Marketing Strategy- SegmentwiseAbc EnterprisesA project submitted for the award of the degree ofMBAByNandini saha & Priya Prajapati(2017-MBA)Under the Supervision ofDr. Piyush sharma(Course: Critical Analysis & System Thinking) BML MUNJAL UNIVERSITYGURGAON-1224132017 ACKNOWLEDGEMENTIt is not possible to prepare a project without the assistance and encouragement of other people. This one is certainly no exception.On the very outset of this report, we would like to extend our sincere and heartfelt obligation towards all the personages who have helped us in the endeavour. Without their active guidance, help, cooperation and encouragement, I would not have headway in the report.
We are extremely grateful and pay my gratitude to Dr. Piyush Sharma, Visiting Faculty of CRITICAL ANALYSIS AND SYSTEMS THINKING, BML MUNJAL UNIVERSITY for his genuine concern, guidance and valuable inputs.Finally, I must express my very profound gratitude to our friends for providing us with unfailing support and continuous encouragement throughout. This accomplishment would not have been possible without them. Thank you.Date- 10th December 2017Place- Gurgaon Priya Prajapati Nandini Saha2nd semester (MBA)ContentsAbstractA business plan for market segmentation of a Startup ABC Enterprise–an online platform that facilitates dialogue (via email and phone) with professional writers from all over India for one to get professionally written articles, essays, blogs, re-writes and more. Segment which we are targeting are :• Students- we are targeting students because they need help with their resume or research papers, we are specifically targeting undergraduate, postgraduate and Phd students.
As we know the education system has upgraded and involvement of projects are now necessary for all students to work on. Through articles on current affairs, politics, subject based or on demand by our customers we would love to provide the service. Resumes should look attractive to get selected by a HR of any company to get a interview call, this plays a important role in recruitment of the student s, so we would be providing our customers a good content as per their qualification or skills etc.• Sme- small and medium enterprises cannot afford high end advertisements , so we could promote their business through online blogs, reviews which would attract customers for them. Good articles which would act in favour of their business would be of great help to them and would aware people . • Corporate professionals- corporates need surveys reports, research papers and data for their company , when they are about to launch new product or service.
This kind of help would be provided by us . we would even help them with write ups on their new products to make people aware. IntroductionCritical thinking, a concept not so easily explained with one simple definition, generally can be interpreted as “the process of applying, analyzing, synthesizing, and/or evaluating information gathered from, or generated by, observation, experience, reflection, reasoning, or communication, as a guide to belief and action. We are doing this project based on our critical thinking. It can be applied in every major and career field marketing is no exception. Without critical thinking, the basics of marketing, promoting and selling products or services, including market research and advertising, could not be accomplished. Marketing is defined as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for costumers, clients, and society at large3.
In my Basic Marketing class, a student’s ability to properly use and understand the concepts of critical thinking in the marketing field are put to the test; usually with practical examples and real-world cases. Critical thinking is a crucial skill. If we cannot successfully learn to predict the wants and needs of consumers, we fail the basics of marketing and we fail the consumers. Critical thinking pushes students to learn how ways to strategically predict future marketing trends and ways to advertise and promote different products.It is said that each buyer is potentially a separate market with unique needs and wants.
Ideally, a seller should design a separate marketing program for each buyer as each client accounts for a significant portion of the company’s business, but most sellers do not find it worthwhile to customize their product for each specific buyer. Instead, the seller looks for broad classes of buyers who differ in their product needs. Now, when a marketer does this he tries to segment the market on certain common basis or divide the market on some common elements . This is known as segmentation. Market segmentation is the sub-division of market into homogenous sub-sections of customers. So a market segment consists of a large identifiable group within a market.
This is generally decided on the basis of their wants, purchasing habits, buying attitudes etc. For eg. An instant shelter company may identify six broad segments: hotels, open air restaurants, clubs, resorts, temporary markets and government agencies. The consumers of a particular segment are assumed to be quite similar in their wants and needs.
Now there is no single way to segment a market. A marketer has to try different segmentation variables, alone and in combination, hoping to find the best way to view the market structure. Here are some variables:1.
Geographic Segmentation: This segmentation refers to the segmentation on the basis of geographical area like continents, nations, countries, states etc.2. Demographic Segmentation: This segmentation consists of dividing the market on the basis of age, gender, income, family cycle, race, etc. They are the most commonly used variables.Psychographics Segmentation: It divides the buyers into different groups based on social class, life styles and personal characteristics4. Behavioural Segmentation: It consists of dividing the market into groups on the basis of their knowledge, attitude, use or response to a product.Objective The main focus in our project work is to apply critical thinking while segmenting the market for our new startup. As being a new entity in market , our enterprise requires proper segmentation to attract customers/consumers who need our services.
