NMIMS Global Access

School for Continuing Education (NGA-SCE)

Course: Marketing Management

Answer 1:

As a Marketing head of the brand Yuva it is essential to target the right market with
the right message when trying to reach customers with an ad campaign or a marketing
message as buyers in any market differ in their wants, resources, locations etc.

Marketing segmentation is the way that can help brand Yuva to target just the people
most likely to become satisfied or enthusiastic consumers of the company and its
content.

Using different types of Market segmentation Yuva brand can target customers based
on unique characteristics, create more effective marketing campaigns, and more
opportunities in the market. It will allow us to target our content to the right people in
the right way, rather than targeting the entire audience with a generic message.
So, What Market segmentation actually is and what are its various types are explained
below.

What is Market segmentation?

Market segmentation is the process of dividing a target market, diverse market into
smaller, more defined categories. It segments customers and audiences into groups
that share similar characteristics such as demographic, interests, needs or location.

What are different type of Market segmentation?

There is no single way to segment a market. As a marketer we have to try different
segmentation variable, alone and in combination, to find the best way to view market
structure. Here are the four bases of market segmentation:

 Demographic segmentation
 Psychographic segmentation
 Behavioral segmentation
 Geographic segmentation
Within each of these types of market segmentation, multiple sub-categories further
classify audiences and customers.

 Demographic Segmentation: Demographic segmentation is one of the

most popular and commonly used types of market segmentation. It refers to
statistical data about a group of people and splitting up audiences based on
observable, people-based differences. These qualities may include:
 Age
 Gender
  Income
 Location
 Family situation
 Annual income
 Education
 Ethnicity
 Occupation
 Religion

In demographic segmentation, Yuva brand will target explicitly towards a specific

demographic. For example, Yuva band comes in different colors for both men and
women (gender) and in two different prices that is affordable for every class of
society (Income)if they are interested in purchasing.

 Psychographic Segmentation:
Psychographic segmentation divides buyers into different segments like
 Lifestyle
 Personality characteristics
 Values
 Attitude
 Interests
 Subconscious and conscious beliefs
 Motivations
 Priorities

This segmentation’s factors are slightly more difficult to identify than demographics
because they are subjective. They are not data focused and require research to uncover
and understand. It deals with characteristics that are more mental and emotional but
they can give you valuable insight into your audience’s motives, preferences and
needs. Understanding these aspects of your audience can help you to create content
that appeals to them more effectively.

For example, the Yuva brand may choose to focus on customers who value quality
with big display and status and also for those who follow fit lifestyle.

 Behavioral segmentation:
While demographic and psychographic segmentation focus on who a customer is,
behavioral segmentation focuses on how the customer acts. It divides buyers into
segments based on

 Purchasing habits
 Spending habits
 User status
 Brand interactions
 Knowledge
 Response to a product

Behavioral segmentation requires you to know about your customer’s actions. These
activities may relate to how a customer interacts with your brand or to other activities
that happen away from your brand. Because of this, it can help you market more
effectively to them.

Like, the Yuva brand choosing to target customers who have knowledge of
importance of fitness and smart technology.

 Geographic Segmentation:
It is the simplest type of market segmentation. It categorizes customers based on
geographic borders. A customer’s location can help you better understand their needs
and enable you to send out location-specific ads. It divides buyers into segments
based on

 Zip code
 City
 Country
 Climate
 Urban or rural

For example, In India the Yuva brand can target audience who do not understand
English. People can change the language in the band according to their convenient.
People can set Hindi as the default language or may be any other regional language.
People can even check the temperature of their location with such band n many more.

In short, Market segmentation will help the company to define and better understand
the target audiences and ideal customers. As a marketer of Yuva brand , this will
allows our company to identify the right market for the Yuva band and then target the
marketing more effectively.

Answer 2:

When it comes to promote a business online, every business no matter the sector is
looking for a boost on this platform. The benefits of online marketing are countless
and it’s a blessing in plain sight that will enable brand Yuva to run its business and
sale the product beyond the fixed working hours without having to worry about the
extra expenditure that comes along. Apart from this, marketing on the internet will
help to bridge the gap of distance and sale of the goods from any part of the country,
thus widening the pool of target.
But how the promotion will be done? Some of the ways are explained below:

By creating a Brand website

A central website where all the base activities and sale will be done around and image
of the brand will be created.This website is where the brand will live, it’s where
visitors can discover what the brand and company are and will build a relationship
with the brand. Along with that, In the website ideal e-commerce platforms would be
connected that could handle the sale of the brand other than the website.
For example,

Be Active on Social Media.

Social media plays many roles in the world of e-commerce, but it’s best for getting
the brand to be seen by more people.

 When the brand is seen by more people, followers grow.

 When follower see interesting content, they trust
 When they trust, they visit the site.
 When they like what is on the site, they buy.

Not only do the followers increase, but they’re high-quality engaged followers that
are highly interested in the brand.

By posting relevant, interesting and engaged content there are high chances of the
product to be liked more.

