Product adoption process
This is the sequence of stages that individuals and firms go through in the process of accepting new products. The stages vary greatly in usage, but tend to include :
(1) becoming aware of the new product
(2) seeking information about it,
(3) developing favourable attitudes toward it,
(4) trying it out in some direct or indirect way,
(5) finding satisfaction in the trial, and
(6) adopting the product into a standing usage or repurchase pattern.
Explaining how I got to know of the existence of Mary Kay product, I will say here that I have a relative who used to be a retailer of Mary Kay products.
I got to know of Mary Kay products from her, and did try a couple of its products and saw for my self how effective they were, and are still.
After my knowledge of the existence of Mary Kay product, I tried to go on line and get info about its products.
On line, I saw quite some interesting information about the products, tips on how to use the products, make up tips etc which actually fascinated me coupled too with my previous use of some of Mary Key products. The package of Mary Kay products too did provide me with helpful information on how to use the product.
With time, I actually developed positive attitude towards Mary Kay lip gauze, lip liners, eye liner, foundation, mascara, powder, and most important, the enriched moisturiser 1 which is actually the main Mary Kay product I use.
I tried the products directly and the results were quite good and are still good. I found satisfaction in my trial and today, I can say I practice a repeat and regular purchase of Mary Kay products.
Adopter categories classification of consumers according to their readiness to purchase a product. There are five adopter categories: innovators, early adopters, early majority, late majority, and laggards.
The innovators are the first users of a product, representing 2.5% of the target market. Innovators are considered to be venturesome people willing to take risks. Early adopters, who enjoy leadership, prestige, and who tend to be opinion leaders, represent 13.5% of the target market. The first part of the mass market to purchase is the early majority. Although rarely leaders, these consumers usually adopt new ideas before the average person and they represent 34% of the target market. The late majority also represents 34% of the target market. This group of people is usually sceptical of change and will adopt an innovation only after a majority has tried it. The laggards represent 16% of the target market and are the last to purchase. They are usually price conscious, suspicious of change, tradition bound, and conservative by nature.
According to my knowledge of the above, I will say I belong to the late majority.
This is because; I am usually sceptical about the effectiveness of products especially if it has to do with the skin. I only get convinced mostly at times by friends or relatives who have used the said product before and also from my own findings.
Regarding the promotional mix of Mary Kay products, the company uses various means to make its products known world wide and promote its sales.
This includes: advertising via media such as Print ads, radio, television, direct mail, brochures and catalogues, Web pages, and emails.
Personal selling via sales representatives, sales meetings, sales training, samples, and telemarketing
sales promotion via its promotional schemes which includes, Coupons, sweepstakes, contests, product samples, rebates, and exhibitions.
Public Relations via newspaper and magazine articles, reports, TV and radio presentations, speeches, and seminars.
Thursday, 13 December 2007
Customer Relationship Management!!
Customer relationship management (CRM) is a broad term that covers concepts used by companies to manage their relationships with customers, including the capture, storage and analysis of customer, vendor, partner, and internal process information.
The latest CRM should incorporate features that extend the CRM functionality beyond sales, marketing, and customer support.
This programme was mainly carried out by the housing company to see if consumers or its customers are satisfied with the way things are managed in the agency and if not, give suggestions for amendments and improvements for against the near future.
The agency sent emails to its tenants, with a list of questions and answers from which the client is then to chose the suitable answer for the questions and if need be, provide and alternative answer to the questions.
Technology can be used in retaining by sending consumers emails to find out how they used their products (if consumers bought goods on line or provided email address) and if they need directives or guidance in a way as regards the product,
Technology can also be used in that, consumers are sent SMS messages are regards sales and latest development of the company products,
The company can also make available sweeps stakes for consumer to enable them win free gifts or gift cards or even free trips.
The latest CRM should incorporate features that extend the CRM functionality beyond sales, marketing, and customer support.
