Marketing assignment Essay Example

Marketing assignment Essay Hello, my name is Mr Rashidian and I am a marketing director for a new record shop my family is planning in Southgate. I am aiming for the success of this new business and will hopefully reach my target, because my family and I are aware of the risks we are taking as entrepreneurs. I am a young man who has just finished his A-levels and I always take my work and responsibilities seriously.This report shall ensure the success of the record shop for a long period of time. I will produce a marketing strategy to guarantee this plan being a success. It must meet the shops short-term objectives as well as helping it after the initial stages.The benefits of running your own shop are that you are self-employed i.e. you are your own boss. You have your own opening hours and no one to order you around except the family in my case of course. However, there is a great risk of the project failing.On the one hand approx. 50% of all businesses in the UK dont survive even the first two years. I have seen a cafà ¯Ã‚ ¿Ã‚ ½ for example called Jacobs Coffee Shop in Enfield Middlesex where I hardly saw a customer, because the prices were too high. The business hoped that customers would prefer a good service rather than a cheap price, which they have offered. This event happened almost six months ago. Now when I go there, I can see a notice saying that the building is to be sent.It is clear that this business was a big failure, because it was not familiar with its market. It did not survive even the first six months.On the other hand being your own boss means being the only one who has to pay the bills after the business fails due to your unlimited liability as a sole trader. Furthermore I am not in control of the external environment. If nobody buys the goods from our business, we are the people who will have to take the consequences. So I will have to do my job very well. But I can rely on the government. The UK is said to have an enterprise culture. That means that the governme nt has many offers to help entrepreneurs like me. E.g. I found in the school book that the government has the Loan Guarantee Scheme. This scheme encourages banks to make loans to business projects like ours, as the government offers to repay 80% of a loan should the entrepreneur be bankrupt and the business unable to pay.A disadvantage, however, would be that a self-employed person has to work about 22 hours more than a normal employee.Should the business be a success though, the amount of effort the entrepreneur will have to put in decreases.Another advantage is the small capital that is needed, because the business is small-scale. But this small-scale nature makes it difficult to expand.The decision making is also quick and very flexible resulting from the small nature of the sole trader.A very important reason why many entrepreneurs choose to be a sole trader is the business being easy to establish; however it is very difficult to continue if the owner dies or retires.A sole trad er is as the name suggests not sharing profits, which can be a great benefit. But because the owner rarely shares the running of the business, responsibilities cannot be easily shared, so that the owner can be under enormous pressure when making decisions. This can also lead to less or no division of labour.Our business will be a partnership as it omits many of the drawbacks of the sole trader.The higher number of owners in a partnership also makes the business more capable of expansion what is an intended objective of our business, when it is successful.There are a number of objectives my family has to accomplish before thinking of expansion though. Business aims are usually stated andor attempted aims of a firm that lead the business to success. These aims should be measurable as such aims can represent the performance of a firm very clearly. The other type of aims is the one that is not able to be measured. These are also handy, but not easy to analyse, so a business might not kn ow when it has achieved them. The directors of a business set themselves objectives, achieve them, and set themselves further objectives. This is called satisficing. Objectives are the short-term aims a business has to achieve to fulfil its aims.For example: If I aim to achieve an A* in a particular subject, my objectives may be doing my homework regularly, producing a good piece of coursework and paying attention to the teacher in class. Our aim is to maintain a healthy and successful business. To achieve that, our objectives would be at first to maintain a steady income of money, as this is the foundation of the business survival. As a short term direction it guarantees the existence of land, labour and capital of the business. It ensures that the business will stay healthy.A long term target would be as above mentioned the expansion of the land. It is likely to provide us with more profit, but it has also some disadvantages, as a bigger land will be harder to manage and more vuln erable to take-overs. Because the more employees a factory has, the more they are able to exert pressure by calling a strike that may lead to deliberate inefficiency of the labour in form of industrial actions. Fortunately, we are far from such worries as a small business.Another very important objective of our business will be to maintain a personal touch with all stakeholders. In particular, the business has to develop a good relationship with customers. This will hopefully produce repeat customers which raise the business revenue.These major objectives will hopefully ensure the success of this new business.Background of this new businessThe new business I am writing this report on will be called Rock n Records. I have chosen this name, because it reminds of the big music category Rock n Roll.Besides, it is a name that is easy to remember and this is actually a huge advantage for any business.The record shop must be familiar to many people and the name of it plays a very important role. Because of that I started a survey on the name of the business. I could