Channel marketing: Channel marketing is defined as the relationship with marketing channels. Channel marketing means specific promotional efforts at specific or levels (, , ) in of . A channel to market is the method of getting your product into the customer’s hand. To explain it in more detail the more channels you have the more likely it is to sell your product in mass amount depending on individual channel efforts. I would make as many channels as possible to increase the sales of my product.
Internet marketing: Internet marketing is the of products or services over the Internet. It also referred to as web marketing, online marketing, Internet advertising, or e-Marketing. The Internet has brought many unique benefits to marketing, one of which being lower costs for the distribution of information and media to a global audience. So I would also use internet marketing for the promotion of my product.
Public relations: (PR) is the practice of managing the flow of between and its . Public relations help an organization and its publics adapt mutually to each other.
This can be done by various methods. For example, speaking at conferences, winning industry awards, working with the press, and employee communication.
AIM: Aim is the general end purposes towards which an organisation focuses its activities. It is to attempt or intend to a certain . The product I chose is Nike air force one. So likely my aim for this product would be to increase the sales with good amount of profit and positive relation with my costumers.
The main aim of Nike air force one shoe is:
OBJECTIVE: Objective is the , purpose, or that can be reasonably achieved within the expected timeframe and with the available .
Marketing objective
The objective is the starting point of the In general, an objective is broader in than a , and may comprise of several different . Objectives are the most basic tools underlying all planning and activities. They serve as the basis for and , and as glue that binds the entire together.
The purposes of objectives include:
-
To enable a company to control its marketing plan.
- To help to motivate individuals and teams to reach a common goal.
- To provide an agreed, consistent focus for all functions of an organization
Why do firms set marketing objective?
Objectives should help direct action. On the other hand, strategies are courses of action designed to achieve the objectives set.
Experts suggest that setting marketing objectives can serve a reality check for organizations.
The Objectives helps firms :
- It acts as a roadmap
- assist in management control and monitoring the implementation of strategy
- informs new participants in the plan of their role and function
- to obtain resources for implementation
- to stimulate thinking and make better use of resources
The objectives that I have chosen are aimed at:
Expanding the business,
Getting more costumers,
Making more profit,
The main objectives of the Nike air force one shoe is to
- Innovate for a Better World
- Offering More Products, Design Options and an Elevated Customization Experience
- Building Strong Partnerships
- cultivate diversity and inclusion to develop world-class, high-performing teams
- Opportunities for Growth
- Aiming to lead, in every way.
- To bring inspiration and innovation to every athlete in the world
- inspire a vibrant, youth-led global
- Unleashing Potential through Sport
SMART objectives
S- Specific
M- Measurable
A- Achievable
R- Realistic
T- Timed
- Innovate by making 5% more reliable products for a better world by September 2015.
- Making five more new design of show by March 2012.
- Joining with 2 new and competitive organisations by January 2014.
- Diversify in 3 different areas (like caps, toys, perfumes) by 2019.
- Provide job opportunity for 20000 more people around the world by 2010.
- Be the best by dominating others by 5 % profit in the marketing industry by 2020.
- Provide advanced footwear to athletes by researching about the foot movement by in our 20 research lab by 2017.
- Organise 7 different sports activities for younger children for e.g. (air force under 18 basketball regional championship) and donate for the kids in the third world country by 2016.
- Unleash potential through sports
A Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
Market segmentation is the process in marketing of dividing a market into distinct subsets (segments) that behave in the same way or have similar needs. Because each segment is fairly homogeneous in their needs and attitudes, they are likely to respond similarly to a given marketing strategy. That is, they are likely to have similar feelings and ideas about a marketing mix comprised of a given product or service, sold at a given price, distributed in a certain way and promoted in a certain way.
Broadly, markets can be divided according to a number of general criteria, such as by industry or public versus private sector. Small segments are often termed niche markets or specialty markets. However, all segments fall into either consumer or industrial markets. Although it has similar objectives and it overlaps with consumer markets in many ways, the process of Industrial market segmentation is quite different.
