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RUNNING HEAD MARKETING AND PR
Market Segmentation Report
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TABLE OF CONTENTS
TOC o 1-3 h z u HYPERLINK l _Toc30742766 Introduction PAGEREF _Toc30742766 h 3
HYPERLINK l _Toc30742767 Market PAGEREF _Toc30742767 h 3
HYPERLINK l _Toc30742768 Market Size PAGEREF _Toc30742768 h 4
HYPERLINK l _Toc30742769 Key Trends PAGEREF _Toc30742769 h 5
HYPERLINK l _Toc30742770 Product Life Cycle PAGEREF _Toc30742770 h 5
HYPERLINK l _Toc30742771 Competitors PAGEREF _Toc30742771 h 6
HYPERLINK l _Toc30742772 Size of Competitors PAGEREF _Toc30742772 h 6
HYPERLINK l _Toc30742773 Positioning PAGEREF _Toc30742773 h 7
HYPERLINK l _Toc30742774 Segmentation PAGEREF _Toc30742774 h 7
HYPERLINK l _Toc30742775 Demographic Segment PAGEREF _Toc30742775 h 9
HYPERLINK l _Toc30742776 Consumer Decision Making Process PAGEREF _Toc30742776 h 9
HYPERLINK l _Toc30742777 Conclusion PAGEREF _Toc30742777 h 10
HYPERLINK l _Toc30742777 References PAGEREF _Toc30742777 h 12
Market Segmentation Report
Introduction
This report is a market and segmentation report that is aimed to cover the effect of consumer behavior on the marketing strategy. The report does so by analyzing the market of Sydney, Australia. In this, the report covers an in-depth analysis of the consumption patterns of the consumers of the market in the service product category where the Autonomous bus shuttle (Singapore) has been selected as the product. This report mainly reports the market details, competitors analysis, product details, and stage, and put a detailed analysis of the consumers of that particular market and region.
Market
As the Autonomous bus shuttle (Singapore) is planned to be brought to the Australian market and people, it is very important to analyze and study every aspect of the people of Australia as consumers and the country as a market. It means that we should study and analyze regions in Australia where the service will be brought while that destination or place in Australia in Sydney. In short, the Autonomous bus shuttle (Singapore) would be brought to Sydney, Australia for which the people and market place of Sydney would be analyzed properly.
To do so, we must analyze and know the size of the market of the destination, key trends in the market, and the position of our bus service in the product life cycle. Hence each of the components is elaborated below.
Market Size
The market size of Sydney and even the entire Australia is very wide as well as progressive. The number of potential customers in this market is very high. It is not important to note and consider the number of people and customers in the market but it is important to consider the purchasing power of the consumers as well as identify how much potential customers are there, beyond all. It means that potential customers and consumers should be considered the most instead of all. So in this case, the Australian market and market of Sydney are very potential when it comes to the affordability and potentiality of people (Joussy, 2020).
The sales growth has been found to grow by 3.7 percent in the last month of 2018 as compared to the last year of 2017. Australia and Sydney as well are two of the most urban states and countries of the world. Almost 90 percent of the entire population of Australia which is about 24 million lives in the urban where a large number lives in the capital called Sydney. By states, the per capita income of the people is comparatively high while the per capita income of each Australian amount for 50,000 USs which is recorded as the second-highest average wealth per adult (WebAlive, 2019).
The service sector of Sydney and entire Australia shows a positive growth where strong growth is captured by transportation. The transportation sector is found highly growing because of tourism in Sydney (IBISWorld, 2020). While people also spend a lot on tourism and that is why they pay enough to have comfortable traveling to the regions they go for tourism and enjoyment. Hence and in short, the market size is enough large as well as productive and potential.
Key Trends
The future of service and traveling market and sector, as well as the entire market, depend upon different forces such as changing preferences of people, changing the behavior of consumers spending, investments of foreign companies and brands e.g. Autonomous bus shuttle (Singapore), etc.
The increasing influx of international companies and brands also lead to customers preferences and sector growth. As well as there is a strong shift in the market because of new technology and technological products (IBISWorld, 2020).
The market players can be found non-responsive to some extent. This can be an opportunity for us to capture when bringing the bus services to Sydney and the entire Australia.
The growth rate of the service sector is registered for 5 percent, 3 percent, and 2.6 percent respectively.
The people and customers in the region are quality conscious and look for better quality products and services instead of low prices.
