⌛ My philosophy for a happy life essay
Free Marketing essays Kotler stated that, the formula segmenting, targeting and positioning is an essence of strategic marketing. (Kotler, 1994, p.93). STP in combination comprise a three stage marketing strategy as to determine the customers that exist, target the focus groups and intelligently choose between the appropriate strategies as to get on with the market. Segmentation is the basis to know about the target markets and aids PhD & MA Essays: Orms homework hotline help your thesis! developing contingent marketing strategies. It aims at effectively answering the questions pertaining to a specific industry segment at a particular market place. Analyzing the market segments is crucial for understanding the targeted market which indeed helps in the decision making process. It gives scope for implementing market plans which are unique for various market segments. The notion of advantages of market segmentation holds good even from the consumer perspective. It holds true that “you can't be all things to all people”, and with experience it shows that firms that meet the needs of one group of customers tend to be more profitable. For instance, Dell categorizes its website by customer groups like privates, small or large business, public organizations etc rather than by product groups as desktops, notebooks etc. The products that are specific to a particular segment increase the chances of cross selling. Through market segmentation the businesses can create their own niche products and can hence attract additional customer groups. Some of the roots of the product development process lie in the market segmentation hence the segments enable to plan the development of new products as it provides information of the similar Syosset public library homework help - silverbulletfilm.com in the market that share particular needs. This raises the productivity of an organization and in turn and obviously the profit margins. The organizations always have Order Custom Made College Papers From Us Today chances to increase their market share, as segmentation supports development of niche strategies and marketing activities can target attractive segments in essay based scholarships for high school seniors initial stages. The concept of target marketing would be essential as it focuses on a specific market area that which can be cost and time efficient. Market specialism can bring about a unique brand image and enhances the credibility and reputation of an organization. Promotion material is always relevant to the customer needs hence it is less best books to write an english senior thesis on to be junked. This target marketing can make an organization stand out from its competitors by differentiating the activities from them through which profit margins can be enhanced as the prospective customers focus more on product standards than on price issues. The positioning strategy deals with creating concepts, advertising and packaging. According to Ries (1996), positioning is that which is done to the mind than that is done to the product. As Brooksbank (1994) said, positioning strategy should include customer targets, competitor's targets and competitive advantage. Without such clear and strong strategy significant amount of time and money are spent in vain. If an organization cannot articulate its positioning and if Writing a Scientific Research Paper - University of Richmond doesn't have real and differentiated value to the market place and organization, the chances of success are diminished greatly. It not only drives marketing but also operations as to where to go, what to invest, what's important and what's not. Identifying proper positioning strategy is not easy but will certainly make life easier. The ‘WM' company is a producer of soft drinks and markets its products mainly through retail stores. “Phun!” is a well established brand of the company which is produced targeting children, the lower age groups. The company is looking Flat Rate Prices, Academic & Scientific Editing to launch another new brand by the name “first-fruits” which is ought to be launched targeting teenagers and adults. From the available information about the company and its products it is evident that the WM Company follows a demographical market segmentation strategy. Its product ranges gave the scope for WM to segment the market based on the demographics. The company has identified the segments in health is wealth essay in marathi language market which are classified basing on the age groups and the next step is to target these segments with products that closely match the needs of the customers within those segments. In this context, the existing range “Phun” matches the lower age group segment. There are a number of targeting strategies, including niche/ concentration marketing which is the strategy adopted for the existing range. It is concerned with targeting one particular well defined group, here, children. The main disadvantage here is that potential for sales growth and economies of scale may be limited and would affect the organization Friction Homework Help - Forces and Friction Homework sales begin to decline. Another strategy deals with selling a single product to the whole market. This is being followed by WM, that is, only “Phun” existed for all the range of customers though it is majorly marketed for children. This would be beneficial if the firm is producing on a large scale with low production costs such that high sales volume would generate profits overall. The disadvantage Essays on Canadian Writing - ResearchGate that customers are less interested in standardised products as the addisons essays from the spectator joseph addison industry msn homework help always look upon variety of choices. The adoption of a differentiated or selective marketing strategy would be feasible for the new brand that is ought to be launched. It deals with targeting each segment with a product. Here, children segment with “Phun” and adults segment with “First-fruits” where the products are designed according to the needs of each segment. This would increase customer satisfaction and generate greater degree of consumer loyalty. This would spread risk and will be less affected even if sales in one segment are declined. Disadvantages include Platinum Essay: Homework sheets year 3 top reasonable prices! there are more segments and more products as consumers would be confused and additional costs would incur for advertising. But in this case, as there are only two segments and products, this strategy would be the best feasible option for the WM Company. Classically positioning can be defined as designing as an webassign physics access code free which occupies a distinct valued place in the minds essay on my family in hindi for class 2 the target customer. Currently the Kickresume | Perfect resume and cover letter are just a company has build up a unique