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Marketing strategy for my product from the Steiff bear company.

Extracts from this document...

Introduction

Unit 3 Task 4 To: Maria angel From: Date handed out: 25/10/02 Date handed in: 8/11/02 REF: (Unit 3 task 4 part 1, 2, 3, 4, 5, 6, & 7) Terms of references: I am going to look at my marketing strategy and the marketing mix. I will describe my marketing strategy showing an understanding of the principles of marketing, I am also going to show an understanding of how marketing and market research affecting the choice of my marketing strategy. Procedures: I will find this info from the business advance textbook and the lead lesson was I would take notes from Maria angle lessons. I will also look on the web sites on the Internet and refer back to the pervious work that I have been doing. Findings: PART 1 My marketing strategy is for my product which is from the Steiff bear company it is the teddies bear collection of 2002 and the marketing strategy that I am using for this product is marketing penetration. This strategy will help to develop the company name to attract more and new customers because the promotion of the product is the main aim of the strategy. This will attract all sorts of customers at different ages and types. Marketing penetration is an existing product in an existing market, this strategy improves the promotion and sales of the product that is advertise and will be in more demand and to promote the product and company name. The 4p's are the principles of marketing and are called the marketing mix. I will use the marketing mix for my product strategy, the marketing mix are the 4p's which are: * Price * Promotion * Place * Product These 4p's will change the marketing strategy I am using, I will need to be able to fit the product and the 4p's around the strategy to make the marketing marking mix work with my strategy. ...read more.

Middle

This means they will have to go the way the customers want meaning customers needs come first they will be looked at and the company will have to adjust to what the customers needs are. I need to find reliable information on marketing, customers and competitors are the best people to ask, I will have to understand the difference between primary and secondary researcher and find other sources of information on customers and competitors. Primary research is collection of new information, for example, market surveys, telephone questionnaires and research in direct contact with customers and secondary research involves accessing data that has already be collected in the past and is available to all, for example, economic trends and customer preferences information. My marketing actives are based on the 4P's and all the 4p's are based on my marketing strategy. My pricing strategy, which is penetration pricing, is based on my marketing strategy, which is also penetration marketing. This marketing and pricing strategy means that the product that I am selling is to be introduced at an introductory price to bring it to the customer's attention to the product so that they become interested into the product. Then I will start to upper the price and also introduce more products. They will also have higher prices and this will improve my profit. The promotion that I will use is also based on my marketing strategy, marketing penetration means that the promotion of the product will be huge. The kind of advertisement that I will use is posters, TV ads, going to local primary and secondary schools and giving little free teddies for examples and hopefully this will encourage the kids to force their parents to buy them a Steiff bear. I will also go to big toy functions to promote my product, these types of advertisements will sell my product. The packaging of the product will also have to be applying, is I will make it look like good quality as well as being good quality. ...read more.

Conclusion

I will need to look into and find to any problems that I might have with this analysis. The reliability of the tools and models are very reliable as I have tried them and I have found that they are all working with my strategies that I have chosen for my product. My marketing strategy has direction of what to do next with my product and how to improve the advertising of my product. The tools tell me what my product is an existing product in an existing market. It is a good quality product and it has poor advertising, they have an opportunity to promote their brand, they also have competitors, rules and regulation. These tools are what make my products sell and I think that they are reliable and I would trust them all. PART 7 I have used all the right tools and modals in all right ways so that my product can be blanched out and is clearly shown how the marketing mix and my marketing strategy works with the tools and models that I am using. I have clearly out lined the links between each marketing mix and strategy. Their are certain tools that affect my strategy like the Boston matrix which told me that my product was a problem child and that it take a lot of money to get it up to a high level of achievement. So my strategy needs to spend money on advertisement which means I will be loosing a lot of money. This is why I have to find the best advertising method so that I will not have to spend a lot of money on advertising and I can use it for higher market shares. But the advertising may help this as customers may become interested fast and start putting their own money in to the company raising the shares and improving the company which mean that I would get more money for advertising. ...read more.

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