MM Assignment 2

Gradable Assignment 2 Faculty:Prof. Rajagopal Marks: 15 Marks

Marketing Management Assignment # 2: “Marketing should be the first activity in starting a new business venture”. Discuss the statement, giving your reasoned arguments. (Do not to exceed three pages {font type Times New Roman, size 12} in your answer). a) Suppose, you are a marketing manager of ABC company, you have to develop a marketing mix strategy of your consumer item "after sha v e lotion". How would you define your market Segment? and design the Four P's strategy of your product. Discuss. Two categories of consumers can be our clients. They are men, which can use a lotion after the shaving, and women, which use it after a capillurgy and shavi ng. To know the percent of people, which uses an after shave lotion, I propose to make a social que stioning among consumers, ask them to fill some application forms and choose a mean after shaving in the list with an after shave lotion. Using this data base, we can diagram on the basic of got results . The four P’ s strategy includes: a development of the brand, a price strategy, places for sales and pr omotion actions. The slogan of our brand is: “Present a softness and smooth ness to yourself ” . We can make two types of packing: for men and women . b) How would market challenger attack market leader?

We can be faced with a few market challenges. The y are: a market competition among many producers and sellers of such production and using other facilities after shaving by consumer

Once you have done enough brainstorming about your business idea and are confident that this will work and have prepared a business plan, marketing is the next step (and hence not the first step towards launching a new business venture). The very first step is to think about what is so great about the idea, will it work, what type of market will it cater to and what sort of competition will it face, etc. In today's competitive world, where so many new ventures are being launched daily, getting customers and keeping them engaged is a big step towards the success of the venture. Unfortunately, potential customers have no way of knowing about your great idea unless you get the good word out. Good marketing campaign will help distinguish your product/service from the competitors and (hopefully) attract them towards your product or service. In today's digitally connected world, marketing plan has to include a major social media campaign and has to have a strong presence on Facebook, Google+, Twitter, etc. An attractive website with great customer interface will help the campaign as well.

Market Segmentation Advertising is a must have component to improve the marketing for any successful business plan. Without it, the organizations are challenged to achieve market penetration, high growth rate or brand recognition. What we find however, is that in times of economic downturn or slowdown, organizations commonly will sacrifice this line item first with trimming or cut-backs. Many professionals have historically had a hard time seeing the alignment between marketing and continued profitability- viewing this discipline and its related practices as ‘discretionary’. The article ‘rediscovering market segmentation’ focuses on understanding and assessing various aspects of consumer behavior as one of the key factors to effective marketing, sales and customer satisfaction. Once you know your customer segmentation by personality type, you can create personality type. This knowledge of individual preferences related to a respondent’s personality can be leveraged to create more effective marketing campaigns and increase sales. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them. Market segmentation involves dividing up the potential market for a product into groups of people who have similar needs, and then addressing these needs in a focused way. Market segments allow companies to create product differentiation strategies to target them. The concept was introduced in early 1960’s not just to advertise but also bring about product innovation, pricing, choice of distribution channels etc. A broader aspect of segmentation is the term psychographics. Psychographic profiles are used in market segmentation as well as in advertising. Psychographics is the study of personality, values, attitudes, interests, and lifestyles. Psychographic studies of...

Market Share Increasing market share and profit I. Strategies 1. Selling more to existing customers - Encourage more frequent buying Increase market share by getting customers to buy more frequently. If research shows customers buy at a particular time, make contact with them just beforehand. Adding value to products and services to ensure repeat business, adding to a service at little cost that is useful to your customers - Get customer to spend more Encourage customers to buy a premium product or service that better meets their needs and provides a superior return. Offer purchase incentives and price promotions on items that they usually buy from competitors, such as 'buy one get one free' or 'buy for ten months and get two free'. 2. Getting old customers back - Find out what changed Identify why customers stopped buying. Consider whether product or service is: • no longer necessary • too expensive • unsatisfactory • being beaten by a competitive offer - Rebuild contact with customers Try to have some form of regular contact e.g. monthly or quarterly phone calls, formal or informal visits to customers, mailshots or email newsletters - so that customers don't feel they are being ignored and look elsewhere. Rebuild contact, understand, focus on customers’ needs, e.g a letter expressing regret that they have stopped buying and making them a time-limited offer. - Make new offers to tempt Consider ways to make business more appealing.

Consider a time-limited discount to encourage customers to start buying again, e.g 20 per cent off for three months.

