Brand Management for Conceptual and Methodological Foundations

Question: Discuss about theBrand Management for Conceptual and Methodological Foundations. Answer: Market segmentation Market segmentation is an important aspect for any developing business as depending on the selection of the audience, targeting the audience and production positioning is determined. In case this photo, video and music editing application, the market segmentation should be properly determined as it is a new brand and hence the risk should be minimized in the initial market assessment. According to Wedel and Kamakura (2012), the three basic tricks should be implemented to decide the market segmentation such as customers needs, wants and demands. Hence, to be able to do that, segmentation should be carried out according to the demographics, behavior, geographic and psychographic segmentation. While the demographic segmentations decides the target population depending on the sex, age, family size, occupation, income and race and nationality of the customer, behavioral segmentation used young, old or mature behavior to decide the kind of market they will be targeting (McDonald and Dunbar 2012). In case of INBIZ, the behavioral market segmentation will be used as the prime function of the application is segmented within one age group of the society that uses such mobile application more than any other age group. Target Market For any successful business, it is important to select a target group to which the products will be provided as the demand for the product is higher in that segment. Therefore selection of potential target group for the business determines the target strategy of the organization and determines the success of the product as well (Harms and Schiele 2012). Hence for the INBIZ application, the younger generation, specially the one having interest in music and arts will be targeted as through this application their passion for good music and good art or photography both will be fulfilled. Further, deciding a small section from a large pool of audience will help them to focus on one market segment within a market mix, determining the growth of the business and the product (AghDaie and Alimardani 2015). This is an important aspect of INBIZ, as it will help to grow the intercommunication skill within the market and the makers of the application will be able to identify the businesses having similar needs that the INBIZ organization hopes to serve the customers. Further knowing the target population prior to production will help the authorities to decide the resources according to the need of the application (Harms and Schiele 2012). Competitive analysis Analysis of the market competition is another aspect of determining the market preferences and target audience. A detailed assessment of the market competitors strength weakness and the own companies opportunities and threats provide the business with an opportunity to develop their marketing skills and production to take an edge against their competitors (Chen 2014). In case of this INBIZ editing application, the developers should be aware of the market competitors as here are several other music and video editing applications are present within the market having a strong user base (Wedel and Kamakura 2012). Hence, using their competitors weaknesses, the INBIZ can grow their user base within the target market. References Aghdaie, M.H. and Alimardani, M., 2015. Target market selection based on market segment evaluation: a multiple attribute decision making approach.International Journal of Operational Research,24(3), pp.262-278. Chen, K.Y., 2014. Improving importance-performance analysis: The role of the zone of tolerance and competitor performance. The case of Taiwan's hot spring hotels.Tourism Management,40, pp.260-272. Harms, R. and Schiele, H., 2012. Antecedents and consequences of effectuation and causation in the international new venture creation process.Journal of international entrepreneurship,10(2), pp.95-116. McDonald, M. and Dunbar, I., 2012.Market segmentation: How to do it and how to profit from it. John Wiley Sons. McDonald, M. and Dunbar, I., 2012.Market segmentation: How to do it and how to profit from it, 4th edn, pp. 47-143, John Wiley Sons. Wedel, M. and Kamakura, W.A., 2012.Market segmentation: Conceptual and methodological foundations(Vol. 8).2nd edn, pp 134-178, Springer Science Business Media.