not decide between several names. Since teenagers were the most important group that buy music, I decided to carry out the survey on 16 people in my class. Three names were able to be selected. The results were:The result of this survey is the main reason why I chose Rock n Records and not any other name.Another important factor of how well the business performs is the goods and services it supplies people with. As long as we have the right products available for the right price at the right time and place, we will be able to survive. So therefore the business will sell a broad range of music in order to research into the types of products that are mainly bought. Most music articles will not be records, but CDs or DVDs, because records are outdated. Only about 5% of the goods of the shop will be records. Our music range will focus on Hip-Hop, since it is the main music category teenagers listen to. Somebo dy in the record shop will also permanently check the Top 50 of the UK charts and buy singles as well as albums from these artists to sell them in the record shop. The business will also sell some products like pendants for keys that look like famous artists such as 50cent, Akon and James Blunt or clothes with famous stars and their labels on it such as G-Unit, Konvict music or shady records.Another important topic about the business is the logo. I created a flyer that suits young people who are the main customers of the business. I think it will also attract DJs who are the main buyers of records, because it shows an individual that is likely to go to music festivals and is generally interested in music. DJs see this kind of person on many of their working days. The poster is on the next page.Location of the new record shopTo find the location on the map I will have to use www.yell.com. I searched for all music shops in and around Southgate to find a location that is far from compe titors, so people around our record shop will rather come to this one than go to a distant music shop:These are other record and music shops.Our business should be far from them.Our record shop will be here. It is far from competition andnext to an underground station as this will attract customers.Besides, it is near a park and residential area. There is apermanent circulation of pedestrians which will look at the notice that is on the window of our record shop. This will attract many customers to visit the record shop.Our exact place in Southgate is here.The address is3 High Street (A1004)SouthgateN14 LondonOur Human Resources and OwnershipFor the time being our labour will consist only of our family. We plan a division of our labour.My father will be the finance director, because he has worked for a bank for years and successfully managed money there. My sister will be the cashier. She is young, friendly and has a good sense of style. She is good at dealing with customers, especi ally teenagers. I will be the marketing director as mentioned early in this report. Since I finished my A-levels in Business studies, it is the right position for me. My mother will take care of the music articles. She was a housewife for a long time and knows how to keep things clean and tidy.Overall our labour is one of the best, because every single worker is a partner and works for hisher own benefit in this business. Thus everyone will be highly motivated. Maslows theory is from my point of view the most appropriate one in terms of motivational theories. According to Maslow our family has already four certain things that worker wants i.e. we have enough money to survive and to feel secure. We are a family so we are in present of each other and we share feelings. As owners of their own business we are also likely to earn a good reputation and maybe even be admired by people whose boss is ordering them around. So the last objective will be self-actualisation. In other words, this is the success of our new project. To achieve this, everybody will hopefully do their best and once this business was a success my family will set further targets for themselves, e.g. the successful expansion of our business. So it is not likely that we, as the labour, which is maybe the most important factor in a business, will lose motivation at any point of the lifetime of our business project.The ownership format of the business will be a partnership, for the reason that my family is fully involved in this project and everybody shall own the same part of ownership. I decided against a limited company, because it needs a secretary that keeps records of the shop and is more complicated to sustain. The business is unable to afford these things in its initial stages. Besides, there are legal formalities which must be carried out before starting the business.Although, a limited company would mean that the business has limited liability, my decision is clear.As a partnership my famil y and I are also more likely to get a loan from a bank rather than a family member being a sole trader to employ hisher family. Another advantage of this ownership format is that its affairs can be kept private except the information that has to be provided for local tax authorities. A limited company though has to produce accountants, which are available to the public.A franchise would not be right, either, because my family and I would feel more like managers that manage the successful idea of the franchiser and making profit with it, rather than being the flexible director of an own idea. Another drawback of a franchise is that you cannot start the business until you have found a franchiser.Before we start the business we will create a deed of partnership which outlines the division of labour, the shares, the aims etc. this is another advantage of a partnership, as a deed of partnership avoids problems with arguments that our family might have.However, a big drawback of a usual p artnership is that every partner can make decisions without consulting other partners. This can lead to problems occurring in the business. Although a wrong decision might be attributable to only one partner, all partners