Ask what company could do to make it meet customer's expectations and assess if it is possible and profitable to adapt service for the former customer. 3. Market and sell effectively to similar customers - Find similar customers Use formal...

Market Strategies LEAN The five-step thought process for guiding the implementation of lean techniques is easy to remember, but not always easy to achieve: 1. Specify value from the standpoint of the end customer by product family. 2. Identify all the steps in the value stream for each product family, eliminating whenever possible those steps that do not create value. 3. Make the value-creating steps occur in tight sequence so the product will flow smoothly toward the customer. 4. As flow is introduced, let customers pull value from the next upstream activity. 5. As value is specified, value streams are identified, wasted steps are removed, and flow and pull are introduced, begin the process again and continue it until a state of perfection is reached in which perfect value is created with no waste.

KAIZEN What is Kaizen? Kaizen is the practice of continuous improvement. Kaizen was originally introduced to the West by Masaaki Imai in his book Kaizen: The Key to Japan’s Competitive Success in 1986. Today kaizen is recognized worldwide as an important pillar of an organization’s long-term competitive strategy. Kaizen is continuous improvement that is based on certain guiding principles: * Good processes bring good results * Go see for yourself to grasp the current situation * Speak with data, manage by facts * Take action to contain and correct root causes of problems * Work as a team * Kaizen is everybody’s business * And much more! One of the most notable features of kaizen is that big results come from many small changes accumulated over time. However this has been misunderstood to mean that kaizen equals small changes. In fact, kaizen means everyone involved in making improvements. While the majority of changes may be small, the greatest impact may be kaizens that are led by senior management as transformational projects, or by cross-functional teams as kaizen events. "CHANGE FOR THE BETTER" Kaizen = Continuous...

Market Strategy Market Strategy

Market Objectives - The objectives we have set are our goals we intend to reach while promoting our product to potential customers. - Some of these goals include increasing sales. We intend to drive our business and increase sales. We expect the marketing we do to have a good return on investment. - We intend to “Improve product awareness” * By creating a website (Most companies do their business online) * Having a social media presence (Websites such as Facebook have over 1 billion users) * Advertise using traditional methods such as ads, commercials and radio. * Having displays (Providing our customers with a hands on experience) * Establish ourselves in the industry (becoming a well-known brand) * Having good Brand Mgmt. (Establish a good relationship with our customer Target Market We plan to target numerous groups of consumers. A) Elderly (Our product will have features such as a 911 assistance program) B) Parents (Our product will include an audio monitoring device for childern) C) “Survivalist” (Features that may come in handy during a catastrophic event) Positioning * We will create an image for our product based on the intended target markets. * Establish a target market analysis (Gaining thorough knowledge of our product and its intended market) * Positioning in advertisement (match our advertising to make sure it relates to our intended target market) * Positioning in sales locations (Make sure are advertising places are close to the target market) * Positioning through price (Make sure our customers associate the cost with a high quality brand) Marketing Mix * Product (Our product will have many features to attract are target audience) * Price (with our product containing so many features, we believe it will be worth it to the groups we have set our sights on) * Place (In choosing a distribution system, we will sell to wholesalers, retailers, and directly to...

Market Strategy Introduction Marketing is one of the important element for any successful business because it is all about letting people know what is the products/services of the company and how do you persuade them to purchase your products/services. Marketing strategy is a process which allows a company to concentrate on its limited resources and increase its sales as the greatest opportunities ad achieve a sustainable competitive advantage. The key concept of market strategy is centered on the customer satisfaction as the main goal. A marketing strategy combines product development, promotion, distribution, pricing, management relationship and other element which identifies the company’s marketing goals and explains how marketing strategy determines the choices of target market segments, marketing mix, positions and allocation of resources. It is the most effective when it is an integrated component of all firm strategy by defining how company will successfully engage the customer’s prospects and competitors in the market arena. Market strategy is changing therefore we need a marketing strategy for each product. In this assignment we are going to develop a marketing strategy for a product Tanuf mineral water. The product is from the National Mineral Water Co. SAGOG. Was set up in 1979 with technical expertise from Evian France- world leaders in the field of national mineral water. The company NMWC is not only the leading brands of Tanuf but also it represents EL-Jabal Akhdar, Salsabeel and Assaha. The products sold by NMWC are bottled in an integrated, state of art, fully automatic plant with machinery from some of the world’s best equipment suppliers in Europe and USA. The company is not just a production facility in Wadi Tanuf in the Wilayat of Nizwa. We are much more than clean pure 100% natura