Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide. Evidently, M&S provide financial services in addition with products from home and clothing. Therefore, depending of the marketing strategy whether it is regional, national or international promotional activity will differentiate accordingly. Promoting a product as mentioned before allows the business to inform the market, increase demand and differentiate the product. For M&S to use integrated marketing they can boost the performance of sales of a particular product during specific times.
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.
The six stages involved in N.P.D will be talked about in this part, especially the Idea Screening process to show how L’Oreal’s new products can offer a clear benefit and prove itself acceptable in use. 1. Importance of developing new products for L’Oreal Driven by consumer demands and with the development of new technology, many companies have to bring some new products to the market, if they want to remain their competitive advantage and sustain the profitable growth. That is why new product development can become the most important business process. In this L’Oreal case, innovation is its driving force, in
Mass selling will be important to get the message out to all in an attempt to gain more customers based on a new marketing angle. This would include print and television advertising, as well as tradeshows. The company would employ a push strategy during this process to get more products in front of consumers. Mass selling would be used during all phases of the product life cycle. The product attributes are that it is individual mass transportation.
In an age where consumer’s having-the-next-best-thing is a promising idea for competing businesses, Sonic is focused on these markets in hopes of a stronger market share. Sonic’s target market is very specific and better defined due to simplified consumer access. Kotler and Keller provide an understanding for this by explaining innovative two-way communication and its aid in more effective target marketing (2009). a. What specific needs does the Sonic PDA address for each target market?
Obtaining a company’s desired results often takes experimentation, research, and analysis. The combination and coordination of all of the elements is significantly more effective than just using one. With the implementation of both long and short-term strategies, a business can focus on immediate sales goals and still build a solid business reputation. A company must be conscious of all aspects of the marketing mix to avoid sending mixed message to consumers and causing confusion. The object of the paper will explore the four-P’s of the marketing mix and how each of the four different elements directs marketing strategy and tactics.
AST1 Task 1 305.6.2-03 Company S, as a new manufacturer in the motor scooter market, must develop marketing strategies to ensure the continued motivation of its new channel partners, in order to secure sales and garner its share of the marketplace. These channel partners have a strong loyalty to the competitor’s products; but with the proper mix of sales strategies, Company S will be able to penetrate the marketplace and develop strong and lasting sales partnerships. Five Strategies for Motivating Dealerships as Intermediaries of Company S: 1. Incentive Programs Company S will provide a strong incentive program for the dealerships, such as quantity discounts based on the number of scooters the dealership sells. The more scooters the dealership sells, the lower their cost to purchase the merchandise.
Given the rapid growth and success of Haier since its inception, the company’s strategies appear to be helping Zhang and his employees to reach their strategic goals. 3. How might SWOT analysis be useful to Zhang Ruimin? In order to compete effectively in a global market, Zhang Ruimin must be alert to changes in opportunities and threats in the external environment; be equipped to take advantage of internal strengths; and be cognizant and realistic about Haier’s internal weaknesses. Conducting a SWOT analysis is a valuable tool in achieving these objectives.
(4 marks) ANSWER: The barriers to entry that faced by potential firms intending to enter monopolistic competition market structure is brand loyalty. The existing firms try to establish brand loyalty so that firm can gain some market power. For instance, L’Oreal establish brand loyalty through approach to customer wants and needs and ensures consumer will receive positive outcome after product usage. This can build trust with the customers and hence brand loyalty can establish. The other barrier to entry faced by potential firms is product differentiation such as differentiate their products through packaging or secret ingredient in order to persuade customers that their products are more unique and superior than rival brand.
Discuss how expanding globally changed the talent requirements at Whirlpool. Whirlpool, while investing in their acquision of Maytag, was also building their global market share. In order to be successful, Whirlpool realizes that they had to invest in their employee’s competences and strengths, and to offer their employees the tools and resources to be successful. In order for the company to succeed, they need to have in place a good talent management program that included features that will enable them to attract, retain and develop talent to achieve their strategic objectives. According to Goldsmith and Carter (2010), those features are “ (a defining the type of leadership needed to be successful, (b) accessing the company current leadership competencies and talent to determine if there are gaps, (c) developing the necessary internal leadership