In the beginning, we choose the Workhorse to become our first target market, and the Traveler has been our second target market. However, we didn’t get a successful sale at the beginning since our brand does not meet the needs of Workhorse and we had a very poor rating of our advertising for our target market even though we have a cheapest price in market. After a few quarters, we try to modify our brand and we find the Traveler may has high demand of our brand since we design a new brand for them, so we change the Traveler to be the first target market and the Workhorse move to second.
Our company designed three separate brands for our target markets. The first one is designed for Workhorse called Veloce Prime, which is a desktop with ultra capacity hard drive, ultra fast of computing power and high-speed networking. For software, it has office upgrade, presentation; database; engineering and manufacturing. Also, it has a stylish case, 19" standard monitor and expanded keyboard. The price of this product is $2500 and customers can get a $300 price rebate. To appeal Workhorse to choose our product, we made an advertisement to show it’s easy to use and we have local service and support. But it is not very work for this brand; there are total 2194 demands of this brand that 50 demands from Workhorse and 2144 demands from Mercedes and 0 demand form Traveler. We are unexpected that this brand didn’t get high demand from Workhorse but got 2144 from Mercedes, which was not our target market. To comparison this brand with our competitor’s, their brands are more to meet need of Workhorse than our brand. Thus, Workhorse was preferred to purchase the product from our competitor’s that is more matches for them.
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...design are lower than other competitor’s. For example, they have ultra fast computing power but our brand just has high speed computing power. Thence, some competitors which Workhorse chose their product are just they want and need.
For sale force, we total spent $250,00 of sales office costs in two cities which is, Paris-EMEA and Shanghai-APAC that we found those two cities both have sufficient market size for our target market. The largest market size is in the Paris-EMEA which can both meet all customers need. In the Paris-EMEA, we hired total 6 people in the Paris-EMEA that 2 people for Support, 2 people for Workhorse and 2 people for Traveler. Be compared with Paris-EMEA, Shanghai-APAC doesn’t have a larger market size, but we still hire 7 people in the Shanghai-APAC, and we let 2 people for Support, 3 people for Workhouse and 2 people for Traveler.
Actively listening- ( 3:42) (4:26) There were a couple instances where Travis seems distracted in the call and misses key information the client provides, resulting in the client repeating himself. We should remain focused and engaged in our call to guide the client through the process and acknowledge all info stated by the client.
The companies that have explored this target market have had to figure out what approaches or appeals should be used and what strategies should be used in creating long-term relationships with this target group.
According to Smithson, Walmart can expand its markets to new and emerging markets especially in the third world countries, which can significantly increase its revenues. Secondly, the company can reform is employment practices and improve the quality standard and in doing so, attract more customers and improve its brand image. On the other hand, the company faces threats such as the rising healthy lifestyle trend I that the company in most cases does not provide customers with healthy goods. At the same time, the company can capitalize on this aspect and increase its revenues. Aggressive competition from other discount retailers such as Target creates a great threat to the company (Smithson, 2015).
"The Home Depot NYSE: HD, headquartered in Vinings, Georgia, is a home improvement retailer that aims for both the do-it-yourself consumer and the professional in home improvement and construction. It is the second largest retailer in the United States, behind Wal-Mart; and the third largest retailer in the world, behind Wal-Mart and French company Carrefour. The Home Depot operates about 1,900 stores across North America. The company operates stores in the United States (including the 50 states, Puerto Rico, the United States Virgin Islands), Canada, and Mexico. The Home Depot also operates EXPO Design Center stores in select U.S. markets, providing high-end home design products and services. Its 2004 sales totaled US $73.1 billion. It was ranked #13 on FORTUNE magazine's FORTUNE 500 The Home Depot also owns a chain of higher-end home decorating and appliance stores. The Home Depot employs over 325,000 people."
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
Marketing involves activities to find right people for the business and then gaining their attention and retaining them for life. There are many theories marketers employed to stand their business out of crowd or at least make it visible. To make any business efficiency and effective, it is important to seek the target customer market. There are primarily three main areas to consider while identifying the target market. Those are as follows;
Pricing. Our product is priced lower than our competitors in our industry. Even though our competitors have a different kind of product compared to us.
With the rise of the economy, consumers have become more and more knowledgeable on selecting their favourable product as a result the organization cannot focus on what it sells but on the side focus on what the customer wants to buy.
In writing the business plan, I determined our target market and our marketing strategy to gain a share of the market. I also had t...
Threat of substitutes in market as best quality is not always a priority for some customers as they are price sensitive.
The newly appointed district sales manager, Larry Barr, faces the problem of allocating sales quotas among his various sales representatives. This decision will affect everyone's earnings including his own. This problem is compounded by the fact that different territories have, for a variety of reasons, different potentials. In addition, the territory that is known to be the toughest will soon require a new sales rep.
By focusing on a specific target market and changing the elements of a
The SWOT analysis is a useful tool for identifying our personal strengths, weaknesses, opportunities, and threats to our plans and goals. According to a “Fuel My Motivation” article (2010), this analysis considers internal influences that can positively or negatively affect our ability to achieve our goals. The internal factors are our strengths and weaknesses. Also considered are opportunities and threats, which are external influences that can have a positive or negative impact on the ability to achieve our goals. I will share how the self-assessment instruments and self-exercises in this course have contributed to assessing and understanding my strengths and weaknesses. I will also discuss techniques I will use to leverage my strengths and understand my weaknesses. In addition, I will consider opportunities that I can take advantage of and the threats that can possibly impede my progress.
The company Booster has several strengths it can utilize to help achieve its goals. The parent company for Booster, Custom Ink, is a leader in the custom t-shirt business. Custom Ink is using the brand extension in regards to Booster, which will allow Booster to benefit from Custom Ink's good reputation and Brand awareness. Custom Ink is also a very successful and profitable organization with good leadership which will only further benefit the development of Booster. Another strength of Booster is how customizable the shirts can be. Basically, if it can be conceived it can be designed and arranged on a t-shirt. Another possible concept would be marketing the t-shirts to promote a fundraising event. Booster makes it extremely easy on
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)