There are three aspects of CRM which can each be implemented in isolation from each other:
- Operational - automation of customer processes that offers support to a company’s sales or service representative
- Collaborative - the program communicates to customers without a company’s sales or service representative (self service)
- Analytical - analysis of customer information for multiple purposes
- Marketing
- Sales
- Service
This programme was mainly carried out by the housing company to see if consumers or its customers are satisfied with the way things are managed in the agency and if not, give suggestions for amendments and improvements for against the near future.
The agency sent emails to its tenants, with a list of questions and answers from which the client is then to chose the suitable answer for the questions and if need be, provide and alternative answer to the questions.
Technology can be used in retaining by sending consumers emails to find out how they used their products (if consumers bought goods on line or provided email address) and if they need directives or guidance in a way as regards the product,
Technology can also be used in that, consumers are sent SMS messages are regards sales and latest development of the company products,
The company can also make available sweeps stakes for consumer to enable them win free gifts or gift cards or even free trips.
Internal Marketing!
Internal marketing is an ongoing process that occurs strictly within a company or organization whereby the functional process aligns, motivates and empowers employees at all management levels to consistently deliver a satisfying customer experience.
Key concepts of internal marketing include:
-
- IM functioning as a continual internal 'upskilling' process.
- Alignment of the organization’s purpose with employee behavior.
- Employees internalizing the core values of the organization.
- Motivation, reframing and empowerment of employee attitude.
- Inside-out management approach.
- Retaining a positive customer experience throughout the business objectives
The following are the features of an internal marketing-oriented business:
1. creating enabling culture: this is done when employees are empowered by management through allowing creativity, innovation, allowing initiatives and accountability and responsibility of their decisions.
2. Practising participative hiring: that is involving current employees in the process of hiring new employees.
3. Ensuring equitable cock recognition and reward: business must exercise employee recognition with reward to what employee has achieved.
4. Demonstrating fairness during hard times: fair treatment of employees when faced with hard times and difficult moments like death of the near family members. this can be achieved by setting aside emergency funds.
5. Good organisation structure that allows learning, total quality management and re-engineering.
- Mary Kay carries out internal marketing by educating some of its employers towards the distribution of its products, application processes, etc so they can intern educate consumers when the need arise. They are also allowed to get employees of their own all aimed at promoting and increasing the distribution of their products and achieving its marketing goals.
- Customer service (also known as Client Service) is the provision of service to customers before, during and after a purchase of a good or service. Its importance varies by product, industry and customer.
- In my point of view, customer service is simply customers are treated before , during and after the purchase of goods or services. Personnels in charge in other to exert good customer services are suppose to be polite and kind to consumers, try to answer their questions as clearly and as they can, giving directives to the customers if need be and as regards the products. A personnel who attends to customers with a smile is likely to attract more customers than one who wares a frown.
Marketing Channels!!
Traditionally, distribution has been seen as dealing with logistics: how to get the product or service to the customer. Distribution channels can thus have a number of levels. These levels includes:
As regards Mary Kay products and the channels available for its distribution, I think mail order and internet and phone sales are quite common.
Mary Kay also has a good number of representatives in other countries who act as retailers or middle men in the distribution of Mary Kay products.
Mary Kay also carried out direct selling to its consumers without necessarily needing to pass through retailers to deliver the goods to its consumers. The direct sales allows you to connect with customers one-on-one, in groups, through on line sales, catalogue sales or by phone. People in the direct selling industry are often known as independent consultants, distributors or representatives all carried out by Mary Kay representatives.
I think the marketing channels of Mary Kay product is like I made mansion of because the web side says so.
Not only does the web side say it, I am familiar with few of its representatives.
Mary Kay uses e commerce and direct marketing to aid in the distribution of its products.
