Table of Contents
- Market research first step to establish a business/product
- Market segmentation
- Geographic segmentation
- Demographic segmentation
- Psychographic segmentation
- Product positioning
- Process for evaluating a product position
- My selected product/service
- Discuss the target market and why these customers will be targeted
- Describe the market position for your product and service
- Related Marketing essays
Market research, segmentation and product positioning are essential initial of a business. All three constituents identified above are integral part of marketing initial steps, and are interdependent on each other. Sometimes, manager who handle marketing department of an enterprise skip out one of them, these managers put the business on high risk. So, each manager dealing with those market essential initial steps must have strong clutch on technical marketing skills.
Market research first step to establish a business/product
Market research is first and most critical step to establish a business/product. It determines market potential and newly introduced product’s demand in market. Therefore, first step i.e. market research must consider all factors that would be influential to newly introduced business/product. For instance, the macro and micro economic influences, political and cultural influences, customer behavior, and technological influence. By identifying these factors, determining them accurately, and working on them to overcome the influence. At the same time, building product position in the market can only get the best results from market research.
The current trade and commerce era has extended its wings to international level. There are now two contact of doing business, one is offline and one is online. However, the concept of world wide market is more developed by E-commerce. Hence, current business environment very easily provide reach to the customers located in wide areas. However, at the same time, it would be hard to build market segmentation, developing product position with a caring or nursing service. However, there are mainly three types of market segmentations that are briefly defined below.
Importance of market strategy development and segmenting the market has been enhanced than before. In the market segmentation process, geographic segmentation is based on grouping the consumers by their geographic locations, for instance local, domestic, national and international. Geographic segmentation helps in analyzing the target market geographically. Moreover, geographic segmentation addresses the cultural aspects of market, and these cultural aspects depends on ground realties. At the same time, it helps in overseeing the market space which ultimately helps in categorical integration of market strategy for making up precise consumer oriented product.
Demographic segmentation identifies and determines consumer. The utmost aim of demographic segmentation is to identify the consumer by his/her age, sex, family background, income, occupation, religion, race and etc. Moreover, as business approach revolves around the customer, and at the same time consumer is core of market studies as well as market strategies. It is natural that every human being is different from one another. Therefore, consumers are also different from each other by their geographic means, demographic realities and psychographic elements.
Every culture posses its own personality, and every single personality possess his/her own psycho approach. Therefore, every single human being is different from other. In market segmentation psychographic segmentation divides the customers into their class, lifestyle and personality traits. In deep market strategy development accurate consumer psychographic approach identification is important to make a suitable and successful market strategy. Whereas, the core of marketing is study of consumer, hence consumer psychographic information is something like fuel to run the car (Armstrong & Kotler, 2008).
Product positioning is about analysis of market potential for a specific product, and evaluating the newly introduced product position. The marketing managers generally initiate product positioning to get the accurate market picture in their minds. Where, with accurate market positioning one can get fruitful business results. There, a misled market positioning report can ruin whole business. Therefore, product positioning is one of the critical step, part or potion of business development and brand marketing.
Process for evaluating a product position
In process of evaluating a product position, the first thing that has most consideration is market. Identifying the market potential is first and foremost element of product positioning. Secondly, taking the competitors into consideration and evaluating their product performance in the market. Thirdly, evaluate market share of each competitor’s product. Fourthly, determine consumer behavior. Fifthly and finally, imagine/evaluate your product appearance in the market. An accurate clutch on each constituent of product positioning would tell you the track of your product.
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My selected product/service
A service oriented organization that I have selected for this paper is “At Home Solutions.” It is picked by me to exemplify the best marketed healthcare, caring solution with consumer friendly environment. First of all, a service oriented organization with user-friendly interface of its website put soothing affect on its customers. Whereas, the slogan appended on right side of website “We are dedicated to improving the quality of your life!” reflects the organization’s intentions and priorities. Moreover, at home solutions provide value added services which create uniqueness. When we go to the services area it is quite comprehensive and directly hit the consumer needs with very friendly communication. Lastly, organization has more than one office which represents its wide range of customers who has confidence on “At Home Solutions” services (McCreery, n.d).
Identify the marketing segment for the product/service and explain why this segment was selected
As I exemplify a successful business in my selected business which is a services concern. That business has segmented its target market by its services. The services of “At Home Solutions” are home care services, family caregivers, marketplace, and community support. In this market segmentation large consideration is of demographic and psychographic due to its nature of business. The preferable consideration of that kind of business is also demographic and psychographic. However, it also needs little geographic segmentation preference, as the selected organization is working on wide area and has large scale of its customers.
Discuss the target market and why these customers will be targeted
The target market of “At Home Solutions” is the ill or the persons who need care. Therefore, the ill or care needy persons are the customers and the target. In that kind of business the target market is nursing needy people, because of the nature of business as well as due to the criteria of dong business are nursing and care. Hence, every business has its own target market, so “At Home Solutions” caters its customers who need care.
Conduct a SWOT (strengths, weakness, opportunities and treats) analysis for the company
SWOT analysis outcomes with the results that the selected company is quite strengthened, do not have any weakness, and there are several opportunities and treats are available. The reason is the selected service concern has developed its structure of caring people very well. Therefore, it has strengthened the company and kick out the weaknesses. For that the opportunities and treats has been enhanced a lot. The same should be the approach of newly developed services concern in the same field.
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Describe the market position for your product and service
The market position of my selected service is quit high. Caring services, if run by good gesture oriented behavior can be highly beneficial and high profit oriented. In the field of nursing everyone needs care and attention. Therefore, the human resource with high motivation of human care and nursing abilities can give you best results for your business. At the same time, it will be a great human help to care, treat and recover an ill, disabled and or care needy person. From the both aspects human as well as commercial, a business of home care have great outcomes, if it would be run by good mind and good heart.
At the end of treatise, it is better to restate the thesis which is market research, segmentation and product positioning are essential initial of a business. The whole paper has examined and reveals the thesis and finds it correct. Hence, any business cannot be built or commenced without strong working on market research, market segmentation and product positioning.