Therefore, a push strategy places the product in front of the customer, via a form of advertisement, to make sure the consumer is aware of the existence of the product. This type of strategy works well for low value items, the customers that are able to make their decision on the spot and also for companies that already have established their consumers. Also, new businesses often adopt a push strategy for their products because they want to generate exposure and a retail channel. The contrast to the push strategy is the pull strategy. A pull strategy involves promoting a
The product is importance of a high-quality product that delivers value to the intended end user is critical. Marketers will consider product as an information that includes sales data as well as market research information about customer satisfaction. As marketers respond to the feedback of the customer, they will make changes to their products and services. Pricing is an important consideration in the marketing planning process. Pricing decisions are based on the costs of producing and delivering the products and services.
4. Promotion. Promotion is what you can do to make people want to buy your product over someone else’s similar product. These elements are important to marketers because they determine your opportunity for success. For example, the product has to be something that someone else wants or needs.
Use examples to backup your explanations. (4marks) 1) Product, price, place, promotion, • The right product • Sold at the right price • In the right place • Using the most suitable promotion. 2)- A target market is a group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise. - A well-defined target market is the first element to a marketing strategy. The target market and the marketing mix variables are the elements of a marketing mix strategy that determine the success of a product in the marketplace.
Brand positioning is a medium through which an organization can portray its customers what it wants to achieve for them and what it wants to mean to them. Brand positioning forms customer’s views and opinions. Brand Positioning is the key of marketing strategy. An important concept in positioning is that it expects that consumers compare and analyze products in the marketplace, whether based on features of the product itself (quality, multiple uses, etc. ), price, and/or packaging and image.
Marketing segmentation and targeting are equally important for ensuring the overall success of a company. Market Segmentation What is Market Segmentation? It may be defined as a process of splitting or dividing potential customers into certain groups or segments sharing similar levels of needs. The definition explains that the process is simply a division of markets into target groups. It is creating sub-sets of a market based on similar characteristics of consumers with similar demands and providing them with a product to satisfy their need in a much better way than it could have been otherwise.
Customer Driven Marketing Strategy A marketing strategy is ‘the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships’ (Armstrong et al. 2012, p. 10). There are two main questions that must be considered when attempting to create a customer driven marketing strategy. These two questions are ‘What customers will we serve? (Who is our target market?)
Gain a more detailed understanding of consumers’ needs – marketing research can help firms to discover consumers’ opinions on a huge range of issues, e.g., views on products’ prices, packaging, recent advertising campaigns 2. Reduce the risk of product/business failure – there is no guarantee that any new idea will be a commercial success, but accurate and up-to-date information on the market can help a business make informed decisions, hopefully leading to products that consumers want in sufficient numbers to achieve commercial success. 3. Forecast future trends – marketing research can not only provide information regarding the current state of the market but it can also be used to anticipate customer needs future customer needs. Firms can then make the necessary adjustments to their product portfolios and levels of output in order to remain successful.
Below is the first part of your Marketing Plan Report: QUESTION 1 You have to submit the first part of your Marketing Plan Report that covers among other things: 1. Situation Analyses, this will include: a) Situational environments (such as demand trends for your product/service; your customers; the decision makers; social and cultural factors involved; are demographic important here; state-of-art technology effects; politics and economic effects). b) Neutral environments, this has to do with groups or organizations. Media reports (favourable or unfavourable), consumer associations, and legislations. How do they have effect (if any) on your marketing plan for your product?
This report will state which market the brand is playing in and what different ranges they offer. UNIQLO’s ideal customer and demographic will be explored and any issues or trends that affect this group of people. This report will also investigate the brands competitors and their strengths and weakness, along with a detailed analysis of UNIQLO’s strengths, weaknesses, opportunities and threats. It will also suggest that a new range is necessary to be created to improve the sustainability of the brand and introduce the high-tech of the new fabric----HEATTECH. This report will state which market the brand is playing in and what different ranges they offer.