Attractive Market Segment Research Articles

ФОРМУВАННЯ СИСТЕМИ МАРКЕТИНГУ АГРАРНОГО ПІДПРИЄМСТВА

The article examines the content, functions and approaches to the formation of an effective marketing system and its management, developed practical recommendations regarding the implementation of the elements of this system in the activities of agricultural enterprises. To improve the process of managing the marketing system at the enterprise, it is proposed to use a systemic approach, which consists in the fact that the achievement of the overall goal of the enterprise is possible only when the management of the marketing system should be considered as a single system, which consists of separate elements that interact and complement each other. The elements of the enterprise's marketing system include organizational-management, research and program-controlled elements. These elements can be represented by separate departments, each of which performs its own work. The marketing system of an agricultural enterprise should include all functions and performers who perform certain actions that are necessary for the profitable use of market opportunities. When forming a marketing system, the enterprise should use a comprehensive approach, which involves the study of controlling and non-controlling factors that affect the level of its competitiveness, as well as an analysis of strengths and weaknesses. Under the condition of effective management of the marketing system at the enterprise using a systemic approach, the following goals can be achieved: timely determination of existing market needs; selection of the most attractive market segments; development of the necessary marketing programs, which will include the entire arsenal of marketing tools; maintaining the balance between supply and demand. All the listed goals are very important for the enterprise and can provide it with efficient operation, financial stability and maximum profits. To evaluate the effectiveness of the marketing system at the enterprise, it is proposed to use the SD system dynamics methodology, which will allow to determine the interaction between the relevant factors of the marketing system and to identify cause and effect relationships in order to explain how different factors can affect the marketing system and how they interact with each other. Using this SD capability, several scenarios can be presented to improve the marketing system in enterprises.

CHARACTERISTICS OF INDUSTRIAL MARKETING STRATEGY DEVELOPMENT BY METALLURGICAL ENTERPRISES

The article highlights the concept and essence of marketing strategy, theoretical and practical aspects of consumer and industrial marketing, and emphasizes their differences. The article presents an overview of the features and criteria of market segmentation which is an important stage of strategic analysis of the industry since it identifies the most attractive market segments and improves the structure of production and management by identifying the key success factors. The importance of the demand for industrial goods, ways to increase sales, innovation and communication policy of the enterprise is actualized. The strategy of industrial marketing of Metinvest Holding LLC was analyzed and the features influencing the efficiency and success of its activity as a whole were determined. The company builds long-term relationships with customers and provides high-quality services. The main priority of service is personal contact, which includes negotiations with customers, special ordering conditions, technical support and uninterrupted delivery. Metinvest Holding supports transparency of operations and emphasizes corporate responsibility, intensifies interaction with its stakeholders, introduces innovations and strives towards digitalization. Thus, domestic producers of industrial products in the formation of the marketing strategy of the enterprise must take into account both generally accepted market and economic factors of influence, and sectoral features of management. To ensure the efficiency of enterprises need to focus on expanding the scope of activities, use their market position, connections, financial opportunities, pay sufficient attention to creating quality, consumer demand, develop their presence in foreign markets, innovate and digitize.

Croatian Diaspora as a Potential Tourist Market: The Case of Canada

Diaspora members feel a strong connection to their homeland. Their motivations for travel in the homeland range from visiting the homeland, relatives, and friends, searching for their “roots”, attending important national and religious holidays, conferences and educational programmes to using health services, visiting tourist attractions and having a holiday. This research study aims to identify and analyse the personal motives of the Croatian diaspora residing in Canada for visiting and revisiting the homeland, their socio-demographic profile, travel characteristics, tourism experience and future travel intentions. The empirical research was conducted among members of the Croatian Canadian community. It is based on an online survey conducted from January to March 2022. The findings show that Croatian Canadians are an attractive market segment for diaspora tourism. The primary motives for travelling to Croatia are associated with visiting family and friends, visiting the homeland, and going on a beachside holiday. For the emigrant population, nostalgia/homesickness is the other crucial motive for travelling to Croatia, while for their descendants, it is sightseeing/visiting tourist attractions. Respondents born in Canada are more satisfied with tourism development than those born in Croatia. More than 80% of Croatian diaspora residing in Canada are definitely planning to visit or revisit their homeland in the future. The article provides new insights into the motivation and behaviour of Croatian Canadians as potential tourists visiting Croatia, which is insufficiently researched in tourism literature. It enables a better understanding of the unique characteristics and nature of the travels of diaspora members of two generational groups, which facilitates decision-makers to adapt to their needs. The study provides guidance for improved management of diaspora tourism.

