Part A (Market Segmentation)
Discuss About The Handbook Of Market Segmentation Strategic.
Marketing and communication are crucial elements for every business ensuring that it succeeds. The two elements ensure that clients are well updated about the progress of production, seeking clarification about the goods and services they need. Marketing communication entails aspects such as advertising, direct marketing, branding, online presence, packaging, public relations activities, printed materials and sales presentations. In marketing communication, organizations ensure that they sustained demand and the preferred for the product and preferred for the product. They also ensure that they shorten the sales cycle. Organizations that hit their set objectives rapidly have put in place mechanisms that ensure that they identify their market segment, draw a clear marketing plan, evaluate the segment and equate it to the quantity of production as they assess the needs of the customers as well as the purchasing Pattern of the clients. It is essential for the organization to identify its market, how it can maintain the market and at the same time attract more market, therefore, increasing the sales of the organization. In doing so, it is easy for such businesses to achieve its purpose (Zins, 2008). The paper gives an analysis of various aspects of marketing and communication that makes the organizations to sale.
To begin with, in defining its market, the organization needs to identify the population that it should serve. Based on the case, the organization will serve a total of 950 clients which are located within that locality. In Queensland, the trends of tourism data between the two years that is 2016 and 2017, showed an increment of 4.9% of the visitation. This implies that in the year 2016, the total visits were 20.7M while in 2017, the total visits were 21.8 M.
In segmenting the tourists market in Queensland, according to the data that was provided by the Queensland Tourist and Travel Corporation, the report indicated clearly that the visiting friends and relatives make the common form of tourism is the common form of tourism made. It was established that most of the tourists come in the land due to the fact that they paid visits to their family or friends, therefore, contributing positively to the tourism sector(Zins, 2008).
In this regard, the customers have the value of the product being offered to the market and believe that such products will meet their needs. The aspect is also considered in terms of the benefits clients will receive from the product being offered to them. With these benefits, clients are able to avoid adverse outcomes that could emanate from not using the product. For example utilization of the toothpaste will ensure that tooth decay does not happen as well as freshening the breath of the users. The clients have no option but to use the product. The homogenous market is obtained in scenarios where the organization has identified the needs of the customers that no other organization can offer therefore being the only source to serve the clients (Weistein, 2004).
Segmenting by Geography
Following a homogenous market with these needs, the customers are driven to acquire products based on their age such that the age demands them to use the product, they have no option but to utilize the product. The other aspect is the income they earn; such clients may afford the product being sold on the market driving them to acquire the product. Other characteristics determining this market segment entails the ethnicity and nationality of the client, education, occupation, social class, religion and size of the family. The demographic information is commonly available in the public databases making many companies based on these when analyzing their market segment. Based on this, the demographic trends are well examined, clients determined using by the approach and the organization ensure that they are the only serving them in order to attain a homogenous market (McDonald,2012).
The organization utilizes this type of marketing segment in determining the best potential location to make their sales. The business should, therefore, locate closer to where the products are easily sold or are highly accessible. For example, if one has to establish a high-end restaurant, such business should be located near the college or country’s club in order to realize high sales. Also, if one wants to sell ski equipment, there is the need to situate you near the mountain ranges. It is therefore clear that such organization have strictly monitored their location to ensure that clients acquire such products to serve their needs. A homogenous market is attained when the location picked has no other businesses offering the same commodity or service (McDonald,2012).
In this aspect, organization analyzes the clients who are interested in the product being offered on the market. The product in this regard should cross a variety of the market segment, for instance, offering cereals to the market. Ensure that no any other organization has identified such commodity in the market, therefore, realizing a homogenous market.
It is therefore clear that for a homogenous market to be enhanced, organizations need to consider the behavior aspects portraying their needs for the product, demographic aspects determining the age aspects which have an impact on the type of product used a geographical aspect that ensures that commodities are offered in places accessible or near the market. The aspects play crucial roles in the substantial needs of the clients which vary from one client to the other based due to the characteristics of the above market segment. Accessibility to the market determines profoundly how the product sales especially in regarding the element of geographical location. Sales can not only be achieved due to those mentioned features of the market segment but also considering the elements of actionable and responsive needs of the clients. If the organization adheres to this, they are able to stand in the market, therefore, increasing the sales (Kotler,2016).
Segmenting by Psychographics
Considering the aspects of the critical measure, the organization needs to put in place right strategy that will make the organization to stand out. Right price needs to be allocated to the services offered, meeting the needs of the consumers and ensure that a more extensive market coverage is enhanced as an approach to cover a wider market segment growth( Kotler,2016).
