Discussion of the Target Market Alternatives for Zest Sedan
In the modern era, the automotive industry has become highly competitive, and it is no longer easy for companies to sustain in the market place. The intense competition has forced businesses to carry out changes in products, services, and overall strategies at regular intervals to attract new customers and retain the old ones. Organizations are required to conduct market research at regular intervals to identify the changing demand of customers and market trends. The study of market and target customers also assists companies in the identification of the gap in the existing market and development of products according to the same.
The present study is based on Tata Zest which is a compact sedan launched by Tata Motors. The new product is helping the organization to enter the petrol segment of automotive industry which is still not explored by Tata Motors (Motors, 2017). The report outlines various types of target market alternative present in front of the company with regards to its new product which is Zest. The discussion regarding alternative ways of defining population and sampling frame is also mentioned in this study.
In the present scenario, defining the target market and its alternatives is essential for growth and success of businesses. In simpler terms, target market can be defined as the set of potential customers with similar buying characteristics and needs. It can be expressed that a well-defined target market is essential because it provides companies with right direction in which they can invest their resources and strategies. The present target market strategy of Tata Motors reflects that the business has defined its market by a variable which is demographic. To market and sell its new product which is Tata Zest, the brand has targeted people who fall under the middle-income group of the society (Tata, 2014).
The target market alternative for Zest sedan includes youngsters, working professionals, and housewife. It is suggested that the youngsters in the country are the best the target market alternative for Tata Motors. For targeting all these customers effective strategies have been undertaken by Tata where the main focus of the business is on highlighting the unique feature in the product range so that level of customer satisfaction can be enhanced easily. In a country like India, more than 65% of the total population falls under the category of youngsters, and thus, it is more beneficial for the brand to target youngsters. The sporting look and classy interior of Tata Zest will help in attracting youngster in the country (Zikmund, 2013). The reason targeting youngsters is more beneficial is that the company will be able to find a pool of potential customers in this target market. Here, Tata Motors can develop its marketing and sales strategies to attract the alternative target market suggested.
To sustain in the highly competitive industry, it is also required by businesses to define the buying habit and preference of the target market (Van Der Aalst, 2013). The selection of population helps in developing useful information and insight about the all the potential customers in the market. The population for research study can be termed as a specific group of people who have almost similar demand and buying behaviors. The use of population is carried out with an objective to develop more effective and result oriented marketing strategies. The two critical alternatives available for Tata Motors to define its population for research study are accessible population and target population (Thompson, 2013). The key difference between target population and the accessible population is that target population is the group of people whom the researcher wishes to study whereas the accessible population is the one which can be studied by the researcher.
Discussion on Alternatives ways of Defining Population for the Research Study
It is recommended that to carry out a study on Tata Zest, it is more beneficial for the brand to make use of accessible population. The rationale behind this is that in accessible population, a particular group from the entire population is taken into consideration. The key benefit of using accessible population is that it will help in enhancing the overall the reliability and validity of the research (Salazar, Crosby, & lemente, 2015). It can be expressed that by selecting a particular group form overall population can help in gathering more accurate and reliable information on Tata Zest.
Apparently, to conduct a research study, it is crucial to emphasize in the process of sampling since that allows the researcher to get appropriate outcomes from the overall population. The meaning of sampling is different in every domain; hence in the present study sampling is being done to get an opinion from a group of people regarding research area. While analyzing the sample for the study, the researcher needs to use suitable technique through which sampling can be framed. Therefore, from the entire population, the specific sample is being considered (Robinson, 2014). In the present study, the researcher has diverse techniques of the sampling frame, and according to research domain, specific one can be selected.
The major dimensions of sampling frame are a list of students, some people employed and records present in the telephone directory. For instance- telephone directory can be used for the purpose of ascertaining data about a limited population. However, in the present study, the researcher can also emphasize on other sampling frames such as researching the entire automotive industry of India, listed companies operating in the same industry, number of people employed, etc (Porter, Cunningham, & Sanz, 2015). Henceforth, according to the specification of the research work, the researcher can select suitable sampling frame.
Sampling is regarded as a process in which a specific sample size is being selected from the entire population. This can be done in any domain as a selection of a specific sample provides a generalized overview of the area of research. To obtain valid outcomes, the researcher can also ascertain the number of observers who have reviewed the study. Probabilistic and non-probabilistic are the two major categories by which sampling procedure can be classified. In the present study of Tata Motors, purposive sampling method has been selected to get information about the representative sample (Neuman & Robson, 2014). In this approach, the focus is not laid on market research as researcher emphasizes chiefly on own judgments. This is especially done at the time of choosing an appropriate sample for the study. There are various other methods as well that could be selected by the researcher; however purposive sampling is being selected to express own judgments.
