Entering a new market with a new product
An Experian case study

Page 1: Introduction

Listen to page 1

Decision-makers within organisations need to look into the future. As they do so, their thinking should focus on their customers. These should include existing customers and potential customers who have so far not taken up products from that organisation. In an age when credit is more widely available than ever, this case study focuses on a new product launched by Experian, a global information...
Read full page

Page 2: Diversification

Listen to page 2

As organisations develop their businesses, they face a range of choices and opportunities. One way of representing these choices is through a matrix developed by Igor Ansoff in 1965. Alternative marketing strategies By relating product opportunities to markets, this mix identifies four broad alternative marketing strategies open to Experian: a) Market penetration. This involves selling more of...
Read full page

Page 3: The market

Listen to page 3
[audio=https://download.businesscasestudies.co.uk/player.php?f=ZXhwZXJpYW4vbXAzLzEyL3BhZ2UtMy5tcDM=&titles=The market]

Credit for young people often starts when they take out a student loan. Credit, such as personal loans, credit cards or hire purchase agreements, can help smooth out the peaks and troughs of your income. It can help you buy expensive items, such as a car or kitchen equipment, which you would otherwise have to save for. As people settle down they may want to purchase a property. A mortgage is a...
Read full page

Page 4: Market segmentation

Listen to page 4
[audio=https://download.businesscasestudies.co.uk/player.php?f=ZXhwZXJpYW4vbXAzLzEyL3BhZ2UtNC5tcDM=&titles=Market segmentation]

Customers have different needs and wants, likes and dislikes. For example, not every person likes the same motor car or has the same taste in clothes. There are many different types of consumers with different types of needs. Experian aims to treat all consumers as individuals. Market segmentation helps to turn marketing into a science. It does this by separating a market into parts called...
Read full page

Page 5: Marketing mix

Listen to page 5
[audio=https://download.businesscasestudies.co.uk/player.php?f=ZXhwZXJpYW4vbXAzLzEyL3BhZ2UtNS5tcDM=&titles=Marketing mix]

Experian undertook its market research and identified the segments containing those potential customers that it wanted to target. Next, it developed its marketing strategy. Marketing strategies are developed using the marketing mix. Organisations need to create a successful mix of: the right product (or service) sold at the right price at the right place using the most suitable form of...
Read full page

Page 6: Conclusion

Listen to page 6

A good understanding of the use of modern technology provided Experian with the opportunity to innovate. Experian diversifed by building on its statutory credit report service to develop CreditExpert, giving consumers online access to information that they had previously only been able to access on paper. In a world where there is an increasing dependence upon credit, Experian created its...
Read full page