Segment of the Magazine Ad in Wheel - Case Study Example

Name: College: Segment of magazine ad in wheel PROFILE THE MARKET The wheel magazine is a magazine that is tailored to advertise products that are related to motor vehicle parts. The Toyo tire has been advertised in the magazine showing its capabilities in terms that could easily attract customers. Advertising in a magazine requires important knowledge related to marketing concepts so as to benefit by capturing the right audience as a company. The importance of posting an ad in any form of media should highly involve the given marketing concepts discussed below; Market segment for the magazine In many organisations, segmentation is important because it gives the organisation a better base to satisfy its customers’ needs since different parts in the market are identified during the process. In the wheel magazine, it the importance of differentiation of customers has been brought about, not all customers are the same and each is characterised by a unique behaviour that may not be found in another customer. Most companies treat all their customers the same while advertising products to their customers, they ignore specific market segments and just display a common message for all of them. The market segment of the magazine has been divided into various parts that could easily be identified with different customers. The magazine has gone to lengths to find out what makes up a market segment and used it in its benefit to categorise its customers, accessibility , differentiable, measurable and accessibility are the criteria that have been adopted b the magazine. Market segmentation has been done to ensure that customers in one segment are similar and different between two segments. Segments that have been considered include geographic, demographic, psychographic, behavioural and industrial market. Geographic The magazine has gone to lengths to understand the different localities are likely to host different languages, populations, climate and lifestyles. It uses this knowledge to understand the importance of segmentation and ensure that an important factor such as the need to translate the information into a different language is applied. The population factor is important in that the magazine publication knows an approximate number of magazines that it should produce to fit its target demand for the advertisement. Different lifestyles mean that the advertisement will be portrayed differently to fit into the lifestyles in the different localities. Demographic This segmentation is based on dividing the market using factors such as age, gender, income, occupation, education, religion and given nationality. All these factors inter twain since all are considered in this scenario since the advertisement of the tire in the magazine is likely to change given that different the above factors will affect the purchase. Psychographic This is the classification of the market based on social class, personal characteristics and the lifestyle of the people living within the vicinity. The wheel magazine is a luxury magazine that mainly advertises information of luxurious cars. However it can also be linked to target other people in the market too. Behavioural This is based on the customer’s knowledge of the products that is being advertised what the product is used for and responses to certain products. Variables related to the product such a how many people actually own cars have been used by the magazine to base the frequency of the tire ad in their magazine. Industrial market Industrial customers are targeted differently since they are likely to purchase the products in bulk. The location, the company type and their characteristics of buying are highly scrutinized to ensure that factors such as shipping and delivery will not be difficult for the given company. Identify the target market (for the product in the selected advertisement). A target market is a set of buyers that have common needs and characteristic that a company decides to serve. Market identification entails looking at why a customer would want to purchase your product or service in the first place, which market segments are most promising in the overall market and a proper research done on the market. The tire in this scenario is the product that has been advertised, its target market is mainly linked to the size and growth of the segment, the segments structural attractiveness, business objectives and resources of the segment and mainly the target is linked to where most of the money is. The target market for the tire is divided into three major groups; Consumer market This group consists of individuals and households who purchase products for their own use. Individuals who own cars can easily benefit from the advertisement since it easily gives them the information that they need. The marketer should ensure that the tire is advertised in a manner to attract the consumer on an individual basis. Industrial market These are composed of individuals, groups or organisations that purchase products for their daily use of for the continued production of other goods. The tire company could focus their energy on this group since most of its purchases are likely to be in bulk. Reseller market These include small retailers, middlemen and intermediaries who purchase products in bulk and resell them to make a profit All the three target markets should be considered as the advertisement is being formulated, consumers are a large group of people hence the advertisement should be formulated to fit all the target groups identified. Profile the target audience (for the product in the selected advertisement). The customer profile for the given product can be summarised with the below given example; Customer profile for the tire advertisement Gender: 30% Female 70% Male Age: 10% 26-30 yrs 30% 31-40 yrs 60% 41-55 yrs Income: 25% 375-400$ 25% 400-500$ 50% 500-750$ Marital Status 10% single 20% in relationship 70% married Occupations Driving 10% Health Care 5% Tour and travel 20% Marketing 5% Financial 5% Production 10% Advertising 5% Sports 40% The magazine uses the above customer profile to generate the given sections that it should puts most of its concentration on. Under the gender category we can see that most of the population is male hence the advertisement is tailored to capture the audience of men, using masculine features that they can easily relate to. The age category on the other hand will determine the group of people that is likely to purchase the given tire in terms of fashions and preferences of the given age group. Income quotes a lot because it is a determinant if the people will be able to