Marketing Mix Analysis for Entry of a Microwave Maker
Introduction This article is about how a multinational corporation is attempting to enter an emerging market like China or India and how it must position itself to capture the hearts and minds of the consumers. The multinational can be any of Samsung, Haier, or Bosch kind of companies that are now reaping the advantage of…
Target Market Selection
Target market represents a group of individuals who have similar needs, perceptions and interests. They show inclination towards similar brands and respond equally to market fluctuations. Individuals who think on the same lines and have similar preferences form the target audience. Target market includes individuals who have almost similar expectations from the organizations or marketers.…
Target Marketing – Meaning, Basis and its Need
It is not possible for a marketer to have similar strategies for product promotion amongst all individuals. Kids do not get attracted towards products meant for adults and vice a versa. Every segment has a different need, interest and perception. No two segments can have the same ideologies or require a similar product. Target Marketing…
The process of creating an image of a product in the minds of the consumers is called as positioning. Positioning helps to create first impression of brands in the minds of target audience. In simpler words positioning helps in creating a perception of a product or service amongst the consumers.
Example
The brand “Bisleri” stands for purity.
The brand “Ceat Tyre” stands for better grip.
Marketers with the positioning process try to create a unique identity of a product amongst the customers.
It is essential for the marketers to first identify the target audience and then understand their needs and preferences. Every individual has varied interests, needs and preferences. No two individuals can think on the same lines.
Know what your customers expect out of you.
The products must fulfill the demands of the individuals.
The marketers themselves must be well aware of the features and benefits of the products. It is rightly said you can’t sell something unless and until you yourself are convinced of it.
A marketer selling Nokia phones should himself also use a Nokia handset for the customers to believe him.
Every product should have USPs; at least some features which are unique. The organizations must create USPs of their brands and effectively communicate the same to the target audience.
The marketers must themselves know what best their product can do.
Find out how the products can be useful to the end-users ?
Why do people use “Anti Dandruff Shampoo?”
Anti Dandruff Shampoos are meant to get rid of dandruff. This is how the product is positioned in the minds of the individuals.
Individuals purchase “Dabur Chyawanprash “to strengthen their body’s internal defense mechanism and fight against germs, infections and stress. That’s the image of Dabur Chyawanprash in the minds of consumers.
USP of a Nokia Handset - Better battery backup.
USP of Horlicks Foodles - Healthy snack
Communicate the USPs to the target audience through effective ways of advertising. Use banners, slogans, inserts and hoardings.
Let individuals know what your brand offers for them to decide what is best for them.
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