Based on the element of description, the organization intends to ensure that both the geographical location is well situated in relation to the proximity of the clients, therefore, boosting the sales. A demographic analysis will ensure that the organization has the right clients in order to determine the effectiveness of services as well as the right price allocation. Psychographic elements will ensure that the interest of the clients is regarded. This will attract many clients, therefore, serving the organization the best (Kotler,2016).
In enhancing competition, the organization will utilize two approaches; media approaches and competitive offerings. Regarding the media offerings, the organization will outlay strategies that will ensure that the image of the organization in the minds of the public is improved. Media will not only be used to carry out adverts in reaching the audience but will as well be utilized to cover up the crises the organization might face that otherwise would ruin the image of the organization. The competition aspects, on the other hand, will entail practices such as increased quality of services and make a difference in service delivery. Ensuring that the prices of services are well regulated ( Kotler,2016).
In making a market profile, it's essential for the organization to regard the location of the customers, based on the offer they intend to give. For instance, Queens Land has cities, beautiful beaches, rugged outback location and friendly country towns. Globally, competitive products and services and unique holiday destinations combine to give strong investment opportunities in the tourism and services sector. The organization has various tourism statistics, for example, more than 24 million international and domestic visitors come in the organization every year. The firm, directly and indirectly, employs over 225 Queenslanders. Tourism contributes 12.6 billion US Dollars. The organization has a high growing tourism demand expanding its market to India, Taiwan, Hong Kong, and Korea. Additionally, the organization has a rapidly growing flight and passenger’s numbers (Dolnicar &Gruin, 2008).
The organization setting target market to realize by 2020 in order to attain this, the organization is committed to ensuring that collaborative and marketing development efforts are attained. The company has devised a destination-based approached in order as an approach to showcasing the experiences of the company. The organization has also created unparalleled opportunity in order to ensure that it realizes the best practices that are integrated comprehensively. In order to attain these target sales, the organization will ensure that it seeks extensive consultations from leaders, other firms, visionaries in the sectors of events, partners and the airline sectors in order facilitate effective service delivery. It is clear that the organization targets at delivering effective services to the target market of visitors of the age 15 years and above. The organization will ensure that increases the sales in new areas for instance to in the regions of France, US, South Korea, Middle East, Malaysia, India and Japan(Dolnicar &Gruin, 2008).
The marketing objectives of the organization entail doubling of the investments at the end of the year increase the market segment at the global level. To increase the products price in relation to high standard quality produced. To reach clients every time the organization is needed through relocating to the closer market segment in order to increase the customer conduct. Besides, the organization will ensure that it meets the demands of the clients. To digitalize the marketing of goods and services through the use of the internet as an approach to save customers from reaching the company. The organization will ensure that the brand awareness of the product is realized. Improve the relations between the stakeholders is another agenda of the organization(Dolnicar &Gruin, 2008).
In the company for it to realize marketing objectives, it will start by setting the right expectation in order to avoid disappointments that can be caused due to over expectations. The organization will ensure that it has the right resources and personnel that will enhance the implementation of the set plans. The process is then followed by a communication on the plan to the employees in order for them to adjust accordingly and timely in order to realize the marketing objectives. The organization wills then draw a timeline in order to ensure that the sales process commences. The process of monitoring and checking of the results will be done regularly as the members of the organization will be urged to correct where need be in order to ensure that the set goals are met. The organization will follow the approach results and communicate the success(Dolnicar &Gruin, 2008).
To sum up, it's essential for the organization various aspects of marketing and communication for it to meet the set objectives. Market segmentation is critical to the organization since it is able to know how to adjust various characteristics of reaching the target market by considering various aspects, for instance, the behaviors of the consumers, the demographics considerations, psychographics as well as the geographical location. Organizations not only should regard the quality of services that they offer to the clients but also the accessibility of the services and ensure that they provide services of a difference. The marketing strategy of the organization is essential since all elements pertaining the sales of the services of the company making it meet the sales timely and ensure that customers are fully satisfied. The organization should have a clear consumer profile to help it plan its services with clarity, identify the target market and devise approaches on how to implement these strategies in order to realize the set goals of the organization. Companies that regularly carry out the trends analysis of the sales made are able to detect the strengths or weaknesses of the organization and therefore developing measures accordingly to curb the situation.
Dolnicar, S and Gruin, B. (2008). “Challenging Factor Cluster Segmentation” Journal of Travel
Kotler, P. (2016). Principles of Marketing, Global Edition, Pearson Education.
McDonald M., (2012). Market Segmentation: How TO Do it and How to Profit from it, Wiley
Weinstein A, (2004). Handbook of Market Segmentation: Strategic Targeting for Business and
Technology Firms, Routledge.
Zins, A., (2008). Market Segmentation in Tourism: A critical Review of 20 Years of research
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