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Strategic Marketing
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Segmentation
The product I have selected is Binga, a state-of-the-art gadget that functions as a smart speaker and utilizes Bing’s voice assistant technology to provide consumers with convenience, entertainment, and information. The production of the product is carried out by Bing Technologies, a subsidiary of Microsoft.
Conducting effective primary research is essential for identifying the target client. The three most effective primary research methodologies for our product are:
Survey instruments and questionnaires: These tools will facilitate the gathering of quantitative data regarding consumer preferences, awareness of smart devices that have the capability of offering a high level of entertainment, and specific features that the customers seek from products such as Binga.
Survey data collection methods provide a substantial capacity to effectively reflect a diverse population. The obtained data provides a more accurate representation of the characteristics of the overall population involved in the study, owing to the typically high response rate of survey participants (Huang & Rust, 2021). Surveys will be effective in gathering data that closely reflects the real characteristics of the target population, as compared to other methods of data collecting.
Among the most crucial ethical issues surrounding the collection of data through surveys are privacy and informed consent from the people.
Focus groups: Focus groups provide qualitative customer behavior, attitude, and perception insights. By exploring their deep emotions and motivations, it is possible to better understand the target audience.
Observation: Observational research involves the systematic observation of consumers in authentic environments to acquire useful data regarding their actual usage patterns (Quesenberry, 2020). This method will allow the identification of prospective requirements or issues that may not be readily evident through surveys alone.
Key ethical considerations encompass securing explicit consent and upholding privacy standards throughout the observation procedure.
Due to the high representativeness of these research methodologies, it is typically easier to find statistically significant results compared to other data collection approaches.
Target Customer and Value Proposition:
Bing, a subsidiary of Microsoft’s Binga device is designed for consumers who are enthusiastic about entertainment through technologically advanced devices such as smart speakers, excited to discover new information for continued enlightenment, and also convenience. The value offer is centered around delivering a comprehensive, convenient, and user-friendly smart speaker. (Rintamäki & Saarijärvi, 2021). Consumers will be entitled to experience sophisticated entertainment from the exceptional audio quality and variety of appealing designs that define Binga smart speakers.
Product Strategy
Bing Technologies’ brand is built on consumer satisfaction sustainability and innovation. The company stands out by offering a product with a high level of quality in both design and performance. The differentiating impact is in the brand’s capacity to emotionally affect consumers, cultivating a feeling of relaxation and enjoyment. Enhanced consumer loyalty is one factor. Brand equity can increase consumer loyalty because people prefer brands they trust. Recurring purchases and consumer resilience may result. Additionally, value is perceived as higher. Brands with strong equity can charge higher costs because consumers value them more (Cakranegara et al., 2022). Since consumers prefer well-known brands, a company with a strong brand can gain an advantage. Consumers choose renowned brands over competitors, which can help the company grow its market share. Brands with high equity often have a good reputation and can provide high-quality products and services, which boosts customer happiness.
Ethical Implications: Bing Technologies strictly adheres to an ethical approach to the development process and life cycle management of its product. The company places a high importance on producing user-friendly products, following ethical production procedures, and employing responsible disposal methods throughout the whole product lifecycle. This devotion not only corresponds with consumer values but also establishes a strategic advantage by fostering trust and cultivating enduring brand loyalty.
Product Positioning Statement: Bing Technologies caters to entertainment-conscious consumers who are looking for a comprehensive and sustainable solution for their enjoyment needs. The existing demand is for smart speakers that are both user-friendly and functionally perfect in providing top-notch entertainment. Product concept: seamless integration of energy-efficient gadgets with cutting-edge technology. The capacity of the device to utilize renewable sources of energy as a source of power that contributes to environmental sustainability and a simple, efficient user interface are points of differentiation.
References
Cakranegara, P. A., Kurniadi, W., Sampe, F., Pangemanan, J., & Yusuf, M. (2022). The Impact Of Goods Product Pricing Strategies On Consumer Purchasing Power: A Review Of The Literature.
Jurnal Ekonomi,
11(03), 1115-1120.
Huang, M. H., & Rust, R. T. (2021). A strategic framework for artificial intelligence in marketing.
Journal of the Academy of Marketing Science,
49, 30-50.
Quesenberry, K. A. (2020).
Social media strategy: Marketing, advertising, and public relations in the consumer revolution. Rowman & Littlefield Publishers.
Rintamäki, T., & Saarijärvi, H. (2021). An integrative framework for managing customer value propositions.
Journal of Business Research,
134, 754-764.
