Target market for Geek Squad new product
Geek Squad specializes in offering technological customer support. With the development of technology, many consumers have problems operating some of the devices such as computers. The company is very successful in the customer service industry. However, the company is now introducing a new product in the market. It is time to target organizations by developing customized software. The ever-changing evolvement in technology was the main factor that contributed to the formation of Geek Squad. Innovations come up every day creating problems for organizations as well as individual software consumers. Today, there is software that can command a machine to do anything. The target market for Geek Squad customized software includes financial institutions, banks, individual vendors, business, and Governments. There is an increase in the demand for customized software in all these sectors. In the business world today, everybody is looking for an added advantage to remain competitive. Athreye (2005) argues that the growth of firms is dependent on internal resources and the desire to exploit them. Thus, a firm needs strategic management to exploit the available resources to remain competitive in the market. One of the major tools of strategic management is technology. Integrating technology is very important in the running of business today. However, different firms have their goals and way of doing things. Thus, it is imperative that every firm would need different software to fit the business model and goals (Mithas et al., 2012).
From manufacturing to business, every industry is becoming automated and mechanized. In addition, new machines such as new advanced computers, mobile phones, cars and entertainment systems evolve regularly. The common thing with all these machines is that they need software to operate. The hardware alone cannot function without the software. The increase in the number of automated machines in the market calls for increased and sophisticated development of software. Big organizations and governments require customized software to fit their business model (Mithas et al., 2012). Though there are many companies that develop software, most of them develop common software for use by any individual. However, for Geek Squad, it is looking to build customized software to fit the specifications of the client. While technology is available in all industries, few people know how systems such as computers process information. Geek Squad has identified the need for customized services in industries such as finance, banking, media, and individual vendors. As technology advances, there is also need to update the software. In addition, the industries are very competitive and organizations are looking for a competitive advantage through developing high-end, sophisticated software for business solutions. In that technology will always evolve, there will always be a need for updated customized software, and Geek Squad is here to provide the services.
Creation of the customized software
The software is a general term for all programs used in computers and computer related devices. Every technological device is equipped with software for it to function. The software is the brain of the device. The hardware cannot work without the software. The software generates the instructions that guide the computer device. Software development is the process of documenting, programming, and testing applications resulting to software. For the software to appeal to the target market, it must meet the specifications of the client and satisfy the intended function. The due process of development is followed. First, the initiation of the product will occur after the client makes an order. This is because; the company is specializing in customized software meaning that the client will have to provide the specifications. Once the client makes an order and provides the specifications, the company programmers will get to work and program the software. Constant communication with the client will be available to ensure there is full adherence to the specifications. After programming, the testing phase will commence. Together with the client, testing of the software will occur to ensure it meets the intended purpose. The testing phase will last for as long as the client is satisfied with the software. Once the client is satisfied with the software, development is complete. The fact that the client is satisfied with the software means that it appeals to the market and the company is capable of providing an appealing product
Characteristics of the target market
This refers to a market segment with common traits. Geek squad is targeting financial institutions, banks, individual vendors, business, and Governments. The question here is what the marketing demographics for the software are?
Geographic is the location of the target market. The question here is where is the target population located?
Psychographics includes the habits, personality, lifestyle, and attitudes of the target population. The question here is; what are the marketing psychographics?
This is segmenting the market based on the uses and responses to the product
Market research is the collection and analysis of information about an individual or organization using analytical or statistical methods to support the decision-making process. Before introducing a new product, it is important to conduct a market research to determine the viability of the product. The competitive forces in the economy are always increasing and thus are significant to have information about the preferences and concerns of the target consumer. Market research is conducted when introducing a new product into the market or when working to improve an existing product. In both cases, research elevates performance by keeping a tab on the consumers and existing competitors (Hague, Hague & Morgan, 2013). In the case of Geek squad, the market research is to determine the viability of customized software in the market. The market research I n this case is to determine the characteristics of the target market. These characteristics are qualitative making the market research a qualitative study.
The market research method suitable for Geek squad is personal interviews. This is because it is a qualitative study and it is focusing on specific organization and not individual consumers. For customized software, there is no standardization in that every organization has its specifications. In this case, the personal interviews will be significant in determining most of the characteristics of the target market. The most distinguishing demographic factor is that all the organizations targeted customized software. However, the software’s are different in that every organization has its specifications. Personal interviews will reveal the demographics, behavioral and psychographic characteristics of the target organizations. However, the survey method will also be significant in determining the geographic characteristic. By conducting a survey, Geek Squad Company can determine the geographic are to start the business.
In product development, the first step is idea generation. The idea has already been generated which is to develop customized software for organization and individual vendors. With the idea generated, the next step is to brainstorm on the idea. This includes sharing the idea with other stakeholders and asks for their views. Geek squad has to inform Best buy which is a significant partner for views and further ideas. It is also important to consult the employees who will be handling the development of the software. Once all the stakeholders accept the idea, a market evaluation is initiated. This includes determining the target market and its characteristics. Market research is conducted at this stage to determine the viability of the idea in the real world. The next step is to develop the concept and test it (Wagh et al., 2015).
The customers are the major stakeholders since they are the end users. In the case of Geek Squad, the company has to use a right company base. With a true client, the company will then develop customized software based on the specifications of the client. This will allow the true customer base to visualize the idea. After testing and finalizing on the concept, then it is time to conduct a business analysis to determine if the concept is profitable or not. This included analyzing the available demand and appraising costs. Once proven profitable, a marketing test is conducted. This includes introducing a prototype to organizations and has a proposed marketing plan. The final step is to launch the product in the market. For customized software, this will include finding a true client and developing system software and then build a lasting relationship. However, constant reviews are significant in all the steps to ensure that the product follows all the steps to be successful.
Athreye, S. S. (2005). The Indian software industry and its evolving service capability. Industrial and Corporate Change, 14(3), 393-418.
Hague, P. N., Hague, N., & Morgan, C. A. (2013). Market research in practice: How to get greater insight from your market. Kogan Page Publishers.
Mithas, S., Tafti, A. R., Bardhan, I., & Goh, J. M. (2012). Information technology and firm profitability: mechanisms and empirical evidence. Mis Quarterly, 36(1), 205-224.
Wagh, D. G., Shahi, S., Ingle, D. M. T., Khadabadi, S., & Karva, R. G. G. (2015). Quality by design in product development: a review. Journal of Pharm Research, 5(05).
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