Marketing Research: Zest Sedan by the Tata Motors
It is evident from the groundbreaking launch of Zest Sedan by the Tata Motors that this venture is supposed to satisfy the increasing customer expectations in the volatile market of automobiles. Furthermore, this move owns an embedded intent to expand the scope of operation of Tata Motors while addressing the new frontiers of the alternate markets. Tata Motors, furthermore, wish to exercise their respective faculties at their fullest since in order to cope and prosper in the challenging alternate markets they need to devise prudent marketing strategies along with proper sampling methods and approach. This study aims to derive the suitable marketing strategy that Tata Motors might employ to flourish in the competitive market. The competencies of the eminent unit of automobiles have been thoroughly explored over here against the notions of alternate population and sampling approaches.
Target Market Alternatives for Zest Sedan; Discussions and Recommendations
Alternative Target Markets can be the auxiliary business interests that urges for expansion of the prevalent business unit. Moreover, in order to exercise the level of competency of a business unit or identifying the domains to be enhanced in order to address the alternate target market expectations. The launch of Zest Sedan consolidates the apprehension that Tata Motors are attempting to accomplish their alternate market interests while offering a dynamic and structurally robust Sedan with new language of design. As it is well established that some of the major overseas market is enjoying an optimum demand of glossy and lavish Sedans with a dynamic compatibility with the expected catastrophes, the new front identity of Zest along with the elegant interior and dynamic silhouette will obviously draw their attention. Moreover, the sleek cockpit along with the chrome embellishments will definitely facilitates the seamless entry in the alternate markets.
The prior focus of Tata Motors while preparing the relevant marketing strategy is oriented with the potential consumers that they wish to cater. These objectives can be classified as;
- Market Segmentation; discerning and categorizing diverse sections of potential consumers in accordance with their demand
- Opting singular or multiple sections to target they wish to cater; Market Targeting
- Establishing a network through proper communication and promises to serve with unique offerings in accordance with the expectations of the potential consumers; Positioning
As the alternate target interests wish to cater specific requirements of the consumer’s interest, as per the simulations of (), it needs to be Substantial, Measureable, Differentiable, Accessible and Actionable. In order to retain and consolidate the prevalent brand reputation in the overseas market as well, the Market Segmentation, market targeting and positioning needs to be effective. As it appear from their overall appearance in the market, they are mainly targeting the upscale and elite Sedan-lovers through effective employment of their market segmentation strategies. While imparting a sincere gaze towards the available competitive rivalry in the underlying automotive industry, the consideration of the psychographic profile needs to be included while planning to expand and consolidate the brand status.
Facilitating research study on Zest Sedan; alternate ways of defining ‘population’
In the native contextual terminology, ‘population’ is also called universe in order to address the core customers who is potent enough to drive an enormous demand of a specific product. Moreover, it is the domain from which the marketing executives typically draws the sample on which they will conduct the further investigation that will further pave the venture towards understanding the proclivity of the entire entity called target. In the discipline of business research, as per (Hair, 2015), the study associated with the identification of target potential consumers is rudimentarily based upon two decisions. In the first phase of these courses of decisions, the respective business unit needs to discern the unit on which they are operating. In the subsequent phase, the respective unit needs to acquire an in-depth understanding regarding the boundaries of the respective market venture. This is often defined by the governing inclinations of an analysis conducted over the opted domain of the potential consumers against the geographical status of the market (states and countries). Furthermore, the target market boundaries are also frequently defined by the intensive behavior that the consumers are prone to dispense. In this discourse, the most common mistake that is likely to occur is over-specification of population simply by underestimating the volume of the entity. While defining the target markets, the strategic executives of the respective venture needs to identify the governing psychographic trait that advocates the entire demand. Furthermore, in order to evade the inherent bias that underlies embedded in the research tool, the market needs to be considered in wide and diverse quarters (Kaul and Wu, 2016).
In terms of the current market status exhibited by Tata Motors in its domestic market along with the insightful annual report suggests that;
- Most of the popular Sedans are enjoying more than 27% of their entire sales from the population beyond their predestined markets. This can be posed as the narrowness while comprehending the target market.
In order to distinguish between Target Market and population, the relation that underlies among the popular demographic variables and the aspects of psychographic profile needs to be established with a sincere and critical apprehension. Furthermore, the definition of population needs to own operational ingredients with specific statements.