For example,
By giving Personality to the Brand.
As the marketer and designer for the brand our mission is to make the brand
memorable. Here are a few ways you can give your brand personality:

 Witty Copywriting:
Good copywriting will does a lot of things to help define the image and make
the brand memorable.
For example, “Yuva for Yuva.” can be used as the writing for the product description.

 Custom Packaging:
Custom packaging is a great way to make the brand memorable for first time buyers
as well as web site visitors. By doing this the brand leaves the first impression and
customers are more likely to share photos of their new purchase amongst their social
media followers that leads to more promotion.

 Use quality photography:

Spend the time, effort and money getting the product photography just right.

So, this is how the promotion of the brand Yuva could be done but there have never
been a greater number of places to promote or even sell the product. Some of the
online platforms work well alongside the main website and
Some of the the ever-growing online platforms are listed below that can be used
promote the brand and increase the sale.

Facebook:
Facebook is the most popular social media site and is a huge platform to sale and
promote product effectively. With such a large number of individuals registered on
one platform, using it almost every day, marketing on Facebook adventitiously helps a
business establish a presence and connect with this large pool of users organically.
Sharing news, connecting with fans, throwing competitions and persuading the fans to
share information is great for getting the product in front of the right eyes. Leveraging
this platform with paid advertising allows marketers to choose their target
demographic, including their interests, language is spoken, age and location.

Twitter:
Twitter is another popular social site and a powerful platform to aid the online growth
of your business and increase its reach. This platform is a place for not only growing
customers but also for meeting new customers exactly where they are. We can also
gather information about the strategy of the competitors and figure out ways to
revamp our own. It requires a lot of time put in for it to have a significant effect on
sales but twitter is a worthy source of creating awareness for your business.
Pinterest:
Pinterest is a relatively new platform that has exploded onto the scene lately. The
whole platform enables users to create theme based boards to which they can pin
images to from across the web.

Considering the ease of creating a new pin and the number of people who use and are
willing to re-pin things they like, it can be great for exposing the products and website
to a whole new crowd. The platform is completely free and is easy to set up which
means that it is worth regularly posting; even if you do not see much from this
initially, it only takes a few people re-pinning your pins to get a decent level of traffic
from it.
Linkedin:
This Platform can be an amazing way to market the business for various reasons
including:
 65 million business professionals from around the globe are active on LinkedIn.
 Almost 50% of the members on LinkedIn have authority in decision-making for
their respected companies.
Profile making is free and Like the other forms of marketing on the internet,
promotion of a small business wanting to flourish through mentorship, networking,
and referrals on LinkedIn is economical, affordable and effective.

Google business or Shopping Results:

Google Business is an online service operated by Google, a powerful and popular
search engine, dedicated to the owners of businesses to help gain control of the search
results displayed when a business is searched for and thus becomes the greatest way
of promoting the product and get it listed to display on the Google shopping results.
These results are sometimes displayed on the Google search engines for various
product queries. It can be great way to gain more business and send more traffic to
your websites, especially if the business offers product cheaper than the other
competitors.
Amazon/Flipkart:
The biggest e-commerces in India, like one shop for everything, are the new markets
to purchase everything a customer needs from A to Z. People can order anything from
one site at one click in a easy way. Such platforms are increasing their delivery
services even in rural and remote areas and are the great places where the promotion
of the band can be done.

So, using the above strategy the promotion of the Yuva brand will be done that will
further increase the sale making it convenient for the customers as they can choose
their choice of product all in the same place, all according to their required
specification.
Answer 3:

(a) Consumer make many buying decisions based on different factors while
purchasing a product and as a marketer, the main challenge for me is to focus on
buying choices of the customer and to recognize the consumer behavior so as to sell
our fitness band.
The consumer behavior is the study of how an individual decides to purchase a
particular product over the other and what the underlying factors that mold such
behavior are.
But how do consumers would respond to various marketing efforts the company
might use to make its product worth to be purchased, is important to understand.
As a Marketer I would try to understand the actions of the consumers in the market
place and the underlying motives for such actions. These motives are the factors that
influence the consumer behavior. These are:

 Psychological
 Social
 Cultural
 Personal
 Economic

All these factors will tell us about what will be consumer’s choices regarding our
fitness band, where would they like to buy the band, how will they buy the band,
when they will buy the band, and why will they buy the band.
1. Psychological factors:
Human psychology is a major determinant of consumer behaviour. These factors are
difficult to measure but are powerful enough to measure a buying decision. Some of
the important psychological factors are:

 Motivation
 Perception
 Learning
 Attitudes and beliefs

2. Social factors:
People around us influences our buying behaviour. We try to imitate other humans
and also wish to be socially accepted in the society which then influence our buying
behaviour. Some of the Social factors are:

 Family
 Reference groups
 Roles and Status

3. Cultural Factors:
A group of people are associated with a set of values and ideologies that belong to a
particular community. When a person comes from a particular community, his/her
buying behavior is highly influenced by the culture relating to that particular
community. Some of the cultural factors are given below:

