Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

We decided to Introduce the Repackage to Gregory, a outdoor bag productions company, because Gregory have a good brand name In different aspects, such as the quality, Gregory have many special Ingredients to make gas, such as the “Area-Tech Mesh”, a fabric with AD weaved, this fabric have extremely high permeability, and It’s suitable to make the Larkspur. Furthermore, Gregory provide warranty repair, If the bags have quality problem that damaged quickly, Gregory can repair It for you free or even give you a new one, this after sale services Is a guarantee to customers.

For the price, a Gregory bag which is normal and have no special functions, is around $1200, after merging the radiating system, we estimated the price of the Repackage would be around $1 500, and we coordinated the Repackage as a premium product, which means it have high quality and high cost, but not reach the luxury level yet. As our target segment is middle class, so that the price is acceptable because it is just slightly expensive compare to other normal bags.

Then, the place of selling this product, as Gregory have no specialty store in Hong Kong, the Repackage should be sold like other Gregory bags, which are sold through distributor. About the allocations of the selling point, we thought that they should Ochs in the shopping area of teenagers such as Mongo and Causeway Bay, because we are targeting mostly generation Y, so that we should put more Repackage in their sight.

Also, as nowadays internet and information technology are developed rapidly, many people love to buy items online, we suggest to sell the Larkspur through online shop, and people can buy it online and get it through the express delivery, which is convenient and save effort. Finally, for the promotion, advertising through media Is a good way to sell our

Larkspur, we can advertising by making a big banner In the place like Mongo, because as we mentioned before, there are the shopping areas of many generation Y, so that they can know there is a Innovative product called Repackage. Also, we can set some sample of Repackage In the selling point, thus the customers who are Interested In our Larkspur can test It, feel It, and know the great comfort of It. Marketing – ups BY Williamsburg About the product, our product is an innovative backpack called Repackage, which is enforceable in winter too.

We decided to introduce the Repackage to Gregory, a outdoor bag productions company, because Gregory have a good brand name in extremely high permeability, and it’s suitable to make the Repackage. Furthermore, Gregory provide warranty repair, if the bags have quality problem that damaged quickly, Gregory can repair it for you free or even give you a new one, this after sale services is a guarantee to customers. Our target segment is middle class, so that the price is acceptable because it is Just

Repackage through online shop, and people can buy it online and get it through the Finally, for the promotion, advertising through media is a good way to sell our Repackage, we can advertising by making a big banner in the place like Mongo, so that they can know there is a innovative product called Repackage. Also, we can set some sample of Repackage in the selling point, thus the customers who are interested in our Repackage can test it, feel it, and know the great comfort of it.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

The 4 Up’s is one of the best known frameworks for a marketing plan, of which the aim is ultimately to fulfill a basic racketing purpose – Putting the right product In the right place, at the right price, and at the right time. Getting all aspects of this framework Is of paramount importance. Miscalculating one could result in disastrous consequences, for example you could be promoting a revolutionary diet plan in a country hit by famine or publishing a textbook after school term has started.

In the process of brainstorming for a product, some Innovative Ideas were eliminated due to the fact that they were deemed unsuitable for the Singapore market. One such example is the ostrich allow, a nifty headgear for people to catch a comfy nap anytime, anywhere. Due to Its odd shape and Singapore conservative culture, we decided that the market might not open up to the Idea. The Product Itself was good, but the Promotional strategy would encounter difficulties. One of the other teams did their project on space-saving furniture. The end result was that one convertible table/couch would cost upwards of $2000.

This is a potential mismatch between Product and Pricing strategies, as the average consumer who could afford such prices would unlikely be living In a house that requires space-saving technology. The Pricing aspect by Itself also proved to be extremely interesting, as everyone’s project seemed to unanimously adopt a value-based pricing strategy. So then, what of cost-based pricing? Is it not an effective strategy? With this in mind, I began my research to find out more about It. The classic example cited in this debate is that of Steve Jobs vs. Sam Walton, two of the greatest business leaders in history.

An interview conducted by Fortune Magazines best highlighted the difference between these two extraordinary men and their methods. It is noted that Steve Jobs epitomized value-based pricing by focusing mainly on the product Instead of margins. He said, “If you keep your eye on the profit, you’re going to skimp on the product. But if you focus on making really great products, then the profits will follow. ” Sam Walton, on the other hand, built Walter around the concept of low margins and high volume, I. E. Cost-based pricing. If the margins got above anything that was Infinitesimal, he would get angry.

