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Introduction This assignment is to address the issue of product marketing. Marketing is defined as the activity, set of institutions and processes for creativity, communicating, delivery and exchanging offerings that have value for customers. It has become crucial to success in our modern competitive economic. Volterman wallet was created and introduced recently to the world market to overcome the loss of wallet which has become a common problem. To enhance its popularity, the Volterman wallet has been positioned and hope to be market and managed strategically to attract its targeted market segmentation which is believed to be able to produce the market internationally. Product Many of us are aware that everyday people are losing their wallets …show more content…
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. Positioning Measures In the globalized world of ours, competition is great and one has to be competitive advantage to compete by positioning its product strategically. Although Volterman Wallet is newly introduced into the market, Volterman has been positioned by using the Segmentation, Targeting and Positioning (STP) model to approach the modern marketing. By using the STP model, Volterman wallet is believed to able to create marketing communication to serve its customer better. Volterman’s product is unable to meet the need of people from all age group so they need to use market segmentation to meet the customer requirement with the common needs and characteristics. (3) Volterman organization are able to determine exactly who is their targeted market such as • Demographics ¬ Age – 25 - 50 years old ¬ Gender – Man or Female ¬ Occupation – Executives, Celebrities, Entrepreneur, Politicians •
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
First, we will analyze the targeted customer and the proposition designed by each company to attract them. In this part, there is a description of each market target and how each company has taken advantage of each unique position in the industry.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
Moreover, the company’s president has emphasized the need to preserve the quality of its products as well as its reputation among customers, by not committing a large portion of their business to replica products. Essentially, the match between the market opportunities and organizational strengths is not present since the firm is not utilizing available opportunities to enhance its competitive power. For instance, one of their strength has been the quality of their supply chain, but with the rise of the mass merchandiser stores, the company has been unable to create strategies to avoid being eliminated by these stores.
Aside from low-cost Demographic segmentation: separating a market demographic including gender, age, household type, education level and income. It 's broadly acknowledged that advertising division can prompt upper hand. By fragmenting the business sector the organization will know the portions which recognizes request, the association can target particular fragments which can support their image and can expand benefits. Promoting portion will know the craving of client and along these lines prompts development of existing item or a passage of another item into the business sector.
Market segmentation is the selection of groups of people who will be most receptive to a product. The most frequent methods of segmenting include demographic variables such as age, sex, race, income, occupation, education, household status, and geographic location; psychographic variables such as life-style, activities, interests, and opinions; product use patterns; and product benefits. Much segmentation involves combinations of these methods. No matter how segments are defined, however, they are characterized by considerable change over time.
In conclusion, many companies implement a customer-driven marketing strategy that aims to segment, target and position it’s market. Apple an organisation known for it’s wide innovation of electronic products uses this strategy to help gain a better understanding of its consumers it will serve. Yet, two appendix’s used to support Apple’s product the IPhone 5s and 5c, position the author in its primary target market as a university student, with the support of a tailored marketing mix. The marketing mix helps achieve apple’s overall marketing strategy by delivering the wants and needs of consumers.
It has been observed since the inception of Marketing that marketers target to only specific market and how they identify such market. There are certain criteria or base they use to identify the consumers who they would be serving to. Customers do have unique requirements satisfaction levels and aspirations. Some customers however are similar with respect to their requirements of goods and services. In such case if their needs are identified and they can be grouped in quantities of a specific size then it can be segmented. Now each customer group have specific expectations and businesses must cater to the needs of the segmented that has been targeted.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
During the last couple of years, segmentation has become increasingly important in developing, positioning, and selling products, due to the formation of a global marketplace and the competition within it. Nevertheless, this method is not a recent development but segmentation is used since at least the introduction of mass production. (Brandt, 1966, p.22) It was Wendell Smith, who introduced the concept of market segmentation into the marketing vocabulary in 1956. According to Smith, “segmentation consists of viewing a heterogeneous market as a number of small homogeneous markets in response to differing product preferences among important market segments. It is attributable to the desires of consumers or users for more precise satisfaction of their varying wants. Segmentation often involves the use of advertising and promotion and it is a merchandising strategy." (Smith, 1956, p.3) In order to adjust the product and marketing efforts to consumer or user requirements more precisely and rationally, a company can almost divide its market in as many ways as it wants. (Haley, 1968, p.30) However, the importance of segmentation can sometimes be overplayed and the use of this strategy can be questioned. A critical analysis becomes essential, which should incorporate a functional, intellectual, ethical and political viewpoint.
Whether it is marketing within franchised restaurants or major retail banks, marketing plays a large role in providing assistance for companies to reach goals such as high profit. Subway sandwiches, a world-wide franchised restaurant, uses marketing and marketing tools not only for increased sales but to create an image in the consumers mind. This essay will define and discuss positioning, as well as a case study on how the Subway franchise has positioned their product. As one cannot climb a mountain from the top, market segmentation and market targeting will be looked at in order for better understanding on positioning.
To effectively sell a product or service, organizations have to really know how customers behave, regarding to what they buy. The study
When choosing the marketing strategy an organization needs to recognize that the essential point of marketing is building profitable relationships with the target consumer, however, the organisation has numerous choices in planning their marketing strategy. A considerable number of corporations in the world define marketing as knowing the requirements/needs of the target market and convey through a different medium the idea that their product fulfils the consumer’s need better than the competition.