Through critically thinking on segmentation we would be able to figure out the areas to be focused on like advertisements, promotion, place etc.BackgroundABC Enterprises –an online platform that facilitates dialogue (via email and phone) with professional writers from all over India for one to get professionally written articles, essays, blogs, re-writes and more. Started on 1st December 2017.
Registered office at Gurgaon with 15 people working on different post like a director, a chairperson, writers, editors, web designer, it personnel, bloggers etc. Vision statement is to help professional being confident individual by saving time and effort. Mission statement is to provide customised solutions. ProcessGetting Started with ABC enterprisesCongratulations! We accept your order, you can submit your requirement according to the criteria mentioned in the website like resume writing, article writing, etc right away, but you’ll have a better chance at getting professional services if you do a few things to help you get started:• Completing the Getting Started Checklist in which you need to create an account with terms and condition applied.• Checking out our different sections of write-up as per your preferences.
• Completing the profile including all your information of background and qualification, which would serve in customers favour as we can customized our services accordingly and is your most powerful tool for getting effective and productive results in terms of our services.GUIDELINES• Learn About Best Prices and Services.• What offers and discounts does ABC Enterprises provides?• Terms of Service• Payroll Service• Client Terms of Service Compliance Notice• ABC Enterprises of Service Compliance Notice• Contact Us for Customer SupportAnsoff matrixAnsoff’s product/market growth matrix suggests that a business’ attempts to grow depend on whether it markets new or existing products in new or existing markets. The output from the Ansoff product/market matrix is a series of suggested growth strategies which set the direction for the business strategy. These are described below:*Market penetration- Market penetration is the name given to a growth strategy where the business focuses on selling existing products into existing markets.*Market development- Market development is the name given to a growth strategy where the business seeks to sell its existing products into new markets.
*Product development- Product development is the name given to a growth strategy where a business aims to introduce new products into existing markets. This strategy may require the development of new competencies and requires the business to develop modified products which can appeal to existing markets. A strategy of product development is particularly suitable for a business where the product needs to be differentiated in order to remain competitive.*Diversification- Diversification is the name given to the growth strategy where a business markets new products in new markets.
This is an inherently more risk strategy because the business is moving into markets in which it has little or no experience. For a business to adopt a diversification strategy, therefore, it must have a clear idea about what it expects to gain from the strategy and an honest assessment of the risks. However, for the right balance between risk and reward, a marketing strategy of diversification can be highly rewarding. According to Ansoff Matrix our enterprise falls under Market penetration.
So to settle up in this market strategies are required, as already there are number of competitors and we have to the unique to successfully survive from the market threat.Maintain or increase the market share , demand of our service – this can be achieved by a combination of competitive pricing strategies, advertising, sales promotion and perhaps more resources dedicated to personal selling Secure dominance of growth marketsRestructure a mature market by driving out competitors; this would require a much more aggressive promotional campaign, supported by a pricing strategy designed to make the market unattractive for competitors Increase usage by new customers – for example by introducing loyalty schemes. As company being a new establishment need to attract new customers, and then retain them . Attracting new customer is very tough but to retain them is very easy. We need to make our customers believe on us and our services. SEGMENTATIONStudents Key Objectives: • Help in regards to Resume Creation, Research Papers and academic articles.• Providing content as per the User’s qualification and Skill.
• Publishing updated articles on current affairs, politics, subject based / on demand by customers.• Being interactive and dynamic • Enabling group work on real world problems • Enabling students to determine their own learning routes • Emphasizing competencies like information literacy to support lifelong learning We shall provide service based on sections i.e.
first through any online information. Second through specialized collections, such as ones for engineers and scientists. Third, through an even more narrow collection of papers, research projects, or other materials that may be class-specific, assigned by professors.
The latter would be similar to traditional reserved materials, but with the digital library, that are available 24/7 to more than one person at a time. We look forward to improve student performance, increase the quantity and quality of comprehensiveness of internet-based educational resource. making these resources easy to discover and retrieve for students and educators, ensuring that these resources are available over time.1. Geographic Segmentation: we are basically targeting the students pursuing undergraduate, post graduate and PHD who needs help with their report, research paper, resume etc as our medium of communication is online so we are targeting the students from all over the world just like any other social services online.2.
Demographic Segmentation: the age group which is targeted by us is between 19 to whatever age one does PHD. Our site is not gender biased it is for both male and female, available across borders, income does not matter as long as they can pay for our services.3. Psychographics Segmentation: As a lot of students are indulge in blogging and writing articles online. So, not always they have time to write something innovative and post online as a result they can use our services.4. Behavioural Segmentation: As per the qualification of the customers the services would be provided.SMEKey Objectives:• Promoting businesses through online blogs, reviews which would attract customers for SME’s• Building Brand reputation and awareness among users• Providing market strategies to SME’s tailoring to their requirements.
