WAGOGA Company Recommendation report
In that case, the Company will segment the consumer market in regards to the Company’s target market, for instance, as per geographics, demographics, psychographics, socioeconomics, behavior and benefits of their consumers. The bases for market segmentation will help WSagoga Company in the division of its’ potential customers into sets with common needs and wants. Besides, the market segments will assist the firm in focusing on a specific group of customers to meet their needs and receive high returns instead of aiming at satisfying the needs and wants of a broad market with varied demands and desires. Geographics The geographic segmentation of Wagoga Company will target Singapore geographical location with an aim of attracting customers living there since the basis of the segmentation is that people occupying one place have similar purchasing habits (Lee et al, 2011).
Besides, the exotic plants product is meant to spread across numerous customers according to the needs of a particular area. This is because majority of the residents in Singapore are 10-60 years old and they tend to have similar purchasing needs and habits, thus, the segmentation will cater for the needs and wants of the large population effectively (Blattberg et al, 2010). Besides, a number of the potential customers in Singapore consists of lower and middle class residents, such as managers, with an integrated community and varied professional prominence (Solomon et al, 2014). The average income of a person living in Singapore is an estimate of $50,000. The economic analysis of income among the residents of Singapore helps in categorizing the market needs of the area by establishing the consumer behavioral needs of the place such as the product utilization and the potential growth rate of exotic and gourmet produce.
Further, the company’s target to meet the needs of the diverse community in Singapore since the consuming behavior of customers tends to be influenced much by their demographics (Quek, 2016). This will enable the company to expand extensively in Singapore by understanding the product involvement levels across the area, the brand loyalty level alongside establishing the dominant consumer needs and behavior. Benefits According to Lee (2011), the aspect of benefit segmentation divides the target market on the basis of the alleged value, help or use of the product by the consumers (Lee et al, 2011). Some of the perceived benefits of the exotic and gourment produce by the consumers is for healing purposes and it provides customers with a healthier choice. In this case, the product will meet the requirements and needs of the Singapore residents since majority of the potential customers are the youth and the middle-aged group.
Marketing Mix Strategy Marketing mix entails a set of regulatory and tactical marketing tools and approaches that Wagoga Company will embrace in generating the anticipated response from its target market. This will enable the company to meet the needs and demands of the first consumers and then moderately lower the price to cater for a different more price-sensitive segment. Besides, according to an annual report of 2016 by the World Bank, the Gross Domestic Product (GDP) of Singapore was estimated 297 billion USD (Terpstra et al, 2012), which implies that the region is suitably good to attract more potential customers with the premium based pricing strategy due to its expansive economic growth rate. Distribution Mix Strategy The distribution strategy of Wagoga Company will focus on setting up proper channels, transportation, coverage and logistics to ensure its product is made available and convenient for purchase to its customers.
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