Produce a marketing strategy for a new or existing product
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Marketing In this unit I will need to produce a marketing strategy for a new or existing product. The company that I have chosen is boots. My strategy will need to include evidence and information about: * how the strategy is based on the principles of marketing * How I have used sources of primary and secondary marketing information * How I have analysed the impact of the external environment on your marketing decisions * How I analysed the marketing context and decided on an appropriate strategy * How I have developed a coherent mix of strategies to meet consumer needs. I will also need to produce an oral presentation. First I will define what are marketing and its principles. Marketing is a way of advertising something. It is a way of thinking. Market The set of actual of potential users/customers. Market area A geographical area containing the customers/users of a particular firm/library for specific goods or services. Market demand The total volume of a product or service bought/used by specific groups of customers/users in a specified market area during a specified period. Market development Expanding the by present users. Market positioning total market served by 1) entering new segments, 2) converting nonusers, 3) increasing use Positioning refers to the user's perceptions of the place a product or brand occupies in a market segment. Or how the company/library's offering is differentiated from the competitions. Market profile A breakdown of a facility's market area according to income, demography, and life style Market research The systematic gathering, recording and analysing of data with respect to a particular market, where market refers to a specific user group in a specific geographic area. Market segmentation The process of subdividing a market into distinct subsets of users that behave in the same way or have similar needs. Segments for the library could be demographic (Asian); geographic (branch-level); psychographics (leisure-oriented); customer size (largest user group area); benefits (have children in the home learning to read.) ...read more.
Marketing principles, there are many priorities within an organisation, but if it is truly marketing oriented, many of the following principles will be high on its agenda. Market research must establish whether current products or services satisfy customers' expectations. Anticipating the future and forecasting tomorrow's customer needs and expectations is the task of marketing research. This is very vital. Generating income or profit clearly states that the need of the organisation is either to be profitable or to generate as much income as possible e.g. likes a charity. Satisfactory growth can be achieved by entering new markets or creating a new product or both. Having a clear plan is essential for an organisation. The whole emphasis of the planning process is for the organisation to 'think customer' and 'think marketing'. The PEST analysis examines changes in a market place caused by political, economic, technological factors. Any organisation unaware of what is going on in the business world will risk being outmanoeuvred. Changes in the law will add to uncertainties. Statue law like the consumer protection law, and the voluntary agreements like the monitoring of advertising standards authority. Clearly understanding who the competition is and what benefits they are offering are essential for an organisation. Principles can be arranged into three categories: * Needs of the customer * Needs of the organisation * Influence of the market Businesses use the abbreviation SMART to shape their objectives. SMART stands for Specific, Measurable, Achievable, Realistic & Time constrained. There are many types of business objectives in the private sector, depending on the business situation and their general direction in the market, they are as follows: 1) Survival - When a business is in its early stages then it will want to survive, it will shape its objectives to make trading easier and maximise profits. Another threat to a business survival is corporate takeover; to prevent this a business would have to reshape their objectives. ...read more.
A PEST analysis identifies what external factors are going to affect Boot's in the coming months and years. POLITICAL - business decisions which are influenced by political and legal decisions. · Political decisions can affect Boot's for the good and the bad, because if taxes increase, therefore consumer's decrease and sales of stock decrease. However if taxes decrease the likelihood is consumers will buy more. · Laws can also change Boot's income because if a law was brought out, that you could only work 9.00am - 5.00pm. ECONOMIC - influenced by domestic economic policies and world economic trends. · The interest rates can affect Boot's because if the interest rates were high then Boot's would not want to borrow as much money for expansion. Also if consumers had loans they would again have less disposable income to but luxury items. · If the minimum wage was brought down, this would mean more money for Boot's but would also result in low sales from the consumers. · The government can also raise taxes, which would bring a stand still to the sales of cosmetics. SOCIAL -close analysis of society · If Boot's do not control their pollution levels or have big buildings destroying the landscape with noise and traffic congestion, then the local residents would complain to their local council resulting to possible incentives for bringing in jobs for the community being stopped. · On the other hand local residents with small businesses near to Boot's would benefit due to the money being brought in by tourists. TECHNOLOGICAL - developments in manufacturing and business processes. · Cost of machinery. · New machinery · Maintenance · Training for advancing IT · Upgrading old machines to improve the company · Advances of transport of goods/cost/lorries Boot's Mission Statement is: " Our mission is to grow our business profitably so that we are: A leading player in our chosen markets by size, ranking, regard or influence. A natural choice for customers and intermediaries- positively regarded, attractive and competitive. A challenge to our competitors - creditable, effective and respected. Mohammed Shaqeeb 13ADO Mr Perry Marketing ...read more.
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