Market segmentation
Tracy’s business consultancy company requires an understanding of the target market needs. In this respect, a feasibility analysis of the market segmentation is required. This will entail understanding the general market, diverse customer needs, and implementation of different marketing strategies. First, Tracy must define the objective of the market segmentation. The objective should be based on the product or service in question. Therefore, Tracy requires using marketing research methodology, preferably qualitative research on trade and marketing information. The qualitative research should focus on secondary information by experts on market issues and information on the respective business industry (Lamb, 2012). A demographic analysis on the market should precede a psychographic analysis of the market customers. The above analysis in market segmentation should give a foundation for strategies needed for different market segments (Lamb, 2012).
Selection of target market
To select the target market, Tracy should first define the marketing goals of the business. According to Lamb (2012), this should be followed by an understanding and analysis of the customers’ behaviors. Other important factors to consider in the desired target market include age, income, and buying behaviors of the customers. Tracy should also consider factors such as education level, gender, and social status of customers within a certain market segment. This analysis gives relevant information required while determining marketing strategies for the target market (Lamb, 2012).
Developing a positioning strategy
According to Sengupta (2005), product or service positioning is critical in gaining a market share. In this respect, Tracy is supposed to understand the needs of the market. This requires thorough market research. Availability of resources is another factor that determines how well a company conducts its product or service positioning (Sengupta, 2005). Such resources include capital, marketing tools, and human resource. Brand management is a key factor in developing a positioning strategy. In this respect, branding techniques such as events and other marketing programs can be essential in developing a positioning strategy. Finally, Tracy can utilize the ideas of other staff members in the company in having diverse ideas required in developing a positioning strategy.
Building a brand concept
Branding of the company’s products and services is a pre-requisite in marketing (Riesenbeck & Perry, 2009). According to Riesenbeck & Perry (2009), a brand image is preceded by identifying a target audience. After identifying the company’s audience, marketing strategies that are appealing and captures consumers’ attention are established. Consistency in gaining consumers’ attention is required. This is done through consistent advertising, marketing campaigns, and programs. Sometimes, concentration on certain product features is recommended in building a solid brand name. Finally, reinforcement mechanisms such as incentives and employee orientations are significant in reinforcing a brand image.
References
Lamb, W., C. (2012). Marketing. Boston, MA: Cengage Learning.
Riesenbeck, H. & Perry, J. (2009). Power brands: Measuring, making, and managing brand success. Hoboken, NJ; John Wiley & Sons.
Sengupta, S. (2005). Brand positioning: Strategies for competitive advantage. New Delhi, ND: Tata McGraw-Hill Education.