Marketing Consumer Behavior Singtel Telecommunication Company

Question: Discuss about the Marketing Consumer Behavior Singtel Telecommunication Company. Answer: Company background SingTel is the top most telecommunication company of Singapore and it was incorporated in the year 1992 with named as Telecommunications Equipment. In the year 1993, it became a public sector company and it has the annual revenue almost 12600 dollars. The company has almost 600 million customers at present from almost 25 countries and the company operates a long distance relation with the customer (Solomon, 2014). The international submarine cable network of the company provides the connection of almost 100 countries with Singapore. The company SingTel mobile is the first operators that launch iPhone in Singapore in the year 2008. SingTel is the Singapores largest network operators. Company PESTLE Political Analysis Telecommunication companies including the SingTel company have entered into the era of the digital technology. To satisfy the demand of the customers the company is the trend toward the liberalization, deregulation, and privatization. For SingTel, these changes in the company create many challenges and opportunity also. The company is stimulating more innovative ideas and services for the market and the customers. Economics Analysis The factor that is affecting the SingTel Company directly is the economics factor. The increased boundary level for the organization to trade at the international level is the biggest opportunity for the company (Anderson He, 2015). To diverse, the economy Singapore government has done a heavy investment and for that, the SingTel Company is also having the opportunity. The growth in all the economic sectors is very much effective for the growth of the SingTel Company. Social Analysis Singapore is the mix social culture of Malays, Eurasians, Chinese, and Indians. The people of the Singapore are changing their lifestyles with the change in the time and they all are becoming digital. For the change of the lifestyle and habit of the people, the telecom companies are also changing (Lindquist et al., 2015). Customers are very much engaged with the use of the smartphones and internet and for that, the SingTel Company set their market to satisfy their customers need. Technological Analysis The technology of the telecom industry has changed a lot in the recent years. All new services like internet, e-commerce and other telecom services are introduced in the market. SingTel also cover all the services like other telecom company but their special identification is the internet based activity and e-commerce (Hantula Wells, 2014). SingTel has the most advanced technology for the user and they provide the best network for the customers. SingTel Company strategy for the long term growth is to invest more in the technology. Legal Analysis The IDA has taken the decision for Sing Tel's exemption request of the individual markets and customer segment to be applicable for the company. This will help the company to get the exemption from dominant regulation (Lantos, 2015). In the beginning, the company was a monopoly company but now they are the largest telecom company in Singapore. SWOT analysis SingTel Company has the strong market position in Singapore as it is the largest telecom company in Singapore (Loveland, 2016). They provide the best network for the user and also for the future generation and they have almost 600 million users. SingTel has the most advanced technology for the user and they provide the best network for the customers. Their main weakness is that they did a bad practice of acquisition that is they think they are the only one who is the best in the world and can do anything. One more of their weaknesses are that they give their 90% focus in the market of Singapore rather than expanding their trade. Their topmost opportunity is that the market of Singapore if full with the people of China, India, Malaysia and Eurasia so they have the best opportunity to develop in the market (Weller et al., 2015). Their main threat is the competition of the other telecom companies because of the other companies they have to change their pricing strategy for the customers (Vinerean et al., 2013). Their one more threat is that the technology is changing fast and to be in the world of digitization they have to face many challenges. SWOT Analysis Strengths They have very strong market position They provide the network of the next generation They have the high market share in the Singapore market They have the most advanced technology Weaknesses They had a very bad practice of acquisition They give too much focus on the Singapore market They gave very poor effort for the relation with the customers Opportunities They have the best market segment in Singapore market Their satellite and information technology fiber is also very advance Their network services and mobile data are also the best in the market They are trending to emerge the M2M communication i.e. Machine to machine Threats Increase in the number of the competitors Technology are changing in a rapid way They face great impact on operation for the regulatory changes Target market description SingTel is the telecommunication company of Singapore and their main target is the Singapore market and the customers. In Singapore, the company gets different segments of people especially the people from India, China, Eurasia and Malaysia (Inoue Kent, 2014). So to target the market of the Singapore based on the four segments of customers is the biggest opportunity of the company. Singapore is the strong country with the telecommunication sector and SingTel is the largest and the top most company of Singapore. Their target market is the entire city of Singapore and their target marketers are the people from India, China, Eurasia, and Malaysia. Their target is to get the maximum number of the customer and to become the top most telecom company