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Throughout this unit project my main aim is to develop a marketing strategy for a new product idea. I have based this project therefore on the marketing of a new and exciting product called the VRX-2000: Vinyl Recorder.

Extracts from this document...

Introduction

Unit No 3 : Marketing Marketing Case Study VRX-2000: Vinyl Recorder Dead Line : Friday 12th July 2002 Submitted to : JASON BOWEN Hugh Davies student No : 065529 Background to this project In order to complete this particular unit I must produce a marketing case study, which will outline the strategy for the development of an existing product into the market place. My work is going to involve full research into the main concepts of marketing and I will be identifying the best possible marketing strategies to adopt. The assignment will examine the following in some detail: * The main definitions and principles of marketing * The analysis of the external market environment * The concept of marketing research * The analysis of marketing tools * The analysis of relevant marketing strategies to adopt Introducing the VRX-2000: Vinyl Recorder Throughout this unit project my main aim is to develop a marketing strategy for a new product idea. I have based this project therefore on the marketing of a new and exciting product called the VRX-2000: Vinyl Recorder. The VRX 2000 is a compact machine, only 18Kg in weight, and it has changed all of the rules about what vinyl cutting and mastering is all about. The Vestax stereo cutting head cuts directly into the vinyl without any mother plates or processors unlike its competing cutting machines situated in acetate cutting houses, making the recording is instantly playable even on so0mething simple as a house hold LP player. This machine has been a rumour for some years, but it is now a reality. Bring on the vinyl revolution There have been many efforts by other manufacturers to capture the attention of the world's DJ's with new formats and fancy gimmicks, but the truth remains - Vinyl is the only real format for DJ's to mix. Dramatic Comeback for Vinyl Vinyl, the preferred playback medium for decades of music listening suffered badly during the technology boom of the 80's, and was filtered out of domestic sales through first the audio cassette, and then the compact disc (CD). ...read more.

Middle

A customer invoice would contain information such as the following: o Customer title - gender, job description and other forms of identification o Customers address - helpful to Vestax when wanting to send details of a new product they are promoting. o Items ordered - this would contain information, which would include the customer's product interests and quantities ordered. External sources External data exists in the form of published materials, collected by some one else. It can give Vestax a broader dimension to data previously collected. A few examples of these published materials are below: o Government statistics o The media - newspapers, magazines, TV and radio o The internet - rapidly becoming an invaluable research tool which provides an organisation such as Vestax with a rich resource of information o Directories - business directories provide general information about industries and markets relevant to Vestax o Market research companies - commercial markets research companies offer a range of services selling data that Vestax would require from a variety of sources. There is a wealth of information from secondary sources that are available to the marketer. Information is big business to a company like Vestax and usually companies would make a very nice profit through gathering information about markets. Various government departments or governmental bodies produce statistics and information on a wide range of markets as well as on the economy and changing social trends. Using market research information to make decisions The real benefit of obtaining information through market research is determined on how much it improves the marketer's ability to make decisions. Good quality information that has been collected will enable decisions to be made that satisfy the need of the target market and also in helping the organisation meet its aims and objectives. Vestal must constantly monitor the size and potential of the market they would be competing in. they must analyse the sales and trends as well. ...read more.

Conclusion

The matrix matches existing and new product strategies that hinge upon whether the product is new or existing and whether the market is new or existing. The marketing mix The marketing mix provides people with a useful way of looking at the marketing of products. Vestax would need o create a successful mix of: * The right product or service * Sold in the right place * Sold at the right price * Using the most suitable form of promotion. The Four P's of product, price, place and promotion is a straight forward way of looking at what has become an increasingly complex business environment. In recent times the original four P's above have been expanded including three more P's. These additional element are the people, the provision of customer service and process management. Pricing and the techniques of pricing Price is the only element of the marketing mix that directly generates income. Other elements in the marketing mix are costs. The importance of price in the marketing mix varies. The price charged for products or services by Vestax is associated with a given level of sales. There are five strategies associated with the mix. They are as follows: * Penetration pricing * Price skimming * Cost-plus pricing * Value and price * Competition-based pricing Communicating with customers Vestax as a company, are the senders in the communication process and the consumers are the receivers. The senders will put its information onto a form that a receiver can understand. This might involve oral, visual, verbal or written messages to send out the ideas. Advertising Advertising is a simple method of communicating with groups in the marketplace in order to achieve certain objectives. Advertisements are messages send through the media that are intended to inform or persuade the people who receive them, i.e the potential consumers. Advertising must be a communication directed at a target market and should draw attention to the characteristics of a product that will appeal to the buying motives of the potential consumer. ...read more.

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