Target Market Alternatives For Tata Zest

Possible Market Alternatives

Question:

Discuss About The Contingency Measures Address Target Market?

The product under concern in this research activity is Tata Zest, the newly launched compact sedan by Tata Motors. It is imperative to observe that the product would be liable to access of varying target markets. This section would illustrate the possible market alternatives for Tata Zest alongside drawing conclusion on a final recommendation. The parent company launched the sedan with a striking slogan ‘Zest up your life’ and progresses with the formidable characteristics for establishing novel benchmarks in the sedan segment through improvisation of safety technologies (Tata Motors Limited, 2017).

An observation of the target market for the product could facilitate opportunities for the company to determine new approaches for marketing the product. The concerns of failure in a single market segment could be addressed through preparing contingency measures to address other target markets. As per Agrawalla regarding the product, Tata Zest is primarily intended for the growing middle class in urban areas (Agrawalla, 2017). The features of the automobile are also intended to target the young working professionals that are employed in urban locations.

The target market of young professionals could be addressed by the company through the unique features of the automobile as noticed in dependability, high-tech features and price efficiency (Hair Jr & Lukas, 2014). A comprehensive reflection on the approaches for market segmentation would be helpful in drawing viable insights into the validity of recommendation of target market for Tata Zest. The different target market alternatives which could be observed for the automobile could be observed in the form of varying needs of consumer groups rather than referring to the type of the car. The classification of target markets according to the type of car is not favourable approach for market segmentation which can be addressed through identifying market segments based on the needs of the consumers (Brown, 2016).

According to Brown, the target market for Tata Zest should be vested in the consumers that age within the range of early twenties to early forties which account for a substantial share of the customers in the automobile industry. Marketing segmentation could assist Tata Motors to access the untapped potential of the target audience of millenials and generation X (Brown, 2016). Tata Motors should consider the recommendation of the target market among young customers owing to the market size acquired by the segment. Tata Motors also faces considerable risks of losing its brand image as a mass automobile manufacturer alongside the concerns of losing core customers through emphasis on a single target market. One of the key approaches to address the requirements of the selected target market is through the provision of price efficiency which could enable less affluent customers to access the product easily (Gabriel, 2015).

Addressing the Young Professionals Target Market

The unique selling point of Tata Zest could also act as an opportunity for involvement in the target market of young customers (Gurova et al., 2017). The objectives of Tata Zest’s marketing could be identified as becoming the benchmark in advanced safety technology and design of the vehicle. As per Markovi?, A?imovi? & Mijuškovi?, the effective promotion of the car through its launch prior to the Bolt Hatchback could be assumed as a notable influence on its perception as a premium automobile. Therefore, the recommended target market among millenials and generation X individuals for Tata Zest could be validated as an appropriate recommendation since they are more likely to opt for the car due to the design preferences and price efficiency (Markovi?, A?imovi? & Mijuškovi?, 2016).

The research on the possible target market alternatives for Tata Zest with specific emphasis on the target market of young working professionals should also consider the implications of defining the population for the research. It is essential to observe the definitions of population and its difference from sample alongside the available methods for determining population for a research study. As per Pandelic? & Diaconu, the research would progress with the objective of determining the feasibility of the selected target market for the newly launched Tata Zest sedan of Tata Motors (Pandelic? & Diaconu, 2011).

The population for a research study could be defined as the total set of elements with common characteristics relevant to the subject of scientific query. The research population could also be defined as the well-defined collection of objects or individuals that share a similar trait or characteristic.

The individuals or objects within the population are usually associated with a common trait. For example, the term government officials could be used to describe a population involving the similar characteristics of being members of the population alongside being officials of the government (Rimple et al., 2015). The approaches for defining population for a research study could also be observed in the form of two classes of population in research. The estimation of population for a research study could be observed in the form of target population and accessible population.

Target population for a research could be defined as the entire group of elements that is required by the researchers to reach a generalized conclusion pertaining to specific research issue. The characteristics of the target population are generally considered similar to the criteria of the researchers and could be observed in examples of all people with AIDS or all school children with obesity (Rahman et al., 2015). On the other hand, the accessible population approach is used by researchers to apply their generalized conclusions and is generally considered as a subset of the target population and is also considered as study population in many cases.

Marketing Segmentation

The characteristics of the accessible population are determined according to the criteria of region, country, institution, state or city and could be identified in the example of accessible population in all patients of asthma in the state of Gujarat (Shakhshir, 2014). The recommended population definition method for Tata Zest could be identified in the form of accessible population that could be identified in the young working professionals in Delhi NCR area.

Sample could be defined as the selected elements for participation in the research study and the people involved in the sample are referred to as participants or subjects. Sampling frame could be identified as the list of all elements in the population and is intended to provide an equal opportunity to every individual in the population to be selected in the sample (De Mooij, 2013).