Both have built extremely successful companies using entirely different pricing strategies. So why does a value-based pricing strategy seem so much more popular than a cost- based one? Perhaps it all boils down to prestige. Being the boss of a premium brand certainly holds more distinction than say, opening a dollar store. Or perhaps the road to bulling a company large enough for cost-based pricing to be effective Is an arduous task that faces more obstacles in the form of existing industry giants. In any 1 OFF overshadowed by the recent successes of premium brands.

Another strategy that the class unanimously adopted is Promotional strategy, specifically in social media terms. Backbone appeared to be the prime choice of social media strategy for everyone, and rightly so. A survey conducted in 2011 showed that Singapore are he global leaders for the longest time spent on Backbone, clocking minis assess per session, putting us ahead of countries like US, I-J, and Australia . Add that in to the capital limitations of start-up companies, Backbone becomes the logical choice for our promotional channels.

A case study on Scout’s wildly popular Backbone marketing campaign gave us further affirmation that this was the right way to go . As for the Placing aspect, the dilemma existed whereby in order to position ourselves as a high street fashion brand, a retail store had to be open at a prime location such as Ion. The rental for such locations, however, would strain our budget even further. To put it in perspective, the rental costs for an Ion level 1 space is $29 per square feet whereas the rental costs for Nag Mo CIO Hub is a mere $19 per square feet.

That adds up to almost $ask difference per year for a store of 330 square feet, which is an extremely large sum for a start-up company. We eventually decided that it was worth the risk, but had to make careful budget adjustments to manage our finances. Next issue of interest is the importance of an action plan. Why is an action plan so important? Without an action plan, all we have is a broad strategic plan. Think of it like making a resolution for a new year – you may state that you plan on losing weight, however you do not add in specific details as to how you are going to do it .

A concrete action plan ensures that one stays focused and has a clear idea of what to do and when to do it by. The group that did the project “Fitting Reality’ had an impressive action plan which was both detailed and tailored to account for contingencies. That way, should anything go wrong, there would still be plans to fall back onto instead of the whole project being thrown into disarray. Another particularly noteworthy issue is that seemingly all groups focused on customer acquisition, but few bothered to put effort into customer retention.

This is puzzling for one main reason – It is a widely held belief that acquiring a new customer costs on average 5 times more than retaining an existing one. It is therefore wise to invest equally in customer retention alongside customer acquisition, or else it would be tantamount to taking one step forward and two steps back. Some recommended strategies of customer retention include loyalty discounts and membership reveilles, as well as constant updates and active engagement with the customers .

An area that I found intriguing was the fact that no other groups seemed to conduct a market survey in their marketing plans. To me, a market survey is extremely useful as it helps gauge the future demand of the product. A poor response would allow to us to pull the plug on the project before anything concrete is launched, thereby cutting our potential losses massively. Furthermore, based on the results of our market survey, we were able to effectively segment our consumers as it showed distinctly which group of customers were most interested in our product.

Of course, a counter argument could be made that a well-crafted marketing strategy would amp up the hype over the product and turn initial consumer skepticism into enthusiasm. Both arguments are certainly valid, but it seems that market surveys are still very business . One of the difficulties encountered by our group in the process of designing our marketing plan is the aspect of controls. We all know the importance of controls. It monitors the progress of our plan and makes adjustments when it deviates off course. So how then do we determine the key performance indicators KIP) and at what level do we set it?

Should we operate on the economist’s definition of bottom-line or the accountant’s definition? These were all daunting questions that had to be answered. Ultimately, we chose to follow sales projections quoted in our financial plan as the main control. In hindsight, we could have adopted a market share analysis instead as sales figures may not give a wholly accurate representation. For example, if the footwear market faces a sharp downturn, we could be facing lower than expected sales figures but still capturing a large market share visit-Г-visit our monitors.

A qualitative control method in the form of customer attitude tracking can also reveal to us what customers feel about our organization, products and services, thus allowing us to make pre-emotive changes and preserve the brand reputation . The final topic of interest again lies with the marketing mix, but this time with respect to BIB commerce. Two of the groups came up with products that were targeted solely at businesses and within their marketing plan included the conventional 4 As. The 4 As has been a great framework that has served marketers well for over half a century.

Free Sample: Marketing paper example for writing essay

Marketing - Essay Example

It is important to note that a marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors. It is said that the marketing concept is about matching a company’s capabilities with customer wants. As being the head of the marketing department, it is obvious to reach for an idea that we are unpopular on the market and that our product is unknown for potential consumers.

