Mrk 1103 Marketing Consumer Behavior Assessment Answer

Answer:


Segmentation and Targeting

Target market segments

The marketing segmentation and targeting are effective ways or strategies defined by Canon brand to target specific groups of customers and segment them based on their needs, preferences ad other factors. It is a good aprpaoch to position the brand in the competitive marketplace, furthermore target specific market segments by dividing the targeted markets into multiple groups according to their needs, demands and preferences. This will help Canon brand’s management to determine the attributes of target market groups and segment those according to the geographic differences demographic, psychographic and behavioral (Canon.com.au 2018). During the past, Canon brand faced a major decline in sales revenue, because of which, the demographic segmentation has been done according to the level of income, occupation, lifecycle of an individual. It has allowed for targeting the children, especially the individuals aged between 14 to 18 years, due to which, the specific niche market provides an opportunity to enhance the volumes of sales. The targeted market has been categorized by birthday gifts for those individuals and increased allowances are provided. The young individuals account for $500 billion associated with the household purchasing every year, which has further enabled Canon brand to target this particular market and segment those accordingly (Bamossy and Solomon 2016).    It is a new segment that has been targeted because of the sales decline for the brand during the past few years.

The psychographic segmentation includes targeting the market segments consisting of individuals from both middle class and upper class. The lifestyle choices are made based on the level of education acquired and income level, which creates ease for Cano Brand to deliver products and services accordingly. The behavioral segmentation is based on various factors including the balance between price and quality, status of the potential users of the Canon cameras, rate of usage and utilization of the product during regular and special occasions (Solomon et al. 2014). The EOS DSLR series by Canon brand is a craze among the clients and it has been possible with the segmentation of market properly and by making good quality cameras available at a reasonable price in these segments without compromising on the quality of these products and services. It is thus concluded that the targeted audiences of Canon brand are mainly the point and shoot upgraders and the people who prefer quality and price at the same time while making purchases (Dietrich, Rundle-Thiele and Kubacki 2017).

Description of the business best target customer

The Canon EOS 5D is one of the most popular products in the market when compared to other products by other companies including Nikon D810, Sony Alpha Mirror-less , etc. The Canon brand product is promoted via online advertisements on televisions, newspapers and also through social media marketing, which has also facilitated differentiating between the product and other company products. Thus, the emotional branding strategy is also considered as effective for understanding the brand and differentiates the products from its competitors; furthermore ensure making the right decisions at the right time (Rupp, Kern and Helmig 2014). It has facilitated the formation of a string bond between the business and its clients and this is one of the major causes of drawing more profit and attaining competitive advantage in business as well. The best target customers are the young individuals aged between 14 to 18 years, while the young adults over the age of 18 are also targeted because of their extreme interest in photography and capturing videos.

The customer profile is based on their needs and preferences for that particular Canon product that they purchase and how it can fulfill their demands and expectations. The EOS range users are more prominent nowadays, as the EOS services include the most of modern features available at a reasonable price range. The new camera introduced in the market by Canon brand is aimed to target the market segments consisting of customers with preference for higher mega pixel, good focus and aperture range and even the mirror less system (Armstrong et al. 2014). The mirror-less lens available at reasonable prices provide exceptional quality images, which makes it easy for Canon brand to target the best customer groups by providing lenses of 35 mm for street shooting, good focal length in the APS-C mirror-less system. The customers’ preferences also include good quality lens present in the camera that can offer great bokeh effect, corner sharpness along with faster shutter speed at nearly f 1.8, faster autofocus, rich and vibrant colors too (Canon.com.au 2018). The company has made the products available for this particular market segment that prefers all these qualities in the camera and can definitely allow them to push beyond boundaries while capturing beautiful photos with ease and effectiveness.

References

Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.

Bamossy, G.J. and Solomon, M.R., 2016. Consumer behaviour: A European perspective. Pearson Education.

Canon.com.au. (2018). Canon Australia - Cameras, Printers & Multifunction Devices. [online] Available at: https://www.canon.com.au/ [Accessed 8 Nov. 2018].

Dietrich, T., Rundle-Thiele, S. and Kubacki, K., 2017. Segmentation in Social Marketing (Vol. 1). Singapore: Springer.

Rupp, C., Kern, S. and Helmig, B., 2014. Segmenting nonprofit stakeholders to enable successful relationship marketing: A review. International Journal of Nonprofit and Voluntary Sector Marketing, 19(2), pp.76-91.

Solomon, M.R., Dahl, D.W., White, K., Zaichkowsky, J.L. and Polegato, R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). London: Pearson.

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