M/s Furnideas wishes to sell furniture in the Indian Market. The company is known for their innovative ideas in furniture. The company has a global presence in selling furniture. The company sells to High, Middle and Lower Income group in different countries based on the segmentation. Furnideas appoints you as a consultant to guide them on types of segmentation that they should use for their furniture.
Answers
Answer:
Ideas for segmentation for M/s Furnideas to sell furniture in the Indian Market.
Explanation:
Well, there are certain points that you need to understand regarding segmentation of Indian Market for selling your products to the consumers.
The first and fore most things that you need to consider is the Market segmentation. These can be categorized into four distinct types:-
1. Demographic.
2. Behavioral.
3. Geographic.
4. Psychographic.
When speaking of customer segmentation for Indian consumer market, it is obvious that these can further be categorized on different aspects. One of the most common ways to segment is on the basis of demographic set of information which may include age, gender, education, occupation, marital status and income.
You also need to keep in mind that customer segmentation is termed as a part or sub division of already existing market that share same traits with each other. This is one of the most important factors that will prove helpful in carrying out marketing campaigns, strategies and pricing factors.
This proves helpful in extracting both maximum and minimum profits from these customers.
Answer:
For selling the products to the high income group, M/s Furnideas needs to maintain the quality of their products. Apart from that, they need to generate their ads through billboards and televisions. High income groups always check the quality and designs of the products.
On the other part, middle income group can attracted by the discounts and the company can sell their products through different outlets at huge discounts. But low income groups may not concentrate on the quality, and they always try to pick their products at less price.
So M/s Furnideas should sell their products at less prices through their outlets.