Perception refers to the understanding of what we take in through our senses .The way one person perceive surrounding environment is what makes him different from others. It is natural in humans that they differ in their perceptions. Human mind develops natural defenses against what it does not need or is not interested. Our experience plays an important role in our perception building process. The perception works as a filter through which we pass every reality. This is filter contains own needs, values, expectations, experiences and social learning.
Research in Motion (RIM) revolutionized the mobile industry with BlackBerry solution in 1999. Since then, BlackBerry products and services are changing the way of millions of people around the globe. There was a strong perception about the Black Berry that it is a choice of professionals, business class, middle aged and serious peoples and it is not for the youngsters who can carry it for the fun and enjoyment. This associated perception is developed because of advertisements of Black Berry that were designed with full of sophistication for professionals and business class. Now Black Berry is seriously putting its efforts to change the perception of the people associated with Back Berry so they have brought a slogan “why so serious to use Black Berry”. To change this perception Black Berry has designed a TV commercial in which the suited people and lots of youngsters start singing the same song using the same mobile while wearing very colorful casual dresses.
Point of discussion
Keeping in mind the above mentioned case generate a discussion on the following question:
Is it possible for companies to change and redefine the related perceptions of consumers about a certain product/service to expand its target market?
Expand its target market.
- Choosing an Expansion Mode
- Expanding Geographically
- Expanding With New Target Customers
- Identify Potential Markets
- Do Your Research
- Niche Markets
- Begin With Limited Offerings
- Ramp Up to Full Offerings
- Expanding Promotions
- Monitoring Success
. Choosing an Expansion Mode
Market expansion sounds wonderful, but it does not come risk-free. You may be successful in your current market, but that’s because you are already familiar with it: You have researched it, worked in it, and are comfortable in it. Once you move into different markets, it’s a whole new ball game. You’re the new kid on the block, having to prove yourself all over again. You’re also running your business on a much larger scale. You’ll have more employees to manage, new customers to service, and new competitors to fend off. Thus, when considering market expansion, it is generally a good idea to approach it enthusiastically, but also with caution.
That’s not to say that you don’t have a few aces up your sleeve. After all, you’ve already succeeded in a least one market, so you have a good idea of what it takes to win. Also, you already have a product or service line, and manufacturing and distribution channels in place, so you aren’t starting from scratch, which gives you a huge advantage. You will now have to figure out how to do more of the same, only on a much larger scale.
Think of yourself standing at a fork in the road. One route has a sign that reads “Geographic Expansion”; the other route has a sign that reads “New Target Market Expansion.” How do you know which road to go down? A good way to begin making your decision is to list the pros and cons of each. For instance, branching out geographically has many advantages. You have a leg up because you already understand your customers, even taking into account regional differences. Thus, you can continue to do business as you always have, just on a much greater level.
However, there are times, especially when you venture into new countries, when you may have to alter things a little in order to meet some very specific customer needs. Are you prepared to do this? If not, you may want to take the other route and expand by targeting new customers. In going down this road, you need to carefully examine your product and see if there is a group of customers out there that you have paid little attention to in the past. Then, list some different ways you could possibly attract them.
Once you have successfully targeted one market with your product or service, and you have the staff, processes and implementation strategies in place, it may be time to consider expanding your target market. Ask yourself if your service or product could be altered slightly to reach a different market without needing to change the entire operations of your business. For example, a health club provides high-impact aerobic classes to its high-energy clientele. But with so many insurance companies now reimbursing senior citizens for exercise programs, the health club could offer a low-impact seniors class that would attract an entirely new market without having to make major adjustments other than designing a new class and hiring a qualified instructor to reach the market.
Remember, in choosing which path to follow, there is no definitive right or wrong answer. It’s all about what works best for you.
I. Expanding Geographically