E commerce is simply practised by Mary Kay by simply visiting the web side and its catalogue, choosing what ever commodity the said customer is interested in, placing an order on line, indicated the name of the product, its price and required quantity. The Consumer also has to include his or her mailing address for delivery purposes, then finally, payment made using a credit card. Consumers can always return goods in case they are not satisfied with the delivered goods.
On the other hand, Mary Kay uses direct sales via The Direct Selling Association (DSA) . This is a highly regarded U.S. national trade association of firms that manufacture and distribute goods and services sold directly to consumers through an independent sales force. Mary Kay Inc. has been a member of the DSA since 1970, and Mary Kay executives have a history of involvement with the organization.
By physical distribution, we mean activities involved in the efficient movement of finished goods from the end of the production operation to the consumer.
Physical distribution takes place within numerous wholesaling and retailing distribution channels, and includes such important decision areas as customer service, inventory control, materials handling, protective packaging, order procession, transportation, warehouse site selection, and warehousing.
Mary Kay physical distribution comes into being when a customer places and order, then measures such as how the products will be packaged for delivery are looked into, transportation if the customer is not near by and finally how payment will be effectuated.
- Selling direct, such as via mail order, Internet and telephone sales
- Agent, who typically sells direct on behalf of the producer
- Distributor (also called wholesaler), who sells to retailers
- Retailer (also called dealer or reseller), who sells to end customers
- Advertisement typically used for consumption goods.
As regards Mary Kay products and the channels available for its distribution, I think mail order and internet and phone sales are quite common.
Mary Kay also has a good number of representatives in other countries who act as retailers or middle men in the distribution of Mary Kay products.
Mary Kay also carried out direct selling to its consumers without necessarily needing to pass through retailers to deliver the goods to its consumers. The direct sales allows you to connect with customers one-on-one, in groups, through on line sales, catalogue sales or by phone. People in the direct selling industry are often known as independent consultants, distributors or representatives all carried out by Mary Kay representatives.
I think the marketing channels of Mary Kay product is like I made mansion of because the web side says so.
Not only does the web side say it, I am familiar with few of its representatives.
Mary Kay uses e commerce and direct marketing to aid in the distribution of its products.
E commerce is simply practised by Mary Kay by simply visiting the web side and its catalogue, choosing what ever commodity the said customer is interested in, placing an order on line, indicated the name of the product, its price and required quantity. The Consumer also has to include his or her mailing address for delivery purposes, then finally, payment made using a credit card. Consumers can always return goods in case they are not satisfied with the delivered goods.
On the other hand, Mary Kay uses direct sales via The Direct Selling Association (DSA) . This is a highly regarded U.S. national trade association of firms that manufacture and distribute goods and services sold directly to consumers through an independent sales force. Mary Kay Inc. has been a member of the DSA since 1970, and Mary Kay executives have a history of involvement with the organization.
By physical distribution, we mean activities involved in the efficient movement of finished goods from the end of the production operation to the consumer.
Physical distribution takes place within numerous wholesaling and retailing distribution channels, and includes such important decision areas as customer service, inventory control, materials handling, protective packaging, order procession, transportation, warehouse site selection, and warehousing.
Mary Kay physical distribution comes into being when a customer places and order, then measures such as how the products will be packaged for delivery are looked into, transportation if the customer is not near by and finally how payment will be effectuated.
Pricing!!
Pricing is one of the four p's of the marketing mix. Price is the only revenue generating element amongst the 4ps.
There are a good number of factors affecting the pricing of a product. These factors are labelled under internal and external factors.
Internal Factors: Those factors which a company has control over. This means the company can manipulate to suet its self. To a large extent, these factors are controlled by the company and if necessary, can be altered.
The factors includes:Return on Investment (ROI), which requires that all products attain a certain percentage return on the organization’s spending on marketing the product,
Cash Flow: which seeks to set prices at a level that will insure that sales revenue will at least cover product production and marketing costs,
Market Share: The pricing decision may be important when the firm has an objective of gaining a hold in a new market or retaining a certain percent of an existing market,
Maximize Profits, This is often the case when the marketer has little incentive to introduce improvements to the product.
