Marketing Case Study Example | Topics and Well Written Essays - 2000 words

Marketing - Case Study Example The climbs are segmented as ‘the express climb’, ‘the discovery climb’ and ‘the bridge climb’ (Bridgeclimb, n.d.). While doing so the company has also added many feathers to its cap. One such feat achieved by the company is to get its name enlisted in the Guinness book of world records for making most flags flown on the Sydney Bridge (Worldrecordsacademy, 2008). Market Market plays the most pivotal role for a company to successfully demeanor it business. Market consists of a cluster of users who exhibits some similar requirements and desires. In other words a market is set of possible buyers of a product and service (Allen, Macy & Hutchison, 2009, p.21). Therefore for a company to perform its operation effectively in the market place it needs to segment its intended market appropriately (Croft, 1994, p.1). In the context of Bridge climb Sydney their main market lies with the adventure tourism group. The market also lies with those persons who li ke elevation and high altitudes from the ground but not adventurous. The company also has its market scattered all over the world, as visitors from different part of the world arrives to experience it. Segmentation Market segmentation can be defined as the way by which the companies segments the market into various subgroups based on the similar characteristics of the consumer (Bose, 2004, p.513). There are many available alternatives for segmenting the market such as geographic segmentation, demographic segmentation and psychographic segmentation among many others. These day’s companies design their goods and services based on the needs of consumers. Therefore marketing segmentation and market targeting is considered as an essential and central element of marketing activities (Kamakura & Wedel, 2000, p.3). The concept of marketing segmentation helps in understanding the needs of consumers more effectively than its competitors. However on the other hand market targeting is ba sed upon the segmentation and its decision to cater to that segment (Clemente, 2002, p.253). Therefore in the context of the company, segmentation can be done on the basis of geography i.e. the location of the consumers. The geographical segmentation can be used for segmenting the tourist from different countries and accordingly offering products and prices for them. The customers which exhibit adventurous and exploration attitudes are one of the major segments of the company. Apart from that bases of segmentation the company can even undergo niche market segmentation strategy for segmenting the market. This will also reduce the number of competitors for the company. Now according to the services offered by the company the segmentation can be regular visitors, adventurous visitors. The company needs to target adventurous travelers who will surely avail the opportunities. For adventurous travelers the company can cater them by offering ‘discovery climb’ and ‘bridge climb’. These ultimate climbs will surely satisfy the needs of those customers. And for targeting the regular visitors the company can make use of ‘express climb’, which is also conducted in a short period. Therefore the market can be segmented into regular and adventurous visitors. Some of the strategies which can be undertaken by the company for targeting adventurous customer group are as follows:- Product Strategy: - A product strategy is a pivotal function of the company. It resides at the heart of a company’