MRKG 1311 Principles of Marketing - Market Segmentation

Introduction

Marketing is one of the most necessary aspects of gaining proper market concentration for a particular brand. There are different marketing tools that can be considered as the most important and efficient ones for proper market analysis. In this project some of the tools are going to be considered to gain a proper market concentration from the product Nadi X Yoga Pants (Wearable X, 2018). It is a product launched by the apparel brand Wearable X, and currently it is making a good noise in the market. The pant is creating a good buzz in the market because the pant contains technical attachments that help a person to perfect eh yoga poses and it also helps to achieve the fullest potential of the body (Wearable, 2018). To make a proper market segmentation Target market, Positing and marketing mix is going to be considered as the most important and beneficial tool. These tools are one of the most efficient ones to make proper market segmentation and in return the organizations using it get a proper market penetration idea with the help of a new product. In the following section a detailed analysis is going to be given for better understanding.

Discussion

In order to conduct the research it is necessary for the organisation Wearable X to develop a proper market penetration plan. There are many cases where it is seen that the segmentation of market is highly necessary in order to progress further. It provides an outline with the help of which the service providing authority make s proper approach and gains customer loyalty.

Market Segmentation

Market segmentation helps in analysis of different aspects and one of the main aspects is prising. Product pricing needs to be good in order to have a better market grip in future (Vargo and Lusch, 2012). There are some aspects that are helps in market segmentation and they are detailed below.

Demography

In this market segmentation process the Australian market is going to be divided depending upon age, education, marital status, gender, location and many other things (Greene, 2011). The Australian market is going to be divided upon these factors and the management is going to get proper benefit because they will be able to make a logical deduction of where to introduce the product and what people are going to select it.

In accordance with the current scenario it can be stated that, the people who are fitness lovers and try to have an active life are going to be the main target group for the Wearable X. From the demographic statistics the people who are around age of 18 to 30 are going to be the main buyers of the product. The people who are from the rural areas might not be a part of the target group also (Zhang and Zhai, 2016). The pant is for every person regardless of their gender and this is going to make it more popular among the masses.

Psychographic

The psychographic aspects have to be considered by the management as well. The people are becoming more brands cautious and they are looking for products that are low in price but high in other benefits (He and Jiang, 2015). Depending upon the lifestyle and the peer review, many people buy products and this is going to be vital factor for the management also. The people, who take products that are recommended by others, are going to get attracted by the product launched by Wearable X works efficiently. If a person is obsessed with a healthy living life then Nadi X is going to be the best option for them. It has a proper collaboration of technology and simplicity. This is going to make the buyers to think about the product. Some people think that a good product is going to cost good money and for those people this is going to be a good choice because the product price is high from the other competitors (Aslani et al., 2015). Nadi X costs around $249, which is considerably higher than the other marketers.

Therefore it is going to be the best option for the people who do not think about anything apart from their fitness and in return it is going to get a better feedback from the users as well. This is going to increase the market reputation.

Behavioural

The people of Australian market buys good in a particular pattern and it is different for every person. Factors like the buying history, the places of buying, the history of internet e-marketing, impulsiveness and many other factors fall in this category. The efficient marketers are going to make a proper analysis of the factors and with the help of that they are going to provide a logical outline of there to put the product and which stores are the best to rely on (Ashford.edu, 2017).

In case of Wearable X, the analysis has to be precise because they are introducing something which has never been experienced by any of the fitness freak people. It is going to be the best option to consider and in the end it is going to give people the benefits they are seeking. Therefore the marketing department needs to analyse the demand of the target groups and their shopping behaviours. If the marketing department finds that the shoppers rely more on the branded stores than they have to go for offline collaboration ventures. It is essential to focus on the online portals also so that they can have a direct communication with the customers to have an idea of where to rectify the product for better services.

