Marketing research case study 3
Marketing Research 3
MАRKЕTING RЕSЕАRСH САSЕ STUDY 3
The Name of the School (University)
The City and State where it is located
Marketing Rеsеаrсh Саsе Study 3
The first concept needed to market any machine is understanding market positioning while making sure that there is the element of surprise. Clients also need to know that while they understand exactly their product entails, they are always welcome to the idea of being surprised with a new feature on their products (Murphy, 2010). Such is the concept that Lazlo and his new partner understood hence aimed to make that a reality. They need to devise new ways to handle their product without losing its meaning and relevance. Lazlo had carefully studied the market and had seen a gap in the product quality and thought to maximize the opportunity and introduce his product.
To correctly understand a market, it is relevant to comprehend the major concepts that surround the market. The market that needs to be studied in this research is Brazil. Brazil is one of the biggest markets in South America with over 100 million as its citizens (Luchs et al., 2010). Notably so, one of the best strategies to consider is understanding that with such a huge population, product demand will be at an all-time high pending the reasons why market researchers need to identify a gap market and make use of it.
The 1990s saw the Brazil inflation go to an all-time high and the government needed to develop new ways of ensuring that there is a plan to handle the increase. On the other hand, the Brazil market was fast losing market despite the program that was re-established to address the crisis (Luchs et al., 2010). On the other side, it is reasonable to understand that each market changes and having policies that are adaptable to the new regime are crucial to making sure that new organizations wishing to have their products introduced in the market understand the risks involved hence need to plan wisely.
Apparently, Lazlo knew that the Brazil population is subdivided into different classes of people in the society. Each class of people in Brazil has its limits especially considering the economic capability of each. Brazil has a huge population, and while identifying the different skills of each, it is crucial to understand that introducing the market product requires a proper study of the market. Each needs to know that market capability is conversant with individuality (Lovelock, 2011). As such, new business partners agreed that having the best strategies is crucial to understanding that penetrating a new market is a result of having the best application knowledge. The classes were made up of subdivided into five main classes that were relevant to the amount of money earned.
The classes were divided as follows;
Class A- This is the level considered to have the most cash and they are very few considering that they are a few of the population (Murphy, 2010). Lazlo hugely targets this group of people as their market is pretty huge. As such, one of the requirements was having a target market to help identify some of the various ways to penetrate the market.
Class B- This society of members includes the people that have extensive education as well as having some of the biggest assets regarding wealth (Murphy, 2010). Notably, so, each in class B was poised to have wealth. Lazlo also hugely targeted this group of people since it was a favorable market to venture into and get profits.
Class C- Class mainly consisted of people that made up the households. What this means is that class was made of people that have families. As such, the products that they needed were relevant to their family needs (Luchs et al., 2010). Lazlo needs to understand this concept and aim for the best solution or product to offer the people that belonged to Class C. As such, class C was a target and eventually they would need the products that Lazlo was offering.
Class D/E- The two class’s D and E were among the total people that filled a huge population of Brazil. The population was not very well off, and many had to struggle to make ends meet especially if they had any families (Murphy, 2010). Lazlo and his partner saw this as a tickly market and decided to hold off introducing his product to this market especially considering that they needed the essential amenities first.
Another concept that needed to be understood before venturing into a new market is consumer behavior, consumer rate and competitive edge of other markets. Understanding the behavior of other markets is crucial as it helps the entrepreneurs’ understand the market condition and then the best time to launch their product (Lovelock, 2011). Understanding of consumer behavior allows people to understand the best time to launch their product. Another concept has necessary before marketing a product is making sure that prices are about the target population being targeted. About the classes being researched by the entrepreneur the best target market to venture into is class A, B, and C. There are potential customers from class D, but the primary focus should be the above three.
Lovelock, C., 2011. Services marketing: People, technology, strategy. Pearson Education India.
Luchs, M.G., Naylor, R.W., Irwin, J.R. and Raghunathan, R., 2010. The sustainability liability: Potential negative effects of ethicality on product preference. Journal of Marketing, 74(5), pp.18-31.
Murphy, P.E., 2010. Marketing, Ethics of. Wiley Encyclopedia of Management.