are unlimited liable to the remaining debts of this business. All partners of our business are family members though. As a result no partner should make decisions without the agreement of other partners. So we have a partnership omitting this big drawback. This is the main reason why the ownership format of our record shop will be a partnership.Management Structure of our BusinessIt is essential for every well-performing business to have a good management structure. Therefore somebody will take the job of the personnel director and I think that I would be the right one for this job, although I am already marketing director. I am able to do this for the reason that I will have a narrow span of control and thus not many people to delegate. I will not get a high salar y or perks. My only intentions are to maximise labour efficiency and maintain a good internal communication, which actually is an advantage for me, since I am an owner of this business.To ensure this, I will use the carrot and stick approach. Because we are a family I will not be able to make workers redundant or threat them with these intentions. However, I will still be able to make comments on how well a person performs and advise himher on how to do things better. I will also check if there is a good horizontal link between every director.Now I will explain how I will structure our business. Although it looks like that every important marketing decision is made by me, our organisation is not really centralized. I have thought about another system than centralised or decentralised structures. It is a centralized structure that focuses on every partner, but not in every decision. It depends on the expertise of a partner. The structure focuses always on the one who has the most exp erience in that particular area. In marketing decisions for example the whole structure is centralised on me.I can change everyones decision that is linked up with the business market. But the one whose choice was changed by me has still the right to understand why it happened. If I do something like that I have to explain why. This will prevent inflexibility and low motivation as someone whose opinion was changed without understanding why may become self-conscious in that area, although hisher expertise may be alright for decision making when I am not possible to make the decision.My father has the same right of changing everybodys decision that is linked up with financial decisions, but still owes the one whose decision was changed an explanation. So does my mother and my sister. But this right cannot be exercised on decisions resulting from a consultation exercise.My management type will be a democratic management structure as this kind of management is highly motivating. So we w ill have a meeting from time to time in which we deal with strategic and significant decisions. To avoid undermining the authority of somebody who has more expertise than other partners, I have a special marking scheme. Everyone will receive a mark from 1 to 3 in areas such as product, money, cleaning and hygiene, marketing etc. This mark will represent everyones vote in this particular area when making a decision. I will give everyone the same amount of added up marks to avoid resentment leading to less motivation. Furthermore I will investigate a persons skills and change hisher mark if necessary.If the vote in a meeting showed that only one person whose expertise is great in a particular subject with 3 marks votes against all other family members whose votes all add up to 3 and the election shows no result, than it will be restarted, so nobody can outvote everybody else alone and has to give arguments for hisher decisions. This will be highly motivating and this is a great benefi t for the business, since every owner can learn about other areas. As a manager I have also the responsibility of managing change, since changes will always happen in business. Therefore I will carry out market research on a regular basis in order to know when to change something in the business structure.I will also aim to set good communication between the decisions my family makes and try to persuade someone into changing hisher decision when it got in conflict with the decision of somebody else. I will keep a careful eye on no arguments happening between partners and that informal communication is always kept clear. I will take care of all of these aspects to maximise the efficiency of our business in order to maintain a good internal communication. I can imagine that we are able to become a large business when I take into account that the extremely large Virgin Corporation started as a small record shop just like ours. Marketing Assignment Essay Example Marketing Assignment Essay With Specific reference to the marketing of sports development initiatives, discuss and evaluate the most important components of the marketing mix and consider their relevance to the customer. Once the Organisation or Company has developed its marketing strategy and the Target Market has been identified, it can begin to plan the marketing mix. The marketing mix is one of the dominant ideas in modern marketing. The marketing mix is the combination of four variable controllable tools: (below) * Product * Price We will write a custom essay sample on Marketing Assignment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer * Place * Promotion (Kotler, 2001) These four tools are known as the 4Ps, the Product is what is offered to the customer, which can be tangible for example; a football pitch, or the product could be intangible for example; a sports development programme. The Place is the location where the product is offered to the customer. It can be either physical location for example; a Football Stadium, or it can be a chain of distribution for example; a sports shop where you buy clothes to take home. The Price is how much the product costs. The price can be varied, depending on how much the customer values the product for example; a top golf course will cost more to be a member due to its reputation and appeal, although the