Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Implementation of market research
Implementation of market research
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recently I watched a T.V. show called The Profit and recognized some similarities from the current Marketing chapter discussed in class. The current episode was about a company called Bentley’s Corner Barkery, which is committed in providing all-natural pet food and treats for their customers. The episode highlighted how Bentley’s Corner Barkery was struggling and not reaching all of their potential customer base because of its marketing structure among other poor managing and financial elements. Before Marcus Lemonis (he is the investor) the company marketing strategy was the quality of product will attract customers. Marcus Lemonis immediately ask for the company’s mission statement and help the owners identify their target customers by segmentation. …show more content…
By making the interior color pastel gave a feeling of warmth and welcoming the customer to shop and browse. Making the stores atmosphere tailored towards their customers allowed the customer to spend more time in the store, therefore buying more items. And by knowing that their customers have children, gave the company vital information to create kid friendly displays. This is a key asset for the company. Making the store kid friendly not only allows customers to purchase with or without kids but also makes the children a constant advertiser of the store. For example, when a parent tells them they have to go shopping if the child had a good time in the store they will ask the parent to go back to that store. And since most of the time it is hard for parents to shop with children (speaking from my own experience) it helps when the child wants to go to the …show more content…
However, because of its demographic it was losing a high customer base because of its prices. The text book Chapter 10 emphasized the importance of pricing and creating profit. The investor Marcus Lemonis showed the owners how to evaluate demand and the price sensitivity of their products. He introduce product that could be brought in with lower price points that would compete with their competitor and still crate the high-end prestige the company wish to create. Taking advantage of the income statues of the company’s customer with in their demographic. One major problem the company had was the price point of a bag of dog food was around $100 per bag that was a high price for the consumers within the area. By bring in a brand that had high quality and prestige at a price point of $20 allowed for a greater customer
The biggest weakness for Only Natural Pet Food is the limited shelf-life. To tackle this, we offer smaller bags in the existing stores first. Offering smaller bags the company does not have to stock as much on the shelfs, and allow the company to gauge the sales. Furthermore, with the smaller bags it gives the illusion to the customers of smaller price off setting the higher cost of the
The fourth segment is dog treats and claims 18% of the market share for total dog food. While they have a wide variety of ingredient...
Marketing is not just about selling and advertising products and services. In general, marketing is associated with identifying the particular wants and needs of a target market of customers, and then working to satisfy those customers better than the competition. This involves doing market research on customers, analyzing their needs, and then making strategic decisions about product design, pricing, promotion and distribution or place (Bethel, 2007). Understanding ways to identify the target market is crucial in developing market strategy. This paper is intended to define target marketing and examine a market analysis of Stacy's Pita Chip Company.
Market research provides information to help unravel marketing obstacles that businesses face in today’s business climate, an essential part of the business planning process. As shown in the example certain strategies such as segmentation or differentiation are almost unattainable without relevant market research.
There were fierce competitions among the producers that have scale and scope of operations which were similar to each other. For instance, the Pepsi Co. and Coca Cola companies have developed the strategy and infrastructure, which are hard for the local sellers to complete with them. However, there were still many producers including new entrants that try to access the market and compete seriously with low price and differentiation- strategies among rival...
[a] company may have a unique vision, a superior product, strong management and an efficient distribution system – yet if it is not able to convey the core benefits of the brand to its target audience it will ultimately fail. [5]
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;
Once a business has successfully completed segmentation based on the market into various groups the targets will be chosen. As we all know no one unique strategy will be able to appeal to all consumer segments therefore being able to come up with different strategies for specific targets are a vital aspect of marketing.
The major objective of any company is to make profits. Marketing is responsible for identifying a company’s customers anticipating their needs and wants, satisfying theses needs while keeping the its major goal which maximizing profits
Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
“Marketing” aim has to be understanding the consumers needs and acting in the true moment with a suitable “marketing approach”
Once the product is accepted the organisation would experience a high growth rate. For example, PAX Yogurt Company which originates on Mount St. Benedict, is a local company which developed seven different flavours of yogurt into the market, they are: almond, guava, passion fruit, pineapple, soursop, strawberry, natural (plain) and vanilla. The primary objective was to meet the customers’ needs with a good quality product at an affordable price in order to return high sales and profitability for the company. It is imperative at this stage, that particular attention should be placed on creating strategies for pricing, place or distribution and promotion so as to establish a market presence and create a suitable demand for the product. Pricing strategies include price skimming and price penetration. It is advisable at this stage to employ the price skimming strategy for example, pricing the product at the highest point possible. Prices can then be lowered when demand starts to
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)
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s