(e.g., demand for product is declining) and will continue to sell the same product at a price premium for as long as some in the market is willing to buy.
On the other hand, we got the external factors. They are a number of influencing factors which are not controlled by the company but will impact pricing decisions. Understanding these factors requires the marketer conduct research to monitor what is happening in each market the company serves since the effect of these factors can vary by market.
These factors includes:
Possibly the most obvious external factor that influences price setting are the expectations of customers and channel partners.
Competitive and Related Products: Marketers will undoubtedly look to market competitors for indications of how price should be set. Analysis of competition will include pricing by direct competitors, related products and primary products.
Government Regulation: Marketers must be aware of regulations that impact how price is set in the markets in which their products are sold. These regulations are primarily government enacted meaning that there may be legal ramifications if the rules are not followed.
As regards Mary Kay products, I am not versed with their pricing strategies but I do believe they follow the rules enacted by the law as regards pricing. I also think their pricing is being done or carried out to meet the company's objectives and goals.
The state pricing regulation definitely affects Mary Kay company products since it has to do with the law and in order to work in accordance with the law, one has to respect its roles.
There are a good number of factors affecting the pricing of a product. These factors are labelled under internal and external factors.
Internal Factors: Those factors which a company has control over. This means the company can manipulate to suet its self. To a large extent, these factors are controlled by the company and if necessary, can be altered.
The factors includes:Return on Investment (ROI), which requires that all products attain a certain percentage return on the organization’s spending on marketing the product,
Cash Flow: which seeks to set prices at a level that will insure that sales revenue will at least cover product production and marketing costs,
Market Share: The pricing decision may be important when the firm has an objective of gaining a hold in a new market or retaining a certain percent of an existing market,
Maximize Profits, This is often the case when the marketer has little incentive to introduce improvements to the product.
(e.g., demand for product is declining) and will continue to sell the same product at a price premium for as long as some in the market is willing to buy.
On the other hand, we got the external factors. They are a number of influencing factors which are not controlled by the company but will impact pricing decisions. Understanding these factors requires the marketer conduct research to monitor what is happening in each market the company serves since the effect of these factors can vary by market.
These factors includes:
Elasticity of demand: Marketers should never rest on their marketing decisions. They must continually use market research and their own judgement to determine whether marketing decisions need to be adjusted. Elasticity is evaluated under the assumption that no other changes are being made and only price is adjusted. The logic is to see how price by itself will effect overall demand.
Customer and Channel Partner Expectations:Possibly the most obvious external factor that influences price setting are the expectations of customers and channel partners.
Competitive and Related Products: Marketers will undoubtedly look to market competitors for indications of how price should be set. Analysis of competition will include pricing by direct competitors, related products and primary products.
Government Regulation: Marketers must be aware of regulations that impact how price is set in the markets in which their products are sold. These regulations are primarily government enacted meaning that there may be legal ramifications if the rules are not followed.As regards Mary Kay products, I am not versed with their pricing strategies but I do believe they follow the rules enacted by the law as regards pricing. I also think their pricing is being done or carried out to meet the company's objectives and goals.
The state pricing regulation definitely affects Mary Kay company products since it has to do with the law and in order to work in accordance with the law, one has to respect its roles.
Sunday, 9 December 2007
Product Analysis!!
In other to analyze the levels of a product, the following aspects have to be considered:
a) Core product -focuses on the benefit, core advantage which determines the decision to purchase the said product. The core product is not the tangible, physical product. You can't touch it. That's because the core product is the benefit of the product that makes it valuable to you.
The product is advantageous in that, it meets almost all its requirements. It actually delivers what it promises at the time of purchase. Mary Kay products being not only popular for its brand name, are also reputed for their efficiency.
