Bbm 104 : Principles Of Assessment Answers
Question:
Answer:
How do you segment your consumer markets?
Effective market segmentation is crucial to the success n achievement of a products goals and objectives in its target market, moreover, it creates a better basis of understanding of the audience in the target market and how they will respond to the product. Therefore, Market segmentation can be defined as the process where an organization creates sub-groups from a larger population in a market to specifically target them more and understand them (Grant,2016). Corona Extra is a Mexican based beer that is distributed by Carlsberg in Malaysia. According to Malaysia traveler (2018), As you would expect for a majority Muslim nation, alcohol consumption in Malaysia per capita is quite low where only 3.5million consume beer out of 29 million population where most are lifetime abstainers. How can Corona extra beer segment the Malaysian market?
Geographic segmentation-This is dividing the market based on the geography of a target market through country, cities, counties, or suburban areas. Malaysia has a Muslim majority which affects beer consumption in the country where its low per capita. Therefore, for the corona extra beer product, I would segment the target through identifying cities that consume beer especially where there a large significant number of tourist or foreigners such as Kuala Lumpur and further segment it based on its districts that have potential growth for consumption of beer (Baker, 2016).
Demographic segmentation- this is dividing the market based on the age, religion, and income in order to target the consumer more accurately and meet the customers’ needs. The consumption beer market has largely been impacted by the Muslim religion which is the majority segmenting the non-Muslim consumer market will be effective, however, only this who have reached the legal age drinking age limit in Malaysia (21years) (Armstron, et al, 2014). Corona beer product is affordable however, it will be significant to identify consumers with middle to high-level income and target them
Psychographic segmentation- this is segmenting the market based on the lifestyle, attitude values attitude s or in general the social classes present in the Malaysia society. For this corona extra beer product, I would focus on tourist, foreign locals, and residents who do not mind to have a few at regular intervals, this could mainly be influenced by individual cultures (Mahmoud, 2014).
Behavioral Traits segmentation-this is dividing the market based on the behavioral traits such as level of usage. I could target nonusers to entice them to buy, prior users to get them back, potential users to convince them to give Corona extra beer product a try, and current users to strengthen their level of commitment through rewards programs such as discounts (Solomon et al, 2014)
How do you evaluate your market segment?
Market segmentation is essential in identifying and maximizing the potential of each individual consumers with an appealing approach, therefore, evaluating each segment ensures that the firm does to a waste any resources in the long run (segments that will not buy any of the firm's products) (Baker,2016). Therefore, matching each marketing segment characteristic to the qualities of the corona extra beer product and the ability of the achievement of the sales performance objectives by the firm should always be done, through the following
Market potential evaluation – I would evaluate the market potential of each segment by identifying the number of potential consumers, their income and the number of people who will need the product, they can be termed as market participants in the corona extra beer market as they need the product and have the purchase ability, therefore, the market potential evaluation could be equated to the number of consumers x their product purchase (Sand?kc?, 2017).
Sales potential -this is the share of a market segment that a firm expects to achieve in the long run. To evaluate the sales potential, I would estimate the corona extra Malaysian market share based on the performance of the product in adjacent markets, additionally, I would also equate the sales potential through the average individual consumer's purchase x the total number of consumers in each segment, this will give a general idea of what to expect (Sand?kc?, 2017).
Competition-competition evaluation is essential in each market, Corona has a boost in the Malaysian market since its distributor Carlsberg has the largest share market, however, if, in a scenario where the total sales of the corona extra beer products are below the market potential, the products will achieve sales without having an effect on competitor brands, however, if the sales are above the market potential then rivalry stiffens for the competitor brands as their market share is affected
Elaborate on your target market Segments
Geographic segmentation-This is dividing the market based on the geography of a target market through country, cities, counties, or suburban areas. Malaysia has a Muslim majority which affects beer consumption in the country where its low per capita (De Mooij,2018);
- City-identify major cities that consumer beer in Malaysia despite the low per capita consumption and target them a good example in Kuala Lumpur.
- District- After identification of the city, the districts within the city are targeted and retailers can be used in selling the products to consumers e.g. supermarkets, bars and restaurant
Demographic segmentation- this is dividing the market based on the age, religion, and income in order to target the consumer more accurately and meet the customers’ needs (Sand?kc?, 2017).