Therefore, adopting a marketing concept will be important for our self-introduction, informing the customers that we exist and also that we care for their needs and wants and it is not only a matter doing business with them. 1. 2 Explain the various elements of the marketing orientation concept Nearer and Slater (1990) respectively of Kohl’ and Gasworks (1990) have invented the concept of market orientation in the beginning of the nineties. According to Nearer and Slater (1990), market orientation consists of three behavioral components and two decisions criteria: (I. Customer orientation – “The sufficient understanding of one’s target buyers to be able to create superior value for them continuously’ (it. ) Competitor orientation – “Understanding of the short-term strengths and weaknesses and long-term capabilities and strategies of competitors” (iii. ) Inter-functional ordination – “Exploiting at best the resources of a company to create superior value for target customers” (iv. ) Long-term focus (v. ) Profitability. Taking into account that the company intends to go for the regional market.

It is important to bold out that our textile company is constantly influence by its marketing environment. A changes whether positive or negative might force our business to revisit our marketing strategy. These are factors and forces that can influence on our firm in maintaining good relationship with our customers. These can be classified as micro-environment for internal factors and Macro-environment for cantonal factors. Micromanagement consists of stakeholder groups that a firm has regular dealings customers; competitors and the public.

These way these relationships develop can affect the costs, quality and overall success of a business. On a different note, the macro-environment refers to all forces that are part of the larger society and affect the micromanagement. It includes concepts such as demography, economy, natural forces, technology, politics, and culture. It is noted that our objective is primarily based on going onto a regional market. Therefore, since the market being targeted will be limited due to none-interest in owing to national trading, our business will be more focused on its micro-economic.

We will be more focused on our competitor, studying what they are doing and proposing to the quantitative consumers. We will also need to be very efficient in the promotional campaign since the consumers in found in a particular region. We will need to identify our strength and use it to create a name and obtain the majority of the customers. A tool which the marketing department shall recommend for evaluation of the micro- economic shall be the use of a SOOT analysis. Internal Strengths Weaknesses Multi-skill. No real middle-man in the channel of distribution

Possible contact with the potential consumers No real diversification of product Marketing dept. New to the Company. No trained staff to support this dept. No diversification. Offers only one type of product. External Opportunities Threats Real desire to go for expansion since the company wants to boost sales Motivated employees Competitors Regional target. Number of potential consumers little 1. 4 In the above context, explain how consumer behavior may affect marketing activities of the company. Since we are offering a unique product targeting consumers in a particular region only, this will be a delicate situation for our company.

Our company will need to follow closely the customers and primordial to put the customers first. If at any time, the choice of our customer changes, it will automatically be an alert to the business. We shall have to revise the product that we are offering and even consider to stop for current production and offer a new training of staff. 1. 5 Recommend marketing mixes for two different segments in consumer markets. Marketing mix is a business tools used to market a product. Marketing mix is broken into 4 parts namely Price, Product, Place and Promotion.

It is important to note that marketing mix will tend to differ in different segments. The demographic for instance play a role in the product that the consumer needs. For instance, interactive products like video game won’t be a success in an ageing region. In this type of region where buyers are over 50 years of age, business shall consider Place and Product. The company might consider door to door selling strategy since old audience won’t to shopping. Offering Product for the benefit of health rather than interactive product will also generate a positive feedback.

Whereas where there are more youngsters, business can elaborate on the Price and Promotion. For instance, using a price skimming strategy since we know that the youngsters won’t really matter in the price and promotion also will be important to attract the potential consumers knowing that this class of consumers are constantly linked with media like TV, Radio, Internet and Magazines. 2. 0 CASE STUDY 2 – SIMPLY CORNFLAKES Simply Cornflakes Kellogg Cornflakes was launched over 90 years ago with an excellent and really innovative product with wide appeal.

Over the years, heavy advertising expenditure, plus product and packaging updating have made and kept the brand successful. Since the sass’s, however, there have been dramatic changes in the breakfast cereal arrest. This is illustrated, for example, by the fact that in 1979 there were 84 brands with a turnover of $1 m, whilst today there are more than 200. Thus, many new and successful products have emerged to segment the cereal market. Faced with this development, Kellogg has consistently spent more on advertising cornflakes than any other product (over 15% of its total annual advertising budget).

