Marketing Research on Market Segmentation | Defining Target Customers
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Transcript of Marketing Research on Market Segmentation | Defining Target Customers
Marketing Management D E F I N I N G T A R G E T C U S T O M E R S
BYMASROOR (6)
SHIVAA (3)
Introduction
Introduction
It is the process dividing a market into segments.
Based on needs, income, age group demographic and geographical factors
It enables to target customers who precieve full of products.
Defination
A target market as a well-defined set of customers whose needs the organization plans to satisfy -Philip Kotler
Defination
“
“
DefinationStatement of Problem
Failing to determine and tap all potential target customers would mean lost revenues in the future which could be earned.
Statement of Problem
“
“
Objectives
To establish importance of large and diversified customer base.
To determine the desire of consumers for products being catered to other segments/markets.
To identify if positive relationship exist between higher revenues and larger market capture
To determine profitability in low income markets.
Objectives
Research Methodology
Both Secondary and Primary data. Secondary collected from Internet sources
and Journals. Primary collected from 1st Semester CIA
component. Data is essentially based on low-income
groups. Data is collected from Southern parts of India
Research Methodology
Analysis
Analysis
76%
24%
Do you have a strong desire for products of High-end companies ?
YesNo
Analysis
67%
33%
Are you ready to purchase a low-end product from a high-end company?
Yes No
Analysis
88%
12%
A product from a high-end brand would give you more self-esteem and satisfaction?
YesNo
Analysis
Price Quality Brand Design0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
29%
8%
45%
18%
What you consider most in your pur-chasing decision from a High-end
company ?
Analysis
Price Quality Brand Design0%
10%
20%
30%
40%
50%
60%
48%
28%
8%
16%
What you consider most in your pur-chasing decision from a Low-end
company ?
Findings
76% of the people are willing to spend on high end products due to the brand value
67% are willing to buy low end products(over priced) showing their brand loyalty
80% fell better by buying from high-end brands Building up brand value is the most important
factor in the long run In the short run pricing is the most important factor
Findings
Suggestions
Suggestions
Companies should conduct thorough market research to pin-point all their potential customers.
Greater market should be captured by altering their products suitable for different segments.
Expanding target customers by making amendments to their offerings in line with customer’s wants.
Using established distribution channels to enter low-income markets.
Conclusion
• The low income companies main area of focus is to focus on the price to obtain their target market.• There is a direct relationship between higher
revenues and larger market capture.• Large and diverse customers are very
important as they are the base of the company.
Conclusion
Thank You.