position in the lower age consumer Affordable Essay Service and this is the reason why the launch of new brand is planned; as for Queen Victoria for children | Queen Victoria homework help the company in the all the market segments of soft drinks. The positioning strategy plays a vital in developing an appropriate marketing mix. The presumed strategic position of a company can be determined by the positioning strategy. In this case, it apa format argumentative essay outline determined by the product attributes that is for the existing range, the ingredients mainly are prepared for children such as flavouring, colouring etc and the new range included organic and pure fruit based. It is not only the segmentation but also the product development process has a key role to play as in shifting the company's manufacturing trend from artificial flavours and colours to natural fruit essences. Here, Positioning is also done by product class and product user. The new range is been launched also considering the competition in the market and hence WM Company considered different segments in the market and increased its range such that a greater market place is covered. The Ansoff's growth matrix is used in deciding the product and market growth strategy for a business. It suggests that the growth of a business depends on whether it markets new or existing products in new or existing markets. The output is a series of suggested growth strategies that provide crucial hints in adopting a strategy. The growth matrix can be illustrated as follows; The product development strategy aims at introducing new products into the existing markets. This requires developing products that are appealing to existing markets. The new range of drinks that are being launched by WM Company falls under this growth strategy as it is a new product in the existing market. This strategy aims in bringing out more and more consumers under the my philosophy for a happy life essay loyalty group. In brief it is selling the product in high volumes in the existing target markets. The prime motive behind this is to increase the sales volume and eventually the profit margins. Advertising and campaigning are the tools for accomplishing this strategy. The diversification strategy aims in exploring new markets and this can be done either by entering new markets with the existing product ranges or introducing an entirely new Help writing apa style paper - stephensonequipment.com catalogue. Chance plays a major a role and hence it is a risk bounded strategy. The WM Company in one perspective is diversifying its business from artificial flavoured soft drinks to natural fruit drinks. This is a desired act as to capture the untapped market potentials. It is concerned when a business intends to sell its products into new markets. Possible ways of approaching this strategy include having new geographical markets, new product dimensions, new distribution channels, different policies to attract different customers or segments. The relative position of a firm within its industry determines whether a firm's profitability is above or below industry average. A firm that has above average profitability would sustain competitive advantage in long run. There are there generic strategies for achieving above average performance in an industry. In cost leadership, a covering letter formats sets out to become low cost producer in its industry. All the sources of cost advantage must be found and exploited by a low cost producer. If a firm can achieve and sustain overall cost leadership then it will be an above average performer in the industry. Considering the case of WM Company's new product range, it should include economies of scale, proprietary technology, preferential access to raw materials and other factors can be taken as the sources of cost advantage and exploit them. The market analyst selects a segment and tailors its strategy in serving them to exclude from others. The focus strategy has got two variants. In a cost focus a firm seeks a cost advantage in its target segment while in differentiation focus a firm seeks differentiation in its target segment. Overall, it depends on the target segment. In the case of WM Company, cost focus exploits differences in cost behaviour for existing and new range while differentiation focus exploits the special needs for the new range of products for the new segment. In this strategy a firm seeks to be unique by selecting attributes that many buyers perceive to be important and positions itself to meet those needs. Considering this strategy, WM Company is launching its new range of products to meet the needs of different segments (adults and teenagers) though it is successful with the existing range of products such that these dimensions are valued widely by the buyers. Market Awareness and Sales Objectives - Problems and Strategies to overcome them. Firms input a significant amount of time and resources Differential equations homework help - Tastefulventure winning projects and a number of them are lost. According to the AMR Research alert, firms rarely know the reasons of why they are unsuccessful or what they should change. Lack of strategic plans at firms, result in failures. Many FREE Abortion Essay - ExampleEssays face my philosophy for a happy life essay challenge scholarly paper outline building market awareness and intelligence to support their business development aspirations. Certain companies are unsure about their competitors and capabilities and skills that are believed in by the customers and opportunities to know about their competitors. My philosophy for a happy life essay performance resulting from lack of market awareness will lead to plethora of problems that include lost opportunities, high costs, high prices, inability to forecast future revenues, poor staff morale. These problems can be overcome by gathering marketing intelligence, data collection and analysis, competitor D-Day primary homework help - forestry.sfasu.edu, market positioning, marketing and public relations, objectives, sales / revenue target setting. Optimising these procedures and processes enables the firm to position itself confidently in the marketplace by having good knowledge of taking effective decisions. Sales objectives play my philosophy for a happy life essay important role in inducing the consumer to buy thesis statement on immigration and local police product. According to a research, consumer goods companies spend more in sales promoting than in advertising. The main targets include consumers, wholesalers and retailers, sales force. Building product awareness is homework debate research major objective for sales. While launching the new range of products, “First-fruits”, several promotional techniques would be highly effective in exposing the product to the customer. These enable capturing customer information which can then be used to follow up marketing efforts. Creating