MARKETING PLAN ASSIGNMENT 2020
The main objective of this study is to conduct the analysis ofthe target market and market segmentation. At the same time, this research report also includes marketing objectives and strategy that can be used by Domio in respect to grabbing its target market. In this way, a marketing plan for Domio is prepared so that it can operate its business with effectiveness. Hence, with the help of this study, detail understanding is developed in concern of the marketing plan through involving objectives, targeting strategies and segmentation.
Target Market and Market Segmentation
For target market analysis and market segmentation, Domio is selected in this study.Domio is a Canadian firm that manufactures different kinds of helmets for its target customers. Generally, it manufactures the helmets for the bike riders only but in present,its plans to manufacture helmets for the general public of Canada (Domio, 2018). That is why it has a need to focus on the target market and market segmentation strategy so that it can develop a strong customer base.
The target market is identified as one of the most important aspect that is considered by the companies in respect to developing the correct and appropriate marketing plan.The target market is essential as without targeting the customers in the market, it is quite difficult for the companies to produce the product and offer them for purchasing (Aghdaie and Alimardani, 2015). In this way, the target market is identified as an important component in the creation of a marketing planbecause it helps to target the group for the company. In concern of Domio, it is deciding to target the general people of Canada for its new helmets range.The company tries to target the customer and provide a good quality helmet to its target group in Canada. Moreover, the company adopts the target market strategy that provides the capability to the company to target the Canadian public who can afford its quality products.The main reason of selecting the general public of Canada besides higher income people is the company’s new product that is specially designed along with the consistent safety and simple features (Levy et al., 2012). In this way, these newly designed products can only be used by two-wheeler people. Thus, company’s decision to select the new target market is beneficial as it helps Domio to remain in the competition for a long period that is not possible with its old target market in which it targeted only professional bike riders.
At the same time, Domio tries to target its audience on the basis of its new product’s quality and this will help the company to make the position within the Canadian market (Domio, 2018). In the same manner, target strategy along with the quality factors is also beneficial for the company to attract the customers towards it. Hence, to target the local citizen of Canada for its new helmet range is more sustainable for Domio as its new helmet helps the people to stay safe while driving the two-wheeler.Domio’s new product’s range is full of high technology which increases the riding experience of the general people (Hennart, 2012).
Market segmentation is another important tactic that helps to select the appropriate market for the company’s product. In this way, Domio needs to select geographic and demographic segment tactics to divide the target market. Though, under the geographic segmentation, state, country,and region are considered on which the market is divided (Häusermann and Schwander, 2012). In the same manner, Domioconsidersthe geographic market that is based on the area of Canada. In addition, the economy of Canada is a highly developed mixed economy along with 10th largest GDP. That is why the standard of living is high in Canada.So that Domoi has the opportunity to easily target the Canadian market ata reasonable price because,In Canada, people have high purchasing power so they can pay more for getting a quality product. In this concern, Domin does not need to decrease its quality to decrease its product’s prices (Li et al., 2013).
Apart from the above, Domio can also select the demographic strategy in which customers are targeted on the basis of their income, age and family members etc.The company needs to select this strategy as Canada is a country that is youth-oriented and where the numbers of people try to connect with technology. So, here Domio has the best chance to target the customers on the basis of their income and age. In other words, Canada is the developed country so it is appropriate to increase the customer base in Canada (Dolnicaret al., 2012). At the same time, both the segmentation tactics are helpful for Domio to set up a target customer base because these tactics are not only for attaining profit but also for providing guidance to beak the market into the manageable group.These tactics are also essential to implement the marketing plan.
| Target Market and Market Segmentation | ||
| 1. | Target Market | The youngster will be the target market of Domio |
| 2. | Segmentation | Geographic: Canadian Area
Demographic: High income and young age people |
After discussing all the relevant facts above, it can be concluded that target market, market objectives, market segmentation,and marketing mix are defined as the key factors of a marketing plan that helps Domio by assisting it in expanding the market and new product line which is essential to increase customer base. In addition, print media and social-site marketing are also important for promoting the company’s product and also providing maximum awareness among the target customers.In the end, it can be summarized that marketing plan can help Domio to influence the buying behavior of the customers in a positive way.
Aghdaie, M.H. and Alimardani, M., 2015. Target market selection based on market segment evaluation: a multiple attribute decision making approach. International Journal of Operational Research, 24(3), pp.262-278.
Dolnicar, S., Kaiser, S., Lazarevski, K. and Leisch, F., 2012. Biclustering: Overcoming data dimensionality problems in market segmentation. Journal of Travel Research, 51(1), pp.41-49.
Domio, 2018. Company Profile. [Online] Available at: https://domiosports.com/pages/about (Accessed on: 28 December, 2018).
Hennart, J.F., 2012. Emerging market multinationals and the theory of the multinational enterprise. Global Strategy Journal, 2(3), pp.168-187.
Levy, M., Weitz, B.A. and Grewal, D., 2012. Retailing management (Vol. 6). New York: McGraw-Hill/Irwin.