Analysis of the real estate market for business activities

Effective business activities conducting in the real estate market is impossible without an objective analysis of the real estate market, its individual segments, comparing the possibilities and efficiency of doing business in different market segments. Based on the generalization of various methods, the author proposes an analysis of the real estate market to determine the possibility of effective business activity, including setting goals for the analysis of the real estate market and its individual segments, determining the subject, conditions and opportunities for entrepreneurial activity in the real estate market, analysing the market in accordance with the factors of market analysis, its characteristics and identification of the most attractive market segments and areas of activity in order to achieve these goals. The analysis of the real estate market determines the opportunities, conditions and prospects of presence on the market for various companies and types of business related to the creation and sale of real estate objects, as well as credit and financial, legal, insurance, valuation, commercial and other types of business.

SYSTEMS ANALYSIS AND MODELLING OF THE EDUCATIONAL SERVICES MARKET

The subject of the research is a set of models of systems analysis of the educational services market. The goal of the work is to develop a set of models of systems analysis of the educational services market in Ukraine, which allow to assess the state of regional market segments; to highlight the segments which are the most sensitive to the reduction of the educational institutions network; to assess the competitiveness of educational services in the foreign market; to determine the most attractive segments of the foreign market. The paper solves the following tasks: models of classification of regions according to the level of development of the education system are developed; models for a comprehensive assessment of the level of development of the education system are proposed, which allow assessing the position of Ukraine in comparison with European countries; models for classifying external market segments by the level of attractiveness for promoting educational services of Ukrainian universities in the context of an export-oriented development model are developed. The following methods are used: systems analysis – to describe the object of research, conceptual approach and a set of tasks to be solved; cluster analysis – for building classification models; taxonomy methods, development level method – to build a rating assessment of Ukraine's position in the educational services market. The following results have been obtained: a grouping of the regions of Ukraine by the level of development of the education system has been developed, the "pivotal" regions for the formation of a network of educational institutions have been identified; a system of rating assessment of countries in the educational services market institutions has been proposed; the most attractive external market segments for the promotion of educational services of universities in Ukraine institutions have been identified. Conclusions: the implementation of the models made it possible to conclude that the composition of the "pivotal" regions for the formation of a network of educational institutions includes such regions as Kyiv, Kharkiv, Odesa, Zaporizhzhia, Lviv, Dnipro regions. Educational services of universities in these regions are in the highest demand, but these regions are also the most vulnerable to the phase of market decline. The analysis of the "substitute" effect made it possible to conclude that Ukraine is characterized by a high rating of the level of development of the education system in comparison with European countries. In the context of the export-oriented development model, external market segments that are attractive for Ukraine have been highlighted.

СЦЕНАРИИ РАЗВИТИЯ МАЛОГО ПРЕДПРИНИМАТЕЛЬСТВА В ОБРАБАТЫВАЮЩЕЙ ПРОМЫШЛЕННОСТИ СТАВРОПОЛЬСКОГО КРАЯ

The North Caucasian Federal District lags behind other administrative-territorial units of the country in the development of small businesses (low population density, the smallest territory, lack of access to the world ocean), as evidenced by the studied indicators, but it has regions with attractive market segments based on resources and specifics of local markets. In particular, in the Stavropol Territory, the top three industries include the manufacturing industry with a high share of trade turnover (2018% in 48,1). In this regard, this paper proposes three scenarios for the development of small business in the manufacturing industry: inertial, moderately optimistic and accelerated.

