Discuss about the Creativity in Market Segmentation Process.
Over the years, non-profit organizations across the globe have been employing marketing strategies to increase the awareness of their existence. The management of such organizations uses mechanisms that inform the targeted group concerning their activities and campaigns. The Planned Parenthood America is a non-profit organization that employs the website and social media campaigns to reach out to women and enhance the accessibility of healthcare. The group is seeking to strengthen the environment of healthy families within a society (Planned Parenthood, 2016). Planned Parenting America uses marketing strategies such as segmentation of the targeted population. It is clear to identify how the organization has prepared different forms of education and sensitization for women, men, and young people regarding their reproductive health.
In the corporate sector, the relationship between the customers and the business can be enhanced through several mechanisms and approaches. The company is responsible for the interactions with the clients to ensure a high level of satisfaction for their customers. The Billabong has dedicated most of their resources and time to educating their targeted customers concerning the surfing, skiing, and skating. Through this approach, the business is building trust with the public who will later prefer the company’s product in the market. Therefore, the strategy that the company has taken is essential in enhancing their relationship with existing and potential customers (Ringberg and Forquer, 2003). Moreover, the business is guaranteed of increased sales since the visitors gets on the web not only the information but also go ahead to check the products of the company.
The Nestle Australia is implementing strategies that seek to improve the performance of the enterprise regarding revenue and sales. The organization is currently running two campaigns that are designed to increase the customers’ purchase of their products. The ‘Nestle in Society’ and the ‘Creativity Reinvents the Classics’ are the campaigns seeking to increase the performance of the organization regarding product promotion and social responsibility respectively (Nestle, 2016). The ‘Nestle in Society’ is designed to assist their stakeholders in the community to conserve the environment by finding safe and alternative sources of energy and measures to control global warming. On the other hand, the ‘Creativity Reinvents the Classics’ campaign is created by the NESCAFE Dolce Gusto coffee system to encourage the consumption of coffee. The strategy is targeting the creative personality and customers by incorporating Grammy award winner Will.i.am to bring the picture of coffee and creativity. The ‘Creativity Reinvents the Classics’ campaigns will be successful in improving sales because of the creativity strategy used. The campaign encourages the taking of coffee indirectly because the first impression is the recognition of the element of Creativity and Classics. Moreover, the ‘Nestle in Society’ campaign will also succeed since the part of the corporate social responsibility is essential in increasing the reputation and of the firm, which in turn attract more customers and enhance their loyalty (Tilt, 2016). Effective planning of the promotional campaigns is important in creating the anticipated impacts.
Whenever a company is designing a marketing strategy, it is important to conduct an evaluation of the income distribution of the targeted population. The methods and processes used to identify the specific elements that define the disposable income of customers is important in designing the price of brands and services as well as the sales performance in the market. Therefore, organizations seeking to understand the trends and characteristics associated with income distribution in a particular region should conduct a succinct evaluation (Amuah, 2009).
For the Northern Territory, is essential for organizations first to identify the target group or composition within the Northern Territory region. Once the particular population has been identified, it is necessary to outline the other associated characteristics that define income such as the qualifications and occupation. The value of the household for each is obtained by removing the liabilities such as the income tax, Medicare levies, and other surcharges from the gross income. The capacity to purchase services and goods for consumption depends on this value and the distribution across the targeted population in Northern Territory (Martinez et al., 2015). Moreover, such a value cannot be used to measure and predict the wealth disposal in the region. However, it is an essential tool for company’s’ decisions on marketing and production.
The process of selecting the market involves a comprehensive analysis of the associated factors. The formulated strategies depict how the organization will be successful regarding competition, customer satisfaction, and revenue generation. Therefore, there exists a possibility of each methodology being associated with limitations (Brochado and Martins, 2008; Kim and Lee, 2011). The following is a ranking of various marketing segmentation strategies for three organizations dealing with fast moving consumer good.
