Discuss about the Consumer Cocreation in New Product Development.
Business organisation formulates its strategies for the successful outcomes of the goals and objectives of the organisation. The strategies are made looking into the target market and the customers. The organisations prepare the products and services examining the customers’ needs. Thus studying the market and its potential is the primary duty of the business organisation.
The market segment refers to the process of driving the market into different segments as per the size of the customers. The company after dividing the target market into various segments decide which segment of the market or the segment of the customers will be taken care by the company. This is called targeting or target marketing (economics times, 2016).
The organisation works on the market segmentation before focusing on the specific target marketing. This helps the company to be more specific and comes to know about the customers of the products. Marketing segment and targeting are similarly important to ensure the all-round success of the organisation (offtheleash.net.au, 2017). This assignment studies the market segment evaluation of the DSO, the Darwin Symphony Orchestra. The evaluation of the B2B and B2C costumers’ segments are made with reference to the DSO.
In order to best match, the products and the services of business market segmentation and targeting are done. The company cannot always identify the needs of the customers, their wants and the tastes. The company cannot run after a particular type of customers. The customers always expect something different and quality. Some customers want to buy certain styles. They pay a high price for the goods. Some other customers are there who prefer for bargaining. This category of the customers wants to go for the lowest price. In this context, a company cannot satisfy both types of customers at one price.
The demographic groups help the process of market segmentation. The demographic refers to gender, age, income, the size of the household, geographic area. The demographic segmentation of the market helps the company to gain competitive advantages
The marketing segmentation and the targeting can also be required for both the consumers & customers of the business. The psychographic or behaviourists features also contribute for the segmentation of the market and targeting.
The process of the market segmentation is a long process. This is important for the company to learn about the potential sales for its business. The company makes a direct link with the customers through email, radio, TV and marketing through internet. The right market and the right segment help for the targeting the specific customers (foundrmag.com, 2010). The right advertising message with the appropriate media can also develop the market,
Market research is needed to conduct for performing segmentation of the marketing and targeting. The questions related to the demographic group’s links to the majority of the customers. The great sale and profits are properly found after marketing segmentation is done. Thus it is very important to perform market segmentation and targeting for the successful market plan of the business organisation (Cooper & Vlaskovits, 2010).
The business organisation focuses on the consumer and highlights on the benefits of the product to the consumers. The decision of the consumers becomes emotional. The consumers demand numerous distribution channels for the marketing (Crawford & Benedetto, 2011). The consumers are not interested in the message that is very lengthy. The consumers are more concerned about their benefits. The business organisation makes the message simple and easy to understand (Gaffaney, 2016). The consumers prefer to procure the products within a very short span.
It is based on the segmentation as per the country, region and on the basis of geographical location. As per the geographical location, the segment of the marketing has been done.
The characteristics of the population determine the segment evaluation. The age group and their choices are taken into account. The occupation of the people also determines the market. The marital status and the people in their different age prefer different kinds of goods and services.
This segment determines the market as per its evaluation of the lifestyle of the consumers. The interest and opinion of the consumers also determine the market. The market segmentation is also made accordingly and targeting is also done in this way.
The consumers seek special benefits from a distinctive product. The consumers make a choice of the product as per the convenience, status, value and another important choice. The segment is made as per the special needs of the customers and they are classified as per their separate needs.
he segment is also determined to take the relationships of the customers with the product or the brand name of the company. The consumers prefer for a specific brand and they get satisfied by procuring it. Thus segment is also done as per the choice of the brand of the consumers (Ormanidhi & Stringa, 2008).
In the marketing process of B2B focus is made on the logic of the product. The features of the product are focused. There need of focusing on the understanding of the organisational buyers and how the procedures of the organisation are operated. The Business to Business market seeks the information. The effective message of the marketing focuses on the essential benefits of the product or services
There is a need of assessing the Business to Business segmentation taking some criteria. These are demographic, psychographic, behavioural and environmental criteria for the evaluation of the B2B segmentation.
The demographic criteria of evaluation focus on the annual revenue and about the industry. It discusses the locations of the business and how many years of the organisation has done the business. The analysis of the product and service are also made (kotlersofnitie.wordpress.com, 2015). The title of the job is also defined. The level of experience is also assessed.
This criterion evaluates the decision-making process and how far the business has the resistance to change. This focuses on the early followers of the product of the business. This is also important awareness of the competitors. The business should be market focused and the product focused (Hoyer, et al., 2010).
This shows how a business website is visited and what the response to the marketing standard is. The internal usages and the response of the customers are judged. The social media is also taken into account. The use of the internet by the customers also reflects how the business is accepted by the market.
This aspect discusses the technological use of the company. It discusses the purchasing power of the company. The environmental analysis is made to know about the management process of the company. The business culture also determines the environment of the company.
The DSO functions in an environment with long history and culture. The landscape of the DSO is very unique and it has gained lots of experience. The DSO has market stability and it was the first symphony orchestra that performed at Uluru. The logistic & the financial implications are identified in this (Craetive partnership Australia, 2017). The organisation is under growing training to become a global organisation
This is an approach of the company that focuses on the selling of the products to the individuals. This helps the business to do marketing of their products for the personal use. The approach is applicable for the individual customers. The selling of the products to the customers is different from the selling of the products to the customers. Thus the companies see how the individual customers will be dealt with and they will be motivated. The emotion of the customers required to be utilised for the development of the product.