The overall intent is to identify groups of similar customers and potential customers; to prioritize the groups to address; to understand their behaviour; and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. Revenues are thus improved.
Improved segmentation can lead to significantly improved marketing effectiveness. With the right segmentation, the right lists can be purchased, advertising results can be improved and customer satisfaction can be increased
Market segmentation
Market segmentation helps us to
Identify new product opportunities. It does this by helping you identify the needs of different market segments and developing products to satisfy those needs.
Develop more efficient methods of promoting existing products by enabling you to:
Identify new or highly profitable markets or new channels of distribution.
Target a particular market segment more efficiently than spreading limited resources over a wide area.
Maintain sales but reduce expenditure on promotion and advertising.
Successful segmentation requires the following
homogeneity within the segment
heterogeneity between segments
segments are measurable and identifiable
segments are stable over time
segments are accessible and actionable
target segment is large enough to be profitable
Measurable.
It is important to be able to measure the segment, otherwise its potential for sales cannot be estimated.
Sizeable.
The segment must be large enough to support the business. You have to recognise that some segments are simply too small to;
Justify the cost of developing a product to serve their specific needs.
Produce sufficient revenue to permit the product to be advertised and promoted.
Reachable.
You must be able to penetrate the market without incurring excessive advertising, promotion and distribution costs
Variables Used for Segmentation
Geographic variables
Region of the world or country, East, West, South, North, Central, coastal, hilly, etc.
Country size/country size: Metropolitan Cities, small cities, towns.
Density of Area Urban, Semi-urban, Rural.
Climate Hot, Cold, Humid, Rainy.
Demographic variables
age
gender Male and Female
family size
family life cycle
Education Primary, High School, Secondary, College, Universities.
income
occupation
socioeconomic status
religion
nationality/race (ethnic marketing)
language
Psychographic variables
personality
life style
value
attitude
Behavioral variables
benefit sought
product usage rate
brand loyalty
product end use
readiness-to-buy stage
decision making unit
profitability
income status
The overall intent is to identify groups of similar customers and potential customers and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment. Revenues are thus improved.
Advantages.
The main objective of segmentation is to increase your sales (i.e. strengthen your position in the market) and increase your profits. It helps you achieve this by helping you to;
Identify new product opportunities. It does this by helping you identify the needs of different market segments and developing products to satisfy those needs.
Develop more efficient methods of promoting existing products by enabling you to:
Identify new or highly profitable markets or new channels of distribution.
Target a particular market segment more efficiently than spreading limited resources over a wide area.
Maintain sales but reduce expenditure on promotion and advertising.
Target market
A specific group of consumers at which a company aims its products and services
Your target customers are those who are most likely to buy from you.
Once upon a time, business owners thought it was enough to market their products or services to "18- to 49-year olds." Further complicating matters, age no longer means what it used to. But business covers the every part So the target market can be any thing based on what you are planning to provide to the costumers.
Who is your target market? Why?
The market that I have targeted for my product is young peoples in the age group of 15- 25 and basket ball players.
I targeted the young generation and the basketball players because my product are especially designed for basket ball players And they are very comfortable compared to others. And with the increasing use of Airforce shoe in the Music videos of Rap artists such as Nelly T.i. and others young generations and adults are attracted by it and Airforce shoe is considered as the icon for fashion.
How is the market for your chosen product/service segmented?
The market for my chosen product is segmented by
Age and Density of Area Urban
The reason for segmenting it in this way is because our product is air force shoe which is famous amongst the young age group and basketball players so we have to segment in this way, according to the age and also our shoes are expensive than others so we have to be more focused in Density of area urban and see in which are our costumer are more.
Primary research
Research done with the direct contact with the costumer is known as primary research. Primary research data is data that did not exist before. Primary research is any type of research that you go out and collect yourself.
This can be through numerous forms, including questionnaires and telephone interviews amongst others. this information may be used in such things as questionnaires, magazines, and Interviews
Primary market research involves testing such as focus groups, surveys, field tests, interviews or observation, conducted or tailored specifically to that product.
