Marketing Management and Segmentation of the Market - Essay Example

Marketing Management 2,531 words Introduction to the Product The new product that is being presented here is a small magazine that will be delivered after every fortnight with the newspaper and hence will be an important driver of sales for this very newspaper. The magazine is basically targeted towards the youth and would take into consideration the issues that pertain to the matters that youth have within their lives. Since this magazine will be brought out every 15th day, there would be emphasis on highlighting only those points which trigger the responses from the youngsters and the teenagers. The issues that hamper their normal growth patterns and developmental phases would be touched upon in detail within this product. This paper discusses the important facets which are required within the understanding of the final deliverable – the magazine itself (McCalley 1992). The segmentation, targeting and positioning of the product is quintessential towards achieving a clear cut understanding as to what exactly the newspaper is looking forward to in the coming times. In short, there has been an endeavor to balance the strengths of the magazine alongside its grey areas so that the company benefits from the same in the long term scheme of things. Segmentation of the Market The market that is chosen for this product is that of United States of America. The market is comprised of individuals who hail from the middle class segment of the society. This segment of the society basically takes into consideration those people who earn their livelihood through day jobs and hence feed their families in a very hand to mouth approach. They buy newspapers in order to remain abreast of the world situations and events. Similarly, they will be receiving this magazine without any extra cost to their pocket. The market is segmented in such a way that it will cater to the desires of the audience and hence would take care of the needs and wishes of the segment that is being spoken about here. More than anything else, the segmentation is based on the principle of bringing about a major change within the lives of the youngsters by propagating a message of love, peace and understanding that will be inculcated through this new magazine that is a part of the newspaper which their parents have been buying for a long period of time now. Therefore the market would be segmented in such a manner that it brings about a proper divide amongst the masses and allocates the exact individuals who would be targeted with this magazine. The aim of the magazine is to make sure that the people remain in line with their understandings of a proper society and how the same would shape up their futures with the aspirations and comprehensions of the things that surround them (Samli 1995). Selection of Target Market The target market is comprised of those young boys and girls who are in their teenage years and therefore trying their best to get acclimatized with the things that surround their lives. These are the angry young men and women who do not know much about their lives and the issues that surround the very same (Kitchen 2000). There is a general feeling of despair and rivalry within their entireties which takes the better of their own selves with the passing times, hence the need to have a proper outlet where they could take out their frustrations on a proactively consistent basis. The target market is therefore inclined to remain cohesive with the aspirations that they have with regards to the systems and procedures that have been offered to them by the society in essence. The target market of the United States of America is thus comprised of those teenagers and youngsters who are going to schools and colleges and who have a very well-developed comprehension of the systems and procedures of growth and development within their minds. This is an important yardstick for determining the exact basis of their growth that has happened over a period of time and how they have been able to give their very best, both towards their studies as well as the basis of the society in essence (Engelhardt 1997). These young ones are therefore pretty much at ease as far as their peculiar work domains are concerned. They read newspapers and watch television channels to remain abreast of the changing world dynamics and hence to find out about the latest in the world of sports, arts, fashion, technology and so on and so forth. This has made them stand out in a league of their own. It has also enabled the young ones to feel free about their activities and the specific attributes that they do in order to suggest freedom for their own selves. What is more important is the fact that these young ones are pretty wary of the things that are happening on the global front and have thus remained in touch with the changing times more than their ancestors. They know about the latest technological gadgets and the tools that are coming up on the global horizon. Product Differentiation This magazine will be different from other magazines that are available within the local contexts because it is relying primarily on the premise of providing the youth a point of ventilation in terms of their feelings, emotions and pertinent behaviors. The product is comprehensive as it looks to touch upon the salient aspects of the young ones and the teenagers. The magazine aims to have a class of its own, however the only catch that comes about here is that those newspaper readers who are already the target market of the same will be given this magazine and hence some form of missing element seems to be a norm here. What best we can do is to offer the magazine in a separate fashion as well. This could be done through making this magazine available on shelves, counters and at different bookstores within the metropolitans as well as the entire America. The product differentiation phases are important because these manifest the need for having a clear cut projection of the magazine (Bradley 2003). In the time and age of today, it is important to realize that if the magazine does not touch upon the quintessential details of the teenagers and the young ones, then it would be next to impossible to have a product (magazine) which will endeavor to be different in its own right. Hence the product differentiation basis is significant as it brings to light the notion of changing the value hierarchies and related moral systems of the youth. If these elements are not taken into proper consideration, there is enough evidence to suggest that the differentiation basis of the magazine will not be accomplished and hence there would be serious loopholes within the delivery of the same to the intended target audience. Position of the Magazine in Customers’ Minds The magazine is being positioned in such a way that it becomes the benchmark within the related segment of the society. The youth relate with this magazine in order to understand the nuances of their lives and hence have a proper hang of how things shape up as they grow and develop their own selves with the passage of time. What is most essential is to have a proper understanding of the things that happen around them, which could include their day to day dealings, their technological employment in terms of gadgets, inventions and innovations which are coming to the fore with the changing times. The youth is feeling the pinch to remain one step ahead of the time and hence there is an urge to break free and achieve things that have been considered improbable