And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. Price, Product, Promotion, and Place. But the 4Ps serve as a great place to start planning for the product or even to evaluate an existing product offering.
They have been in this business for over thirty years. Due to the downturn in the government market they have been working on other products that they can produce effectively due to their extensive experience in light alloys. The purpose of this report is to produce a marketing communications report that define the two markets the company operates through its B2b and B2C models and highlighting the differing communications requirements and the communications mix available to the marketer.
Many companies are using integrated marketing communications IMC ; because they need a more effective and efficient way of communications with their customers. It is believed that IMC help them to build customer relationship and therefore create profitable brands.
Marketing today is in the name of efficiency and effectiveness, becoming more focused on smaller but more profitable segments of the market.
Duncan, Shaped Alloys Ltd must be at the forefront of consumer research and conducts extensive research on a regular basis to identify new trends and to study opportunities for new and different trade channels. Fill,pg The fundamental starting Brand xs marketing principles essay for the creation of a successful marketing mix strategy is to ensure that the target market is clearly defined.
Having evaluated the two segments, Shaped Alloys Ltd could consider two different types of targeting the two markets in which the company operates. Kotler,pg Shaped Alloys must position its two core products: A new range of saucepans for the consumer market with an extremely hard and therefore durable non-stick surface coating.
According to Ries and Trout, in an over-advertised society, the mind often knows brands in the form of product layers. The top firm is remembered the best.
The number one position can be held only by one brand.
Kottler, Therefore it is important to develop an IMC approach in order to obtain uniform branding, target the market and seek to position the Xtract and Diamond brands to their respective target markets. The elements involved in IMC are many and they depend upon the perspective an individual might adopt, these elements might range from a simple configuration of the promotional mix through to a fully integrated and culturally driven mission and corporate strategy.
See Table 1 The present report focuses on the explanation of the promotional mix and the marketing mix and business strategy. Therefore IMC is not just a matter of transmitting uniform marketing communications messages.
Nowak, et al, 3. For instance one voice one look, delivers a campaign in which all advertising, sales promotion, sponsorship, publicity and direct response and package for the two different products have the same appearance and feel. All the media messages reinforce one and the other.
Duncan, Therefore, Shaped Alloys Ltd must bring together its advertising, direct marketing, public relations and employee communications in order to improved communications within them in order to target its two different segments Kottler, IMC can be defined as the harmonisation of the messages conveyed by each of the promotional tools, in order that audiences perceive a consistent image of product organisation.
It is important that the brands Xtract and Diamond have their individual design style and colour which depends on the market position and customer perception. The Shaped Alloys Ltd house name in its unique script should always be included so that the product perception gains uniformity.
To achieve strategic consistency, the different messages should be tailored to the two different target audiences while maintaining a constant brand image. In order to get these messages, traditional media, such as print and broadcast, radio can be used to create brand positioning and awareness of the brand Diamond as well as the use of the internet.
Fill, The marketing communication tools can be used in different combinations and different degrees of intensity, according to the nature of the company and in order to communicate with the two different audience groups.
Shaped Alloys Ltd must communicate with their customers and stakeholder, using a variety of communications methods. See Table 2 The present report will focus on some of the most relevant.The major marketing principles include product, place (channels of distribution), price, and promotion, also known as the 4Ps.
Furthermore, marketing principles are a set of guidelines used in guiding the company when doing market campaigns and includes conducting market research among others. Sales Promotion is a marketing communication function that adds value to brand messages.
A sales promotion intensifies a brand contact when a customer or prospects are buying or using situation. More specific, it is a short term added value offer designed to encourage and accelerate a response.
In order to avoid that – you have to plan your marketing term paper, and make sure that you have enough information on the marketing term paper topics you are about to write.
Basically, the thing which value all professors is the credibility of your information. Branding in Product Marketing Product Marketing and Decreased Significance of Specific Brands In seven pages this paper examines how purchasing specific name brand products is not as important .
Essay on Hospitality Marketing - Assignment: Since students in Hospitality programs across the country are required to take a "Hospitality Marketing" course in addition to a "Principles of Marketing" course, there must be some fundamental or additional information differences between these two courses.
(40%) The competitive situation the company faces for your chosen brand. (20%) Recommendations based on the analysis above to improve the companies competitiveness (20%) NOTE1.
Your report should show evidence of understanding of marketing principles and concepts, analytical rigour and clarity of interpretation