INBIZ Brand Management: Strategies for Market Segmentation & Growth

This report delves into the brand management strategies for INBIZ, a photo, video, and music editing application, emphasizing the importance of market segmentation for new businesses to minimize risks. It highlights the use of demographic, behavioral, geographic, and psychographic segmentation, with a focus on behavioral segmentation targeting the younger generation interested in music and arts. The report underscores the significance of selecting a specific target group to enhance product demand and business growth, enabling better resource allocation and intercommunication within the market. Furthermore, it emphasizes competitive analysis to identify market preferences and gain an edge over competitors by leveraging their weaknesses. The document also includes references to support the analysis and strategies discussed.

Running head: BRAND MANAGEMENT
BRAND MANAGEMENT
Name of the Student
Name of the University
Author note

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Market segmentation
Market segmentation is an important aspect for any developing business as depending on
the selection of the audience, targeting the audience and production positioning is determined. In
case this photo, video and music editing application, the market segmentation should be properly
determined as it is a new brand and hence the risk should be minimized in the initial market
assessment. According to Wedel and Kamakura (2012), the three basic tricks should be
implemented to decide the market segmentation such as customer’s needs, wants and demands.
Hence, to be able to do that, segmentation should be carried out according to the demographics,
behavior, geographic and psychographic segmentation. While the demographic segmentations
decides the target population depending on the sex, age, family size, occupation, income and race
and nationality of the customer, behavioral segmentation used young, old or mature behavior to
decide the kind of market they will be targeting (McDonald and Dunbar 2012). In case of INBIZ,
the behavioral market segmentation will be used as the prime function of the application is
segmented within one age group of the society that uses such mobile application more than any
other age group.
Target Market
For any successful business, it is important to select a target group to which the products
will be provided as the demand for the product is higher in that segment. Therefore selection of
potential target group for the business determines the target strategy of the organization and
determines the success of the product as well (Harms and Schiele 2012). Hence for the INBIZ
application, the younger generation, specially the one having interest in music and arts will be
targeted as through this application their passion for good music and good art or photography

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both will be fulfilled. Further, deciding a small section from a large pool of audience will help
them to focus on one market segment within a market mix, determining the growth of the
business and the product (AghDaie and Alimardani 2015). This is an important aspect of INBIZ,
as it will help to grow the intercommunication skill within the market and the makers of the
application will be able to identify the businesses having similar needs that the INBIZ
organization hopes to serve the customers. Further knowing the target population prior to
production will help the authorities to decide the resources according to the need of the
application (Harms and Schiele 2012).
Competitive analysis
Analysis of the market competition is another aspect of determining the market
preferences and target audience. A detailed assessment of the market competitors strength
weakness and the own companies opportunities and threats provide the business with an
opportunity to develop their marketing skills and production to take an edge against their
competitors (Chen 2014). In case of this INBIZ editing application, the developers should be
aware of the market competitors as here are several other music and video editing applications
are present within the market having a strong user base (Wedel and Kamakura 2012). Hence,
using their competitor’s weaknesses, the INBIZ can grow their user base within the target
market.

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References
Aghdaie, M.H. and Alimardani, M., 2015. Target market selection based on market segment
evaluation: a multiple attribute decision making approach. International Journal of Operational
Research, 24(3), pp.262-278.
Chen, K.Y., 2014. Improving importance-performance analysis: The role of the zone of tolerance
and competitor performance. The case of Taiwan's hot spring hotels. Tourism Management, 40,
pp.260-272.
Harms, R. and Schiele, H., 2012. Antecedents and consequences of effectuation and causation in
the international new venture creation process. Journal of international entrepreneurship, 10(2),
pp.95-116.
McDonald, M. and Dunbar, I., 2012. Market segmentation: How to do it and how to profit from
it. John Wiley & Sons. McDonald, M. and Dunbar, I., 2012. Market segmentation: How to do it
and how to profit from it, 4th edn, pp. 47-143, John Wiley & Sons.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological
foundations (Vol. 8).2nd edn, pp 134-178, Springer Science & Business Media.