We ca provide small/medium enterprises with the strategies to perform sales and marketing processes that were previously available only to large enterprises. Without a call centre, SME’s will now be able to engage effectively with multiple customers, even to customers from any parts of the world even if they don’t have physical stores or branches in those locations. Our platforms looks forward to revolutionize how brands and companies bring their content journeys to life, without traditional technology and resource constraints by delivering content with an immersive customer experience, and driving meaningful results for the brand.1. Geographic Segmentation: we are basically targeting the small and medium scale industry as our medium of communication is online, so we are targeting the SME from all over the world just like any other social services online. 2. Demographic Segmentation: any kind of SME are most welcome on our site as this site is not gender biased it is for both male and female, available across borders, income does not matter as long as they can pay for our services.
Psychographics Segmentation: As a lot of SME’s cannot afford high end advertisements, so we could promote their business through online blogs, reviews which would attract customers for them. Good articles which would act in favour of their business would be of great help to them and would aware people. 4. Behavioural Segmentation: As per the requirement of the SME’s the services would be provided to them.
Corporate ProfessionalsKey Objectives:• Analysing and providing survey reports, research papers and data for their respective company• Product review on new products of the company• Providing write ups on subscribed companies products, performances and reviews.We shall provide self-analysed unbiased reports, research papers and similar data for the companies subscribed to our services, plans ranging from monthly to semi-annually and annually. Providing reviews on new products of the company via posts accessible to all free readers and users of our services, also providing write ups for company products, performances and reviews which shall create a brand awareness among users regarding the company.1. Geographic Segmentation: we are basically targeting the corporate professionals as our medium of communication is online, so we are targeting the SME from all over the world just like any other social services online. 2.
Demographic Segmentation: Any and every age of Corporate professionals are most welcome in our ABC enterprises. Our site is not gender biased it is for both male and female, available across borders, income does not matter as long as they can pay for our services.3. Psychographics Segmentation: Corporates need surveys reports, research papers and data for their company, when they are about to launch new product or service.4. Behavioural Segmentation: As per the requirement of the corporate professionals the services would be provided to them.
Analysing through critical thinkingSegments are chosen in such a way that we could analyse what our customer want from us, what is good for our customers, how well we could provide them services within a shorter time period, how could our services would be delivered, the segments which were chosen are appropriate or not, are they our actual targeted customers. Because if not so , this start-up could be big failure. Mind set of people of way the look their perspective matters a lot in our services, as it is purely customised service. So actually we have tried according to customers way to do things, whatever is to done would be instructed by our customers, so that we could stand upon their requirements. Being new to market our enterprise needs to create brand name and loyal customers, unless we have huge population supporting our brand we could be out of the market easily.S.
W.O.T analysisBeing new to market we performed swot analysis to know the weakness , strengths, opportunity and threat.Strengths • Personnel trained in digitization best practices • Personnel trained in description best practices • Excellent relationship with technical support staff • Interactive and dynamic • Extensive support for students both in person and at distanceWeaknesses• Fragmented library organization and limited staffing restricts ability to maximize resources and enhance services• Limited fund raising• Need to target marketing to age 15-30• SAN server storageOpportunities• Should provide innovative ways of delivering such as virtual tours or subject-specific tutorials that present information for a particular class of professionals.• Adopt and fund retail model for library site allowing online payments, notifications and feed based delivery options• Increase public understanding of available service• Publicize programs through social networking• Use partnerships to leverage resources and garner good willThreats• Google and other professionally writing sites firmly established• Internet Archive, Scribd and Studybay providing the same facilities• Web ResourcesBUSINESS PLANA proper business plan was thought of to implement. 1. To achieve the financial target- One of our main goals should be a financial target.
You obviously want to make more than you are making now, which is why you are starting a content writing company in the first place. Use your latest earning capacity as a benchmark, and double it.2.
Finding the right kind of employeesThis could mean we need to set rates that will attract freelancers to work for us, which clients will find acceptable.3. Market our company as widely as possibleTo promote our website and attract customers like students, sme’s and corporate professionals, who are our initial targets, through social media and other websites we’ll promote our abc enterprises.4. 24/7 services would be provided by us to the customers.5. There would be a helpline number for our customers so that they can reach to us at time and duration.
6. We would provide a feedback a facility for the so that they can feel free and share their good and bad experience with us, and we’ll try to improve accordingly7. Our mission would be to provide quality and productive customers to our customers8. We would try to grow accordingly and increase our target customers and product line.
Conclusion & recommendationFinally I would like to conclude that critically thinking helps in each and every area of work whether being academic, activity etc, without this we cannot analyse anything. We cannot learn thinking but can think in correct direction if provided with information. Market segmentation was done by us critically thinking and analysing the buisness plans and segments.