Assessment 1 Research report NAME: SIMRAT KAUR UNIT ID: MKT502 STUDENT ID: 285518 LOCATION: MELBOURNE Executive Summary This report is an analysis and evaluative presentation of the different aspects of the marketing that have been considered in case of Darwin Symphony Orchestra and as such it is important to bring into consideration the market segmentation and the targeting approaches that have been implemented, along with this the major focus has been on the potential segmentation and targeting that the organization will adopt as far as the DSO is considered. All the concepts have been discussed in relevance to the B2B and the B2C scenario considered for the market of DSO, at last the customer decision making process in relation to the positioning has been taken followed by the conclusion. Introduction For a business to grow the most important aspect is about understanding the clients and the markets where the business operates, the main theme of the concept is to take into consideration the study and the analysis of the markets that is to be done to identify the potential business opportunities for the business, in this case the potential market analysis of the DSO (Darwin symphony orchestra) has been considered (Obloj and Zemsky, 2015). About Darwin Symphony Orchestra The 27-year-old organization is one of the best orchestra in Australia as it comprises of the best of the people from the music industry that are volunteering working together for a cause and as such this is a non-profit organization that has been conducting different types of programs in relation to music (Abd. Rahman, Bennett and Sohal, 2009). This orchestra has been framed from the people from Darwin and the services are meant to make collections for the welfare of the community as a whole. The orchestra delivers diversity in its music with strong connection to the cultural values of Australia and there are about 65 volunteer members that are a part of this community group (Sancha et al., 2016). Process of Segmentation/ Targeting: Segmentation and targeting are indeed the important components of the marketing process and needs to be done before finally offering the products or services in the market, the following needs to be discussed in this regard- Defining Segmentation: Segmentation might be defined as the process of identifying the different customer groups and then finally dividing the market into different groups that have some characteristic in common. Segmentation is the process that comes before targeting and helps the business to identify who all are the potential customers that needs to be looked after. Importance of Segmentation Segmentation helps the business to be more particular about the different segments that the business aims to hit in order to attain its objectives. Segmentation also helps to know the customers in a better manner and thus by profiling the customers, customer groups could be defined with similar characteristics. Defining Targeting Targeting is the next step to be performed after the segmentation process and involves the creation of the specific strategies as per the characteristics of the segments that have been defined, so this all about identifying the best segment among the available options (Henry Xie, Suh and Kwon, 2010). Importance of Targeting Targeting is very important and it helps in identifying the particular segments that needs to be aimed in order to look in for the marketing of the product/ service (Krause and Ellram, 2014). Targeting helps in identifying the way that will take the least resources and give maximum output in terms of marketing. Relevance of segmentation and targeting to B2C and B2B marketing Segmentation and targeting are important while considering the B2C and the B2B marketing environment as the segmentation helps in identifying the different segments in which the market could be divided and the targeting looks in for the identification and analysis of the segments in order to identify the particular segment that needs to be aimed for the same (Hawtin, 2016). Strategic orientation of DSO DSO has been focusing on being diverse and being connected with the culture of Australia and to entertain the community with the artistic excellence and to increase the funding for DSO both from the federal as well as Northern territory bodies, so that the organization could leave an impact on the community and to consider the expansion of the educational projects started by the organization to the other parts of the nation. Evaluation of the Segments This segment looks in for the identification of the different segment in the B2B and the B2C business environment, this evaluation is necessary in order to understand the better segment for the business. B2Bmarket segmentation B2B looks in for the evaluation of the segments on the basis of the channels that have been adopted as far as the distribution of the services is considered. Behavioral segmentation This segmentation defines the segmentation or the profiling of the customers on the basis of the behavior. The behavioral approach is a combination of the purchase occasions and the usage and the customer type that has been accounted in the same. At present DSO, has been partnering with the educational institutes and has been considering the programs that have been designed for the student community. This forms the usage as a part of the segmentation. Potential segment As a part of this segmentation approach DSO could look in for partnering with the channel partners that are a part of the entertainment industry, in this segment DSO will have to partner with the music channels and this will help DSO to broadcast their shows on national television and thus this could be one of the best B2B segment that could be considered. Psychographic segmentation Personality and lifestyle are some of the common characteristics that are considered for the psychographic segmentation. Presently DSO looks in for the association with the corporates as far as B2B orientation is considered and the main aim for the same is to reach a distinct segment that could be used for growth in the B2B context. Potential Segment The potential segment in this case could be association with agents that are basically the professional people that have established set of network and could arrange event hosting for DSO on commission basis or profit sharing basis, this is a B2B channel and could help the business in expansion across the local territory. B2C market segmentation This segmentation will help the business to understand the direct communication with the clients that will consume the services offered by DSO. The following segmentation criteria will be considered in this segmentation (Prince et al., 2016). Behavioral segmentation Considering the present segmentation of the customers, it could be understood that DSO has been applying segmentation on the basis of the customer type that has to be focused. The Kids classic- play me a story is a 45-minute show that has been created taking into consideration the interest of the small kids and even the adults would enjoy the show (Sumo et al., 2016). So, this is one of the major segment that is being focused by DSO at present. Potential segment The potential segment in case of the B2C segment could be the