Marketing Management 15 PhiliP Kotler Northwestern University Chapter 5 - Creati

Question

Marketing Management
15
PhiliP Kotler
Northwestern University

Chapter 5 - Creating Long-Term Loyalty Relationships
Chapter 6 - Analyzing Consumer Markets
Chapter 7 - Analyzing Business Markets

Marketing Questions :

Discuss a news item or event that has arisen within the past month that has relevance to this course. Include the following: Topic Date Source which may include, radio, television, newspaper, internet, etc. Summary of the news item Conclusions or commentary about relevance to the content of this course

Explanation / Answer

Topic: Boroline is a heritage Indian brand with a steady market but is considered a ‘traditional’ product. The skin cream market has seen a lot of innovation and Boroline has lost its pre-eminent position in its category as newer brands and product types have fragmented the market into differential use types for different creams.

Skin Care Market Segment:

For the skin care product, following target market segmentation technique helps in conducting secondary research.

Niche marketing type purposely aims a unique segment of the market. For example, in this case of traditional skin care products or services with contemporary competitive products. The key element of any business is its target consumers. Knowing the target customer is a significant effort any business leader will aim for as it far more essential than knowing the presence of a particular product in the market. In our case of Boroline, it is niche market through target segmentation or identification of stakeholder groups… Hence customer segmentation is an essential criterion which means splitting the market into small pockets of consumers with wide range of features, needs & characters that the individual is seeking for… So with the use of market segmentation, organizations classify larger zones to smaller that can be reached easily. Segmenting the market based on the customer need - based on 5 different groups. They are,

An Illustration that explains the Identification of stakeholder groups or target markets:

Skincare products have been popular during seasonal changes viz., climatic conditions based on different geographies. Earlier before global warming became a very prominent phenomenon, they were popular only in specific segments as the skin related problems were under control. However, now the condition of climate change, issues due to global warming, extreme weather conditions etc., has been a major issue across the globe. Even more, there are several different incredible benefits of some of the heritage products that has deep-rooted values in some of the traditional horizons that they wouldn’t have imagined a few years back.

Hence Geographical Segmentation is the aptest segment type that can be used for tailor-made features for the patients with skin problems, allergies, climatic changes, customized products for baby care etc., due to global climatic conditions, the types of services and the intention for which they wanted to create market opportunities. Through this, it helps us in predicting the target area where the patients with skin problems are high.

Conclusion:

By Conducting a survey to the locals of the specific geographical area, specific gender where female use skin products more often than not, locality, cosmetic features etc., with questions pertaining to the current market need, types of skin care products they use, desired features, preventive and corrective needs, beautification needs, attire etc., Life style also plays a very crucial role in choosing selective skin care products, family background, ancestors persuasion on what is right and wrong when it comes to skin care etc., plays a vital role in these secondary research surveys.

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