daytime electronics company finds great success marketing its new brand of blu-ray player in the united states and decides to try marketing them in argentina. market research has shown that while there might be a small market for these players in argentina, the demand is not as great as daytime was hoping for. what strategy should daytime employ next?
After analyzing the situation, Daytime Electronics Company should consider the following strategy:
1. Target specific market segments: Rather than aiming to capture the entire market, Daytime should identify specific segments within Argentina that have a higher affinity towards blu-ray players. This could include tech enthusiasts, movie enthusiasts, or higher-income households that value premium entertainment systems.
2. Conduct further market research: Daytime should conduct more in-depth market research within Argentina to better understand the reasons behind the lower demand. They can analyze consumer preferences, competing products, pricing structure, distribution channels, and cultural factors that may influence consumer behavior. This will help them tailor their marketing approach to fit the target audience.
3. Adapt the marketing message: After gaining insights from market research, Daytime should refine its marketing messages to resonate with the specific needs and preferences of the target market. This could involve emphasizing the unique features of their blu-ray players, such as high-quality picture and sound, compatibility with local movie releases, or the ability to stream popular Argentinean TV shows and movies.
4. Partner with local distributors: Establishing partnerships with established local distributors can help Daytime expand its reach and improve market penetration. These distributors will have a better understanding of the local market, existing distribution networks, and customer preferences. By leveraging their expertise, Daytime can increase visibility and availability of their blu-ray players.
5. Price optimization: Analyzing pricing strategies is crucial. Daytime can consider adjusting prices to make their blu-ray players more attractive in the Argentinean market. This might involve offering price promotions or creating bundle offers with additional accessories or movies. Alternatively, they could position their products as high-end, premium options to cater to customers looking for top-quality entertainment systems.
6. Enhance product features: If the demand for blu-ray players in Argentina is limited, Daytime could consider adding additional features or functionalities that appeal to the local market. For instance, integrating smart TV capabilities or incorporating streaming services popular in Argentina could increase the perceived value and competitiveness of their blu-ray players.
7. Expand marketing channels: Daytime should explore various marketing channels to increase brand awareness and reach potential customers. This might involve utilizing social media platforms, partnering with local influencers or media outlets, leveraging online marketplaces, and investing in targeted advertising campaigns.
8. Build customer trust: Daytime should focus on building trust and credibility among Argentinean consumers. This can be done by emphasizing the quality and reliability of their products, offering strong after-sales support, and leveraging positive customer reviews and testimonials to establish themselves as a reputable brand in Argentina.
By implementing these strategies, Daytime Electronics Company can navigate the challenges of the Argentinean market and effectively position their blu-ray players to drive increased demand and market share.