The sampling frame is different than a population as it is specific in nature and it is essential for researchers to determine the qualities of a good sampling frame in order to fulfil the research needs. The sampling frame consists of inclusion of all individuals within the target population alongside excluding the individuals that are not involved in the target population (Shakhshir, 2014). The sampling frame also refers to the provision of accurate information regarding the contacts of participants. Some issues that could be observed in context of the sampling frame involve coverage and availability. Availability of sampling frame could be associated with concerns of existing framework or the necessity for constructing a new frame.

As per Pandelic? & Diaconu, the issues with determining a good sampling frame could also be observed in terms of coverage that indicates lack of updates on the information leading to discrepancies between statistics pertaining to sampling frame and the target population. Another necessary consideration for deciding on the appropriate frames required for the research survey is to understand the relationship between unit of selection and the target population among which the former is responsible for determining the frame (Pandelic? & Diaconu, 2011).

In the case of research on Tata Zest, the target population is observed in young working professionals and the recommended frame for the research study would involve list of all major companies with a larger share of younger workforce. The units of selection would include the companies at the first stage followed by the working professionals in the second stage (Czinkota & Ronkainen, 2013).

The list sampling frame would be effective complement for the research study as it would enable acquisition of effective sample design in the case of Tata Zest which would enable the sampling frame to comprise of list of target population units. The efficiency of the list sampling frame for the research study related to Tata Zest could be identified in the form of access to supplementary information that assists in acquisition of information related to participants in the research study (Markovi?, A?imovi? & Mijuškovi?, 2016).

Implications of Defining Population for Research

According to Gabriel, the definition of a target population for a research study would not be liable to provide the desired research outcomes since the researcher would have to rely on judgement and logic for resolving the research issue (Babin & Zikmund, 2015). In cases where the target population is considerably small, the researcher could utilize the population as a sample in the research study since data could be gathered from every member of the population. However, the selected population for majority of research studies would involve concerns of large population which leads to the setbacks for surveying the entire population (Gabriel, 2015).

The selection of a sample is vested in identification of a smaller subset of the target population and is intended to reflect the characteristics of the population in the sample. The distinct methods used for sampling could be generally classified into probability and non-probability sampling methods. Probability sampling methods involve references to the known probability of every member in the population to be included in the sample. The different probability methods which could be observed in the domain of research include random sampling, stratified sampling and systematic sampling (Agrawalla, 2017). On the other hand, non probability sampling is based on the selection of participants from the population according to a set of specific precedents (Armstrong, et al., 2015).

Non-probability sampling methods include quota sampling, judgment sampling, snowball sampling and convenience sampling. The selection of a sampling method is a formidable concern for researchers as it involves the selection of appropriate participants that can provide viable insights for resolution of the research issue. However, it is imperative to consider the advantages provided by probability sampling over the methods of non-probability sampling especially in the form of privileges to determine the sampling error. Sampling error provides a clear depiction of the extent to which the sample characteristics differ from that of the target population (Gabriel, 2015).

The recommended sampling method for the research related to Tata Zest could be identified in the form of stratified sampling. The method of stratified sampling could be used to limit the concerns of sampling error in the research with the identification of stratum within the population identified for the research. The classification of stratum in the form of working professionals within the age group of 24-35 would enable the identification of similar characteristics as that of the population (Gurova et al., 2017).

Defining Population for Research Study

The depiction of specific research approaches described in the previous sections has to be reviewed for determining their efficiency in delivering the desired research outcomes. The definition of population for the research study alongside determining sampling frame and methods for sampling could be associated with promising advantages for the research in context of Tata Zest and its reach in the desired target market.

The impact of considering the accessible population approach could be observed in the form of flexible access to the desired group of elements of interest to the researcher i.e. young working professionals in Delhi NCR area (Agrawalla, 2017). The estimation of sampling frame in the form of list sampling frame could also be associated with the advantages of acquiring comprehensive information related to organizations where the participants are employed alongside obtaining contact details of the subjects in the population i.e. the working professionals. The use of a list sampling frame is also accountable for providing access to supplementary information thereby ensuring the limitations on probabilities for coverage errors which is a formidable issue pertaining to sampling frames.

Effective research outcomes could also be anticipated due to the adoption of the approach expressed in this report on the basis of stratified sampling that narrows down the population alongside providing access to participants that can provide relevant insights into the factors determining their preferences for a sedan (Rahman et al., 2015). The research outcomes could be aligned with identification of the feasibility of the selected target market of millenials and generation X individuals for Tata Zest (Andrews & Shimp, 2017).

Conclusion:

The assignment provided a discussion on the potential target market alternatives for Tata Zest followed by illustration of the alternative approaches for defining population in a research study, determining sampling frame and sampling approach needed for research. The report also provided recommendations for approaches to be followed by researchers in context of research on Tata Zest sedan. The final section of the assignment provides validation for the efficiency of the research approach in delivering an effective research outcome.

References

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Tata Motors Limited. (2017). Tata Motors unveils the All-New ZEST and the BOLT. [online] Available at: https://www.tatamotors.com/press/tata-motors-unveils-the-all-new-zest-and-the-bolt/ [Accessed 14 Sep. 2017].