The consumers normally consider different elements of marketing mix when making purchasing decisions of a product. The main elements of the marketing mix that are important in the buying process of consumers include the product, price, promotion, and place ( Baker, 2014) . Due to this, the marketers normally identify the market segment when developing their product. Besides, they design the products to suit the needs of the targeted market ( Huang & Sarigöllü, 2014) . The table below shows the market segment of various versions of smartphone together with the description of the four elements of marketing mix.
|
Market Segment |
Product |
Pricing (Strategies and Tactics) |
Place |
Promotion |
Notes |
|
Kids |
Kurio smartphone |
Cost leadership pricing strategy |
Distributors and retail stores |
Print and electronic media |
The target market for children in the smartphone industry is rapidly growing as many kids start using phones at young age. Children attracted by many fetures such as games, internet connectivity and design of the phones |
|
Professionals |
Samsung Galaxy S8 |
Premium price strategy |
Samsung Outlets |
Online marketing strategies |
The professionals need smartphone that they can use to perform some their tasks at any place and time. They are interested in quality and thus price is not an issue to this group of customers |
|
Millenials |
Apple iPhone 8 |
Premium pricing strategy |
Apple Shops and outlets |
Online marketing strategies |
The interest of techno savy group is to posses phones with updated features that they can use to connect with their collegues, surf internet as well install some of their favourite application. They are interested in the current features that are available in the smartphone market |
|
Middle Income Earners |
Sony smartphones |
Competitive pricing |
Sony distributors and retail stores |
Internet, print and television and Radio adverts |
The middle income earners value the price of the product and are likely to purchase the phones that are relatively cheap. They are interested in basi features such as that text messages and calls |
|
Adults |
HTC smartphones |
Relevance pricing strategy |
Retails stores, shops and distributors |
Internet marketing, publications and media |
Although adult population considers the price, the group is interested in the smartphones that are durable and have long batter life, efficient and clear voices as well as the phone that are simple and easy to use |
|
Low Income Earners |
Nokia Lumia Smartphones |
Competitive pricing |
Nokia shops and other retail stores |
Internet marketing, social media and publications |
The concern of low income earner is to purchase the phones that are cheap in the market. This category of customers consider the prices when choosing the phone to purchase |
Delegate your assignment to our experts and they will do the rest.
References
Baker, M. J. (2014). Marketing strategy and management . Palgrave Macmillan.
Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