facilities may not be better than a regular course. The Promotion of a product is the communication to the market known as marketing communications. (Roberts, 2001) When marketing sports development initiatives it is important to use the marketing mix so that you are able to provide specifically for your target market. The type of consumer that is your target market very much affects the marketing mix. The consumers socio-economic status is likely to influence their buying behaviour; for example a person who has a low amount of disposable income is unlikely to be able to pay for a Snowboarding Trip to Canada. Also the type of product affects the marketing mix, whether it is tangible or intangible this will obviously affect how you present your product. There are several factors which affect how a product marketed. When promoting your sports development initiative or programme, it is essential to use the most effective marketing communications to reach your target market effectively. There are several types of marketing communication such as Advertising, Personal Selling, Sales Promotion, PR Publicity and Direct Marketing (Kotler, 1997). Businesses/organisations need to make people aware of the product or service therefore the Promotion needs to be effective by being appealing informative. To reach a target audience which might be geographically dispersed. Many sports development initiatives are aimed at specific target audiences e.g. Young, Elderly. It is important when marketing that effective market research is conducted so that the identification of suitable market targets can be made. Within this you may have to consider market segmentation, where concentrating the marketing plan to recruit/attract from a specific demographic component of consumer. For example: any initiatives aimed at young people would have to be accessible so they may have to be stage/held locally within communities, or in school holidays, after school etc. To remind existing customers about the service. Certain advertisements may be created to make customers repurchase the service as much as they are to attract new customers. (Butler, 2000) The price is very important to the consumer because it is how much they will have to exchange for the product. There are internal and external factors, which affect pricing decisions: Internal External Marketing objectives Nature of the market and demand Marketing mix strategy Competition Costs Other environmental factors (economy etc) Organisation for pricing (Kotler, 2001) Therefore it is essential to gain the desired target market through the price of the product, you will want to price the product as realistically as possible so the consumer will feel value for money. Different pricing strategies will be suited to certain products, i.e. higher prices for designers, or new products may have a lower trial price etc. Its important to pitch the price with the type of product, so a posh like a Perfume product should not be cheap, it should be more expensive; so it will make consumers appeal to it. Also competitive pricing is very important, so knowledge of opposition is needed, i.e. a Soccer School organised by a School on the same day as a Professional Club may need to lower its price in order to attract consumers, as the Professional Club will be expensive but will appeal more. The place where the product will be traded, or where the product will meet the consumer. This is important that it meets the target market, as the location of the consumer will affect the how far the product can be distributed. For example, a Junior Soccer School in Cardiff Schools would be targeted at local children, so it will be marketed locally within the city, not elsewhere. The accessibility of the product or service will say much about how suitable the location of the product is, for example is there public transport available? Is the Soccer School set in a large residential estate? therefore within walking distance for the target market. So the marketing mix is effective way of aiding the selling of a product or service. Many sports development initiatives are developed by a governing body or association, but then localised and delivered through Counties, Schools and Clubs. Mini-Soccer Is an example of a Sports Development initiative, which below describes how the components of the marketing mix (product, promotion, price and place) are important, with the relevance of the consumer mind. The product: Mini-Soccer is a Football development initiative started in 1999 aimed at developing young players under the age of 10. The initiative is organised by the Football Association through local F.As, where each F.A has a Mini-Soccer co-ordinator who is key to including all the agencies. Mini-Soccer takes place in Schools, Clubs, Festivals, and Mini-Soccer Festivals. There are many Mini-Soccer programmes available, and each club or school who takes part in Mini-Soccer must provide the equipment and pitches. The number of programmes available make accessibility easier for the consumer, so that children can take part in Mini-Soccer through the Primary school or at their local Football club. There are several quality issues such as the safe environment in which Mini-Soccer takes place, with fun and enjoyment in mind. The specifications of the equipment and pitches are standardised, and the principles and rules of Mini-Soccer are modified from the 110a0side game and are similar to those in Association Football, except that there are smaller goals and pitches, and fewer players on each team. There is a code of practice for children and parents which ensures the safety, and suitability of the environment. This makes Mini-Soccer appealing, as it is a different approach to playing Football, designed for younger people. As it is designed for young people there are many benefits, such as more touches of the ball to increase participation and enjoyment, fewer players on the pitch meaning simpler decisions and better understanding, smaller pitches meaning greater concentration ; interest among participants, and more individual success leads to