The economic growth is mainly covered by private investments by local and global companies and brands (Adapa, and Roy, 2017). So bringing our bus service would be a productive investment initiative.
Product Life Cycle
As the Autonomous bus shuttle (Singapore) is a new technological bus that is designed to provide comfort and high-level convenience to travelers, it is almost very clear that it has a bright future. It means that the Autonomous bus shuttle (Singapore) is on the growth stage in the PLC. Additionally, the Autonomous bus shuttle (Singapore) and bringing it to Sydney would be a good step as it is on the growth stage and would lead to getting succeed. Further, this initiative of bringing an Autonomous bus shuttle (Singapore) would require effective and strong strategies and tactics when it comes to satisfy peoples needs and markets and promote the service in a particular market.
Competitors
As the region of Sydney is much known for tourism, there is a large number of transportation companies that provide transportation services to the people and tourists. It means that the competition for the Autonomous bus shuttle (Singapore) is enough tough when it comes to the number of competitors in the market and region. The competitors that the abs would have to compete in that market include direct competitors mostly.
The competitors which whom abs would be competing with are but not only the listed below.
BusaboutBuswaysForest Coach LinesHillsbusInterline Bus ServicesPunchbowl Bus CompanyTransdev NSWTransit Systems SydneyAustralia Wide CoachesCampbelltown Transit CompanyGlenorie Bus CompanyCrowthers (BusLink)
Size of Competitors
The existence of the competitors is very strong and stable. This means that the bus and transport companies which whom abs will compete are well-stable while their business size and operations are enough wide and large. The size of the above-listed competitors is bigger because they provide services to other regions and states of Australia as well. Hence, it clarifies that the companies have wider services and a strong presence almost in the whole country.
Positioning
Product Positioning of Major Competitors
The positioning of the competitors listed and mentioned above are varying from each other. As well as the strategies and tactics they use to position and promote their products and services also differ up to an extent. But comparatively, the competitors such as Busabout, Forest Coach Lines, Australia Wide Coaches, Punchbowl Bus Company, and Transdev NSW use very effective and strong strategies and process to ensure the best possible positioning of their bus and transport services to the target customers (population) by properly communicating their key strengths and unique services. In other words, the competitors use strategies to communicate their brands and service they offer so effective positioning could be done (IBISWorld, 2020). For the purpose to do, most of the competitors develop marketing strategies and policies to identify peoples preferences, wants, likes and dislikes, by different marketing communication channels.
For the competitive positioning, some of the competitors of the abs such as Forest Coach Lines, Punchbowl Bus, Busabout, and Transdev NSW work in offering competitive pricing, comfortable traveling experiences, additional services like food and drinks, safety insurance, and varieties of choices and selection of mean of service/transportation.
Segmentation
There are three-four major segments in which the market and region of Sydney can be grouped as per the characteristics of customers and people. But the important three are as follows.
Demographic Segmentation divides the market of Sydney into different segments. The market is divided into different segments based on age, gender, income, family, education, and race. In the market of Sydney, the income level of the people or potential customers is comparatively high than other markets in the country, t number of youngsters and females is greater while educational standards are high. Half of the population up to 41 percent are Youngers while the half covers older people and children while the people of medium age are comparatively high. The percentage of medium age people is 39.71. The number of males per 100 females is 98.3 percent which means that women are more than men. Furthermore, the educational system is standard and the family system is not much strong while people believe in individualism more (Aurifeille, et.al, 2012).
Psychographic segmentation is the segmentation that divides customers of the Sydney marke on the basis of their psychological characteristics. The individuals in the region are mostly and even entirely educated and that is why they have stylish lifestyles. The individual personality plays a huge role in the identification and value of one in the society. In terms of professional life ad preferences, most people have a business mindset and many individuals and families are engaged in their businesses where tourism is the common business for the people.
The people also prefer to stay for a short period when travel other locations and that is why they prefer to book hotel rooms when traveling and this is one of the buying behavior of most people and consumers of Sydneys market (Martindale, and McKinney, 2017).
Behavioral Segmentation is the segment of the market of Sydney that categorizes the consumers of the market based on their use, attitude, and response to the products and services. In this era, the consumers and customers of this market show loyalty and positive responses to the products and services that provide high-quality results. Furthermore, the consumers of the market are high quality and standard oriented while they do not look for cheaper prices instead (Nayeem, and Casidy, 2015). It means that they can be satisfied by ensuring the provision of top-level traveling and bus services by Autonomous bus shuttle (Singapore).
