Consumer analysis is an important part of the market strategy. Every marketing campaign is aimed at consumers. In order to develop an effective marketing strategy it is important to understand the buyers needs and wants attached to a product. In order to understand how the consumers actually make their buying decisions, marketers must identify the motivators and the decision-makers.
The aim of the report is to undertake a thorough analysis of the marketing strategy of the Verizon Wireless. In order to undertake the analysis the secondary data is used. Adding recommendations for the improvement of the marketing practices of the Company has increased the effectiveness and usefulness of report.
The main strategy of the Verizon Wireless is the constant introduction of new ranges of products and services to the customers. Hence the company uses the strategy of product differentiation. The company keeps on innovating new packages fulfilling the demands of all ages from youngsters to adults.
The market share of the Verizon Mobiles has been increased at a tremendous level in 2005 outperforming all its competitors in 2005. The Company has remained innovative from the beginning, which is a key for its success. The Company furthers aims to get the profits from ethics and to build the brand across US.
The purpose of branding is to achieve a market position that will represent a sustainable competitive advantage. Companies are increasingly extending the line of variants available under a given brand, resulting in a family of related offerings. The reason for this is essentially economic and Verizon Wireless has gain many such advantages by successful introducing a range of products.
Product development is ongoing and the company keeps on introducing new packages according to the needs of customers. The latest introduced in September.
The Company has a strong brand name, which can be used as an economic benefit in future but the two important factors should be properly addressed:
1. The benefits from the brand
2. The expectations of the target markets.
Advertising, as a form of social communication, is particularly reflective, and indicative of culture and its norms. To the extent that advertising does reflect cultural differences, and there exist clear differences between distinct cultural patterns, advertising appeals, which are specific approaches advertisers use to communicate how their products will satisfy customer needs (Arens & Bovee, 1994), should manifest such differences across these countries.
Appropriate Market Segments:
The Verizon Wireless has effectively addressed the group of customers between 25-50.
The potential segments, which needed to be addressed, are:
The new customers can be the group of teenagers, which have not been addressed before. This potential group can also play an important role in the expansion of the customer base. Since by satisfying the communication and surfing needs of this group the company can get exposure to the students and teenagers of age group between 15-20. Hence by selecting the group from the target market which have exposure to more masses the no. of addressed individuals can be increased without putting additional