purchase the given tire. Most married people are cautious in driving and will be tailored to ensuring that the given tire suites their family cars. The occupations grouped in the customer profile will ensure that the most likely people to purchase the tire will be the ones that are likely to meet the tailored needs of the tire specifications. Develop a positioning strategy (for the product in the selected advertisement). Positioning being an important strategy involves placing your product at a level that is identified by customers in a better manner than the one placed by competitors. Positioning the tire in this case will reflect how the production company wants the product to be viewed and perceived by the buyer. Development of a position strategy in this scenario will be done based on two aspects; Identification of the primary source of value This involves evaluation of different aspects of the position that is to be offered to the customer so as it fits into his mind set. Also known as benefit laddering the aspect has been used to prioritize certain aspects of the positioning hence providing the customers with strong reasons to choose to buy the tire. The positioning strategy in this scenario can be done through various forms of positioning that relate well to the situation Positioning on the functional benefits: it is tailored to mainly emphasize on particular beneficial aspects, insisting on only the positives, For instance the tire company could base its emphasis on the tires reliability or long life. Positioning on the monetary benefits: this puts emphasis on the associations linked to the price of the product. Emphasizing on the price of the product if it relatively cheap compared to other competitors price could mean that they benefit by getting sales. Positioning on the psychological benefits: this puts emphasis on the intangible benefits that the buyers will associate themselves with given the lifestyle that one will be presumed to live when purchasing. A good example is the linkage gotten with people who purchase the Porsche. Developing the reference point This stage involves two types of positioning that can be used non comparative positioning and comparative positioning. Non comparative positioning uses need based positioning and category based positioning strategy to directly relate the value of the offering to customers’ needs. This is done without contrasting the competitors offering. Comparative positioning on the other hand could be a chosen principle to pick while explicitly contrasting competitors offerings. ANALYSIS OF CONSUMER BEHAVIOR Consumer behavior are psychological processes and ideas that consumers go through to analyze what they need , find these needs , make decision on purchasing , purchase the product. Various factors in place affect he consumer thinking and behavior towards purchasing a given product. Most analysis is made between the price and variables that consumers are likely to look at while purchasing the given product. Perceptual map – price and quantity variables Perceptual mapping, a graphic technique assists in marketing to visually display the perceptions of customers of potential customers. In this scenario the studied dimensions are price and quantity. The diagram below sows a perceptual map for the readings; Price Quantity 30 $ 1 40 $ 2 55 $ 3 75 $ 4 100 $ 5 120 $ 6 The perceptual map The above prepared perceptual map using Microsoft Excel 2007, we can see that the distance between the two pricing coordinates represent how far the product purchase would be for consumers in terms of purchasing. Taking the notion of the X, Y axis mapping, the price is represented on the X axis and quantity on the Y axis. The price becomes reasonable as the quantity of the purchase increases. Consumer Behaviour – Individual factors Individual factors affect different consumers and how they behave towards purchasing a given product. The main factors that will be discussed are attitudes and the perception they have towards the given products being advertised. Attitudes Consumer attitudes refer to beliefs, feelings and behavioural intentions towards a given brand products in this case scenario. Though highly independent, all the three forces bring out the attitude aspect that the consumer is likely to bring out while making the decision to purchase (Shah, 2010). The diagram below gives a better understanding of this. (Shah, 2010) A consumer may hold a bunch of beliefs to wards aspecific product, for example, the tire is good, could easily cause an accident, it is black, the many beliefs is not enough for the customer to come down to an analysis of purchasing the tire. The beliefs they hold will in the long run affect their purchase of a given product. If a customer believes that the tire being adverised has more friction it will deinitly increase the chances of him to purchase the product. The catch here is for the company to make customers believe in the quality of their products. In the long run he behavioral intention will come in, this being what the consumer plans to do wih theproduct; will he end up buying it or will not. This decision may also be affected by the attitudes of the cusomers friend. It is possible for a consumer to purchase a product just because the friend uses it, just because the friend uses it then he believes that it is good to go (H. Cheng, 1990). Consumer are usually not consistent with their attitudes due to various reasons 1. Ability: the consumer may liuck the means to purchase product due to the fact that even if it interests him, he may not be able to purchase it financially 2. Choices : even if he has the ability to purchase the given product the customer may have to forgoe the product for a much more needed product. 