Individual Target Market - Essay Example

? Individual Target Market Paper Individual Target Market Paper HULU is a company operating majorly as a website and all its provisions are found on the site. HULU provides services such as video streaming, movies’ trailers, Television shows, new media and behind the scene footages (TNW, 2012). The company currently provides its services in the United States and Japan. The foremost intent of every firm is to improve its sales to extents that favour maximum benefits to the entire organization. The marketing of a company is determined by the consumers or the customers who utilize the company’s products. Basing on the consumers’ essence in the distribution of the producers or the suppliers, there is need to evaluate various aspects of the customers in the market. A company should uphold excellent delivery of its products or services to the consumers in the market. Nonetheless, effective marketing would only result after a comprehensive product or service identification. Therefore, this exercise intends to research on the current customer base, buyer behavior, demographics, psychographics, lifestyle, geographic area, benefit segmentation, and user segmentation for the product or service. In every case, there will be identification of the best mechanisms to be employed as well as the provision of preferences for the models (Parkin, 2009). The current customer base incorporates the number of consumers that the business delivers its products or services. The current customer base is essential for consideration in the business because it is the group of individuals utilizing the company’s products and the services or both at the moment. Nonetheless, many businesses tend to neglect this business opportunity and prefer seeking new customers’ interests to deal in their products (Rogers, 2010). Their main purpose is to create extra profits through the venture. Current customer base is significant in every business since it entail a number of advantages. In the first instance, the current customer base can indicate the ultimate path for the business. This can by achieved by bringing the customers on board to get their comments basing on the business’ products and services. It is easier to maintain the current customers and satisfying their desires since their demands might only be modification of the existing trends of a company. Focussing on the current customer base would also help in determining customers’ relationship with the company. The company would need to develop a number of mechanisms to attain a successful customer base. The company should get the customer to buy more of its product. The company can formulate the mechanisms that ensure that the customers buy more products once the customers realize that the product can effectively satisfy their needs. For instance, the company can offer discounts on bulk purchases. The company can get the customers to upgrade their products. The company can also get the customers to purchase more of its products. The repeat of sales can create more profits. The business should also consider its actions before dropping their marketing efforts. The business should consider the best means and reach the customers through it, probably after every month. The business should design marketing materials especially before beginning to market the current customer base. The start today aspect should target the encouragement of the customers that even though they have not began using the company’s products being marketed, there is still a chance and they can still use it and benefit (Parkin, 2009). The buyer behaviour should be determined by the business because different consumers possess different decision procedures in buying and utilizing the products. There should be an explicit understanding made by the business on why the customers make given purchases, why they make the observed purchases and the current trends occurring in the society. Throughout this experience, the business should determine and effectively address the critical aspects influencing the buying behaviour. This entails the realization of the particular aspects or individuals influencing the customers of the business. The first determinant is the business because the customers make their purchases after determining the credibility of the business products in satisfying their needs and the competitors. In case the customers realize that their problems are greater, they would seek specialists to ensure a complete satisfaction (Rogers, 2010). The external factors considered by the customers before buying but the business has no influence over them. The aspects originate from outside the business but can result into greater impacts in the business such as the government’s budget that would result into the alteration of the prices of products and services (Rogers, 2010). If the government increase its taxes on the products, there will be need for increasing the product’s prices. Lowering the taxes on the business products will as well demand lowering the prices. The opinion leaders can also influence the buying behaviour in the market. The company can ensure this by deciding on the most relevant opinion leader in the market and their line of production. The company should also realize that the opinion leaders that might tend to influence them might not do so to their customers. The online opinion should also be considered since many customers would intend to buy their products online. Therefore, the company should major on its writing online as well as their postures to be viewed by the customers. The observable aspects would influence the customers to buy the products or fail to buy (Parkin, 2009). The demographics is essential in marketing and the content of the population has a great impact on the company’s products and their consumption. There are cultures that determine the consumption of particular products. For instance, the technology level of a given location is critical and the internet is a main factor. A company must determine the culture and religion of a particular place before deciding to offer its products. Therefore, areas should be supplied with products and services that they are likely to consume. The physiographic aspect would demand the company to focus on its promotional power to convince its customers on the product’s ability to perform well. The lifestyle is equally critical in the company’s endeavours to achieve utmost marketing proficiency. The business should consider the peoples, lifestyle and culture and provide products in line with their lifestyles. The business can major on the fashion and eliminate any source of ambiguity that may result. The benefit segmentation as a marketing strategy, targets given benefits that consumers obtain from purchasing particular goods and services provided by a given organization. Through this strategy, the company can realize the niche markets of customers who are ready to respond positively to those service and product lines and target marketing endeavours on attaining those sections of customers. The company should major on the products’ appeal to attain this strategy. Concerning the geographical area, the business should determine where its potential and current customers originate. Similarly, the business should also determine the location of the majority of its customers. Through this analysis, the business can determine whether its customers are positioning themselves with regards to its location. This is one of the most fundamental aspects for consideration when locating a business or expanding the business (Rogers, 2010). The market segmentation is the preferred strategy for meeting the anticipated specifications. The target market should be one that abides by all the strategies outlined in the preceding sections. The market should be one that considers all the references of the current customer base and works towards meeting and improving them. The buyer behaviour should be considered and all the specifications met that are likely to influence the buyers to buy the company’s products and services. All the demographics and physiographic should be maintained as well as segmentation. Consumers should believe that HULU is the best products. Moreover, the market segmentation is precise and considers all the aspects of the ability to be measurable, accessible, sustainable, differentiable, and actionable. The budget of the HULU Company basing on the market research would be $2 billion. This is because the company requires massive purchase and installation of more superior devices, network and programmes. The most critical feature is the programming in HULU and there will be $500 allocated for programming (TNW, 2012). The compare needs more programmes to change its market and reach more customers. With all the strategies and budgets in place, the market penetration will be between two and six percent. References Parkin, G. (2009). Digital Marketing: Strategies for Online Success. Amsterdam: New Holland Publishers, 2009 Rogers C. (2010). Marketing Strategies, Tactics, and Techniques: A Handbook for Practitioners. New York: Greenwood Publishing Group The Next Web (TNW) (2012). HULU beefs up its free section with original programming. Retrieved on December 11 2012 from: http://thenextweb.com/media/2012/01/16/hulu-beefs-up-its-free-section-with-original programming/ Read More