 Culture
 Subculture
 Social Class

4. Personal factors:
Factors that are personal to a consumer and differ from person to person, thereby
producing different perceptions and consumer behavior. Some of them are:

 Age
 Income
 Occupation
 Lifestyle

5. Economic Factors:
The consumer buying habits and decisions greatly depend on the economic situation
of a country or a market. When a nation is prosperous, the economy is strong, which
leads to the greater money supply in the market and higher purchasing power for
consumers. When consumers experience a positive economic environment, they are
more confident to spend on buying products. Whereas, a weak economy reflects a
struggling market that is impacted by unemployment and lower purchasing power.
Some of the economic factors are:
 Personal Income
 Family income
 Consumer credits
 Liquid assets
 Savings

All these factors will influence the buying behaviour of the customer while
purchasing Yuva fitness band.

Consumer who are motivated enough to make a purchase of the fitness band and
People who are health conscious and technology driven will focus more on such
products. Youth and middle aged people would have a sense for this product.
Teenagers will be more interested in buying colorful bands and can use the band as a
wrist watch as well.

As it comes in two variants it can target the section of society who can purchase in
this range of price

So, all such factors are taken into consideration while promoting the brand as they are
going to highly influence the buying behaviour of the customers.
Proper advertisements, promotions, customer reviews, etc will develop a impression
on the consumer and will influence its buying behaviour.

(b) Now that we have looked at the influences that affects buyers, we are ready to
look at how consumers make buying decisions and the various stages that a customer
will go through while making purchasing decision for Yuva fitness band.It helps
markets to identify how consumers complete the journey from knowing about a
product to making the purchase decision.

Buying decision process are composed of:

 Need Recognition
 Information search
 Evaluation of alternative
 Purchase decision
 Post purchase decision

Let’s explain all five stages of the buyer decision process.

1. Need Recognition:
The buying process of band starts when the customer identifies a need or problem or
when a need of purchasing a fitness band arises. It can be activated through internal or
external stimuli. Inner stimuli trigger a person’s normal needs, such as hunger, thirst,
etc. rises to a level high enough to become a driver. In this case the urge of staying fit
can act as an inner stimuli and External stimuli can be advertising or word of mouth.
As the need arises, customer will go for a purchase decision.
At this stage, the marketer should identify the needs of the consumers and offer the
products based on the desire.

2. Information Search:
At this stage, the consumer is aware of his need or want. He wants to know more
about the product that can relive of his problem. This leads to the information search
stage.
The consumer will try to find out the options available and the best solution for his
problem. Advertisements, videos, family, online, etc. are some of the search engines
that a customer would explore in this stage. He/she will explore the features, warranty,
price, etc. of the band.
At this stage, a marketer must offer a lot of information about the product in the form
of informative videos, demos, blog, how-to-do videos, and celebrity interviews.

3. Evaluation of Alternatives:
By now the consumer has done enough research about the kind of product that he
needs. The next step is to evaluate alternative products that can satisfy his
need. Various points of information gathered from different sources are used in
evaluating alternatives.
Consumers will evaluate the alternatives based on a number of attributes like looks,
durability, quality, price, service, popularity, brand, social media reviews, etc. of the
product.
The market offers many products that can satisfy the need of a consumer. Hence the
consumer has to make a choice after evaluating the various alternatives available.
At the end of this stage, the consumer will rank his choices and pick a product that
best matches his needs and wants.

4. Purchase Decision:
At this point, Buyers have already explored multiple options. They are aware of the
pricing and payment options available. Here, consumers are deciding whether to buy
that product or not. Yes, even at this stage they can still drop the purchase and walk
away because of various reasons.
At this stage, a marketer should find out the various reasons due to which the
consumer is dropping out to buy. The reasons could be price, value, and change in the
needs of the consumer.
Marketer needs to hold the game. They should remind the customers the reason
behind their decision to buy the product. Furthermore give as much information
regarding the brand reiterating that we are the best provider of the product that can
fulfill their needs.
5. Post-Purchase evaluation:
This is the last stage and most often ignored by marketers.

After buying the product, customers compare products with their expectations. There
can be two outcomes: Either satisfied or dissatisfied. Consumers will be happy after
buying the product if it has satisfied their needs. But in case the product was not up to
his expectations, the consumer will be dissatisfied. A consumer can be lost even at
this stage.
A dissatisfied customer might feel as though he took an incorrect decision. This will
result in returns! Offering an exchange will be a straightforward action. However,
even when a customer is satisfied, there is no guarantee that the customer might be a
repeat customer.
Customers, either satisfied or dissatisfied, can take actions to distribute their
experience in the form of customer reviews. This may be done through reviews on
customer forums, website, social media conversations or word of mouth.
A marketer has to make sure that the consumer will be satisfied with the product so
that his experience will lead to repeat customers. Brands need to careful to create
positive post-purchase experience

Marketers need to take time to understand these 5 stages of purchasing decisions. This
will make the market strategy strong and will address the various components of the
buying behaviour and purchasing decisions. Such factors are important to understand
the buyer buying process for marketing and sales.