in the world (Xiang et al., 2015). At present they have almost 600 million customers and the maximum is from the Singapore. They have many competitors like Ericsson, Star Hub etc. but they still hold their market position in the Singapore mark et as the top most operators of the network services (Cantallops Salvi, 2014). They segment their market as per the origin of the people and also as per the age of the customers because the young generations are the one who is using the technology most. So their main target markets are the customers of the Singapore because they are very much intended towards the use of the network services. Decision-making process Need recognition It is very important to underhand the desired importance and the implementation of the decision-making process as it helps in increasing the effectiveness of the work processes of the firm concerned. It is defined s the first basic step of the consumer buying behavior which is sometimes called as the problem identification (Zhao et al., 2014). It occurs when the respective customer has a demand or need which is not fulfilled. In this step, the actual need of the consumer is understood and thus after this SingTel can assist the customers in an effective way. Information search The search of the desired information is of great importance as it helps in evaluating the desired need of the customers from the services delivered to the concerned customers (Papadopoulos Heslop, 2014). It is therefore very important for the management team of SingTel to conduct an effective research method in order to bring out the relevant information regarding the evaluation of the need and the demands of the customers throughout the market segments concerned. This step also leads to the risk management strategies and these needs to be evaluated effectively. Evaluation of the Alternatives It has been seen that if the customer sets a choice for the particular purchase of the product then he or she looks for the best deal that can get from the respective market. There come several factors regarding the purchase of the product such as price, quality and the reliability of the services or the products offered by the organization (Kardes et al., 2014). Thus, it becomes more important for SingTel to come up with effective strategies so that the desired profitability can be increased to a large extent. Purchase decision This is one of the most crucial steps that help in providing the desired elevation in the execution of the business processes of the organization (Zeugner-Roth et al., 2015). The purchase decisions are one which helps in increasing the desired sales for a particular product or services offered to the organization. Influencing strategies needs to be adopted by the management team in order to increase the selling of the products and services offered by the organization. Post purchase evaluation It is the final step of the decision-making process which helps in accessing the consumer regarding his satisfaction concerning the purchase of the product or the service. It is purely based on the satisfaction level attained by the customer regarding the purchase of the product (Godey et al., 2016). The management team oaf SingTel needs to identify the satisfaction level of all its consumers as it will help in evaluating the effectiveness of the business processes concerned. Two social influences on buying behavior Two of the social influences affecting the consumer or the buyer behavior are reference groups and the role in the society. These play the most vital role in influencing the behavior of the consumer regarding the purchase of the particular product. the reference groups consist f the friends, family members, relatives and the co-workers which share their experiences regarding the use of the products and helps in increasing the sales of that particular product (Goh et al., 2013). The next is the identification of the role of the individual within the society that creates the crucial impact on the purchasing decision of the particular product. Two psychological influences on buying behavior Two of the psychological factors are motivation and need and Perception regarding the purchase of the product offered the concerned firm (Claiborne Sirgy, 2015). Needs regarding the product helps in motivating the customers to purchase the product or the services offered to them. The next is the development of the desired perception regarding the brand reputation and the quality and price of the product and these two bits of help in increasing the selling of that product concerned. Two personal influences on Buying Behavioral Two of the personal factors would be the occupation and the economic condition which generates enormous impact on the purchasing of the concerned products. The nature of the job generates a direct influence on the purchase behavior for the products (Funk et al., 2016). The next is the economic condition which reflects the purchasing of the product as per the money available. Four marketing strategy recommendations The fourmarketing strategy recommendations will be regarding the offering of the product throughout the targeted market areas. These will be the product, price, place, and promotions of the marketing. The product refers to the unmatched product quality for the customers (Stephen, 2016). The pricing should be different as per the competitors and selection of the place should be suitable to attract more customers. Final is the different ways of promoting the product which should be adopted by SingTel to promote the products throughout the competitive market segments Conclusion SingTel the largest telecom company in Singapore and the 20th top most company in the world is the company that provides the nest generation network services to their customers. This paper concludes that the company was the monopoly company in the beginning but they have changed as the time changed. 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