Repositioning Target Market Demographics Using U.S. Census Data - Essay Example

? Using the Product or Service You Chose In Assignment Provide a Plan to Reposition This Product or Service to a New Target Market Repositioning Target Market Demographics Using U.S. Census Data Repositioning is the process of involving and executing certain major changes in a particular product for the purpose of competing with other similar products. Moreover, it is considered to be the way of adjusting perceptions regarding own products and that of the competitors in the market context (Trout, & Rivkin, 2009). Compact cassettes are commonly acknowledged as cassette tape and audio cassette that are normally used for recording in terms of audio and playback. It can be stated that the target customers for compact cassettes could be the students as well as the young people who possesses the fascination in listening music. According to the Census Data of the United States, it has been apparently observed that the nation has the highest amount of listeners. On the basis of this significant data, it can be affirmed from a broader perspective that the repositioning of the product especially targeting the listeners like the youths as well as the students along with others fond of listening music would be beneficial. Relating to the aspect of repositioning, certain key dimensions are needed to be implemented that includes understanding company’s’ effort for doing well, discovering the needs of the customers and exploiting organizational strengths for meeting the demands of the customers. Another key dimension can be identified as culture building for focusing on customers as well as market intelligence (Trout, & Rivkin, 2009). From the above observation it can be stated that in order to enter into new market segment, it is required to identify the strengths and weaknesses of the organizations. It can be observed that compact cassettes requires mass reproducing aspects, phonography records as well as prerecording for attracting customers in the global markets. According to the census data belonging to the US, it can be stated that the target market for the product concerning compact cassettes would be the rural areas of the nations wherein the students and the youths among others resides substantially. It has been apparently observed that the population in the rural areas of the US has been estimated to be nearly about 18% and with targeting this particular market, it would be possible to elevate technological advancements particularly in those areas. In accordance with the reports that published by the US Census Data, it can be observed that the value of shipments and annual payrolls is much higher in the US business markets as compared to others in the global context. The products like compact cassettes entering into the target market i.e. the US would have ample scope of generating greater revenues by delivering quality products to the customers (United States Census Bureau, 2011). 2. Type of Research Required for Repositioning Compact Cassettes The marketing research for products of compact cassettes can be identified as current marketing and promotion plan along with distribution of compensation, current customers profile and competitive products review (McGrath Marketing, n.d). In this similar concern, it can be stated that the types of research required for repositioning the product of compact cassettes in the new target market of the US can be identified as conduction of interview with practitioners, assessing the competition in the target market and developing a detailed understanding of the attributes of products. Furthermore, the other sort of research encompassing conduction of primary along with secondary data is also required for establishing a product such as compact cassettes in the target market of the US. It is quite significant that the identification of competitors within the market segment is quite indispensable for repositioning a product in target market. It can also be stated that the conduction of qualitative research is also required for repositioning the product in target markets resulting in delivering a detailed idea about repositioning the product of compact cassettes (Malhotra & Dash, 2009). 3. Methods of Increasing Adoption Rate Rate of adoption is considered as the relative speed through which innovation is adopted from the standpoint of the organizational members in the social system. It is usually measured as a number of people present in a specific organization adopting a new idea for a particular period (Rogers, 2003). In relation to reposition of compact cassettes targeting the business market of the US, one of the methods of increasing adoption rate can be identified as considering the needs of the audiences that could assist the company to maintain greater productivity. Moreover, the other method could be providing greater value to the product after repositioning the product in the target market enabling the customers to use those and avail various advantages of it. Another method that can be considered while repositioning a product is developing the brand as far as possible in order to attract the target customers in the US business market especially the younger generation living in the rural areas. Moreover, it can be stated that with increased promotion and effective market communication, adoption rates of compact cassettes can be raised substantially. Specially mentioning, adoption of new technology in the products would help in attracting customers by a significant level. With regard to the increased adoption rates, the incorporation of new technologies would inculcate in maintaining the operation of business for an organization as well as sustaining its business position in the competitive market (Pannell & Vanclay, 2011). 4. Service Component for Compact Cassettes Service component is considered to be an important aspect for attracting customers while selling a product. The components for compact cassettes in the modern day context can be noted as compact disk players, headphones and portable tape equipments among others. For effective repositioning in the target market of the US, it is always required to understand the demands of the customers along with the strategies adopted by the competitors for selling the products of compact cassettes to larger customer base in the US markets. It has been viewed that the market for this product i.e. compact cassettes is declining considerably due to the accessibility of substitutes similar to the product. Thus, it is quite necessary for an organization while repositioning the products in the US markets to apply and instigate certain strategies in order to raise the sales of the product, i.e. compact cassettes. In this similar concern, establishing a new service component can be regarded as an effective business strategy that can provide new interests in the product (The National Data Book, 1991). 5. Distribution Problems Distribution problems can be considered as one of the important aspect of drawbacks for repositioning the products in different business markets. Problems relating to distribution can be occurred if the partners involved in the distribution procedure are inefficient having detailed knowledge of the products or services. It has been apparently observed in this similar background that the different problems linked with distribution might appear in the form of ineffective allocation of products, delay in delivering the products, inaccurate invoicing and generation of huge gaps in the interrelation between the companies and the distributors. While repositioning a product such as compact cassettes, an organization needs to consider certain important aspects such as identification of customer needs, recognition of competitors’ position in the business market, execution of better marketing strategies, establishment of an efficient and effective distribution channel for supplying quality products at reasonable prices (Linton, 2013). On the basis of the above discussion, it can be affirmed from a broader perspective that the aforementioned problems relating to distribution can be addressed or mitigated by taking certain significant aspects duly into concern. In this similar context, it is required for the management team of the organization to encourage the channel partners linked with the distribution procedure for raising the sales of the product i.e. compact cassettes in the US business market. Moreover, the organization can smoothen the distribution procedure by establishing an explicit communication with the distribution partners (Linton, 2013). Thus, the aforementioned aspects can likely encounter the distribution problems relating to the product of compact cassettes in the business market of the US by a certain degree. References Linton, I. (2013). Marketing & solving channel distribution problems. Retrieved from http://smallbusiness.chron.com/marketing-solving-channel-distribution-problems-20661.html Malhotra, N. K., & Dash, S. (2009). Marketing research: an applied orientation, 5/e. Noida: Dorling Kindersley Pvt. Ltd. McGrath Marketing. (n.d). Product repositioning research. Retrieved from http://www.mcgrathmarketing.com/product_rep_res.htm Pannell, D. J. & Vanclay, F. (2011). Changing land management: adoption of new practices by rural landholders. Australia: Csiro Publishing. Rogers, E.M. (2003). Diffusion of innovations, 5th edition. United States: Simon & Schuster. Trout, J. & Rivkin, S. (2009). Repositioning. New Delhi: Tata McGraw-Hill Education. The National Data Book. (1991). Statistical abstract of the United States. United States: U.S. Government Printing Office. United States Census Bureau. (2011). Industry statistics sampler. Retrieved from http://www.census.gov/econ/industry/geo/g334612.htm Read More