Explain key concepts such as segmentation, target marketing and product positioning. 2. Explain the four elements of the marketing mix: product strategies, pricing strategies, promotion strategies and distribution strategies. 3. Classify factors in the external marketing environment as either opportunities or threats as well as interpret internal company factors to create a SWOT analysis.
(target market), How can these customers be served best? (value proposition) -Selecting the Customers to Serve First of all, company must decide which customers it will serve. This is done by dividing the market into segments of customers (market segmentation) and selecting the segments it will enter (target marketing). - Choosing a Value Proposition After selecting the customers to serve, the company must decide how it will serve to its target market- how to differentiate and position in the marketplace. Value proposition can be defined as the company’s set of benefits and values it offers to customers.
Zappos does not complete on price because it believes customers want to buy from the store with the best service and selection. The company strives to create a unique and addicting shopping experience. The spirit of simplicity, innovation, and great service extends to Zappo’s inventory and distribution systems as well. Zappos has one of the few live inventory systems on the Web. If Zappo’s displays an item, it is in stock.
For these reasons, it is necessary to analyze the competitive advantage of the different options presented. • Strengths and Opportunities: The project evaluation should consider a SWOT analysis of each potential application, which allows identifying the strengths, opportunities, threats and weaknesses. This way, it is possible to choose the best option, which maximized the firm’s strengths and opportunities, while mitigating its threats and weaknesses. • Barrier to Entry: Also it is necessary to analyze the cost of enter to the industry. • Economic Benefit: What will be the earnings associated to the project.. • Customer Preferences Bernstein should recommend to the board the
With this formula, SFPG aims to target customers by stating the superiority of the product due to its high degree of protection from odour and wetness. The concept statement also states that it is a unisex product with an aim to target wider customer base, not just limiting it to one sex. This way they reduce on production costs as well. The new product will be available in two sizes costing $3.50 and $2.20 per unit basis. Good to mention the pricing as it is easier to categorize it in a particular section in retail outlet.
German technology is always at the forefront of their competitors and their standards are very high. In the other hand, Chrysler engines are known for being low cost but sometimes are not as reliable after a certain number of miles. These failures have been justified by Chrysler over time by the engines economic prices. By identifying that the future of the industry would be in emerging markets, their needs became a priority. Hence the idea of a small, economical engine is born, so the joint venture between BMW and Chrysler sounded very reasonable.
They want to be a best fashion shop in the world, and for this they need to be come with new ideas. * Meeting customer needs – Primark sells all products that customer wants in fashionable and they sells all age people cloths. * Identifying new needs - Primark also bring new ideas on sales and their offers in cloths. Also they are just focusing on customer and not just brand Strength – being popular and most people like to buy from there and its cheep, also selling good quality products. Qualitative and high fashion items for a low price.
The Marketing Mix - 4 P's The four P’s of the Marketing Mix are: Product: Consists of developing a product in order to meet the wants and needs of a specific target market and may consist of either a good or service, or a mixture of both. The Product area of a marketing mix should also consider everything from the warranty of a product to the exclusions and limitations of a specific service. Place: Takes into account the cumulative efforts to get the ‘right’ product to the ‘right’ location of the target market when the market wants it. This means sourcing the appropriate channels of distribution in order to make the product available where the target market desires to purchase it, when they want to purchase it. Promotion: Informs the target market about the ‘right’ product and includes selling that product through personal and mass selling.
He turned a basic idea into a huge business whose supply chain and distribution methods helped its products to sell indirectly through third party businesses. OXO Target Market OXO’s wants each and every single one of their products to have a humanistic approach, especially with people who suffer from ailments like arthritis. OXO’s kitchen designs tries to target and make products usable by as many people as possible. “The goal of making products more usable forces us to first identify problems and inefficiencies of existing products (including our own! ), not only in terms of comfort, but performances as well” (OXO, About OXO, 2014).
This case provides me with insight on how other cultures differ in product needs. In my future job I might have to research potential market growth opportunities. I will have to determine the risk when entering a new market. I will also have to develop strategies to meet market demands. This case study also introduces unique ways of advertising.