From the above analysis it can be stated that the management needs to focus on the factors that intrigue the customers to buy products. Australian market is full of potential customers and the Wearable X has to analyse well to have a better idea of where to invent and which sections to avoid (Wearable X, 2018). From the given detail it can be stated that the main target market is the fitness loving youth who have the craze of buying necessary goods that can be a good guide for them during their fitness session.

Perceptual Positioning

It is a tool that helps in making proper analysis of the segment where the product fits in. There is different parameter to be checked in this case and depending upon the analysis a better opportunity can be designed for the people who are working for Nadi X. The best option is to make a logical deduction of attracting the customers with the help of which the service providing authority is going to get a proper market concentration proficiently (Winegardner et al, 2016ss). There are many possible factors that are associated with the development of the scenario and taking the factors under consideration is going to make proper amendment in the marketing ventures of Wearable X. According to the current price it can be stated that the quality of the product is really good and the product is for those people who are seeking quality instead of the budget price.

                                                              Figure 1: Perceptual Mapping

                                                                            (Source: Created by the learner)

According to the analysis it can be said that the marketing company has set the product to the high price high quality quadrant (Chakraborty and Mazumdar, 2017). Though it is advance from the other competitors’ product quality and benefits the price has been kept lower in order to make people aware of the product. This going to be a huge development for the product and in the end the company is going to witness a good amount of market concentration (Won et al., 2018).

Marketing Mix

For this purpose a 4P analysis is going to be considered as the best option for development.

Product

The product of a company can be tangible or intangible. There are different factors that have to be analysed as well in order to have a proper grip of the market. The product that has been provided by a company can be a service also. It is essential for the company to have an idea about the product what it really is and how it can be beneficial for the users (Dolnicar et al, 2018).

In this case the company Wearable X has a profound knowledge of the product and in the end it is going to be beneficial for the management to give instruction to the marketing department (Wearable X, 2018). There are different aspects that can be considered as the best one for them and having an idea of the product is one of them. The possibility of giving information to the people is higher in this process and the customers will get attracted in this process.

Price

The price decisions are essential for making proper idea of what need to be done in the upcoming days. The price of a product makes it different from the other competitors. The price has to be attractive so that people chose the product from other same product suppliers (Leonidou et al, 2013). It is essential for a product to make sure that the service providing authority is gaining a good kind of return on their investment.

The Wearable X has introduced the best option for the people who love to do yoga. The technical gadget was never been introduced by the other companies and this has made a lot of difference in the market as well. The positioning of the product is on the perfect place in accordance with the price and the quality to have a better market growth in the competitive environment.

Place

The introduction site of a product needs to be on the perfect place and in this context selecting a proper place according to the price and the product quality is necessary. There are traditional markets and online markets, for example and a product has to be launched in the perfect place where the target market is higher in density (Gordon, 2012). The most of the tomes people go for the online shops and hence it should be the best and first option for any organization.

The Wearable X has utilised the concept and they have considered the online market to be the best option for them. However, they have already meet the criteria of all the necessary publicity still going for more traditional market options is better than the unidirectional approach.

Promotion

The online ventures are essential and the promotion is necessary to be focused on. In this context the service providing authority has to be focused on the promotion and advertisement ventures via different mediums (Huang and Sarigöllü, 2014).

Wearable X has provided the best services to the people and that is why they have the best market reputation. There are many possible factors that have to be selected as well in order to have better marketing outcomes in the future. The management needs to focus on the marketing option and their different advertisement policies to have better improvement in future.

Conclusion

From the given analysis it can be stated that the marketing mix analysis provided in the segment is going to be beneficial for the management and in this context the service providers are going to meet the needs if they consider the facts seriously. The perceptual mapping is going to be an easier aspect if they consider the current condition of the company. In future they have to change the mapping position for better and productive result. The target market is going to be analysed in this process to and in accordance with this the company Wearable X is going to make changes in the rate of the product. Therefore it can be concluded that the management is going to be benefited with the proper management of the product if they follow the needs properly.

Reference List

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