The business to the consumer market is based on the emotion. The consumers are more interested in the benefits of the product. The consumers always want to listen how the product or service will help the customers. The business will focus on the problem and needs to solve the problem.
The DSO wants to convey its message through its marketing policy. The customers are attracted through different policies. The DSO seeks to develop the awareness of the activities of the company to attract the players & the partners. The DSO attracts new partners to celebrate the activities & outcomes of the unique orchestra of it. With providing a strong message, the company get valuable support from its partners, supporters and the patrons. This policy of the DSO has given sufficiently significant help to it
The unique and resilient natures of the DSO covey strong message to the entire country. The DSO has been ruling over the market of Australia as the volunteer community in Australia. The DSO gets advantages in the national territory and promotes its business through the partners like South Cross TV & territory FM. The support has contributed to the huge success of the organisation. The DSO has promoted its orchestra through various ways. The purpose is to aware the visitors of the country and they will get the benefits of its services. Thus the DSO focuses to win the customers by offering best orchestra facility to them. This attracts to the family and group of people and that is its target market.
The B2B segmentation identifies and recognises the differences between the difference groups of customers in a market. The business organisation cannot satisfy the customers with its resources. It requires making the plan to target the people and to fulfil their needs (Harrison, 2012). The policy helps the business organisation to sell the product where the possibility of selling is very less. In the B2B market, the objectives are to arrive at a conclusion for the marketing programmes by the equal minded companies (Lynch, 2015). In this business approach, there is important of winning the competitive advantage. The market finds there is very little difference in the product. The segmentation links with the plan in order to gain a sustainable position.
In the present context of the DSO organisation, it is important for the company to follow the given points
The services and the products should be differentiated keeping the customers in the minds.
The competitive positioning is required to be improved
The product offering and the strategy of the pricing will be shaped and that should be fit to the markets.
Focusing on the customers that will offer profitable products and the services
There is the need of the target marketing and efforts should be made for selling.
The company is attracting positive traits and is appealing widely to the existing partners. The DSO focuses on attracting new audiences. The 2016 is a productive year of the DSO . The achievement ranges from the Jenkin’s Stabat Matar to Nigel Westlake’s babe. This focuses on the family audience. This was the most important market segment for the company.
DSO has made a plan to bring the attention of the new audiences. The community programme launched by the government is successful for the company to engage the family audience. This shows that the company focuses on the needs of the customers and it has found that family programme is important for the company to gain the target market.
The long term plan for the association with the several major sponsors brings success for the company. The company understands the profits for the association with the partners and the stakeholders. This will bring unique opportunity to the company to gain commercial advantage
Thus for the growth of the company, the associations with the new partnerships bring sustainable development for the DSO. The DSO has also taken advantages from the new media sponsors. These activities of the DSO will encourage the players and the partners of the DSO.
Segment targeting positioning (STP) is an important need of the company to make an analysis. The target consumer market required to be studied for the effective business (SIOP, 2017). Market segmentation is about making the groups of the customers into different segments as per their needs. Each segment will be treated with individual marketing mix. Each will offer an alternative growth and the opportunities for the growth (Heracleous, 2003). The demographics will highlight on the characteristic of the customers. It is based on the gender, income, education and cultural background. Psychographic will discuss the lifestyle of the customers and their personality, attitude and the opinion of the customers. The behaviour of the customers will be taken care. The online shopping, preference of the brand and purchases will determine the behaviour of the customers. The residents of the customers and location of the customers are also taken into account (Forte, 2011).
There should be important strategies for the selection of the target markets. The undifferentiated targeting will be helpful for the company or the product with less competition. In this situation, marketing strategy is not much required. In the concentrated targeting approach, a particular market niche is selected (b2binternational.com, 2015). A single segment is focused on the company. The need of the particular market is identified. In this kind of strategy, small firms can compete with the large companies.
The multi-segment targeting approach is used when two or more market segments are focused. This approach gives a lot of benefits. But the cost is done for management, market research and for the promotional of the products.
Positioning is the enhancing an image of the product or the brand name of the product in the consumer’s minds. This helps for the development of the perceptions of the customers. They experience the product and make a choice for the product or the service (smartsights.com, 2014). The positioning helps to influence the customers’ perception positively. Through promotions, the company develops its marketing mix. For the effective positioning, there is a need of the understanding the competitions and the befits in the target market. This is also required to find out differential benefits to the market that goes against the competition (Borrás, 2014).
The segmentation will define the different customers and the targeting will help to identify the target customers from the numerous customers in the market. The positioning will be done to establish the product in the market through promoting its product (Schilling, 2012).
Conclusion
The market segmentation helps the company to identify the different segments of the market and after locating different types of the target markets the business makes strategies for promoting the products. Positioning becomes very important for the company. The effective positioning will be successful only when the target market understands the competing products and the profits that are required by them.
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