Efficient and prompt entry of Standard Eco- Shack into the New Zealand market will require a comprehensive and rigorous market and consumer segmentation.
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Market segmentation is a strategy used by businesses to ensure that the company’s products are directed towards appropriate customers. In this regard, it will be necessary to investigate the customer’s needs so as to ensure that the products are fashioned depending on the needs.
Marketing Standard Eco- Shack effectively will require the segmentation of the New Zealand market.
The customers will be segmented appropriately depending on the benefits anticipated, how muchthe they will be able to pay, quantities bought, media, and the place and time when the products will be purchased.
There will be psychographic, behavioral, demographic, and geographical marketing (Steenkamp and TerHofstede, 2002).
As far as Solution Eco- Shark is concerned, customers will be segmented based on their similarities. Moreover, there will be a keen focus on the dimensions that will be exceptionally vital for the business.
Some of the dimensions will include customer profitability, preference for particular channels, customer requirements, and desire for particular product features. In this regard, the marketing department will have a key role in deciding the foundation of customer segmentation.
Segmentation will be based on several objectives.
Some of the objectives will include the effective marketing of Solution Eco- Shark, development of unique marketing communications, creation of exceptional retention and customer servicing strategies, and implementation of multi-channel processes.
Solution Eco- Shark will be branded in a manner that will promote the organization’s identity. Exceptional brand identity will be created in the customers’ minds.
Effective branding and positioning will ensure that Solution Eco- Shark will be differentiated from other similar products (Smagalla, 2004).
Creating strong brands will require time, consistency, and sufficient resources. Hence, the brand will be improved overtime. Branding will entail positioning the services and products depending on the needs of the customers. Cost- based pricing will be a key consideration.
Eco- Shack will utilize demographic segmentation adequately since it is used mostly when segmenting markets. Moreover, it is easily measurable and closely related to the customer’s demands. Several features at Eco-Shack will promote behavior segmentation.
It is anticipated that purchases will be based on the utilization of products, attitudes, and reaction to products. Considering that a majority of the people in New Zealand reside along highways and down towns, geographical segmentation will be most effective.
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It is worth emphasizing that understanding the geographical segmentation will bring huge benefits to the company. Psychographic segmentation will also be used to divide potential customers based on their social class, way of life, and personality characteristics.
Eco-Shack fits perfectly in regard to New Zealand’s market segmentation. This is attributed to the fact that New Zealand receives many tourists, which enhances the gross domestic product. Eco-Shack will be a major strategy through which the tourism industry will be transformed.
The business will be vital in preserving national heritage and growing the economy (Banker and Hansen, 2002).
Eco- Shacks are user and environmental friendly. As stated earlier, Eco-Shack will contribute hugely to the tourism industry. In addition, tourism has a great concern for protecting the environment. Eco-Shacks are durable, mobile, reusable and their construction adheres to building regulations.
It will be necessary to advertise Eco- Shacks on the homepages of tourism companies. Cost-based pricing will be the most efficient for Eco-Shacks as it will promote the achievement of the targeted profits after deduction of the delivery and production costs.
Banker, RD & Hansen, SC 2002,“The adequacy of full-cost-based pricing heuristics”, Journal of Management Accounting Research, vol. 14 no. 1, pp. 33-58.
Smagalla, D 2004, “Does Promotion Pricing Grow Future Business?” MIT Sloan Management Review, vol. 45 no. 4, pp. 9-21.
Steenkamp, JB &Ter, F 2002,“International market segmentation: issues and perspectives”,International Journal of Research in Marketing, vol. 19 no. 3, pp. 185-213.