In describing my product as a brand, I will say Mary Kay Enriched Moisturizer 1 (Dry) is a good product that helps your skin guard against environmentally-caused dryness while giving your complexion a soft, smooth and conditioned look. It's 100 percent fragrance-free, non-comedogenic and clinically tested for skin irritants and allergy. It is very safe for sensitive skin and is very effective.
Mary Kay products packages are of varying kinds,from colours and design to size depending on how large or small the product is. Its packages provide Physical Protection for its products from shock vibration compression temperature etc since the products might be affected if exposed, Barrier Protection from oxygen, water vapour, dust which might impair the smooth functioning of the products, Information transmission Packages and labels of Mary Kay products help communicate how to use, transport, recycle, or dispose of the package or product, for marketing purpose, Mary Kay packages helps customers to recognise the products and also encourage potential buyers to purchase the product.
Mary Kay package also helps in reducing the security risks of shipment. Some Its package are made with improved tamper resistance to deter tampering and also have tamper-evident features to help indicate tampering
For convinient purposes, Mary Kay designs its packages to ease transportation of its products and also convenience in distribution, handling, display, sale, opening, re closing, use, and reuse.
a) Core product -focuses on the benefit, core advantage which determines the decision to purchase the said product. The core product is not the tangible, physical product. You can't touch it. That's because the core product is the benefit of the product that makes it valuable to you.
The product is advantageous in that, it meets almost all its requirements. It actually delivers what it promises at the time of purchase. Mary Kay products being not only popular for its brand name, are also reputed for their efficiency.
b) Actual product- The actual product is the tangible, physical product. You can get some use out of it.It lays emphasis on 5 physical characteristics of a product: Quality, brand name, features, style and design, packaging.
Brand name - The name of the brand, weather its popular or not. With the case of the product in question, the brand name is known almost world wide. Mary Kay products are one of the most popular products world wide.
Quality - Is it good or bad, won awards etc.(usually based on the brand). Mary Kay products are not only popular but also good and effective. Directives are given on how to go about the application of the products, so in case of irritation due to use of the product, consumers are always advised to discontinue use immediately and seek medical aid. Its just but normal that irritations might occur to some users but Mary Kay products are always of good quality. Mary Kay won a good number of awards in the passed years some of which are :
2002 National Conference on Medical Care and Domestic Violence Community Service Award, now known as the Mary Kay Ash Award
Most Outstanding Woman in Business in the 20th Century by Lifetime Television in 1999
Texas Woman of the Century in 1999 by the Texas Women’s Chamber of Commerce
National Business Hall of Fame election in 1996 by Fortune
Pathfinder Award in 1995 by the National Association of Women Business Owners
Business Leader of the ’90s Award by the Association of Women Business Owners
Circle of Honor Award in 1989 and Living Legend Award in 1992 by the Direct Selling Education Foundation
First Annual National Sales Hall of Fame Award in 1989 by the Sales and Marketing Executives of New York
(Source www.marykay.com)
- Features - Such as looks and special features.(the functions of the product). In a typical year, Mary Kay spends millions of dollars and conducts more than 300,000 tests to ensure that its products meet the highest standards of quality, safety and performance. Mary Kay does not conduct animal testing for its products. Mary Kay has a variety of products all of which perform different functions. Regarding this exercise, the facial lotion keeps the face smooth and fresh. Takes away wrinkles and black spots and a lot more.
- Style - Mary Kay styles are unique and special.
- Packaging - (when a customer purchases it) Is it in a box, wrapped in bubble wrap etc. Mary Kay products are usually warped up in packages, either for protective purpose or to make them look more presentable in the eyes of the consumer, this during production, and when the products exchange hands (seller to buyer).
c) Augmented product - Post-purchasing services and additional services provided by the company. The AUGMENTED product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium. So when you buy a Mary Kay product, part of the augmented product would be the warranty, the customer service support offered by the manufacture, and any after-sales service. Mary Kay provides all necessary information as regards the usage of her products as well as its application processes. In case of irritations, advices are provided to the customer on what to do.