On the other hand side, the simple random sampling method is useful in providing equal chances to the entire population. This is the reason the method is considered as justifiable and fair in making a valid and feasible conclusion. In addition to this, the subsequent method is also regarded as feasible since it is convenient enough (Naini, Dousse, Thiran, & Vetterli, 2015). Apart from this, in the case of multi-stage sampling researcher focuses on breaking the entire population into diverse subsets so that appropriate results can be found out. Other is cluster sampling in which researcher develops varied groups from the overall population. This significantly assists in conducting the study in a suitable way.
Discussion on Alternative Ways of Defining Sampling Frame for the Research
Therefore, afterward looking the entire options, it can be suggested that simple random sampling is suitable for the present study. Use of such approach can assist researcher of Tata Zest to engage different units in the process on a random basis (Mujere, 2016). This can contribute to enhancing progress aspects of the study. Selection of different units can also assist the researcher to collect feasible outcomes. The category is also termed as user-friendly and easy to operate; hence it is being recommended for the present research work.
Hence, as per the present sampling method, the company can involve specific stages in the entire procedure to get appropriate results. Further, the use of simple random sampling will also assist the researcher in saving time and money (Jeston & Nelis, 2014). These are other reasons that enhance the use of simple random sampling in research studies. It is also useful because it needs only a minimum knowledge of the study group of population in advance. The process of classification can also be conducted without having any error. In the present study, it is being used because it is suitable for data analysis which utilizes the concept of inferential statistics. Thus, it is free from bias and prejudice.
As stated in the above section, it is evident that simple random sampling is useful for the study. One of the benefits of simple random sampling is that it is very much easy to assess the sampling errors. Since it is the representative of the population; thus it is being selected in the subsequent research work. Nevertheless, the method also carried larger errors from the same sample size as compared to stratified sampling (Glaser, 2017). Similarly, in simple random sampling, the researcher faces difficulties especially at the time when units are dispersed widely. However, use of simple random sampling might assist the researcher in carrying out the entire study in fair and appropriate manner. For example- at the time of collecting information about the market, Tata Motors needs to define a specific sample through which data can be grabbed.
Chiefly, the category is being used in studies because of its major contribution in reaching towards the research outcomes (Bryman & Bell, 2015). However, it is also essential for the researcher to emphasize on suitable approaches because it aids in collecting valid and feasible outcomes. Thus, in the present study, the researcher has focused on selecting a sample from those people who have appropriate knowledge about cars and their utility. By random sampling, customers are being selected to get appropriate information about cars of Tata Motors (Bryson & Daniels, 2015). Henceforth, for such purpose, the survey is being carried out, and questionnaire is given to the participants to get appropriate information about the new product of Tata Motors. Conducting survey will assist Tata Motors to acquire information about the market capabilities, customer's preferences and interest of people towards the new product of Tata Motors. This will aid the company to launch the product suitably at the market place through defining every aspect. In this realm, it is clear that focus on simple random sampling can aid investigator to collect requisite and appropriate information about the products.
Discussion on Alternative Ways to Define Sampling Approach for the Study
Certainly, the method is useful in carrying out the study in a fair manner which can also enhance its suitability and feasibility. Specific responses can also be acquired from the participants that will be highly useful for enhancing the validity of the research. At the same time, collection of information from random sampling can assist the researcher to get knowledge about the new product (Brem & Wolfram, 2014). This will also be useful in launching the product effectively in the market place. However, prior launching Tata Zest at the market place, it is vital for the company to identify the needs and demands of the target market. Thus, a specific sample should be selected from the entire population to get appropriate and accurate results. Therefore, by entire discussion, it is clear that there are many benefits of using simple random sampling technique.
By entire research study, it is evident that every business should focus on selecting sample size so that accurate information about the research domain can be collected. The above research made it clear that because of simple random sampling technique; equal opportunities can be delivered to the participants from the entire population. Hence, this aid in giving valid and feasible outcomes that encourages the suitability of research study. Apart from this, it is also ascertained that through sampling only, accurate information can be collected as that avoids emphasis on a wider area.
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