Identifying Potential Market Segments with the Aid of a Market Assessment Framework – An Infiniti Research Success Story
About the Client The client is a leading luxury cars brand, known for its luxurious cars and automobile parts. Based out of the United States, the company is slowly expanding its reach worldwide. Business Challenge The future looks sharp for the automotive industry. With global economic growth, innovations, and the adoption of the latest technologies, [...]
About the Client
The client is a leading luxury cars brand, known for its luxurious cars and automobile parts. Based out of the United States, the company is slowly expanding its reach worldwide.
The future looks sharp for the automotive industry. With global economic growth, innovations, and the adoption of the latest technologies, revenue for the automotive industry is poised for growth. However, with the evolving automotive industry trends, automotive manufacturers need to rely on innovations to meet the growing demands for customization. Moreover, automotive manufacturing companies need to find innovative ways to reach out to the customers, while meeting the quality standards.
These challenges have urged players in the automotive industry to leverage the market assessment framework to outsmart the global competition. Market assessment framework provides comprehensive insights into the automotive manufacturing space in terms of the demographic and economic overview, location mapping, competitor analysis, and key demand drivers.
Business Case: The client, a leading luxury car manufacturer approached Infiniti Research to engage in a market assessment study. By collaborating with Infiniti the client wanted to seek ways to identify the most profitable segments and refine their relationship with the consumer base. Additionally, they also wanted to gain adequate insights into customer experience, buying patterns, their perceptions of the brand, and major competitors in the automotive manufacturing space.
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Top Challenges Faced by the Luxury Cars Manufacturer
Problem Statement 1
With the increase in disposable income of the consumers and the rise in luxury offerings in vehicles, the demand for luxury cars have increased significantly. This compelled the client to invest in developing a business strategy model that could meet their business goals. The client also wanted to identify market trends and opportunities to develop robust business strategies.
Problem Statement 2
Using market assessment framework, the client wanted to identify their weaknesses and strengths in order to enhance the value of services and products being offered.
Problem Statement 3
Their inability to understand the current customer landscape proved to be costly, leading to a sharp decline in customer retention rate. This prompted them to devise a market assessment framework to understand their customer base better.
Problem Statement 4
With Infiniti’s market assessment framework, the client wanted to gain insights into their current market scenario to develop customized value propositions.
Solutions Offered and Value Delivered
To tackle the above-mentioned challenges, the experts at Infiniti adopted a comprehensive marketing strategy framework. The marketing framework included the following phases:
Our researchers conducted in-depth market surveys and compiled data from a wide array of secondary sources such as government bodies, industry forums, and company presentations in the automotive industry space.
Based on the data collected, the experts at Infiniti created a market assessment framework, that combined detailed information on their business goals, budgets, major action items and timelines to effectively market their products to the target customers.
The devised market assessment framework helped the client to analyze competitors in terms of market penetration, product and market development, and clearly illustrated their market positioning in the target markets.
With the aid of Infiniti’s market assessment framework, the client was able to obtain a holistic view of the entire market, in terms of market value, customer behavior, global competition, and entry barriers. This enabled the client to better understand and analyze the potential market opportunities that aligned with their business goals. Additionally, the client also gained insights on market trends that helped them make necessary adjustments in their design and development approach and product marketing strategies.
Why leverage Infiniti’s market assessment framework?
Businesses need to have a precise understanding of their market and customers to succeed in the long-term. This helps them in developing a successful marketing strategy framework and gaining in-depth insights into the factors affecting their business. A market assessment framework is designed to provide a quantitative and qualitative assessment of the market and to determine the market size, customer segments, buying patterns, and economic barriers for businesses.
Infiniti’s market assessment framework provides a comprehensive view of the industry. It gives predictive insights about industry growth and defines key metrics such as size, trends, and projected growth. Infiniti’s market assessment framework includes all the details of businesses operating in similar domains and helps in understanding the larger landscape that your business is competing in.
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