Curating Authentic Hospitality in a Local Boutique Hotel

Hotel A served the boutique hotel segment. Rather than focusing on market segments in Singapore’s hotel chain scale system, the management decided to offer guests an affordable luxury experience via excellent personalized service while capitalizing on the rich and authentic cultural heritage that the hotel offered in terms of history and design. Although Hotel A had won the Best Hotel Service award three years consecutively, it was getting harder to distinguish itself from other boutique hotels and to align itself with the parent company’s (Company A) strategic long-term goals. Mr. Lim had been the manager of Hotel A for five years. He worked up the ranks, learning the ropes and garnering accolades for best service, and management skills. He had earned the respect of his staff as he empowered his staff, empathized with them and walked the talk. Since December 2019, the world had been reeling from the impact of a global pandemic caused by the coronavirus (COVID-19) which was primarily spread through physical contact and respiratory droplets. Most countries implemented very stringent measures to prevent the disease from spreading within its borders. The luxury boutique hotel category in particular had been negatively affected as the hospitality industry focused on people, personalized services and face to face interactions. One prominent change seen as a result of COVID-19 was a change in consumer behavior, influenced by risk perception (Gössling et al., 2020; Kirk & Rifkin, 2020). Guests became more cautious and concerned about safety and hygiene, preferring less human touch during registration and food delivery, and practiced safe distancing from others (Rittichainuwat & Chakraborty, 2009). Millennials had increasingly become an attractive market segment for the luxury hotel industry as they were not price conscious, preferring to “spend tomorrow’s money” and “spend ahead of income” (Wang, Sun & Song, 2011). Furthermore, as they were digital natives, products and experiences which could satisfy their luxury consumptions could be promoted easily via social media marketing. In August 2020, the Singapore government rolled out a S$45 million SingapoRediscovers campaign where Singaporeans were given S$320 million in tourism credits to drive local spending (Straits Times, August 2020). Mr. Lim is in a dilemma. How can he promote Hotel A as the preferred staycation destination to local Millennials without alienating its more traditional clientele and brand image as a heritage hotel catering to foreigners? How should Hotel A provide personalized service and maintain service quality and satisfaction with safe management measures in place in sync with Millennials’ lifestyle?

Halal tourism is traveling fast: Community perceptions and implications

Abstract Although halal tourists are a growing, attractive market segment, research on the topic is still incipient. This study sought to answer three questions. What opportunities and challenges exist for those promoting halal tourism? What are tourism stakeholders and communities' perceptions of halal tourism? How can halal tourist facilities enhance their image in order to become favorite halal tourism destinations? The research was conducted in New Zealand and based on a one-day symposium comprising panel discussions of the questions. The 100 participants were tourism and hospitality professionals, government authorities, community leaders, ethnic community representatives, business owners, and Muslim leaders. The findings have theoretical, managerial, and societal implications due to halal tourists’ distinctive needs, including their religious and social travel motivations.

Marketing Prerequisites for Entering the Enterprise in the International Market of Information Technologies

It is substantiated that for a successful entry into the world market, an information enterprise needs to solve a number of important issues: to determine the desired and most attractive market segment that corresponds to the material capabilities of the enterprise; risks; choose the time to market; assess the scale of market entry; substantiate the way (form) of entering the international market. It is recommended to build a future strategy of the information enterprise in the international market using the concept of three horizons: the first horizon reflects the work of the enterprise to further improve the existing information product; the second horizon reflects the work of the enterprise to find new sources of profit; the third horizon reflects the capabilities of the enterprise, given the availability of the required amount of material and intellectual resources, access to international markets with a progressive information product developed on the basis of the blockchain. Key words: information technology, international market, marketing strategies, development horizons, risks

Online grocery shopping adoption: do personality traits matter?

PurposeThis study examines the relationship between personality traits and the willingness to buy groceries online. Our research is based on research on consumer values regarding online grocery shopping (OGS), and the authors argue that customer values are aggregated states of personality traits. The authors, therefore, propose the predictive power of personality traits toward OGS usage adoption.Design/methodology/approachFor a more thorough evaluation of the matter, the authors conducted an online administered questionnaire resulting in N = 678 valid responses and conducted structural equation modeling using IBM AMOS (Vers. 25).FindingsThe authors found that none of the five personality traits had a significant influence on the attitude toward OGS. However, subjective norm had strong influence on attitude, and both subjective norm and attitude were solid predictors of purchase intention for groceries online. Unsurprisingly, the attitude toward OGS was higher for consumer groups with prior experience. The results indicate a high relevance of peer groups in the decision-making process of buying groceries online and the crucial importance of the initial purchase.Practical implicationsPractitioners, therefore, may resort to marketing the strategies to peer groups and initial purchasing behavior and address the level of experience with the usage of OGS, as well as situational aspects. This may be facilitated by precisely targeted online marketing activities and marketing service strategy adaptations.Originality/valueThis is the first study to examine the influence of personality traits toward the willingness to conduct OGS with an emphasis on the lower overall adoption within Germany. The authors furthermore validate the predictive power of the theory of planned behavior (TPB) construct for the economically attractive market segment of OGS by adapting and enhancing the scope of previous research.