3. Social influences: the consumer may be influenced by friends or even advertisments to go for a given product even though deep down he believes that it is the product he likes. As the company in question, while placing the ad it is imprtant to capture the audience in a form that is will create a positive attitude towards being associated with the product. Perception Perception is mainly tailored to what or brains see, sometimes objects are perceived to be. Consumers usually perceive a certain products be looking at the number of advertisements that may have been brought concerning the given product. They end up purchasing since due to the influence they get form the given products. However if the purchase is of a big product such as a car consumer don’t purchase just because they have seen it in the ad but actually go through many ads to look for the best option. Being exposed is not enough to convince a customer, it is important that the information is drilled into the customers’ brain by using man advertisements (Hawkins, Best, & Coney, 2004). With this they will go through the following stages that will eventually make them purchase the product; Interpretation of the advertisement and creating a stimulus toward it like for instance when they see a certain mark they will know that it is definitely the brand of the tire. The level and attitude attached to the stimuli is however the important factor. Will the customers look at it in a negative or positive manner? Perception is good if it is tailored to make the customer view the product in a positive manner. Consumer behaviour – social factors The most prominent customer factor that is tailored towards affecting the consumer behaviour is culture and subculture references. The purchase of the consumer is jeered towards the norm practised by their culture. Culture and subculture In reference to international marketing, culture is an external factor that impacts on the behaviour of the consumer towards purchasing a given product. These are imposed influences on the consumer by other individuals. As a company it is important to understand the characteristics of culture given the conditions; The comprehensive nature of culture means that as products are advertised to a certain community they maintain respect by ensuring that no used words are offending to the culture. Culture is learned hence as the community grows it tends to associate itself with a given way of life. While advertising the product it is important that you link it to something that will be easily accepted by the targeted markets culture. Culture is manifested within its boundaries, one market are is likely to accept a given product due to the fact that it relates well with their culture but this does not go well down in a different locality given that it might relate to a bad thing in relation to their culture. Culture is dynamic in nature and is likely to be influenced by a major person that the given community views as a leader. While launching a given product and advertising it, you can g through the leader to get positive reception of the product (Wedel & Kamakura, 2000). As a marketer dealing with culture is tailored to ensuring that the given circumstances offer and understanding base for your consumers. While on looking at the given cultural norms it is important to ensure that an analysis is made on the cultural beliefs of a given locality. Social Class Social class a sub branch of culture is also an element that tailors consumers to purchase products that are considered to be in that group. With this notion in mind it is important to consider what relations you would like to be associated by the product while placing the advert. Posting the advert in a locality that may end up not being able to purchase your product for social factors would mean a double loss for the company. Social class groups people with prestige, power and privilege to perform some duties. In the marketing scenario social class is mainly defined by the monetary value that people have. This is also linked to the lifestyle that many people live in, while considering that, posting the ad should mean that each social class has a product to relate with (H. Cheng, 1990). There also some scenarios where the ad could be made to suite everyone from each social class buy ensuring that as is has sleek design that may be viewed as prestigious, it is also affordable. On looking at the tire advert for instance, we see that the given product could easily be linked to suite all social classes since all classes need cars to travel around. The common factors such as safety are the main points that are stressed in the advert since it brings commonness and something to relate with. Social class should not be related in terms of income or locality since it brings division amongst consumers, in the event that the company places another advertisement it will already be placed in the mind of consumers that it is tailored to one social class (Shah, 2010). Consumer behaviour – lifestyle factors Values The given lifestyle that a given consumer lives in mainly tailored toward the values that he holds, though other factors may drive the continuity, value holds a higher percentage since in the long run it will give the consumer an inner satisfaction on the values that he holds. It should be noted that values influence purchasing decisions and if stepped on could bring a whole lot of conflict. The reality is that many customers hold values that are regarded while purchasing the important product out of the available ones. In a given family setting, values dictate the purchase in that, one can find that a given family views the importance of protecting the future of its children, hence while purchasing the tire they link it t o how secure is made to ensue the safely of the children (Hawkins, Best, & Coney, 2004). On the other hand another family setting could view values form a different perspective, on consideration that the future of their children is more important, they will prioritize on saving the money and using the old but functional tires instead of purchasing a new one. As the advertiser, it is important to ensure that certain factors are considered. Having works such as affordable, is important since it will link in the customers mind that they can still purchase anew tire without having to take money from their savings (Wedel & Kamakura, 2000). Values held by customers make them resort to factors such as bargaining, giving up something in return to something else ensures that they continue to leave in the set standards. As a marketer, while placing the ad, considerations may be put to suite the given advertisement. Given a situation that you cannot give a condition to bargain, you can use other catchy phrases such as 50% off to put in the customers mind that the tire is being sold at a price that is half the actual price. This will create a notion that given a bargaining option, they cannot get to be sold at half the price (Shah, 2010). Ethical and legal compliance Governance in a country or a locality could easily influence the consumer behaviour towards purchasing a given product. Considering the fact that they hold a great influence on the quality of the products that consumers are being provided with, hey go to great lengths to ensure that they are of good quality. They also regulate given amounts that can be introduced into the market given. Legal appliances include the following; 1. Bans and Tariffs Banning in marketing refers to prohibition of a certain product from entering a given country. The consumer hence is likely to behave negatively towards similar products from the given company. Tariffs are also kept of exports ensuring that the given charge should be paid before ensuring into the market of the given country to sell products. While considering that the given charge is based on the product, the company should go into great defence to ensure that all payments are made and it does not make them gain bad public image in the most important person; the consumer (Shah, 2010). 