more children playing, In the long term, this leads to sustained participation levels beyond this age group. Mini-Soccer is suitable for any boy or girl regardless of their ability, and the main aims of Mini-Soccer programmes are for children to: * Feel Success * Take an active part in the game * Understand the laws * Develop soccer skills * Be able to take part whatever their ability * Develop fitness The branding of Mini-Soccer is through the equipment known as the Big Red Bag, which contains the goals and pitch equipment for Mini-Soccer. Coca-Cola endorses the Goals, which is probably the largest drinks company in the world. Therefore it will be noticed by consumers and will be purchased. The Mini-Soccer scheme was developed and organised by the F.A, which is the national governing body for Football and so consumers will notice, and rely on this scheme to develop. The packaging of the product ensures easy storage and transportation. The promoting of Mini-Soccer is via the F.A, where publications detail information about Mini-Soccer and how to get involved. There is information on the F.A website and F.A Publications, which advertise Mini-Soccer as an initiative throughout England. Local F.As, clubs and schools promote the Mini-Soccer competitions and matches, by joining structured leagues and advertising competitions. There are various promotions such as tournaments and festivals, which must be affiliated to the local F.A. Personal selling will be needed by the tournament/festival stager to invite each club or team. This will be achieved via written invitation, phone or email. The stager of Mini-Soccer will need to use marketing communications effectively to attract teams to the tournament/festival, so simply a phone call or letter will attract the local teams. The Internet would be pointless unless trying to attract from a wider scale, this would be more appropriate for a national tournament or festival. The pricing of Mini-Soccer is varied, as there is no fixed price. Tournament/festival entry fees are common. To cover the cost of officials and pitch hire, pay-to-play fees for players are necessary to break even or make a small profit. The only fixed price is the Big Red Bag, which contains the equipment for Mini-Soccer that costs à ¯Ã‚ ¿Ã‚ ½200. You need to be able place to play Mini-Soccer, so unless the club or school has their own pitch, they will have to hire a pitch. The place where Mini-Soccer takes place will obviously be on a pitch, grass or synthetic. The type of competition will determine where participants are recruited from, for example a structured league will simply consist of one fixture, a tournament may consist of a number of teams from a local, regional or national scope. The marketing strategy will determine this, so if a tournament consists of local teams then basic communication will be needed to recruit teams. Whether as if the tournament is regional or national it may be larger in size and require more teams, so advertising on the Internet or through National Press would be an effective way of recruiting. This will allow teams across the country to enter the tournament, if the details are posted on the F.A Website for example (www.the-fa.org. http://www.thefa.com/grassroots/county+FAs/ accessed on 25/4/2004) Dragon Sports is initiative from the sports council for Wales which is designed to off 7-11 year olds fun and enjoyable sporting opportunities. 7 sports are available including Rugby, Soccer, athletics, Tennis, Netball, Hockey and Cricket. Each are modified to suit the players age, size, ability, skill level and experience. The scheme is delivered in partnership with the 1700 or so primary schools in Wales. The Dragon sports scheme is national, and incorporates the national flag the dragon, into branding (its name and logo), therefore making it appealing to the Welsh children. The Dragon Sports programmes can be easily delivered by volunteers, supported by a comprehensive range of resource cards and equipment to help deliver Dragon Sports sessions, with further resource materials for the recruitment and training of volunteer parents, coaches and teachers. All resources are also compatible with the National Curriculum so therefore can be used within Physical Education in Schools. Dragon Sports is promoted by the Sports Council for Wales, but also individually through various schemes throughout the country. Various marketing communications are used mainly posters, and the easy to use website which is appealing and informative. Promotions within Dragon Sports are ongoing, particularly the summer Dragon Sports. There are numerous places including the 1700 Primary Schools across Wales where Dragon Sports takes place, as it is a national scheme. Other locations of Dragons Sports are youth clubs, sports clubs and within communities. Transportation is arranged separately within local areas. There is no pricing strategy for Dragon Sports, as the aim is to increase participation and raise standards. Dragon Sports are funded by the Sports Council for Wales, who pay for the facilities and services, which are used. Marketing Assignment Essay Example Marketing Assignment Essay Executive Summary Marketing segmentation is considered as one of the main elements of marketing, and one that is significant and appropriate to the Internet Technology and Glasses industries. Yet, with literature reviews, there are few studies of segmentation evident, and the segmentation of consumers markets for Google Glass is an issue to be addressed. Indeed, this has only becoming relevant lately with changes in the technology environment. This report is presenting the finding of a segmentation study into the market for Google Glass in Australia, the market that is still at a relatively stage in its placement. The study utilize lifestyle group and occupations segmentations, which are often referred to the most significant form of segmentation, and identifies four different market segments. The recommendations for the Google Glass are as follows: A website is a useful tool as it is a tool where consumers can easily