Elucidating social networking apps decisions

PurposeThe purpose of this paper is to investigate the determinants of behavioural intention and use behaviour towards social networking apps. Exogenous latent constructs, namely, performance expectancy, effort expectancy and social influence are the key antecedents proposed based on the unified theory of acceptance and use of technology to predict the usage intention and behaviour of social networking apps (i.e. endogenous latent constructs). Experience as a moderator is the extended construct to explain social networking apps user’s behavioural intention.Design/methodology/approachTo target young generation (Millennial), a cross-sectional data collection approach was conducted to collect data from the social networking apps users (i.e. Facebook, WhatsApp, WeChat, Twitter, Instagram, YouTube, Snapchat and others) whereby a total of 384 valid questionnaires were obtained from six universities in Malaysia. Statistical analysis using partial least squares path modelling approach and a variance-based structural equation modelling (VB-SEM) techniques is performed to analyse the measurement and structural relationship.FindingsThe findings indicate that performance expectancy, effort expectancy and social influence determine behavioural intention, and behavioural intention impacts social networking apps use behaviour. Moreover, the moderation analysis reveals that the relationship between effort expectancy and behavioural intention is moderated by experience, whereas the relationship between social influence and behavioural intention is not moderated by experience.Originality/valueWhile the surge of social networking apps has gained tremendous popularity among Millennial as an attractive market segment, previous studies mainly have focussed on intention and behaviour of online users in general. Despite apps and related technologies which have opened a new era of effective communications in marketing, social networking apps usage intention and behaviour focussing on Millennial is not well understood in the current literature. This study contributes and sheds lights on the current issue of social networking apps usage intention and behaviour and looks into a key rising market segment, the Millennial users.

Does family life cycle stage influence e-shopping acceptance by Indian women? An examination using the technology acceptance model

ABSTRACTThis study contributes to the literature that advocates the use of consumer segmentation by family life cycle (FLC) stages, which are found to have a greater influence on changes occurring in an individual’s life than age. It addresses the youth bias of most research on e-shopping adoption and the emergence of older e-shoppers as an attractive market segment by covering women of all age groups. It evaluated the effect of perceptions and attitudes towards e-shopping acceptance, as well as their variations across FLC stages, by using the technology acceptance model. The 10 FLC stages were selected by modifying the Duvall FLC classification system to reflect the Indian context. The results show that the different FLC stages have a significant impact on the e-shopping behaviour of women. While deals and discounts were found to influence all groups, time-saving and better decision-making through online shopping sites also significantly influenced e-shopping behaviour. Furthermore, the perceived usefulness and/or attitude were important factors that directly affected e-shopping technology adoption and usage patterns across a majority of the FLC stages. The study proved that FLC stages had greater power than age in explaining e-shopping adoption and e-retailers should not ignore them in designing e-marketing applications.

BASF to enter medical food market

BASF and the nutrition products distribution firm DIEM Labs have formed an agreement under which the German giant will introduce its first medical food. The pact is one of several recent chemical company efforts to expand in the health and nutrition market. BASF is not providing details on what the product is, but it was developed in the business unit that houses the company’s work in omega-3 chemistry, according to Charlotte Berg-Svendsen, strategic innovation and intellectual property manager for the division. The company describes the product as a “first-to-the-market” medical food product for patients with nonalcoholic fatty liver disease. “With this step, BASF is entering an attractive new market segment in the space between human nutrition and pharma,” says Francois Scheffler, head of the company’s human nutrition and pharma solutions business. Omega-3 fatty acids, which have several plant and animal sources, including fish and walnuts, are associated with human metabolic