It has also launched new ‘added-value’ products like cereal bars and snacks in addition to different versions of its Special K and All-brand cereal products, to appeal to new consumer roofs wanting something different. Through market research, the success of cornflakes has also been re-assessed and the product reluctance as having something ‘simple’ in a market full of complex products. Thus, today, cornflakes is re- emerging as a reliable old friend, targeted at the same customer with slogans like “Have you forgotten how good they taste? And clearly re-establishing its own market niche. 2. 1 Why have Kellogg Cornflakes been so successful for over 90 years? We note from the case study itself, that Kellogg have understood and applied the Marketing concept since the beginning. The Company has put the consumers first by analyzing and studying the needs of its consumers. As it is point out in the illustration, the Company has been innovative, that is it has offered new products to the consumers over time. The management of the Company has not hesitated to invest important funds for marketing of its products.

Kellogg has successfully applied the ups to stay 2. 2 How has the product been affected by market segmentation? We note from the case study that there has been important changes pertaining to the breakfast cereal market, the need and choices of consumers have changed. By carrying a market segmentation, Kellogg has been able to identify the different needs of the cereal market and more important to satisfy these needs. Under market segmentation, Kellogg is now proposing more brands like cereal bars and snacks.

An example would be the “All brands” which is especially designated to a specific consumer namely the one who wants to gain heavy fibers. Consequently 15% of its annual turnover is re- invested in advertising of its cereal. We conclude that the firm has successful responded to the needs of its consumers of a specific group by offering a wider brand of its products. 2. What action has the company taken to re-establish the brand? Kellogg has understood the importance to fight its competitors and has expressed its willingness to remain the leader by investing lots of money in advertising.

As mentioned earlier, more than 15% of its turnover is systematically re-injected in advertising thus demonstrating how Kellogg wishes to be the first reference which comes to mind when thinking about breakfast cereal. Lastly, the company has implemented a slogan which talks about itself “Have you forgotten how good they taste? ” Kellogg also demonstrates here how it trusts in the fidelity of its consumers, simply reminding hem of what they already are aware. A niche is a more narrowly defined group, typically a small market whose needs are not being well served.

Marketers usually identify niches by dividing the segment into subbasements or by dividing a group seeking a distinctive set of benefits. Broadly, the business is said to be focusing on a need for a product or service that is not being addressed by mainstream providers. For instance, providing medical shoes for diabetic and old people; that is satisfying the specific needs of this group of consumers. As regards to Kellogg, we note that the company has developed the “Special K” which argue female especially those who are under dietetic nutrition.

This can be classified a niche market since Kellogg has identified a specific group of consumers under a market segment. 2. 5 What evidence, if any, is there to suggest that it could continue to be successful in the future? We note from the case study that Kellogg has well understood the importance of evolution of customer buying behavior. It is important to keep in mind that the objective of marketers is to provide the right product for the people. Kellogg has adopted a marketing strategy whereby 15% of its annual turnover is re- invested for advertising of a particular brand.

It seems that Kellogg anticipates as far compare in 1979 where there were 84 brands. It is also stated that Kellogg has heavy advertising expenditure, plus product and packaging updated have made and kept Kellogg successful. Thus, we conclude that if Kellogg has been able to tackle the changes associated with the changes over time, it is of no doubt that Kellogg is and will be a major competitor strongly settle on the market and one of the leader of cereal product. Factors which influence the choice of targeting strategy The selection of attention customers to whom a business wishes to sell products or services.

The targeting strategy involves segmenting the market, choosing which segments of the market are appropriate, and determining the products that will be offered in each segment. There are some factors that can influence the choice of a business to undergo targeting strategy. For instance, a high level of competitors for a specific product can motivate our business to shift from mass marketing to niche marketing. Therefore, the company will provide a product for specific types of consumers which on the same note, our direct competitors are not providing.

On a different note, changes also in the demography can also be a cause that may affect targeting strategy. Dealing with modern product might not be of great interest for an ageing population and result in low sales thus pushing the company to identify a new regional market. 3. 2 The development of products for the attainment of a sustainable competitive advantage. At the very beginning, even before the introduction level of the PL, a company will carry out a Research and Development process.

The business will identify its potential consumers on the market and start studying what are their deeds and expectation for a product since it is not a matter of putting a product for sale but putting the right product for consumers. For this section, the identification of a niche market will be a profitable approach to the company. This will mainly concern with the ability to identify the needs for a particular product that is not really made available to a market segment. The success will emerge from the ability of developing “the” product that our customers need and fully satisfying their expectation. . 3 The arrangement of distribution to provide customer convenience. Producing and making products available to buyers requires building relationships with “upstream” and “downstream” supply chain partners. There is a network made up of the company, suppliers, distributors, and ultimately customers who “partner” with each other to improve the performance of the entire system in delivering customer value. This is known as the value delivery network. Marketing channels represent the downstream side of the value delivery network.