Product line is the marketing strategy of offering for sale several related products. A product line is also a group of products within the product mix that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. Mary Kay offers skin care products ranging from cleansing lotions, right down to other customer specific needs, make ups, sprays and body lotions, fragrance etc. Under skin care, it has cleansing lotions, anti - aging lotions, moisturisers, classic basic skin care lotions, velocity skin care, lip and eye care. Under make ups, it has make ups for the eye, lips, foundations, chicks, concealers, powders, compacts and applicators, facial highlighting pen etc. Under sprays, it has sprays for men, and women, sun care collections, etc.
The product mix of a company, which is generally defined as the total composite of products offered by a particular organization, consists of both product lines and individual products. The product mix of Mary Kay includes cosmetics , hand bags, skin cares, fragrance ect. Mary Kay products are the Maturity stage.
- Costs are very low as you are well established in market & no need for publicity.
- sales volume peaks
- increase in competitive offerings
- prices tend to drop due to the proliferation of competing products
- brand differentiation, feature diversification, as each player seeks to differentiate from competition with "how much product" is offered
- very profitable
In describing my product as a brand, I will say Mary Kay Enriched Moisturizer 1 (Dry) is a good product that helps your skin guard against environmentally-caused dryness while giving your complexion a soft, smooth and conditioned look. It's 100 percent fragrance-free, non-comedogenic and clinically tested for skin irritants and allergy. It is very safe for sensitive skin and is very effective.
Mary Kay products packages are of varying kinds,from colours and design to size depending on how large or small the product is. Its packages provide Physical Protection for its products from shock vibration compression temperature etc since the products might be affected if exposed, Barrier Protection from oxygen, water vapour, dust which might impair the smooth functioning of the products, Information transmission Packages and labels of Mary Kay products help communicate how to use, transport, recycle, or dispose of the package or product, for marketing purpose, Mary Kay packages helps customers to recognise the products and also encourage potential buyers to purchase the product.
Mary Kay package also helps in reducing the security risks of shipment. Some Its package are made with improved tamper resistance to deter tampering and also have tamper-evident features to help indicate tampering
For convinient purposes, Mary Kay designs its packages to ease transportation of its products and also convenience in distribution, handling, display, sale, opening, re closing, use, and reuse.
Friday, 30 November 2007
Targeting Strategy!
A Market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
As regards to my response to the third question, I belong to the female segment.
The segmentation variables in this segment includes,
With the segments for kids, there are mostly products for kids and children which includes lotions to apply on babies body, face, neck, as well as their hair.
On the other hand, with the segment for men, there are lotions for men to apply on their face after shaving, or to take off pimples in case the have any, and lotions just to keep their face fresh and smooth.
For old people, there are facial lotions to take off wrinkles, sages under the eyes, and stretch marks as well.
A target market is a specific group of buyers on whose needs and wants a company focuses its marketing efforts.
The targeting strategy applied by the company selling my facial lotion is the Differentiated marketing strategy or in other words, multi segment marketing.
In this strategy, a firm decides to target several segments and develops distinct products or services with separate marketing mix strategies aimed at the different groups.
This technique creates greater loyalty and repeat purchase by considering consumer needs and wants.
It is advantageous in that, separate marketing mix are developed for each market segment, thus different markets can be identified.
It creates more sales than other marketing strategies.
In analyzing this strategy, I will say its the best as compared to other strategies. This is due to the fact that, it does not undermined other segments or a particular segment but tries to see into the needs and wants of the groups in need.
By producing lotions for men and women, both young and old, children and babies, it covers almost every group of persons.
The alternative strategies are Undifferentiated, and the Concentrated strategies respectively.
With the undifferentiated strategy, the firm may decide to aim its resources at the entire market with one particular product, mean while on the other hand, with concentrated strategy, the organization concentrates its marketing effort on one particular segment. The firm will develop a product that caters for the needs of that particular group.