Alternate ways of defining ‘sampling frame’
In general words, sampling frame can be defined as the prototypal framework or resource from which a respective sample is drawn in order to facilitate further investigation. Simply, the building block of an ensemble or population might include individuals or organizations. There exist major constitutional elements known as direct elements that enable a respective survey planner to discern and evaluate every single unit within the population. This method is typically employed to acquire every single opinion that the consisting units or individuals might perceive. In the current context, Tata Motors appear might employ the qualitative measuring unit of Business Tendency Surveys (BTS) since it is required to conduct a short-term economic analysis before entering the alternate markets (Govindan et al. 2014). BTS is a reliable substitute of the conventional method of qualitative statistics and typically conducted in higher frequency and tends to ask the respondent business unit about their current market status along with the opportunities of short-term developments. This trustworthy sampling module is committed to meet the criteria as follows;
- Contextual statistical information
- Authenticity and accuracy
- Punctual and scheduled delivery
- Clarity and transparency of information
- Comparative Statistical Analogy
- Ordered and Structured information
- Proper Documentation
In the current context, Tata Motors is supposed to accept the information as valid and trustworthy since the quality and transparency is unprecedented and undisputed. Moreover, the management of the respective unit has identified the liberty to opt from a diverse product category in automotive industry, which enables the unit to grasp a command within the potential diversity of influences that considerably differs with the coherence of category differences. As per as the sampling method is concerned, Tata Motors might adapt the purposive sampling method. In accordance with the insightful awareness about the underlying automotive industry, it is very evident that the launch of Sedan is potentially unable to satisfy the gross and blunt demand due to the presence of financial constraints (Saeidi et al. 2015). Moreover, Sedan or the other identical concerns never been able to respond to the demands that drives the mass market. On that nite, it can be said that the respective business unit needs to figure out an unique niche that might acknowledge their alternate market concern. In this course, it can be easily understood that the decision that drives the entire pursuit of this venture itself intends to be driven by a purpose and that is to prosper in the alternate markets and further facilitate the expansion (Shende, 2014).
Contextual discussions on the alternative definitions of ‘Sampling Approach’
As Tata Motors is vehemently suggested to adopt purposive sampling while pursuing their alternate market interest, it appear equally imperative to note that the objective of employing purposive or judgmental sampling is to be driven by an unique purpose which that intends to serve a certain section of audience or market (Lew and Sinkovics, 2013). In order to accomplish the embedded impulse of adopting this method of sampling, the investigator needs to be subjective towards the nomination of samples and acquire the best and potent representatives among the population or universe. Furthermore, in this pursuit of sampling approach, the nomination of samples happens to be intentional and must be framed upon the introspections of an individual. Furthermore, during the process of sampling, the investigator needs to impart a sincere demeanor since there lies a potential chance of intervention of some foreign or unwanted ingredients that might pave the entire pursuit towards catastrophic consequences. That is why the investigator is advised to prepare a metric of criteria that might endow thy with a systematic and coherent eligibilities that will inherently eliminate the unwanted elements and simultaneously enhances the proportion of transparency of the acquired information (Wagner and Hollenbeck, 2014).
The recommendation to Tata Motors in terms of deploying the approach of Purposive Sampling can be justified on the grounds of potential merit.
- Economical: Since it is less expensive and equally time intensive
- Proper Representation: It ensures the impartiality of the entire research suite simply by endowing the investigator with introspective insight about the compositional ingredients about the population.
- Evade non-contextual elements: Purposive sampling prevents the irrelevant and unnecessary items from intervening into the sample
- Intensive study: It encourages an in-depth study of all the nominated items
- Authentic Outcomes: The results exhibited by this sort of sampling are certainly authentic and free from bias. Furthermore, it encourages the keen and critical observation from the observer side in order to retain the transparency of the critical perspective.
Justification of the respective research approach to be effective
As it was mentioned earlier, the research approach that has been vehemently recommended over here is to employ the purposive sampling method since it ensures the information to be authentic and trustworthy. Furthermore, it ensures the effectiveness of the research since it employs a prudent method that ensures the authenticity of the acquired information. Moreover, as it is imperative for an analytical suite to be cognitively representative driven by the knowledge and apprehension procured by the investigator, purposive approach ensures the proper representation while responding to the urge for the investigator to be capable of understanding the entire notion of the universe.
A well-established adage transmits the fact there is no such opinion free from bias and as per the suggestions of the applicants of this sampling approach that in practical terms there exists a considerable scope for personal inhibition and bias. Moreover, this approach of sampling is unable to treat every units of the sampling frame with equivalent emphasis. However, the potential practitioners of this sampling approach vehemently glorify its ability to reflect accurate data but in quantitative measures, this system appears vague since it cannot ensure the degree of accuracy with some corporeal yardstick (Lim et al. 2015).
Apart from the above discussion, the suggestion of Purposive Sampling to the Tata Motors found its prominence in the grounds where it urges for a subjective tone from the researchers end in order to transmit important information regarding the research suite. Moreover, as per the comparative biasness, the sustainability of the authenticity of the information is quite up to the mark.
In the light of this study, it can be concluded that the locus standi of Tata Motors in the respective automotive market is quite suitable and might pave the respective concern towards the pursuit of their alternate market interest. Moreover, a little bit prudent promotional activities should definitely facilitate the entry into more volatile and challenging market of alternative concerns. Moreover, it can be further recommended as a cumulative apprehension of all the consisting segments, that the identification of proper universe is paramount in order to consolidate the nascent brand image to the alternate frontiers with a vague awareness.