access information about the products. For Google Glass, an excellent idea would be to hold a lucky draw or discount for the next purchase of the Google Glass. Virtual store is also convenient for buyers as well. Google Glass should have an online virtual store in order to increase sales. We will write a custom essay sample on Marketing Assignment specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Marketing Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Marketing Assignment specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Google Glass should find a way to make the product look different among other products. For instance, Google Glass could sell with an engrave letter beside the glasses. It looks cool and buyers can have the glasses individually. This will not only attract buyers and also consumers feel that getting something extra. To make Google Glass attract the consumers, the display the Google Glass is on the shelf is important. It has to be appealing and able to catch buyers eyes. The color Of the Google Glass must be stand out and customers will look at it. Table of Contents Title Page Executive Summary 1 Table of Contents 2 . 0 Introduction 3 1. Airing 1. 3 scope 3 2. Background Information 3. Literature Reviews 4 3. 1 Segmenting cosmetic procedures markets using lifestyles segmentation by Jennifer Press (2010) 4 3. 2 International Journal of Culture, Tourism and Hospitality Research by Kettle p, Boston S (2009). 5 3. 3 Market segmentation: A Tool for improving Customer Satisfaction and Retention in Insurance Delivery by Fests M Pitchmen 5 4. 0 Segmentation, Targeting and Positioning strategy (STEP).. 64. 2 Targeting 8 4. 3 Positioning 8 . 0 Ranking order 9 6. 0 Target Market One 10 7. Target Market Two 1 0 8. 0 Marketing strategy for Google Glass 1 1 8. 1 Concentrate Marketing 12 9. Positioning 13 9. 1 Positioning Statement 14 10. 0 Conclusion 15 Appendix A 16 References. 16 1. Introduction To understand consumers preference, choice, and buying behavior progress over the time is the Kemp and heart of strategic marketing. Marketers are hardly to satisfy every consumer in a market as it needs pre exists marketers. Through this report, the segmentation, targeting, positioning strategies for the Google Class to potential Google consumers. Also Google Glass is a new product categories entry as well. See appendix A) The main segmentation might used in consumer market which are geographic, demographic, cryptographic and behavioral variables. 1. 2 Aims The objective is provided a marketing strategy framework that ties all this together with a powerful marketing logic. A marketing plan shows how the marketing elements fit together to provide direction and action for growing a business. 1. 3 Scope This report will examine how to promote a new product in the market. In order to promote the product, a company should have a marketing plan which is called Segmentation, Targeting and Positioning plan. (STEP) 2. Background of the product Google Glass is a handy-computer with a head-mounted display (HEM) that is actually developed by Google. Google Glass is an attempt to free data from computers and portable devices like phone and tablets, and place it right in front of your eyes. Basically, Google Glass is considered a camera , display, touched, battery and microphone built into spectacle frame so that consumers can display in individually field of vision, film, take photos, search and online searching. Currently, there are no lenses to fit with the frames; Google is considering joining with sunglass traders. . Literature Review Jennifer Press (2010) According to Jean infer Press focus on lifestyles segmentation which is type of behavioral segmentation and it relies on the assumption that the perceived benefits of a product or service are the main reason that the consumer will choose one product or service over another and that market segments exist because of different lifestyles by the consumer. After the establishment of lifestyles segments, second order segmentation can be set up, whereby the demographic characteristics of the different segments can be analyses. However, the analysis can also involve other related segment bases and does not need to be focused only on demographic characteristics. An analysis containing many methods of segmentation will be the most through, as suggested by Urban and Hauser (2009), and will contribute to a more thorough understanding of how each segment can be targeted. The more information about consumers media consumption and motivations for purchasing can be a direct influence on how to plan a product, how to position it and how to communicate through advertising. Therefore, a main consideration markets must take into account s how to properly segment an emerging market such as that for the new Google Glass. 3. International Journal of Culture, Tourism and Hospitality Research by Kettle P, Boston S (2009) In Tourism industry, market segmentation is implemented broadly. Benefit segmentation is a very influential for lifestyles grouping consumers (Kettle and Turner 1993). It has been developed that because different segments of buyers may need different benefits from using a particular product. Moreover, Haley (2008) stated that the benefits people seek are the basic reason for the existence of true market segments. Indeed, benefit segmentation is shown to predict actions better than geographical and demographical segmentation Haley (2008). 3. 