"The Tata Nano: The People’s Car (A) and Maslow’s Hierarchy of Needs" Please respond to the following:
• From the case study, categorize the Nano’s marketing segments that have the greatest influence on its sales. Assume you are the marketing manager at Tato responsible for consumer marketing. In your own words, outline a plan that Tato could implement in order to make the process to purchase the Nano more efficient for potential buyers.
Marketing segments is a method using data in order to analysis which variables one could used to refine target markets. This a has a broad range from age to location to even population. After deciding which variable (s) I would used, then the fun would begin by offering reduced prices and incentives in order to get my product out there. Of course the profit margin is what all businesses are concerned with but like the old saying goes" You have to spend money in order to make money." Most of us expect the price to increase as the product catches on and the need to remain competitive by using other techniques to ensure business success.
Outsourcing has become the new way to increase profit margins because of cheaper and possible skill workers in other locations. Homemade is almost a thing of the past and national pride has shifted to other matters. Where is was once cheaper to make something at home it is now no longer the case with items. Money is tight everywhere and we all tend to look for the best price when shopping for an item regardless of where it was made or produce. Wal-mart has shown in this country, that they day of only certain brands are getting farther away and consumer are looking for a good deal at a fair price. Once our product has reach the level of success, next generations price would reflect the profit margin needed in order to compensate for earlier margins. Remember that no business starts at the top and commendation are made early in the business. I am not saying everything will be giving away but we must have a variable, reliable and affordable product to obtain the interest of the consumer both new and repeated ones.
• * From the scenario, analyze each level of Maslow’s hierarchy of needs, and articulate the level which most affects you when making a purchase. Provide support for your rationale by utilizing an example.