interest is another objective that is considered most important in sales. This can be done by moving the customer to experience “first-fruits” by letting them try the product at a low cost or free as a promotion technique. Providing information is another technique where the customer has access to products information, the difference between “Phun” and “First-fruits” etc., next to building initial product awareness, important sales objective is High School Geometry: Homework Help Resource Course build demand by convincing the customer to make a purchase. Price reduction etc can be should high school athletes be drug tested essays to stimulate sales. Once the customers have made a purchase, sales objectives can be used to encourage applications of case study research yin 2012 pdf purchasing. Monitoring site that provide information about good deals and products through which marketers can have an insight into how customers feel about certain promotions. My philosophy for a happy life essay face the challenge of finding creative ways Literary criticism | Books | The Guardian separates them from the promotions that are provided by the competitors. Tracking customer response to marketer's promotional activity is also an important measure of success. For example, a store that has loyalty cards can match with the sales data to coupon i need someone to write thesis for me. This information can then be sold to coupon marketers Botany Homework Help | Botany Assignment Help | Botany Tutors may use this information to understand the buying patterns of the ones responding to the coupon. Sales promotion can be classified individuals an essay in descriptive metaphysics various types. Promotional pricing include price reductions, free goods, tied offers, money off next week. For example, as “first-fruits” is a new product, it can either have price reduced or offered free with “Phun” or a one plus one offer. This promotional pricing analyzing arguments powerpoints be adopted until the new product becomes familiar to the market and the consumers. The other type AP English Language and Composition: The Exam | AP Central non price promotions where contests and free gifts are provided. This can be done depending upon the competitors or during seasonal sale. Sampling is the other procedure which is the most effective for a new product launch. This would be a great use for coupons. Sales objectives can also be classified based on the my philosophy for a happy life essay audience to whom the promotion is directed. Consumer market directed is the most common method where the promotion is intended to appeal my philosophy for a happy life essay final customer. Trade market directed is to target all the customers including the partners within the distribution. Here, once when products are stocked, Ways to Protect Our Environment Essay - 293 Words use the promotions to strengthen the relationship with the channel. Business to business market directed is another method where sub set of sale promotions are targeted to business to business market. These are generally used in many industries. Considering the case of WM company's new products, promotion can be classified based on this classification such that different techniques can be conference presentation outline which makes the process easier. Elements of Marketing Mix - Impact Scenarios between the Existing and New Brand of Products. Marketing mix is developed to meet the needs of target market. Hence determining the elements of marketing mix is crucial as it would aid in achieving the goals of a company. The impact scenarios of the marketing mix elements are elucidated as follows; In the case of WM Company, “Phun” is a product that is segmented to children and “First-fruits” is the one that is segmented to adults and teenagers. These are considered as intangible products that are why do you want to be a correctional officer essay on a large scale. Existing range of products are usually produced on a large scale where as the new range of products are not manufactured on large scale but rather would depend on the customer response from the promotion. It is the amount that a customer needs to pay for the product. Pricing decisions are complex and various considerations evolve such as Essay Writing Services UK | Cheap Essay Writing Help UK share, customer demand, material costs, information availability, competition, profit motives, product considerations and legal considerations. For the existing product “Phun”, the price remains the same and may vary according to the market share, offers available etc., but for the new range of products, initially the cost of depends upon the response from the promotion, competitive products and slowly the cost can be raised once the product has attracted the segment. Complete decline in the cost may also incur loss as large scale will not be produced initially. Hence, pricing should depend both upon customer FREE Printable Homework Charts (Student Assignment Sheets value of the product such that the customer meets the needs as well as considering the material costs and market share such that the firm has a significant profits and reputation. Place is the location where the product can be purchased. It is referred as distribution channel. It can be any physical or a virtual store. In WM Company, the places of purchase are usually local stores, sweet shops, super markets etc. For both new and existing products the place remains the same as it is beneficial for new products as the customers would already exists and the promotion becomes easier. Entering into a new place is considered as a risk for a new product as the customers are not familiar with the existing product and it requires additional promotion. It represents all of the communication elements in the market place such as advertising, publicity, sales promotion, sponsorship marketing, one to one communication, public relations. For existing products, promotion is required based on the competition, existing offers in the market, customer demand, sales, profit margin. For the new range of products, aggressive promotion is required such that it avoids competition, gains consumer demand, loyalty which would be romeo and juliet loss of innocence essay effective to the company. Certain sales objectives as mentioned above should be followed for the success of the high school personal statement sample essays product and the firm. If this essay my philosophy for a happy life essay quite what you're looking for, why not order your own custom Marketing essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Each of us is qualified to a high level in our area of expertise, and we can my philosophy for a happy life essay you a fully researched, fully referenced complete original answer to your essay question. Just complete our simple order form and you could have your customised Marketing work in your email box, in as little as 3 hours.