arrangement of the shows in the community hall, once every month, this could be related to some specific segment that is related to the current issue that relates to the culture. Psychographic segmentation This segmentation approach will help to identify the customers on the basis of the lifestyle approach of the people. At present DSO, has been focusing on organizing shows that are meant to entertain the people, the show bookings are done in advance and the ticket rates are very economical. Potential The potential segment in this case could be the people who are music lovers and love to listen the music of the old times, the targeted age group for this show will be old people of more than 55 years and the music played in the concert will be of the early 1940” s, so in actual it will be associating with the childhood memory of the people in their 50’s or 60’s. So, this will be a niche that could be targeted in future too in order to gain maximum. Targeting This is the post segmentation process that looks in for the identification of the best segment that needs to be hit in order to get the best returns for the investment made, the following will be considered as the targets as far as B2B and the B2C market is considered- B2Btarget The best target in terms of B2B target will be the associations with the channel partners in the entertainment industry, where DSO could look in for enhancement of the business, the following are the features that makes this domain as one of the best for the growth of the business Identification of the specific niche These are the specific factors that define the features of being associated with the channel partners and showcase the shows on air- Distinctiveness- This segment is different from all the present segments that the organization is considering at present and apart from this it is different from the traditional approach. Size- The size of the film and the entertainment industry in Australia could be understood from the fact that it contributes about $5.8 billion to the Australian economy as a whole. The subscription of the pay TV grew by about 8% in the year 2013 and the market is still on an expansion mode. Measurability- The success of the show being showcased on the television is measurable in terms of TRP and as such more the people watch a program, higher will be the TRP. Stability- Television as a media has a lot of scope and is supposed to grow in the near future too as this is the most approachable niche when it comes to home viewing (Bildsten, 2014). Match of the niche with strategic objectives of DSO This niche will help the organization to spread across Australia in a better manner and will offer the diversity to the people in terms of the services that are related to the music. This platform will help the organization take a leap in the future in terms of promoting the business across the national boundaries too. Buyer behavior concepts The buyer behavior in case of this B2B domain are different and it includes the passing of the rights to broadcast and also use of the content in order to broadcast advertisements during the show that will be conducted, the buyer behavior in the b2b relation will be limited to the right to use the specific content for the overall growth of the channel, the need identification in this case comes out to be understanding the needs of the b2b buyers, which is basically getting a platform that could attract higher number of audience and retain them for longer period of time. B2C target This on the other hand looks in to target the direct customers for the business, so that the business could also build up direct connections with the customers and look in for the growth of the business. Identification of the specific niche Music is a natural phenomenon and is loved by every individual, however the taste and preference of the individuals could vary from one person to the other, under this segment the organization would be looking further to create music that is distinct for the different age groups, so this segment will be based upon the difference in the age group and will be focusing people of more than 55 years of age, the presentation will be music from the old times that will revive the past and re connect the same with the cultural values of the nation. Distinctiveness- This market will be unique in its own way; the main feature of distinctiveness will be the age group for which this targeting will be done and the revival of the old music in order to present it especially for the music lovers. Size- As in the year 2004, the total population of Australia was 20 million with every third person being more than 50 years of age and by 2051 every single person out of two will be more than 50 years of age. Measurability- The segment is measurable in terms of size and the reachability, the shows will be designed specifically for the targeted audience and the results could be measurable in this case. Stability- The music that will be particularly showcased in this case will be related to the old times and as such there is a lot of favoring among the people for the old music, so this will be liked by the people accordingly. Match of the niche with strategic objectives of DSO DSO has been creating and composing music for all the age groups and even in this case DSO will be creating content that will be focused towards specific age group. So DSO aims to serve all the segments of the community and this is the reason that along with the kids section, this new segment will add to the diversity of the offerings and will help the business to be distinct and special with its music offerings. Buyer behavior concepts As far as the buyer behavior in the case of B2C market is considered, it involves less time being consumed as the buyers are distinct and different as far as their approach towards their work is considered, the decision making in the B2C market is not much professional and is more based upon the instinct of the individuals. Positioning and customer behavior After the process of segmentation and targeting, the next step is positioning, which basically refers to the creation of special and unique impression in the minds of the customers so that a set of attributes and values could be associated with the brand over the long run? In order to position the product or service, it is firstly important to understand the customer behavior, the customer behavior is based upon the type of buying decision, since buying tickets at DSO will not cost much and apart from this the earning goes to the charity, so eventually if the experience with the band is good an individual not think much to go for a re purchase decision. Conclusion So overall it could be concluded that DSO has been looking in for expansion of the business across the different segments and as such this analysis about the segment evaluation will help the business to get into better business related growth opportunities. REFERENCES: Abd. Rahman, A, Bennett, D, & Sohal, A 2009, 'Transaction attributes and buyer-supplier relationships in AMT acquisition and implementation: the case of Malaysia', International Journal Of Production Research, 47, 9, pp. 2257-2278, Business Source Premier, EBSCOhost, viewed 7 April 2017. 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