- Age- strictly not for sales for persons under that age of 21 as stated by the Malaysian laws, Therefore the target market is adults from 21 years and above
- Income- Corona beer product is affordable; however, it will be significant to identify consumers with middle to high-level income and target them
- Religion- The consumption beer market has largely been impacted by the Muslim religion which is the majority. Therefore, the products will target non-Muslim consumers and other religions that may prohibit consumption of alcohol products market will be effective
Psychographic segmentation -this is segmenting the market based on the lifestyle, attitude values attitude s or in general the social classes present in the Malaysia society.
|
Social grade |
Social status |
occupation |
|
A |
upper middle class |
higher managerial, administrative or professional |
|
B |
middle class |
intermediate managerial, administrative or professional |
|
C1 |
lower middle class |
supervisory or clerical, junior managerial, administrative or professional |
- Non-users-Marek segments where they do not consume beer products but they could be enticed to give corona extra beer a try
- Prior consumers-These consumers were once market participants for the corona beer market, however, they can be enticed back through making an adjustment on the changes in their taste and preferences
- Potential consumers- consumers who consume similar beer products but they can be enticed to consume corona beer in the near future
- Current consumers-They are active market participants and the strong relationship can be further strengthened through reward and discount programs
Identifying Possible Value Differences and positioning strategy
Value Differences
- Products differentiation– Corona extra beer has an exclusive packaging with alight summer color with a sweet and exotic taste that is used to make cocktails unlike major beer brands like Heineken and Carlsberg whose green in color and has a sharp sour taste
- Service differentiation- quality product service delivery both through ordering through the official company website and use of retailers such as major supermarkets, bars and restaurants
- People differentiation– the firm has high-quality skilled employees who are better equipped in customer relation and satisfaction to better strengthen the firm and consumer relations
- Image differentiation- This is essential in allowing consumers to identify their needs with the brand, therefore the brand image will convey the product’s distinctive benefits and positioning in the market
Position strategy
- a) Quality Positioning Strategy-Most consumers are always concerned with the quality of the products. The firm will take a key interest in ensuring that the corona beer product is of high quality and even surpasses the consumers' expectations
- b) Flexibility Positioning Strategy- the relationship between a firm and a consumer is effective and strong in scenarios where companies are able to change their operations and products service delivery to meet the consumer taste and preferences, they gain a competitive advantage over their rivals. Corona beer will be flexible in such situations which will also be efficient in branching out relative brands to cater for the changes in taste and preferences for the Malaysian consumers (Rundle-Thiele, 2015).
- c) Speed and distribution positioning strategy -This is the efficient and fast delivery service that will be offered to consumers who order their corona beer products online or through the conventional means, Moreover, the products have strategically placed for distribution and access by consumers through the use of retailers such as major supermarkets, bars, and restaurants
Design Position statement
This is a statement that will summarize the brand positioning of corona beer extra, therefore the positioning statement for corona beer in Malaysia will be: After a hard day’s work in the office, relax and calm your ‘nerves’ with the high quality and tasteful Corona beer extra available at your favorite joint or just a phone call away.
Conclusion:
Segmentation is essential to the success of an organization’s development and growth and development .Therefore, Market segmentation can be defined as the process where an organization creates sub-groups from a larger population in a market to specifically target them more and understand them (Grant,2016).The paper illuminates entity of the corona extra beer market penetration in the Malaysian market despite being a Muslim majority market nation .Additionally the details discussed in the paper contribute to the analysis and evaluation of the economic situation in the Australian supermarket and grocery industry .
References:
Armstrong, G., Adam, S., Denize, S., & Kotler, P. (2014). Principles of marketing. (pp. 39-48)Pearson Australia.
Baker, M. J. (2014). Marketing strategy and management. (pp. 55-76) Macmillan International Higher Education.
Baker, M. J. (2016). What is marketing?. In The Marketing Book (pp. 25-42). Routledge.
De Mooij, M. (2018). Global marketing and advertising: Understanding cultural paradoxes. (pp. 329-348) SAGE Publications Limited.
Grant, R. M. (2016). Contemporary strategy analysis: Text and cases edition. (pp. 555-576) John Wiley & Sons.
Mahmoud, A. (2014). The Emergence of Strong Global Companies Originating in Emerging Markets. Journal of Marketing, 79(1), 1-9.
Malaysia Traveler. alcohol consumption in Malaysia. Retrieved October 2, 2018, from https://www.malaysia-traveller.com/alcohol-consumption-in-malaysia.html
Rundle-Thiele, S. (2015). Social marketing: Singapore, Malaysia and Thailand. In Ethical and Social Marketing in Asia (pp. 131-144).
Sand?kc?, Ö. (2017). 10 Marketing strategy in the emerging Muslim-majority markets. Islamic Marketing and Branding: Journal of Marketing, 9(1), 11-19.
Solomon, M. R., Dahl, D. W., White, K., Zaichkowsky, J. L., & Polegato, R. (2014). Consumer behavior: Buying, having, and being (Vol. 10). London: Pearson.
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