3 Market segmentation: A Tool for improving Customer Satisfaction and Retention in Insurance Delivery by Fests M Pitchmen Market segmentation relates to have similar needs and purchasing behavior of customers into segments, each one can be achieved by different marketing programs. Trying to reconcile the needs of different customers and the concept of limited resources of the company, and allows the product and marketing products to adjust to meet different customer groups (Wind, 1978). Market segmentation theory is grounded from the theory Of economic pricing, which indicates that when the profit- maximizing price discrimination section settings (Frank et al, 1972). According to Kettle (1 994), all industries increasingly embracing target marketing. This is the second mass marketing a natural process, a product of the production and sale of multiple products with different features, style and features all buyers and product differentiation marketing Offer the production of a variety of buyers. The goal of the essence of marketing is tremendous customers in their buying needs and behavior; these companies will be in a better position to serve certain customer base. As a result, in order to attract buyers, financial institutions should identify those areas to serve effectively. This requires a careful analysis of the structure of the industry, as well as the relationship between customer satisfaction and return on investment, as well as to assess the organizations capabilities and resources (Doyle, 1995) 4. Segmentation, Targeting and Positioning strategy (STEP) 4. 1 Segmentation 4. 1. 1 Marketing segmentation involves separating a market into smaller segment of consumers with different behaviors, necessitate, and personality that might require separate marketing strategies and mixes. In segmenting consumer markets, Hudson (2008) pointed out that there are four different categories which are geographic, demographic, cryptographic and behavioral variables. Basis of market segmentation a. Demographical Gender There are men and women have different kind of preferences and interest. A product that men would purchase meant for women and vice a versa. The segmentation of the market as the gender is important in many industries eke footwear, car, and cosmetics. Income There are three categories Of income according Of their monthly income: 1 . High income group 2. Medium income group 3. Low income group Channel, Barberry and Tiffany are target on high level income, and Valley girl, Jay Jay and T met are target on lower income segment. Occupation There would have different needs compare to college student or office workers. B. Cryptographic The lifestyle of individual is one of the basic of segmentation. The individual interest, attitude can help marketers to allocate into small group. C. Geographical The classification of market into different type geographic areas refers to geographical segmentation . Similar strategies cant target at different places. . Behavioral Behavioral segmentation is based on consumers buying behavior on particular product and users indicating the potential buyers or new users. In segmenting the market, Google Glass needs to consider the effectiveness of the segmentation. The requirements of an effective segmentation (Kettle, 2003) are as follows: Measurable the market segment would help Google Glass in the potential market, consumers buying power, and the Google Glass sources allocation. For example: different level of income can be determined whether buyers are able to buy the product. Accessible to be effectively, the segment has to be served wisely. For instance: lifestyles group segment would be target as night lifestyle group who likes to have perfume on. Substantial this segment have to large segment and profitable to serve. A car manufacture designs a car whose height is more than 200 centimeters. Differentiable In order to distinguishable and gives respond differently to different marketing mix elements. Actionable -? to be an effectively program, t must be planned for serving and attracting the segments. For example, for those people who are followers of technology, those people will buy the Google Glass for sure. 4. 2 Targeting 4. 2. Companies are interested in targeting particular buyers segments in advertising as they think it enables to speak potential consumers better, to sell more effectively, and to maximize profitability. The marketing theory describes that businesses profit from targeting specific consumer segments in advertising. However, the excessive targeting can lead to unfavorable results. 4. 3 positioning 4. 3. The objective of positioning is to create a unique and good impression image to public. Baht (2008) A product position is important that defined by consumers on attributes and how the product to be place in consumers minds. (Ferret, 2007) Positioning is developed a specific marketing mix to influence potential consumers overall perception of a brand, product line, or organization in general. Lamb, Hair,Marinade (2004) In a nutshell, the position of a product is very important as it related to consumers perceptions of a product quality relative to the attributes of competitive products. Consumers are always purchase large number of goods every day. In order to avoid persistent re-evaluation of several products, consumers are tending to group or position products in the minds to make a quick decision. Rather than let buyers to position product individually, marketers must try to encourage and shape buyers perceptions of different products. 5. 0 Ranking order Table 1. 1 Market segmentation variables for consumer markets 1 Variable Typical breakdowns Cryptographic epistyles, Value and Attitudes Visible Achievement, Look at me, Something better Social class ABA, B, BC,c Personality Ambitious, Compulsive, Introvert, Extrovert 2 Demographical Age under 15, 44- 52 Female, Male Income under $10000; $10000 $20,000; $20,001 $30,000 Coco patio n Professional, Managers, Sales, Retired, students, administration 3 Region Far North Queensland, South-eastern Queensland, Western New South Wales City Size under 7000; 7000- 10000, 10000-40000 Climate Eastern, Southern, Northern 4 Behavioral Purchase Occasion Regular occasion, special occasion Online Behavior Buying behavior, information sharing Benefit Sought Quality, service, economy Loyalty Status Low, Medium, Strong Table 1. Signed by Connie Seas 6. Target Market One 6. 