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Produce a marketing strategy for a new or existing product

Extracts from this essay...

Introduction

o : Sturrock From : Jameeda Bashir Date : September 2002 Ref : Marketing INTRODUCTION The aim of the report is to produce a marketing strategy for a new or existing product. I have chosen to base this report on Cosmopolitan, a successful woman's monthly magazine. I have chosen this because it has a loyal readership and is currently market leader in its field. Women's Monthly Periodicals Adults Mens Womens (000s) (%) (000s) (%) (000s) (%) Cosmopolitan 1915 4.1 331 1.5 1585 6.6 Marie Claire 1690 3.6 223 1 1467 6.1 Vogue 1272 2.7 259 1.1 1013 4.2 Elle 951 2 131 0.6 820 3.4 New Woman 660 1.4 46 0.2 613 2.6 Red 585 1.3 52 0.2 533 2.2 Above is a copy of the current readership figures for the UK's top Health, Beauty and Lifestyle Woman's monthlies. As the figures show, while there is a large gap between the readership figures for Cosmopolitan and its closest rival (Marie Claire), the only way to make sure that Cosmopolitan will remain market leader in the future is to continue to widen that gap. Therefore, my marketing aim is to continue to increase the market share. Cosmopolitan has reached the top of the league by using a marketing strategy which combines the promoting or giving out of questionnaires and other research techniques to understand the needs of the customers/ readers and giving freebies, advertising and more. The possible aims for these magazines would be as follows: * Achieving market domination. * Increasing market share position. * Retaining existing market shares. * Combating new entrants to the market. Achieving market domination- this is not relevant to cosmopolitan because they have already achieved this. Increasing market share / position-this is the aim that appears to be most relevant to cosmopolitan because they need to keep on widening their gap with their competitors, especially its closest rival / threat, Marie Claire.

Middle

* Career trends. * Religion and cultural integration. * Virtual living. * Demographic differences in consumer interests. Technological * More efficient /cheaper production methods. * Visual presentation The PEST analysis above identifies the Political, Economic, Social and Technological factors of 'Cosmopolitan'. In order to increase 'Cosmopolitan's' market share they need to try to attract more customers. My research from the Questionnaire shows that, In order to attract more customers that preferred to read environmentally friendly products. Cosmopolitan can change their product to more environmentally friendly product by using recycled paper. By using recycled paper some customers may feel that this product is concerned about the future and the place we live in as well as making profit, customers may feel more secure by using this product that is much more safer. Business decisions are influenced by political, fiscal and legal decisions. As from the political constraint, which magazines have to be careful about, are the legal restraints. One constraint for example is the laws, which involves magazines that often write stories, which are exaggerated or even untrue. Celebrities can protect themselves from this by using the libel law this basically means if something untrue is written about them they can then use this law and protect themselves by suing the company. This is a big loss for the company and they also can put off customers from buying the magazine, because, while readers love 'juicy' gossip, they don't like to feel that what they are reading is untrue. This leaves them not trusting the product. Another one of the legal restraints, which magazines have to be aware of is the Data Protection Act. This fundamentally means that if magazines write personal details about a celebrity, or any other member of the public, that are given without the person's consent they can then use this law to protect themselves. Intrusion Law is another restraint that magazine need to be concerned about, this law basically means for instance if a magazine starts stalking a celebrity for some information on them they can use this law and protect themselves.

Conclusion

To continue the monitoring process this can be done by carrying out an on-going process during the carrying out of the strategy. This can be done by asking the consumers about the product. Before the changes were made to the product a Questionnaire was sent out to establish the customer needs and requirements in order to make those changes. To analyse the success I can send out another Questionnaire to find out how well those needs and requirements were met. From this point I can evaluate the success met by the predicted goals and expectations of the required success. Another strategy, which is often used to measure the likely success, this strategy is known as the Gap analysis. This strategy evaluates the amount of 'sales', and how much the figures increased or decreased. This can then support the fact that, which strategy worked the best to increase the sales and which inevitably didn't perform as well to meet all expectations. From this point the strategy will then hopefully show which strategy works the best and achieved the predicted goals. This model then can be viewed by Cosmopolitan as an on-going process based on continuous analysis of the business environment through which information and data filter to help evaluate performance and influences business strategies. A Focus group study is an reliable method of obtaining useful Qualitative (opinions) information from consumers that enables the strategy to go on the longer future terms. Focus groups are very good at testing consumer reactions to product developments or proposals. This also establishes customer needs and requirements that can be then turned to useful data, which is then interpreted and put into account to recognize those requirements to suit those needs. Alongside any marketing strategy there is a device that enables a link through the marketing strategy with their marketing objectives. The three different models discussed help the organisation to evaluate the effectiveness of their strategies so that decisions can be made about individual products.

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