|
RANK |
FIRM |
MARKET SEGMENTATION STRATEGY |
PROPOSED RECOMMENDATIONS |
|
1 |
Coca- Cola Company |
The company has strengthened their campaigns to increase the sales amongst the young people by designing the products such as the branding of names and bigger containers essential for in-house parties. The company has also invested in diversity of tastes to suit the range of customer preferences |
The organization should concentrate not only on the young composition of the population but also the children and the older adults since they also consume the products |
|
2 |
British American Tobacco |
The organization has developed brands at different levels in terms of quality and affordability to ensure that the low income earners access the products and the high-class also with the highly modified forms |
The company should consider the nature of quality for their cheap alternatives since it is essential for organizations to maintain uniform quality across the market for consumable products. Moreover, the business should invest more on corporate social responsibility to assist in enhancing the firm’s reputation, since the products have been noted to be harmful to consumers |
|
3 |
Lifebuoy |
The organizations has for many years focused on family as the target market offering goods that suit the entire family |
The organization should focus on the diversity of needs across the family composition and incorporate the elements in production to ensure that the market has a diversity |
The changes witnessed in the demographic patterns that have been stable over the years depict the need for organizations to reconsider their revenue generation mechanisms. The changes in population growth rate are affecting the total government expenditure as well as the support services offered across the infrastructural development and social amenities. Life expectancy is concerning the retirement age and increasing the financial pressure to support the aging (Xinxin, 2008). The mortality and morbidity are also affecting the compensation rates across the insurance sector. Therefore, there is a need for a comprehensive approach to shield the risks emanating from skewed population trends across the globe.
In the United States, the effect of aging baby boomers is noted to affect most of the industrial process and investments; however, several sectors will benefit from the phenomenon. The travel and tour industry will record tremendous income since the aging are associated with more traveling and outing events (Winston and Barnes, 2007). Moreover, the asset investment industry across the state is expected to increase since the aging will tend to invest the retirement benefits in liquid and tangible assets as an alternative source of income. Moreover, those specialized in business valuation will generate more revenue because of the selling and buying of assets. Furthermore, the medical sector will partially benefit since the aging baby boomers will need various healthcare services, which will spark innovation, discovery, and investment in the area of health. Nevertheless, the government will suffer in supporting the care needs of the group and solve the effect of strain on existing medical facilities.
References
Amuah, H. B. (2009) ‘The role of creativity in the market segmentation process and the benefits of strategic global positioning’, SSRN Electronic Journal, doi: 10.2139/ssrn.2245142
Brochado, A. O. and Martins, F. V. (2008) ‘Market segmentation methodology: Segmentation basis and classification methods’, Review of Business Management, pp. 132–149. doi: 10.7819/rbgn.v10i27.174
Kim, T. and Lee, H. (2011) ‘External validity of market segmentation methods’, European Journal of Marketing, 45(1/2), pp. 153–169. doi: 10.1108/03090561111095630
Martinez, A., Western, M., Haynes, M. and Tomaszewski, W. (2015) ‘How income segmentation affects income mobility: Evidence from panel data in the Philippines’, Asia and the Pacific Policy Studies, 2(3), pp. 590–608. doi: 10.1002/app5.96
Nestle (2016) News feed. Available at: https://www.nestle.com.au/media/news-feed#itemPerPage=20 (Accessed: 31 August 2016)
Planned Parenthood (2016) Who we are. Available at: https://www.plannedparenthood.org/about-us/who-we-are (Accessed: 31 August 2016)
Ringberg, T. and Forquer Gupta, S. (2003) ‘The importance of understanding the symbolic world of customers in asymmetric businessâ€Âtoâ€Âbusiness relationships’, Journal of Business & Industrial Marketing, 18(6/7), pp. 607–626. doi: 10.1108/08858620310492455
Tilt, C. A. (2016) ‘Corporate social responsibility research: The importance of context’, International Journal of Corporate Social Responsibility, 1(1), doi: 10.1186/s40991-016-0003-7
Winston, N. A. and Barnes, J. (2007) ‘Anticipation of retirement among baby boomers’, Journal of Women & Aging, 19(3-4), pp. 137–159. doi: 10.1300/j074v19n03_10
Xinxin, M. (2008) ‘Occupational career types of baby-boomers and their effects on employment pattern selection’, Japanese Economy, 35(4), pp. 64–106. doi: 10.2753/jes1097-203×350403
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