Introduction
Uniqueness of products and services determines to a larger extent its success within the market. Uniqueness in terms of competition makes cable TV providers be more recognized in the market. There is a need for the provider to canvass all other cable TV companies and identify their features, services and other important information required. Aspects such as customer insight, knowledge on market segments, consumer behavior and marketing mix should always be included in any market analysis program.
Gaining a customer insight
Potential clients can be obtained through magazines, television programs, websites and shops where there are high possibilities of meeting potential clients. Business cards can be used in such instances to ensure maintenance of contacts of those willing to be added to mailing lists.
The customer’s contacts are then maintained in mailing list database containing all the necessary information concerning potential customers. The database is then categorized based on the services and products required in the market. Conducting open forums within institutions enables easy communication and relaying information about the services and products provided by the company.
Information about the participants and those willing to receive up-dates are contained within the sign-up sheet, where all participants are encouraged to give their contact information. Further contacts can be obtained through online and offline business directories, telephone white pages and only consider those involved in occupations that directly deals with the company’s products and services (Kotler and Keller, 2007).
Gaining information about the potential customers can be done through direct mailing. The use of direct mail marketing campaign can be well utilized in the case cable TV; it provides faster means of reaching current potential clients. This is done through creation of mailing lists making it easier distribution of correspondence to recipients electronically.
The idea of using the internet in creating targeted mailing lists assists in identification of current and prospective clients. In addition, the processes of gaining consumer insights also involve the use of traditional marketing research studies and online communications which is already discussed.
The overall marketing information collected is then analyzed and developed for the purposes of making necessary adjustments from the consumer perspective. Marketing Information System (MIS) can be used to provide the required procedures helpful in making valuable customer oriented managerial decisions (Kotler and Keller, 2007).
Research required
Gathering customer insight through mail requires thorough survey and research from secondary sources. Secondary and primary data are collected in this case for the purposes of obtaining past and present information from customers. Secondary data would be collected from journals, directories, company’s internal database as well as government statistics on market trends.
The use of commercial online database can also be utilized including the use of web search engines. Primary data would be collected through the use of surveys, interviews, observations and experiments. Observation can be utilized in establishing consumer behavior. In survey, methods such as mail and telephone contacts are used. The information obtained through survey tends to provide descriptive information concerning preferences, buying patterns as well as consumer attitudes.
Description of typical consumer behavior for the selected product
Consumer behavior can be defined as the study of the buying activities and patterns amongst the population. The process incorporates overall activities in which consumers pass through in the process of purchasing any product and also reactions after consumption. The term can be used to best describe all consumer activities related to purchase, use and final disposal of goods and services inclusive of behavioral responses such as emotional responses.
Consumer behaviors can be determined through consumer activities and responses. Consumer responses are centered on emotional, mental behaviors towards goods and their marketing procedures. Emotions are reflections of consumers feelings and moods towards a given products, at times, they are referred to as affective responses.
Then there are those referred to as mental responses involving opinions, attitudes, beliefs as well as intentions surrounding the purchase of certain products and services. Such involves critical evaluation and making crucial judgments that assigns value to a particular product (Kotler and Keller, 2007).
Cable TV has evolved over the years to be one of the most top-rated consumer forms of entertainment. Every major cable network has been involved in the production of several programs on the airwaves. Cable television network is just like other products within the market hence consumers tend not to get enough of it.
One of the questions which keeps rolling from consumer behavior researchers is the reason as to why consumers continually and passionately continue tuning and watching various programs through the cable television. Certain programs tend to satisfy consumers hence keeping them viewing especially older teenagers and young adults which present the highly targeted group of consumers.
Market segmentation and positioning of your product/ service
Market segmentation in this case involves grouping together customers with similar needs, preferences as well as buying. The provider aims at targeting the attractive segments within the market. The analysis involves managerial decisions based on customer needs that require service.
Segmentation provides the opportunity of identifying similar needs within the population hence providing easier means of applying appropriate features and requirements. These are all used as sources of service differentiation. Segmentation is done based on the shared characteristics amongst the customers; these can be based on demographic, geographic, psychographic as well as behavioral segmentation. The figure below shows some market segmentation methods used for products and services.
Selection of the market segment will be followed by the process of target marketing which entails development of positioning for the identified market segment. This will then make it possible development of marketing mix for cable TV provider.
Positioning
Positioning in this case involves Cable Television identifying itself as company manufacturing user-friendly television programs. This calls for adequate publicity through advertisement and other means convenient. Cable TV provider will be identified through the programs it offers and their timing.
This will enable easy differentiation within the customer’s mind hence makes it easier distinguishing the provider’s services from other channels. Position of value will be created amongst the young teenagers and adults who form the largest part of population segment. The attributes of providing interesting programs through clear transmission will demand the attention of consumers. At the same time the Cable TV provider should ensure that their services flow with modernity other than history.
Positioning map below was used to describe best the position of competitors’ services within the market based on the defined attributes. The diagram shows nature of positioning within each market segment. The company’s elements should define the position of cable TV providers within the market.
Cable TV provider will ensure that their products and services are offered at significantly lower cost compared to other competitors. Meanwhile the exceptional efficiency is to be maintained by making the services to be reliable in accordance to consumer needs.
The company will utilize the marketing mix which forms the major key required for implementation of positioning strategy. Cable TTV providers will ensure that there is launching of new service brands within the marketplace and, at the same time, reposition other old brands.
Formulation of marketing mix P’s (Price, Promotion, Product)
Price
Pricing is one of the major factors which Cable TV uses to determine the extent of customer loyalty to the company’s brand compared to other brand names within the same industry. Higher prices tend to turn away clients from identifying with the company’s brand hence makes it difficult accessing the services.
However, Cable TV should adopt new technologies applicable in improving their service capabilities. The company basically uses segmentation pricing as one of the means of reaching customers. The value of cable TV services will be adjusted based customers and locations differences as well as product differences. The services will be priced differently despite the products being of the same cost of production.
Different customers will pay different prices based on customer-segment pricing and, at the same time, owing to different service brands, product-form pricing will be used where the different products are priced differently irrespective of their cost of production. And in using location pricing, the company will charge different prices for various locations.
This method of pricing is applicable since the market of operation can be segmented and under varied degrees of demand. The products and services should satisfy the consumers’ perceived value to ensure customer loyalty (Kotler and Keller, 2007).
Product
Cable TV provider offers service products such programs advertisements, news amongst other services. The services target variety of customers at individual levels and groups ensuring that the benefits and values are promptly delivered. The services are offered as potential products since consumers expect to receive added features and benefits from the provider. Strong brand names shall be used to add value to the services since they are used as means of assuring customers of continuous uniform quality in terms of services.
Promotion
Promotion of cable TV services targets increase in market share which ultimately leads to increase demand for their services. It provides bests means of communication between the service providers and the consumers within the target market. Promotion mix incorporates a number of elements which include advertisement, personal selling, public relations, mailing amongst others. Target markets are reached through integrated means of communication and promotion mix.
The promotion process involves various processes such as identifying the target audience, determining promotion objectives as well as selecting appropriate communication mix. Value added promotions can be utilized in marketing Cable TV provider services. This is because the main element of such service lies in its image.
Conclusion
The provider may gain competitive advantage through the use of one-on-one service provision technique. However, quality improvement of the services as well as favorable pricing contributes most to the success of the brand image within the market. Such elements are good determinants of consumer satisfaction as well as responses. Cable TV providers could utilize time promotion on their programs and services to ensure that the target consumers are adequately served.
Reference
Kotler, P., & Keller, K. (2007). Marketing management. Upper Saddle River, New Jersey: Pearson Publishers