Types of primary research
Interviews
Focus groups
Panel discussion
Internet surveys
Sampling
Pilot tests
Field trails
The product I choose is Air force one shoe.
Questionnaire
A questionnaire is a series of questions asked to individuals to obtain statistically useful information about a given topic. When properly constructed and responsibly administered, questionnaires become a vital instrument by which statements can be made about specific groups or people or entire populations.
Questionnaire
Answers and reasons for Answers
How well are you satisfied with your Nike sports shoe?
Most of the Answers said they were very satisfied with the product that we sell,
Which states that still we are successful to impress our costumers with our comfortable, fashionable and stylish shoe.
The answers are mostly positive; I think this is because of the quality of our product.
Which age group are you in?
When we analyzed the answers about this question, the highest number of age group using our product was in the age group of 15-20. The result was as we predicted to be. So we are quite satisfied with the result. The reason for this is likely to be because our product is made focusing on these age groups.
Please tick on the following based on your salary.
6000 - 15000 ___
16000 - 25000 ___
26000 - 35000 ___
31000 and more ___
Unemployed
There were less people in the range of 6000 – 15000 buying Air force shoe rather than others. This must be because our product is quiet expensive than others.
But as I said earlier our product has what it takes to make a shoe fit from all angle.
So little expensive is a must.
What factors do you think we have got in our Air force shoe?
Many of the people who filled this form said that our product is Stylish, comfortable and its design is great and many also said that our product is quiet expensive.
Some also said that they heard about us due to our social status.
And the ones taking about expensiveness are in the age group of 35-40.
When we asked “Which brand do you thing best competes with Nike?”
Most of the answer was Addidas. Then in the second place came puma.
Then there came the names like Dupra, phatfarm, and others. Addidas is a good shoe manufacturer when it comes to sports and others are famous for their style.
Which of the following aspects do you think is lacking in Nike's sports shoes?
Some of them said that our product has no fault at all and we have to keep it on the same level. Others said to introduce new designs too. This must be because we are the best there is when it comes to fashion and sports, our rank is in the top from the last 10 year, and also our fashion for air force never dies.
For What purpose do you most use our product? Please give at least 2 areas. For example games, work, just because, fashionable, etc……
Most of the answers said that our product was used for playing sports, mainly basketball.
Then it was used for Daily purpose like jogging fashion and work too.
This must ne because we focused in all round aspects when designing air force shoe
What will you recommend Nike producers to do in order to improve sales?
In the area of improving and recommending many suggested improving the comfort by making it lighter and other said to advertise more in countries where there is being less sale.
Please mention how did you heard about us?
Advertisement and newspaper topped the list here. Apart there were friends, rap artist, Videos and others
Importance of Market research
Yes, market research is very important in business
Because helps to create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets. It also can be used to determine which portion of the population will purchase a product/service, based on variables like age, gender, location and income level.
Do you think market research is important, if so, why and how do you intent to use the information you have collected in your marketing strategy?
The data I collected will be used to make our aims and objectives and also in making the market strategies.
The data that I collected are likely to be beneficial to further promote my product and point out the faults in our product.
What other examples of primary research have your used
The other primary research that I have used is internet survey.
And it was beneficial for our research.
This internet research showed that our Nike air force shoe is viewed online world widely by 2 million users every day and about 20,000 air force shoe are sold online every day.
This is the best selling shoe till date and we hope this will continue in future too.
I think this is possible because of the very large advertisement that we did world wide.
And also our old and regular costumers are loyal to the product and hopes for the best
How can you use the primary research to determine the market segment or target group?
A research helps a lot in planning the best market segment or target group, especially primary research.
FOR THE MARKETING MANAGEMENT,
THE MARKETING RESEARCH IS THE MAIN/MAJOR TOOL.
Primary research helps us to feel the market sensitivity, market reactions to the product, price etc which helps in the decision to provide the market the right product, right price, right promotion and at the right place, which are the same information we need to determine market segment.
So with the help if primary research and further planning we will be able to plan the market segment.