Hero Honda splits into Hero and Honda separately in the year 2010 from then both the companies manufacturing their vehicles separately. Now hero motor corp is the India leading motor vehicle company till date and this company ranks top in the sales when compared to any other two wheeler manufacturing units across the globe.Hero motor spreads internationally and now available in more than 50 countries in the world and it occupies 41.2% of domestic two wheeler market share in India
Segmentation has unique ideas and there are different methods available to segment market, some of them are done according to demographic variables like different gender, age and education, geographic conditions, Psychological variables and behavioural variables. according to Neilson segmentation classified into sixty six sub segments like when we choose sex into consideration the product will be divided for two like male and female and as we go in depth it further segments to children, teenagers, middle age people and elders.
To establish the business to improve further, present undergoing process is not useful to growth of business so, setting up the marketing mix strategy and keeping a goal to reach the product to all genders and the product should match the geographical area, public interest on it so that the product get successful in the market.
segmentation based on Demography :-
Hero motor corp has changed their previous products like Hero Honda Splendor to hero Splendor plus, passion to passion plus which has created a huge sensation in the market and majorly their sales has increased because of this product segmentation, specially the products separated with gender that for females hero pleasure has introduced and it has created new revolution in the Indian motor vehicle market(Tailored strategy)
segmentation based on Geography :-
Highly populated countries in Asia continent has mostly depend on two wheelers because of no wider space for roads, heavy traffic on roads, so hero introduced and started their business in Bangladesh, Turkey to provide their service globally and then hero motor corp entered into Africa, Central America to carry their brand value.
sometimes segmentation is done with the inclusion of personal interest, elders like most fuel efficient bikes and cheaper vehicles and the youngsters like most stylish and ultra modern bikes and likewise for female light weight scooters are designed to grab every one attention. in this area hero motor corp has got huge success.
VALS SURVEY EXAMPLE :-
The main aim of VALS is to get the product registered in the customers head and understanding their needs and providing clear information regarding where to position the business.
Target rely on multiple factors, confirm the target with one or more segments. If the product has good qualities like good fuel efficiency, stylish and reasonable price then the sales in the market is stable and gets profits.If the launched vehicle sustains long enough and then with the company reputation and strengths the vehicle survive has longer periods.when the customers like the motor vehicle they need to grab his attention and then they need to offer less down payment and less interest rate so that the product expected to make profits.when the product meets corporate strength and attractive market then the product is good.
As we speak, hero ranks 1st position in india according to the statistics. Hero is the most userfriendly motor vehicles with the lowest price and high fuel efficiency from the past 25 years . The company gain huge respect from the customers with the higher profits.
Here made top position because company offers wide varieties of vehicles which suits all age genders and eventually , special vehicles are manufactured for teenagers also. If this motor vehicles which produce high fuel efficience then hero will always be a real hero.
All the characters of marketing mix like price, product , promotion and so on worked out well.
- segmenting and targeting your market by Michael Lynn, 2011, Cornell university
- WWW. heromotorcorp.com
VINAY KUMAR GANDAGUDEM
STUDENT ID :- 215450512.