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Marketing Fundamentals assignment (referral) 2 - Essay Example

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Marketing is one of the most important elements of any business strategy. Without a properly thought out marketing strategy, it is difficult to succeed in any market, however good the product or service offering may be. There are three main activities to be carried out before developing marketing strategies…
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Marketing Fundamentals assignment (referral) 2
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Download file to see previous pages Hutchison Whampoa Limited is an international corporation having many diversified businesses including port operations, retail, property development and infrastructure, technology, and telecommunication operations. 3G Mobile Services is a mobile media company that operates from United Kingdom. The main businesses include communications, media and entertainment and information services (Hutchison 3G UK Limited, 2008).
It is critical that target market for company's products and services is identified and analyzed. The target market where the company will operate and the customers to target pose significant insights into the demographics, market structure and other parameters. A proper research can provide credible results that can then be used to develop positioning and targeting strategies.
Companies can access the market and capitalise on the endless opportunities only if these companies can understand the exact requirements of the target customers and modify their products and services accordingly.
In addition to product and services development, the companies need to decide on the pricing of their products and services. The right price may spur the sales but too high or too low a price will definitely affect the company negatively. Pricing is a critical decision and hence can only be taken if exact market information is available. This decision has far reaching effects.
Market is se
Market is segmented based upon demographic factors like age, preferences, gender, and other factors related to potential customers; geographic factors like location, climate, population, etc; psychographic factors like attitude, lifestyle and values; and/ or behavioral factors like usage rate, brand loyalty, etc (Eztel Walker Stanton, 2003).
Market Segmentation for 3G
3G has chosen United Kingdom as its primary target market based on its specific geographic factors like high population density, and relatively better law and order conditions, etc. This is also because of 3G's expertise and experience to operate in this region and the huge inroads that the company is able to create inside the big UK market for mobile communications.
Being a mobile media company, it is critical for 3G to develop its products and services with specific focus on the UK's customer requirements. Based on the analysis carried out by 3G, the company identified various segments of mobile phone service market in UK. Some of these market segments that 3G identified during their market segmentation research are discussed in the following sections.
With the advent of modern technology, only a small segment in the target market wants to use mobile phones for making and receiving phone calls only. They prefer various other features with their mobile phones. These factors are all based on the demographic, behavioral and psychographic factors that were considered by 3G during the research for market segmentation:
Video Calls
Many users (especially in the 15 - 40 ...Download file to see next pagesRead More
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