by their forefathers. There is an element of breaking free from the norms that have already been established and the ones which could yet be achieved with the times that are passing by. Therefore the magazine is a reminiscent of the things that shape up within the realms of the teenagers and the grown-ups in such a manner that they feel attached to this deliverable in more ways than one. if this positioning is not done in a proper manner, there could be doubts in the wake of producing and presenting this magazine in the first place, hence all out efforts need to be the order of the day as far as this magazine’s delivery is concerned (Geller 2002). The product is positioned so as to have a proper place within the minds of the customers who are the young ones, even though they do not actually buy the newspaper in the first place but are very important drivers at asking their parents to get a copy of this newspaper so that their favorite magazine could be bought in with the same as well. Hence it will build upon the sales angle of this magazine in entirety which is something that the newspaper can build upon whilst thinking about the long term. The teenagers and the young ones might find it difficult at times to differentiate as to how they could find a separate copy of this magazine if their parents do not purchase the newspaper at all. In such instances, the media mix of the magazine would be developed in such a way that the customers (students, teenagers and basically the young ones) would buy separate copies of this magazine whenever it gets published, usually on a fortnight basis. In essence, positioning of this magazine is the most important thing because it highlights the very basis of its success in the long run. Marketing Objectives The marketing for this magazine will be done in a manner that solicits direct response from the youth. It would enable them to ask for this magazine whenever their parents decide to discontinue the newspaper which essentially brings forward the magazine in the first place. The marketing would essentially be done through understanding the ways and means through which this magazine will be able to deliver its essence. What this means is the fact that the shop outlets, the retail chains and the newspaper hawkers would be given the magazine copies so that they could give it to the intended target audience. It is a fundamental requirement of any magazine to market itself in such a manner that it gets propagated properly so that the intended audience understands what the magazine is saying to them (Applbaum 2004). The marketing objectives can be best met through an effective strategy that aims to pull the customers in a way which appeals to them. If there are stories, articles and contests which have a very appealing feel towards them within the magazine, the customers would essentially feel inclined to buy it so that they could be a part of the magazine culture. This culture is developing in different areas of the world and because of this reason there has been enough publicity that seeks to attract new people with each passing day as well. The magazine culture is one that is thriving on the role that is propagated through the media outlets. Marketing Mix The marketing mix of the magazine would comprise of those avenues which are deemed as the most significant ones. The marketing mix for this magazine would take into account those avenues which would bring in the best possible returns in terms of costs and efficiency would therefore be envisaged with respect to the same whilst keeping in mind the graph of finances for the said newspaper. We can make use of the television commercials for propagating that the newspaper has undertaken an effort on its part to launch the magazine under its umbrella and hence this would be targeted for the sake of the youth who are the torchbearers within any society and not just America alone. Also the radio spots would be taken into consideration whilst deciding the marketing mix for this magazine. Other similar magazines which are not direct competitors of our magazine would be advertised within so that we get the best possible mileage for our magazine in essence (Paley 2006). This would make the youth feel that there is one such magazine that discusses their problems, issues and activities on a consistent basis. The marketing mix needs to be a 360 degree campaign so that all elements are taken into proper consideration and no facet seems missing within the relevant domains. This would touch upon all the important pointers that the newspaper has from the domains of the magazine and how this magazine would be able to deliver is reliant on its long term activities and the short term tactics that have been devised with the passage of time. Cost Issues The magazine would only be deemed as a success when it has achieved the returns that it has invested within its realms. However this might take some time to come because the advertising costs and marketing objectives need to be fulfilled before calling it a success in entirety. The cost issues would be understood in a proper manner if all the cost tangents are kept opposite to one another. This would mean that the costs would be weighed in properly with the objectives that have already been devised and the ones that happen out of the blue (Douglas 2000). The newspaper shall expect a return on its investment that it has done within the magazine realms within a period of 6 months to one year. This is a very feasible period that one can estimate because the costs that are incurred within the wake of taking out this issue would be weighed in properly with the returns that are sought, brought forward by advertising revenues. Also if the circulation of the newspaper increases due to this magazine, then this would also be accounted for as one of the advantage points that are credited on the shoulders of the magazine itself. It is important to analyze these costs beforehand so that the magazine does not function in an area where there are losses everywhere. This is significant towards the long term success domains of the magazine business in essence. Conclusion In the end, there is a need to analyze the good and the bad facets with regards to the feasibility of this magazine. Both the short term measures and the strategic outputs are kept alongside each other to suggest the growth basis for this magazine in the long run. What is most important is to bring out a profit for the sake of the newspaper so that it could be deemed as a successful proposition. All said and done, the role of this magazine within the lives of the youth is something to write home about and it will play an important part in touching their lives so that their betterment could be ensured (Goldberg 1997). The features would represent a wholesome basis of the youth and hence the message will be spread in the most apt way that one can think of. Success would come in when everything is done in a pre-planned way and one should believe that this magazine would be one such successful entity in the coming times. Bibliography APPLBAUM, Kalman. (2004). The Marketing Era: From Professional Practice to Global Provisioning. Routledge BRADLEY, Frank. (2003). Strategic Marketing: In the Customer Driven Organization. Wiley DOUGLAS, Susan. (2000). International Marketing Research. John Wiley & Sons ENGELHARDT, Tom. (1997). Plugging Culture. The Nation, Vol. 265, September 8 GELLER, Lois. (2002). Response: The Complete Guide to Profitable Direct Marketing. 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