The use of intermediaries results from their greater efficiency in making goods available to target markets. Channel members offer the firm more than it can achieve on its own in terms of Contacts, experience, specialization, scale of operation. The number of intermediary levels indicates the length of a channel. Direct marketing channels: Have no intermediary levels between the manufacturer and the customer. Indirect marketing channels: Contains one or more intermediaries. All promotional activity in the attainment of marketing objectives.

It is not exaggerated to state that Promotion is one of the most important stages for good sales. A business can develop an interesting product which in fact is the product of the year which will rely attract consumers and generate high profit but if the market is not aware of our product there will be no sales. Promotion will be very important at the introduction level of a product. Below are some examples of how business can set strategies to make the consumer aware of the existence of our product and not only about advertising it.

Special Offers Sweepstakes Endorsements Trials Direct mails Free Gifts 3. 5 The analysis of the additional elements of the extended marketing mix. The marketing mix is the tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives. The traditional ups are extended to encompass the growth of service industry. The ups are Product, Price, Place, Promotion, People, Process and the Physical environment. People represent the business. They include the employees, management, culture and customer service. The image they present can be important.

The first contact is often human; the lasting image they provide to the customer is significant. Moreover, the extent of training and knowledge of the product or service the people in the organization have is vital. Furthermore, we have to ask ourselves if the staffs represent the desired culture of the business. Process is especially relevant to the service sector; the way services are consumed by people, the processes they have to go through to acquire the services, where they find the availability of the service that is, contact, reminders, registration, subscription, form filling, and degree of technology.

The Physical environment is concerned with the ambiance, mood or physical presentation of the environment. When considering this element of the marketing mix, we can ask ourselves the following questions: is the environment smart/shabby, is it trendy/retro/modern/old fashioned, is it right/dark/bright/subdued, romantic/ HCI/loud, clean/dirty/unkempt/neat, what about enhancements, smell among others. Conditions. Pricing is one among the most important factors for a business to consider when introducing a new or even an existing product on the market.

Depending on the objective that the business has set, the company will adopt a particular approach to its pricing strategy. Some famous models of pricing strategies that businesses use are: Price Skimming:- High price at beginning and then face a decrease in the price Loss leader:- Product sold at a low price to stimulate sales Price moderation:- Product introduce at low price and then increase gradually Psychological pricing:- Concern with the technique of playing with the figures to confuse customer Market-oriented:- Setting the price in accordance to the demand with our direct competitor.

A business involved in the production and distribution of PC and having an objective like “One PC for every child by 2020” will hardly adopt a Price skimming strategy. Since the company is very concern with the welfare of children, price of PC will be at an affordable price and at a better price than competitors. Thus, a strategy like Loss leader will be more likely to be practiced by a Company having an objective in connection to welfare/social assistance. 3. The distinction between international marketing from domestic marketing. Domestic Marketing The marketing strategies that are employed to attract and influence customers within the political boundaries of a country are known as Domestic marketing. When a company deal only within a country, it is said to be involved in domestic marketing. The focus of companies is on the local customer and market only and no thought is even to overseas markets. All the product and services are produced keeping in mind local customers only.

International Marketing When there are no boundaries for a company and it targets customers overseas or in another country, it is said to be engaged in international marketing. According to another definition, international marketing refers to business activities that direct the flow of goods and services of a company to consumers in more than one country for profit purposes only. Difference between domestic marketing and international marketing As explained earlier, both domestic as well as international marketing refer to the same marketing principles.

However, there are glaring dissimilarities between the two. Scope – The scope of domestic marketing is limited and will eventually dry up. On the other end, international marketing has endless opportunities and scope. Benefits – As is obvious, the benefits in domestic marketing are less than in international marketing. Furthermore, there is an added incentive of foreign currency that is important from the point of view of the home country as well. Sharing of technology – Domestic racketing is limited in the use of technology whereas international marketing allows use and sharing of latest technologies.

Political relations – Domestic marketing has nothing to do with political relations whereas international marketing leads to improvement in political relations between countries and also increased level of cooperation as a result. Barriers – In domestic marketing there are no barriers but in international marketing there are many barriers such as cross cultural differences, language, currency, traditions and customs. 3. 8 The differences in marketing products and services to organizations rather than section we shall look at some differences in marketing product to organization and consumers.

It is noted that the marketing will differ depending on the number of distribution level that is present. Promotion for consumers will be different from promotion offered to organization. For instance, discount allowed for business will be under Trade discount since there is massive volume trading. In addition, no huge funds will be invested in several points of sales for organization, thus affecting the place of distribution. Buying and selling will mainly be effected through internet.