Product modification includes altering the characteristics of the product specifically quality, performance, appearance, etc. in order to increase the value of the product and sales. Market modification is when a company seeks new customers or attempts to increase a product’s use with existing customers. The repositioning of a product is an action taken to increase sales. This changes the place a product occupies in a costumers mind as compared to the competition.
For example this is including things like such as if the customers is going to choose to buy their clothes from a business like Debenhams as they might be trying to show that they are very happy on the product that they are selling. Design of the marketing mix to satisfy the needs of the target market: The business will design their marketing mix around of the customers’ demands. This is important that the business design something that will meet the customers demand because they will have more sales and also more profits, if the business doesn’t do this they will lose sales and also a lots of profits, so this is very important that they do this if they don’t it will bring their businesses down. The business will make sure that they are investigation to find out what will be the best products
Breakeven point changes due to the amount of items being sold or change in selling and variable cost could bring changes in breakeven point. So if brockley’s expect an amount of jeans to sell out they would have to change selling. Why costs and budgets need to be controlled? Its importance that Brockley’s clothing controls its costs so that they manage their financial resources effectively. This will assist the company in increasing their profits and it allows Brockley’s to invest more money if they need to.
Question 1 In order for successful expansion of the new line of energy drinks that Snazzy Sodas are promoting careful considerations in the marketing strategy will feature. (Armstrong 2012 p52) The market targeting strategy has to maintain a customer centred motivation. Through dividing distinctive markets by processes of individual and personal characteristics, wants needs and behaviours of the consumer the basis of the marketing segmentation is established (Armstrong 2012 pp52-55). From this position greater classification of the market segments can be maintained. The target market for the energy drink would redevelop and associate with varied amounts of current markets to carefully build and generate profitably whilst upholding customer value.
They allow firms to adjust its product market portfolio and in this case diversify within markets of Pharmaceuticals. Mergers and acquisitions can reduce financial risk, increase market share and utilize research and development if managed properly [1]. However it has become conventional for companies to over pay for targets and suffer post-acquisition disorder to later sell off the entity at a loss down the road. The most prominent example of this would be the AOL-Time Warner merger. However, if the acquisition is managed properly the transaction can dramatically alter the competitive landscape giving them a competitive advantage over their rivals.
According to a statement from the case study, Industry observer Lior Arussy calls Nordstrom’s business strategy “greed through love.” Nordstrom’s shares the same characteristics as Neiman Marcus, Bloomingdale’s, Macy’s, Saks Fifth Avenue and Lord and Taylor’s. While the price might be high to shop for clothes and home decorations at these stores, most designer brands prove to be of better quality, uniqueness, and durability. 2. How would you describe Nordstrom’s level of service on the continuum from full service to self-service? Why?
Limiting one’s marketing to one specific demographic can lead to missed opportunities in other markets. To be truly successful Kudler Fine Foods may consider expanding its marketing efforts to middle class and upper-middle class clientele. Considering the sheer size of the group considered the middle class, marketing efforts could pursue this group and expect there to be a sizable number of individuals who would benefit from a specialty food stores. Product sales would most likely be the most prominent form of income from the middle class
Such information would assist the development of products that focus on buyers preferences. Ben & Jerry’s could produce flavors to seasonal changes, help with concentration of advertising, and design attractive packaging to get the attention from buyers. Ben & Jerry’s could attain information that will help forecast increase or decline of products due to seasonal changes and adjust production and distribution in the different areas. 2. To create a detailed data base, Ben & Jerry's would need a very large number of files.
Question 1 The most relevant dimensions that should be used in order to segment the patient market for Erectile Dysfunction (ED) are geography, age, gender, family life cycle, user status, user rate, readiness stage, attitude to market offer and benefit. Having that in mind let’s develop the best segmentation possible. We can start with geographic dimension dividing the market in United States, Italy, Japan, France, United Kingdom and Germany. I choose those because there are consumers aware of a presence of a drug to face ED, which will smooth the progress of get aware of Cialis. In other dimension come demographic factors.
Kotler and Zaltman took the idea of changing people’s behaviour towards health from the fact that advertising was successful in the 1960 when manufactures had the aim to change buying habits and promoting major brands. Marketing has been used as a way of ‘selling’ the idea of health and healthy lifestyles. The marketing approach relies on using the marketing mix. The marketing mix is a range of different strategies used to sell things to people and which have been known as the five ‘P’s (product, price, place, positioning and promotion). The marketing mix uses different approaches in order to target the correct audience.