are suitable and compatible for the customers.

Our customers are made up of business travelers that come from different types. From the Veteran to The New Recruits. The Veteran is the typically senior travelers who have no issue with overseeing travel, taking care of courses of action and monitoring costs and their most vital objective is guaranteeing they are not ruined by an absence of technology of network demonstrating a high openness to new innovation for greater efficiency out and about. Next, The Road Weary who travel frequent and more reluctant. Their most imperative goal is feeling safe when on trip and keeping in contact with family. The Wide-eyed and Anxious is the less frequent travelers who experience travel challenges. In general, they are more youthful business travelers with less experience and they tend to enjoy travel but somehow get anxious exploring new destinations and following policies. Other than that, The Passionate High-Tech who are enthusiastic travelers and early adapters of tech that love to go for work and look to innovation to make them more profitable and remain aware of everything with their loved ones, and they also like to spend more and travel to their goals, this traveler hold onto new technologies and will love to try any products that can make easier for their adventures. Last categories are The New Recruits who are less experienced who want to share their adventures. Generally, this group of more youthful travelers is anxious to investigate new goals while on business and are anxious to travel progressively and share encounters, frequently using social media to get together with people while on the road. Also, they are likely to accomplish more global travel and work in the tech innovation industry. Therefore, our high-tech Phenom 1.0 can fit and very compatible to all the categories.

Targeting:

Our targeting marketing strategy will be concentrated or niche marketing. Using this method, our organization concentrates on one or a few segments as we mentioned it on the segmentation part above. We use this strategy because we only produce a product that only specialized for business travelers. The purpose is then to achieve an expansive share in this segment or niche, rather than pursuing a little share of an extensive market. Plainly, it will have the capacity to accomplish a more grounded market position in the specific segment since its information of the customer needs in the specialty is bigger. Likewise, it might secure an extraordinary notoriety for conveying precisely on what the buyer needs in that niche. Our product also can be adjust, promoting projects and costs to the particular needs of customer in the niche. Because of this, our marketing will turn out to be more successful. However, marketing may likewise turn out to be more effective because we can tailor its offerings, channels and projects to the requirements of those customers that it can serve best and generally productive.

This strategy can also bring up problems such as this product market might be taken by bigger organizations, and it might be hard for our company's product to contend with other products. Plus, our product's survival might diminish if it just depends entirely on the niche. Although, our targeting strategy can be segmented or differentiated marketing strategy. However, the difference between niche and segment is the size. While a segment is somewhat substantial and will most attract in a few competitors, a niche is very little and it might be focuses around by couple of competitors as it will be less than differentiate marketing. Niching enables particularly little companies to concentrate their limited resources on serving niches. Our company's target is to discover those specialties that are neglected by bigger competitors.

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