Answer NO. 1: – Consumer Markets: It refers to the market where a consumer or individual purchase products for final consumption and which are not meant for further sales.
Products in this market is dominated by individuals which they consume in daily life. Primarily there are 4 types of consumer markets namely food and beverages, retail, consumer products and transportation.
In consumer markets, a consumer’s brand loyalty plays a significant role. Business markets are different from consumer’s market as in business market products are sold to different intermediaries and businesses for further sales. Also, consumer markets depend on different type of consumers. These are segmented by their characteristics which are Demographic, Psychographic, Behavioristic or Geographic in nature.
Coming back to the question, wherein we will be looking on 4 bases of segmentation for Consumer Markets. Those are as follow:
1.Demographic Segmentation: This segmentation basically talks about age, gender, family size, income, occupation, education, religion, race and nationality. Demographic segment is the simplest as compare to other segments and most commonly used form of segment as the decision of products and services that we consume are often depends on Demographic segments.
2.Geographic Segmentation: It refers to dividing the markets into units based on nations, states, regions, cities, or neighborhood’s. It also depends on climate, terrain, natural resources, and population density. On the basis of geographic variables consumer needs and wants differ from one another.
3.Psychographic Segmentation: This segment includes lifestyles and personality traits. Some consumption depends on lifestyle and personality characters.
4.Behavioural Segmentation: In this segment consumers are divided into groups basis of their knowledge, attitude, use and response for a product. It further includes segment basis on occasions, Status, Usage, Loyalty and buyer stage.
Conclusion: As a marketing consultant I would suggest the owners of Balwan Gym that they should go through the above mentioned segmentation of market as this would help them for revenues and memberships.
Answer No. 2: – Promotion: Refers to all the set of activities which a business or an organization conduct in order to promote their goods and services to the end user. It makes an individual aware of the of the product or service of a company. The basic aim of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
As we can see here that the Balwan Gym are the new ventures which needs to do promotion to sustain in the competition. For that they can use of online platforms which are mentioned below:
User Friendly Website: In this technique, owners should create a simple yet attractive website for promoting their business online. The website should be simple to navigate, informative about location, facilities, offers etc. It can be difficult to create a website from scratch and paying someone would take a high cost. So to remove this issue we are having different tools like WordPress, Squarespace.
Social Media: In today’s world every consumer or an individual are associated with Social Media. Social Media platforms are the first alternative to promote your business. Social Media Platforms includes Facebook, Twitter and LinkedIn which are free of cost or inexpensive. This will help in cost management. Also, for social media to work, business have to highlight activities on Social Media.
Referral Marketing: It is simply another word for “word of mouth”. Previously companies use to pass out flyers to promote their business but now more people are doing much more research online before making a purchase. On the other side, individuals more likely to trust friends and family over advertisers but also falling into the scope of referral marketing that is news stories, testimonials, influencers (e.g., social media celebrities or bloggers), as well as customer reviews.
Video Content Marketing: Video content allows prospective clients to see what workouts are like in your gym, your club’s facilities and how much fun your clients are having. With the help of this technique owners can put video tutorials or behind the scenes/shots. This will attract more customers to join the gym.
Email Marketing: This simply refers to sending a commercial message or emails to potential customers or current customers about their offers, programs, activities etc. Email marketing helps you connect with your audience to promote your brand and increase sales.
Conclusion: Owners of Balwan Gym should opt for above mentioned techniques so that they can increase their business and can get good revenue out of it. Also this will help in creating more membership.
Answer No. 3 (a): – Product: A product is anything that can be offered to satisfy a want or a need. A product can be an item or a service. Product should have the potential to satisfy present and potential customer wants. The model in which customer attach value to a product:
Want: a specific requirement for an item or service to satisfy a need.
Demand: a set of want and a desire and ability to pay.
Coming to the question, product have 5 Different levels which are mentioned below:
Core Benefits: It refers to the primary need or want that an individual satisfy by consuming the product or service. For example, water. The core benefit of water is to quench a thirst. If we talk in regards to the case of Balwan Gym, the core benefit of gym is to improve balance and stability and for body fitness.
Generic Product: It refers to the basis of the product which is made up for those features which are necessary to function. For example, if we talk about the generic product in terms of Balwan Gyms, the generic product is the equipment’s which is necessary to do exercise regularly.
Expected Product: As the name suggest expected product is the set of product features that the customers expect when they buy or consume the product. For example, in Balwan Gyms basic necessities are the expected product which the clients or the customers would expect while joining the gym.
Augmented Product: It refers to the product variations, extra features or service that differentiate the product from its competitors in the market. For example, if we talk about Balwan Gyms, customers will look into the features, offers or services the gym will be providing.
Potential Product: This refers to the transformations the product or service might undergo in the future according to customers’ needs and satisfaction. In simple terms, the product or service will continue to delight the costumers or consumers. If we talk in regards to Balwan Gyms, the owners will work on delighting the customers with their services.
Conclusion: After gone through whole of the level of products it is concluded that a business or an organization should follow level of products to satisfy the need and want of the clients or the customers. Also to sustain in the running within the market.
Answer No. 3 (b): – Marketing is an important factor in growing a business. One of the latest trends in today’s marketing is collaboration with brand ambassadors who can do the talking on behalf of the brand or the service.
Also, in today’s world businesses target celebrities or players related to their field to do the promotion.
Here also, as we can see that Balwan Gym owners are and should look for brand ambassadors which will help them to grow their business.
As a Marketing Consultant, I would suggest the owners to have collaboration with Sushil Kumar, Indian Wrestler. As we all know that Balraj and Balbuddhi are into the business of chain of Gym and for promoting the business or marketing the same, Sushil Kumar is a best option to have not for a single reason that he is a best known wrestler but for various other reasons also.
Reason for choosing Sushil Kumar as a best option for brand ambassador:
Passion: There are very few people who has the ability to draw others to them. The brand ambassador should be passionate and should possess positive energy that will attract other people. Sushil Kumar being a wrestler possess that positive energy in himself. As we all know he is fully dedicated to wrestling and he has a passion about the same which will be the added advantage for the Balwan Gym owners.
Professionalism: A company should have an ambassador who is reliable, open to feedback and has a high standard of conduct. This includes in-person as well as their online persona. Also, Sushil Kumar is a reputed player of India and has professionalism in the field of wrestling which we can see in day to day life.
Versatility: Marketing Brand Ambassador requires versatility. Activities like live events, street teams etc., the brand ambassador should be creative to deal with these activities, should be open to constructive feedback and try new strategies. Sushil Kumar being a famous wrestling player knows how to tackle events as he attended various shows and events, been into media and knows how to try new strategies in regards to the field.
Engagement: Brand Ambassador should have established social media following and knows engagement with the audience. As we all know that people nowadays are fitness freak and do follow famous players on social media and so do with Sushil Kumar. Being a wrestler he motivates many people on social media to work out and stay healthy and fit.
Authenticity: A brand ambassador is not a regular sales person. They should have real appreciation for your product or service. This particular part will come across naturally when they are sharing it with others. As we know that the Balwan Gym is associated with Akhadas and being a wrestler Sushil Kumar have been coming from Akhada. No one else can replace him when comes to the brand ambassador of Akhada.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download