2. Subsidies Subsidies occur when the government comes in and lowers the prices of a certain product so as the consumer can be able to purchase it. This should be considered especially while entering a new country. If they locally produce tires, in its normal for them to try and make their products be purchase more than the new entrants. As placing the ad overseas, it is important that such considerations are made. They could target countries that don’t have saturated markets in terms of tires or better still don’t have tire production (Shah, 2010). 3. Policies Policies put in place to govern the sale of products need to be followed to the latter to ensure that the company does not get into legal trouble hence affecting their production and consequentially their revenue. Not applying to the rules of the policies means that this could easily leak to the media. Knowledge of this to customers will immediately change the customers’ behaviour in that they will have a negative portray of the given product. As they put the advert in the magazine, they should consider the fact that they have a clean record of following policies placed (Shah, 2010). REDESIGN THE ADVERTISEMENT The advert is tailor made to target the audience in the year 2010 it is important that certain factors are considered before redesigning since the public will definitely have a different response to the advertisement. The following stages have to be involved as a process of redesigning the advert; Research Conducting a research on how he adverts will captivate the minds of consumers in the year 2010 will highly relate on the type of adverts that are currently being advertised. Finding out the new types of development methods that are linked to technology comes in handy since they might give you new sleek designs that can be incorporated. During this phase it is important to immerse in product literature, this will involve gathering and reading all the information of the company that might help in adding concepts to the advertisement. Interview the company’s staff on the product; this may help you find more benefits that you can incorporate in an advertisement making it more relational to the business. Go through magazines to find out what your competitors are doing so as to put more insight on that and hope that you will get more customers (Wedel & Kamakura, 2000). Concept development The needed information is now at hand, think of the concept and display it in a manner that will captivate buyers. It should be highly visual to attract the customers and to capture and retain the liking. Concept development has sections that have to be concentrated on; The headline The main purpose of this section is to attract the customers and to retain their attention. With convincing words that will make the consumer want to read more on the information, this forms the most important part of the advertisement. A successful headline has a promise in it, something that will make the potential consumer feel owed. The headline can either be represented in a positive approach or a negative approach, the positive approach uses the gains and savings he will make given in the event he purchases the product. Most consumers get attracted to this since they know they might save a lot on purchasing the product and not the one that they are used to. The negative approach on the other hand uses worry to capture the much needed audience. Worries related to wasting your money or wasting money on a product that may not be working for you have been proven to work. Whether to use the negative or positive approach that is not the big issue since all the approaches have two things in common, one is constant communication to the customer and secondly how the consumer will benefit. The visual This include the picture of the product that the consumer can relate to, simple incorporations should be made, in this case scenario we can use a photograph of a person using the product, a picture of the result using the given product e.g. a car that has the fitted wheel, a before and after scenario that shows a car with and without the product, use of a diagram or the use of a hilarious cartoon or illustration. It could also be okay if no visual was incorporated in the advertisement. With proper words and statement the lack of visual aid is to make the customer want to get more information. It is a marketing strategy that can be used to make sure that the customer has to visit the store to get more information on the product. Once in the local store, the sales people go to great lengths to ensure that they persuade the customers on purchasing. Writing The writings should be legible enough and proportional to the body, it should be prove read to ensure that it does not have any mistakes. It is important to pretend that you are a customer and analyze if the advert would be appealing to you. The redesign is like below; Rough sketch The above draft is the one the one used in the previous campaign of the Toyo tires, advertised in the wheel magazine we can see that it lacks many concepts. It does have the right color combination but it they did not use legible handwriting to portray the message. The visual however is good and is aimed at letting the consumer know how safe the tire is to use. The notion that a baby can be sleeping on the tire shows safety, comfort and quite. However this advert will target a certain group of people, those that have families, hence limiting their target audience. Improved quality The improved quality is simple and straight to the point with catchy phrases that make the consumer want to purchase the tire. It does not give bias to ant target group making it open for purchase by any one. Works Cited H. Cheng, A. S. (1990). Factors affecting consumer purchase decision for round white potatoes . American Journal of Potato Research , 726. Hawkins, D. I., Best, R. J., & Coney, K. A. (2004). Consumer behavior:. Irwin: Mc Graw Hill. Shah, A. (2010). Factors Affecting Consumer Behavior. Retrieved October 27, 2010, from Ezine Articles.com: http://ezinearticles.com/?Factors-Affecting-Consumer- Behavior&id=4602848 Wedel, M., & Kamakura, W. A. (2000). Market segmentation:. Heidelberg: Springer. Read More