Marketing Mix Influence on Service Brand Equity and Its Dimensions

Service sector is growing across the globe including India. Despite the growing importance of the sector and services marketing, there is a paucity of literature in the area in general and branding literature in particular. This study is carried out in the retail banking sector with loans as the product category. Retail banking sector is increasingly seen as an attractive market segment with opportunities for growth and profits. We have reviewed the service branding literature and it is observed that most of the available brand equity models are for goods. Based on the research gap, a service branding model has been proposed and empirically validated. The model represents service marketing mix influence on certain selected dimensions of brand equity, namely, brand image(s) and perceived service quality and thereby on brand equity. Structural equation modelling is used to test the hierarchical relationship. The study has established significant relationships among the marketing mix elements and brand equity dimensions. It contributes significantly to the literature on service branding and provides valuable insights to practicing managers.

Rich, lavish and trendy

Purpose – The purpose of this paper is to research lesbian fashion consumption in order to draw conclusions on the attractiveness of the lesbian target segment for the fashion industry. So far, lesbians’ fashion consumption behaviour has hardly been researched. However, an evinced lesbian stereotype exists which describes doctrinal feminists with an antipathy against consumption in general and fashion shopping in particular. In contrast, gay men have been identified quite contrary as an attractive market segment and marketers have started to particularly target this so-called “dream market”. Design/methodology/approach – First, qualitative semi-structured interviews (n=18) were conducted to gain first insights into fashion consumption behaviour of lesbians. Second, a quantitative online survey (n=879) was carried out to generate more detailed findings. Due to the difficult reachability of the homosexual consumer target group, the segment’s high online media affinity was used and data collection was conducted through popular German homepages targeted to homosexuals (esp. “queer.de” and “lesarion.de”). The research investigated fashion-consciousness, willingness to pay, brand-affinity, and openness to homosexual marketing. In addition, influencing factors – such as the affinity towards the homosexual scene, career orientation, income, age, status of coming out, and number of inhabitants of the city of residence – have been researched. Findings – Results prove that lesbians are an equally attractive and financially interesting market segment for fashion marketers as gays. Lesbians have a similarly high fashion-consciousness and willingness to pay, and an even higher brand-affinity – but a lower openness to homosexual marketing than gays. Especially scene-affine femme lesbians with a high-paid professional career are a highly attractive market segment. The study proves the attractiveness of the lesbian target segment for fashion marketing and debunks the myth of the consumption-averse lesbian stereotype. Practical implications – This paper provides evidence on the attractiveness of the lesbian market segment for the fashion industry. Due to its size and financial attractiveness, the question whether to target lesbians with a specifically adopted marketing mix should be raised. Originality/value – Research on lesbians’ fashion consumption behaviour in general is very scarce and on fashion consumption behaviour in particular is almost non-existent. This study is a first attempt to analyse the major areas of fashion consumption for the German market.

Crisis-resistant tourists

Despite the negative impact of unexpected events—such as 9/11 and the Global Financial Crisis—on the tourism industry, and despite substantial research into managing crises in tourism, little is known about tourists who are most needed in such situations: crisis-resistant tourists. In this study, crisis-resistant tourists are defined and theoretically conceptualized. Empirical results indicate that segments of tourists resistant to external or internal crisis events indeed exist and—as theoretically postulated—demonstrate higher levels of risk propensity and resistance to change. In contrast, risk shifting is not associated with being a crisis-resistant tourist. An initial profile of crisis-resistant tourists is provided, offering guidance to the tourism industry on how to identify and communicate with this highly attractive market segment.

