Targeting High-End Industries

New Consumer

Target Market

The product chosen is a Plybot. Plybot is a new 3D printing machine that fuses together world class hardware with intelligent software to deliver a high quality 3D printing experience, making it the prime candidate for business dissertation help. Plybot has arms which are simplified and designed to print bigger, faster and more reliably compared to conventional 3D printers that are currently in the market. Based on the segmentation variables including demographic and Psychographic variables, as well as through segment or niche marketing, the best market for the new 3D printers and as such the Target Market is industries such as the aerospace or automotive industries. The aerospace and automotives industries need for faster and quality development of 3D parts and products makes them the perfect niche market for the Plybot 3D printers. Given the products’ steep price US$76,318, it is only viable for use among the innovators in large industries making up the Automotive and Aerospace industries all across the globe.

Q1. Need

Based on the Bain and Company quality model, up to 30 different elements of value exist in four different categories. Given the commercial nature of the product, the best need satisfied is with relation to functionality of 3D printers within Aerospace and Automotive industry companies. With Plybot, these industries will be able to print 3D parts for their end products in airplanes and vehicles faster and more reliably thereby saving time and effort. Wilding (2021) also advances that the Plybot is almost silent which maximizes its sensory appeal thereby enhancing its functionality. Through combination of world class hardware and intelligent software, the printed products and parts for the companies are guaranteed to be of high quality enhancing functionality. Finally the functionality need is also impacted by this product given that it is not restricted to operate by specific software, rather it can connect with and be operated by other custom made software.

Q2. Stimuli to encourage Product Sale

According to Weber’s law, the stronger the initial stimulus, the greater the additional intensity needed for the second stimulus to be perceived as different. Given the already existing 3D printers in the market, two significant stimuli can be adopted to encourage product sale for the Plybot. The first one is the unique oversimplified arms of the product which allows it to print 3D parts faster and more reliably. Given the mobility of the arms the printer can also be able to print much bigger parts or 3D objects offering value over the previous 3D printer versions. The second stimulus is that Plybot also significantly omits all the complexity associated with 3D printing. Wilding (2021) advances that Plybot is much smarter than most 3D printers; it is equipped with auto leveling fans that manage among other things, the temperature and sensors, and controls the filaments thereby removing some of the functions of 3D printing that make it especially a complex endeavor.

Q3. Associative Network

What characterizes the desired schema for a product is the ultimate advantage of benefit it offers over all its other alternatives, also known as the activation. It is what the consumer has in mind and starts creating a desired outcome from. A desired Schema for the new product is activated from the need for quality parts and 3D objects that customers such as the automotive industry are in need of. This need leads to a need for 3D printing from which the Plybot is the major consideration based on its inherent advantages. These include the ability to print big and small objects easier and faster leading to an easy and efficient 3D printing process that significantly benefits the company in the long run.

Q4. Attitude Formation

Three different models can be adopted in the development of a positive attitude among customers and potential buyers including value expectancy model, elaboration likelihood model and TORA. One of the ways to form a positive attitude towards the product based on the value expectancy model includes magnifying its salient attributes and what separates it from its competitors. For instance unlike other 3D printers, the Plybot has specially designed arms which move effectively to facilitate faster and more reliable printing as well as the printing of much bigger parts and objects. This knowledge is highly likely to influence a new customer’s behavior. Another way to form a positive attitude among customers based on TORA includes; magnifying the importance of the various attributes of the product which eventually enhances the belief of the client in its superiority and benefits over all available alternatives; for instance, magnifying the different attributes of the Plybot including its almost silent nature creates a belief that it is much better then alternative 3D printers which are typically noisy.

Q5. Theory of Reasoned Action

The Theory of Reasoned Action (TORA) significantly highlights how, when and why attitudes predict consumer behavior. One of the ways to move consumers from attitudes towards the new product to buying behavior is to develop an advertisement for the product which demonstrates the factors reinforcing a positive attitude towards the product. For instance, developing an ad that demonstrates all the significant benefits and advantages of the Plybot over normal 3D printers will significantly influence consumers to buying the product. A new positive belief with regards to the product can also be added to significantly push consumers into action. For instance adding another belief to compound the benefits such as its inherent durability, beautiful inside façade and its connectivity to multiple devices adds significant benefits to the already positive attitude exhibited by new customers and is likely to push them towards making the purchase.

Q6. Problem Recognition

During problem recognition the consumer recognizes and highlights a want or need from a product, which the buyer then recognizes to be different from the desired or actual state. One of the ways to encourage problem recognition in aim of promoting interest in new products is listing the advanced features and benefits that the new product has in comparison to the old version of the product to enable the recognition by consumers. For instance, highlighting some of the major benefits and advantages that Plybot has over other 3D printers (including being faster and efficient as well as its ability to print much bigger objects and connect with multiple software for control) enables buyers and customers to recognize the needs and wants that old 3D printers cannot deliver thereby creating an interest in the new product. Problem recognition can also be advanced through developing demonstration ads which show the product in action. The customers being able to witness a demonstration from Plybot significantly creates a new experience which they can compare to their normal experience with other 3D printers and therefore be able to distinctly highlight the various problems and needs that Plybot can solve.

Q7. Prospects Theory

The prospects theory advances a behavioral model that illustrates how individuals make decisions between alternatives that involve risk and uncertainty, for instance gains and losses. Ultimately, the theory stipulates that consumers think in terms of utility rather than absolute outcomes. As such, a most significant way to encourage the buying of the new product is to display its ultimate utility and how it differs from its alternatives. For example highlighting some of the major aspects with which Plybot is significantly superior to other 3D printers including increased speeds of printing, efficiency and also increased sizes capable of being printed. Another creative way would be demonstrating the cost of product outcomes in comparison to Plybot’s pricing. Through demonstrating the ability of Plybot to develop quality automotive and aerospace products that are potentially higher priced compared to the plybot itself, the utility of the product becomes superior to its ultimate cost thereby encouraging its purchase among new customers.

Q8. Psychology of Buying

The article “Understanding Consumer Behavior to convert more customers” by Gregory Ciotti delves into evaluating consumer behavior and how sellers and businesses can capitalize on the knowledge regarding consumer behavior to impact higher sales and consumption. This is inherently similar to what we learned in a wide range of ways. For instance, the article highlights one of the psychological ways of influencing consumer behavior to include understanding the type of buyer in question and effectively reframing the products’ valuing technique to influence the buyer. This is similar to the formation of positive attitudes towards products as learned in the course. Also the article talks about the analysis of customer behavior in order to influence their purchase decision, similar to the conversion of positive attitudes into purchasing behavior as learned in the course. Finally Ciotti (2020) also highlights that sellers should always highlight the strengths of their products by admitting any shortcomings. In this way customers can make much better informed decisions about the product. This is similar to the prospect theory which highlights that ultimately customers go for utility rather than ultimate outcomes.

Link: https://www.helpscout.com/consumer-behavior/

References

Ciotti, G., 2020. Understanding Consumer Behavior to Convert More Customers - Help Scout. [online] Helpscout.com. Available at: [Accessed 13 February 2021].

Wilding, I., 2021. Plybot - The Ultimate 3D Printing Experience. [online] Kickstarter. Available at: [Accessed 13 February 2021].

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