Demographic Segment
As mentioned above, the income level of the people or customers of Sydneys market is comparatively high than in other markets in the country. In terms of population, there are 98,538 people in Sydney. Half of the population (up to 41 percent) are Youngers while the half covers older people and children. Further, the medium age of people for 33 years. The percentage of medium age people is 39.71. The number of males per 100 females is 98.3 percent which means that women are more than men. Of the population, 52.7 are male and 47.3 are female while 0.6 of the population is made up by Aboriginals. Furthermore, the educational system is standard and the family system is not much strong while people believe in individualism more.
Consumer Decision Making Process
The consumer decision-making process of consumers of the market of Sydney and even entire Australia is found comparatively complex. The CDM process is complex because the consumers are quality-oriented. It means that they are much sensitive when making a purchase.
Need Recognition The consumers of this particular market purchase a product or acquire a service to use when they identify the difference between their actual state and desired state. They do not prefer to purchase the thing they see good or just liked it because of product packaging etc. while they purchase as per their needs (Tidwell, and Marks, 2014).
Information Search Similar to need recognition, the information search step is taken very consciously by the consumers or people of Sydney. They do so to get the best possible quality products and services that ensure better satisfaction. Here, they look at both internal and external searches and use different search sources for it.
Evaluation of Alternatives It is important to evaluate the alternates when looking for getting better and even the best thing or result. The same can be seen from the consumers of Sydneys market. It means that they use all of the details and information available to them for the purpose to evaluate the alternative products and services before they proceed to buy (Quester, Karunaratna, and Chong, 2011). In this, the consumers also look at the brand and company that offers a particular product or service to avail of the finest possible quality product or service.
Choice As the consumers of this particular market search information and evaluate alternates keenly and properly, the choice and selection rules and decisions are comparatively simple. It is so because they have already taken 50 of the decision as they get information and evaluate alternatives properly. It means that they do not take much time on this final step that where they should buy while it is easier for them to decide (Culbert, et.al, 2018). For example, when they check and find bus or traveling service the best and convenient, then they sometimes directly select and proceed to use their services.
Conclusion
After an in-depth analysis, it has come to conclude that the initiative of bringing Autonomous bus shuttle (Singapore) to Sydney would be a productive and successful step. It is so because Autonomous bus shuttles services are of high quality and consumers/people of that market are quality conscious. Beyond this, it has also found that the market is enough wide to capture while the customers are financial potential. But, it should not be ignored that the competition may be found tough as well. Further, the consumers of the market are also highly loyal so they may become long term customers if satisfied with quality services by Autonomous bus shuttle (Singapore).
References
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Nayeem, T. and Casidy, R., 2015. Australian consumers decision-making styles for everyday products. Australasian Marketing Journal (AMJ), 23(1), pp.67-74.
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Tidwell, P. and Marks, W. 2014. Australian Versus American Consumer Decision Making Strategies a Comparative AnalysisEFjZj7jhh 0J6CJOJQJUaJmHnHuhh 6CJOJQJaJ(jhh 6CJOJQJUaJ(h3h 5BCJOJQJaJphDr(h3hx5BCJOJQJaJphDrhHKCJOJQJaJhHKhHKCJOJQJaJhjh CJOJQJaJhjhxCJOJQJaJh1h1CJOJQJaJhjhxCJOJQJaJ (Fuvwxyz agdj( dagdEdagd mpdagdHKmpdgd mpdEd1dhW6CJOJQJaJmHnHujhh 6CJOJQJUaJmHnHu6jhh 6CJOJQJUaJmHnHu-hh 6CJOJQJaJmHnHu7jhh 0J6CJOJQJUaJmHnHujhh 0J6CJOJQJUaJmHnHuhh 6CJOJQJaJmHnHu.hh 0J6CJOJQJaJmHnHu 5 6 7 hLh-Ljqhh 6CJOJQJUaJmHnHu6jhh 6CJOJQJUaJmHnHu-hh 6CJOJQJaJmHnHujhh 0J6CJOJQJUaJmHnHuhh 6CJOJQJaJmHnHu.hh 0J6CJOJQJaJmHnHu7jhh 0J6CJOJQJUaJmHnHu.hh 6CJOJPJQJaJmHnHu
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