Perceived Effectiveness of Sales Promotion Techniques amongst South African Generation Y Students

The increasing competition and the predicted changes in the retail sector are pressurising marketers to be more competitive in order to ensure that their brands are amongst the leading brands on the market. Marketers constantly need to develop innovative marketing strategies to create brand awareness, as well as to stimulate demand for specific brands. An important tool in this regard is the marketing communication mix, of which sales promotion is one of the most effective elements in the fast moving consumer goods (FMCG) sector. It is the responsibility of marketers to select the most appropriate sales promotion technique for a specific market segment or, more specifically, to select the most appropriate technique to effectively encourage the desired effect on the consumer buying behaviour. The South African Generation Y cohort (individuals born between 1986 and 2005) accounts for 38 percent of the total South African population. The African portion of this cohort (hereafter referred to as African Generation Y represented 83 percent of the total South African Generation Y cohort in 2013, making this a very attractive market segment. Marketers in the FMCG sector seeking to target this lucrative segment would need to understand their preferred sales promotion techniques. Therefore, this study sought to determine which sales promotion techniques (coupons, discounts, free samples, bonus packs) were perceived as being the most effective in encouraging brand loyalty, brand switching, purchase acceleration, stockpiling and product trial in the FMCG sector amongst the African Generation Y cohort in South Africa. A quantitative study, following the descriptive research design, was undertaken, whereby a structured self-administered questionnaire was used to gather the required data. A convenience sample of 600 African Generation Y students across two South African public registered higher education institutions’ campuses situated in the Gauteng province was taken. The collected data were analysed using descriptive statistics and a one-sample t-test. The findings suggest that in South Africa, African Generation Y students have positive attitudes towards different sales promotion techniques and that these techniques are suitable for inducing specific consumer buying behaviours concerning low involvement products. Furthermore, the findings indicate that the buy one get one free and free sample offers are the most preferred sales promotion techniques and are more likely to exert an influence on this cohort’s buying behaviours than the other sales promotion techniques. DOI: 10.5901/mjss.2014.v5n21p51

Factors Influencing Generations Y students’ Attitude towards Online Shopping

Internet access grew exponentially in South Africa; online shopping in South Africa has also shown an upward trend, although it is still in its infancy. Generation Y consumers, and students in particular, spend more time on the internet and are regarded as the most attractive market segments for online shopping. Their spending power exceeds those of their parents. Marketers should, therefore, understand factors that determine the Generation Y students’ attitude towards online shopping. A survey method, using convenience sampling, was adopted to study the attitude of Generation Y students towards online shopping. A closed-ended questionnaire was distributed among the Generation Y students at a university of technology. The outcomes of the study indicated that the majority of Generation Y students do not shop online. However, the Generation Y students spend more time on the Internet, accessing the Internet on a daily basis. The Generation Y students at different age groups did not differ in attitudes towards online shopping. Generation Y students were found to be influenced by the perceived convenience associated with online shopping. DOI: 10.5901/mjss.2014.v5n21p39

Culinary tourists in the Spanish region of Extremadura, Spain

Food and wine are considered to be part of the cultural identity of an area. In recent years, this identity has been getting stronger and creating possibilities for tourist destinations which, in turn, is supporting the economic development of certain regions. This paper presents a study into the relationship between wine, food and culture in the Spanish region of Extremadura. As part of this study, a survey of tourists dining in restaurants of the city of Cáceres was carried out. The main results of this study show that food and wine are closely linked to culture; cuisine and culture are the resources which tourists value most highly and desire most; and culinary tourists are distinguished by their high cultural and income levels, which make them an attractive market segment for tourist destinations.

How to plan and manage a project to co-create value with stakeholders

Purpose – The article explains how innovating with customers and other stakeholders to achieve co-creation of value requires companies to marry their collaborators' interests with corporate knowledge and resources. The process starts with setting objectives and proceeds through four additional steps: selection of arenas, engagement with collaborators, choice of project tools and processes and defining contracts with stakeholders. Design/methodology/approach – The authors describe how leading firms have developed best-practice processes, tools and technologies to better enable and expedite value co-creation. Findings – The article offers managers guidelines for deciding which customers to select for participation in specific co-creation programs. The choices are: Customers who have extraordinary passion for their brands; customers in attractive or untapped market segments; customers that exhibit a high co-creation potential; innovators and early adopters; lead users looking to develop solutions to solve their own needs. Practical implications – Collaborative innovation projects need to define “What's in it for the collaborators?” Customer collaboration rarely operates independent of incentives. Originality/value – The article offers practical guidance for companies that engage in co-creation projects because they want to them to foster the discovery of customer interest and value, which they can turn into innovation and competitive advantage.