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Samsung Target Market And Segmentation Market segmentation : Market segmentation is the technique through which company tries to understand the target market and target customers . Segmentation is very necessary to recognize the customer differences as different characteristics are associated with each consumer response. On the basis of the target market and target customers a company tries to position its brand for the target market. The major segmentation variables are – geographic, demographic, psychographic and behavioural segmentation. Geographic SegmentationNation or country: INDIA City or metro size: -Tier 1 cities - Tier 2 cities Density: Urban & Suburban Demographic Segmentation– Age:- 18 + Family size :- 1-2, 3-4, 5+ members Gender: Male & Female both Income :- 25000+ and upper
Social class: Upper middle class, Upper class. Psychographic Life style – sports oriented, enthusiastic, Personality- Gregarious, Outgoing, Ambitious Behavioral Segmentation –
Loyalty status –Medium , Strong Benefits- Quality, Service Readiness stage- Aware , Interested, Desirous ,Intending to buy
Three most important competitors brands: The three most important competitor brands of SAMSUNG LCD TV are listed herein under: Sony, L.G & Videocon.
Sony is a Japanese company, its headquarters at Minato, Tokyo, Japan. It is World’s fifth largest media conglomerate. The size and the scope of the company is almost unmanigible. The company name was changed to Sony Corporation in January, 1958. The products under this company are electronics, product for the consumer and professional markets.
LG Electronics is a second largest conglomerate Korean company, its headquarters at Yeouido, Seoul, South Korea. It was originally established in 1958 as GoldStar, produced Korea’s 1st Radio, TVs, Refrigerators, Washing machines and ACs. In 1995, LG group was a merger of two Korean companies, Lucky and GoldStar, and became LG Electronics. LG was the first Korean company to enter the plastic market, The products under this company are electronics, chemical and telecommunication.
Videocon is an India-based, its headquarters at Aurangabad, Maharashtra, India. Company originally founded in 1986 as Adhigam Trading Private Limited in Gujarat but in 1991 the name of the company was changed to Videocon Leasing and
Industrial Finance Private Limited but in same year the “Private” word was deleted due to a resolution. The name of the company was again changed to Videocon Industries Limited by a resolution in 2003. The company is primarily into manufacturing & distribution of electronics products.
The three most important tangible features that customers use to decide which brand to use: Price - Price is one of the highly considered tangible features that customer use to decide which brand they should use. As we know that price is the factor which sometimes becomes very critical to decide which brand to use , many of the times customers try to evaluate by themselves the benefit versus price analysis and on that basis they decide that which brand fits in their budget
Style- Style describes the product’s look and feel to the buyer. Style has the advantage of creating distinctiveness that is difficult to copy. On the negative side , strong style does not always mean high performance, before buying a lcd TV a customer pays attention its style too and tries to compare the different brand on style basis also and if talk about the LCD tv market in India Sony has positioned itself on the strong style front in the market.
Features- Feature of the particular model of the brands do value a lot at the time when a customers consider the brand for the use. Most products can be offered with varying features that supplement it’s basic function. A company can identify and select appropriate new features by surveying recent buyers and then calculating customer value versus company cost for each potential feature, how long it would take to introduce each feature, and whether competitors can easily copy it .In the present Indian lcd tv market feature wise Samsung is giving a satisfying combo of features ,price & quality. Samsung is the market leader in the LCD TV market in India and being a market leader it becomes Samsungs need to innovate new ways to woo the customer each time. While buying a LCD TV for home a customers do compare the features of the different brands in the same price range. Therefore its very clear that brand features are one important aspect which is considered at the time customer go for a brand.
The three most important intangible features that customers use to decide which brand to use: 1. Aesthetics. What glistens, glows, and takes the consumer’s breath away-sells. People appreciate beauty in all aspects of their lives, and the aesthetics of a product are an integral benefit. HarleyDavidson bikes sell more because people perceive them as works of art than because of economic advantages. 2. Distinctiveness. Distinctiveness is the next intangible features which customer use to decide which brand to use because people enjoy standing out from the crowd and prefer products that represent being outside the mainstream. Products that can be positioned as countercultural, within acceptable limits, are generally successful in markets.
3. Reliability. Reliability, though tied to safety and service, is an independent factor. A product or service that performs consistently is reliable. Reliability is one of the things that consumers take into consideration when judging products and services. For example, imagine a company that makes TVs, some that last five years and some that 8 years or more than. Then imagine a company that makes TVs that all last only five years . The second company would be perceived as more reliable, even though none of its televisions eight years.
Brand image for the chosen brand and each of its closest competitors.
Brand Image needed for proper Segmentation:“A brand is a complex symbol. It is the intangible sum of a product’s attributes, its name, packaging and price, its history, reputation and the way it’s advertise. A brand is also defined by consumer’s impression of people who use it, as well as their own experience.”--
Aaker’s Model Extende d Core
BRAND IMAGE OF SAMSUNG LCD TV Korean Samsung’s
brand perception in minds of its consumers is very Basic need
stylish, great features and high quality . Everything from the liquid crystals used all the way to the glass in the panel reflects a certain level of quality. Samsung has
been the world's most popular consumer electronics brand since 2005 and is the best-known South Korean brand in the world. Samsung the approach is holistic, reaching the world customer. It created its branding in multiple ways, ranging from traditional adds to billboards, racing, Olympics games, cricket matches, marathons, in short wherever it saw the crowd, it communicated Samsung has positioned itself as a leader of innovation with affordable price.
Samsung: Kapferer’s Prism Personality: Stylish, sensational and modern.
Physiques: Young, Vibrant, Quality, Ultra Clear Panel.
Relationship: Trusted, First Preference.
Reflection: - Less Layered Image, Revolutionary in Design.
Kapferer’s Prism of Samsung
Culture: International, Credible, Energy Efficient.
Self-Image: - Inspired by Art, Premium Entertainment, advanced technology.