1 Lifestyle Groupings Joey Winner (2010) notes that the influence of peoples lifestyles on the services and goods and consumers that they bought. In order to increase market segments, marketers are targeting consumers lifestyles. To target on people who have the attitudes like look at me, they will feel proud and they thought they are so special and they can afford to buy luxury good like Google Glass, and even Pad, phone and etc. 7. Target Market -row 7. Occupation According to Kettle (2006) different kind of occupation is easy to target on as instruction workers, medical staffs or repairmen can all have the benefits from Google Glass. For instance, one of the features of the glasses is the camera, the camera will be able to capture the video and send it back to the main office, or simply save it locally. Clients can then see the work performance through the glasses. Apart from that, the police officers can also discover many of the elements in a hand-free display that very useful. The address will show in the glasses if there is an important message or emergency. 8. 0 Marketing strategy for Google Glass 8. 1 Concentrated Marketing In order to apply concentrated marketing (also called niche marketing), Google Glass is decided go after a large share of a few sub-markets according to Australian Bureaus of statistics data (see appendix A). According to Susan Ward in About . Com, A niche market can be defined as a focused, treatable portion of a market. It is also defined that a business is focused on a niche market is addressing a need for a product that is not addressed by ordinary providers, therefore Google Glass decides to target on specific group of people needs. Google Glass will base on a lifestyles group segmentation base n consumer markets as it has concentrated on lifestyles particularly the business class people those who are working at the office and need to have meeting with clients and wanted to have a sense of fashionable to represent company reputation. In additional, Google is also such of well known brand, therefore for those people into trend who is called followers will buy the products. No matter how expensive is it and consumers even do not bother the products features. Private labeling is one the strategy to target on people who is socially aware as for those people who always have to socialism with linens and need to keep updating clients information therefore Google Glass is suitable and convenient for them to have a quick check. According to an article by (Stanley 2005), some of the advantages of a private labeling strategy are as following: Create an opportunity to look exceptional than other products Customers sales increase Increase consumers loyalty Easy to control at pricing As Google Glass has a best feature called navigation and it can speak an address, find the location. Apart from that, Google Glass is a 5-megalith unit capable of recording IPPP video. This is also an extra feature for Google Glass s well. ( engaged 1 SST May 201 3) therefore, the advantages above are suitable for active people or even introvert people. Apart from that, for those people who like to spend money on expensive good, because they will have the feeling called visible achievement. Even though the product is not suitable for them, they still want to buy it. 9. Positioning Google Glass can position based on specific product attributes. The positioning strategies can also based on the needs they fill or the benefits they offer. The positioning strategies for Google Glass are to lower the price ND position Google Glass for certain classes of users. In order to gain competitive advantage, the image differentiation can be an advantage for Google Glass as Google is a famous brand if compare to VIXEN MI 00. If come to a similar product, buyers would take this consideration into account. Even though those positioning method that are suitable for Google Glass, however, there is also competitor in the market which is called VIZIER M 100, a product is similar to Google Glass. In addition, Google Glass also can advertise on television that let people know that product. As a result, everyone might insider to buy the product and consumers will tell other friends about the product as well. There is always a product life cycle for a product, Google Glass is not exceptional. Once the Google Glass launch into the market, it will go through four different stages of a product life cycle which is introduction, growth, maturity and decline. (See appendix A) 9. 1 Positioning Statement High Price I pad Google Glass GAPS Navigator Smartness poor Quality Good Quality Low Price Table 2. 1 created by Connie Seas 10. Conclusion In a nutshell, based on the case study and other journals, in order to have a successful developed of a new product into a market segment needs to give the product its own identity in the market. Therefore, first segmentation of the market has to be made, then chose the target segment and finally developing positioning strategy of the product. Referring to Google Glass, its segmentation needs to be covered in several different criteria. The consumers of the Google Glass are lifestyle group and occupations who are constructors or police workers and also for those buyers who are follow technology trend that was looking something better that would buy the reduce. However, some critical changes are going in the future due to the similar products release in the future as well. Therefore, the recommendations for Google Glass to increase the sales and keep the customers in the market are as follows: In order to increase the Google Glass sales, the ups is one Of the ways and also maybe the best way to help Google Glass to sell the product effectively, and it was first developed by EX McCarthy in 1960. The ups are: Product Google Glass might be able to do online marketing for online buyers and for those people are always stay home. It is such easily for online users and this will increase the sales. Price One of the items of price setting which is called discount. Discounts are usually given when customers would pay off at once. Therefore, this payment method would be suitable for Google Glass. Promotion Words of mouth is one of the way to promote Google Glass, consumers will spread the news to other buyers if the product is good. Therefore, Google Glass try to avoid advertise the product on television.