The general level of marketing mix used by the said company is the product mix, price and promotion mix respectively. using the product, the producers make sure the product performs its aimed objectives which is mainly to effectively satisfy its consumers. That is, the producers deliver what they promise.
On the other hand, the package of the product has quite some information on how to go about the usage of the product. It also indicates what to do in case of irritations as well as the expiry date of the product.
The price of the product too is less as compared to other products of such nature. Its a little cheaper as compared to that of some competitors.
Promotion too has an important role to play in the marketing of the product. The company in charge advertises its products via various media such as the magazines, display, samples, internet, etc.
The most important tools are the product, and promotion.
The product mix can be manipulated in various way in order to meet consumer satisfaction. This from the product its self, right down to the package.
Promotion too is very vital in the life span of a product in that, it has a great dealt to do as far as the sales of a product is concerned, such as advertisements, sales promotion, etc. Awareness is part of promotion. If people are not aware of the existence of a product, then they will definitely not buy the products due to lack of awareness and information.
As regards to my response to the third question, I belong to the female segment.
The segmentation variables in this segment includes,
- Demographic Variables which includes age, in the above case, form age 12 and above, gender in this case, female, race is also inclusive but as regards the said products, any body from any race could use it.
- Psycho graphic variables which includes personality, in this case, the person in question should be in need of the said product, value, meaning of what value is the product to the person concerned.
- Behavioural Variables includes the benefit sought, meaning how beneficial will the said product be to the potential consumer, product usage rate, brand loyalty i.e, how loyal the said customer is towards that particular brand, readiness to buy and decision making.
With the segments for kids, there are mostly products for kids and children which includes lotions to apply on babies body, face, neck, as well as their hair.
On the other hand, with the segment for men, there are lotions for men to apply on their face after shaving, or to take off pimples in case the have any, and lotions just to keep their face fresh and smooth.
For old people, there are facial lotions to take off wrinkles, sages under the eyes, and stretch marks as well.
A target market is a specific group of buyers on whose needs and wants a company focuses its marketing efforts.
The targeting strategy applied by the company selling my facial lotion is the Differentiated marketing strategy or in other words, multi segment marketing.
In this strategy, a firm decides to target several segments and develops distinct products or services with separate marketing mix strategies aimed at the different groups.
This technique creates greater loyalty and repeat purchase by considering consumer needs and wants.
It is advantageous in that, separate marketing mix are developed for each market segment, thus different markets can be identified.
It creates more sales than other marketing strategies.
In analyzing this strategy, I will say its the best as compared to other strategies. This is due to the fact that, it does not undermined other segments or a particular segment but tries to see into the needs and wants of the groups in need.
By producing lotions for men and women, both young and old, children and babies, it covers almost every group of persons.
The alternative strategies are Undifferentiated, and the Concentrated strategies respectively.
With the undifferentiated strategy, the firm may decide to aim its resources at the entire market with one particular product, mean while on the other hand, with concentrated strategy, the organization concentrates its marketing effort on one particular segment. The firm will develop a product that caters for the needs of that particular group.
The general level of marketing mix used by the said company is the product mix, price and promotion mix respectively. using the product, the producers make sure the product performs its aimed objectives which is mainly to effectively satisfy its consumers. That is, the producers deliver what they promise.
On the other hand, the package of the product has quite some information on how to go about the usage of the product. It also indicates what to do in case of irritations as well as the expiry date of the product.
The price of the product too is less as compared to other products of such nature. Its a little cheaper as compared to that of some competitors.
Promotion too has an important role to play in the marketing of the product. The company in charge advertises its products via various media such as the magazines, display, samples, internet, etc.
The most important tools are the product, and promotion.
The product mix can be manipulated in various way in order to meet consumer satisfaction. This from the product its self, right down to the package.
Promotion too is very vital in the life span of a product in that, it has a great dealt to do as far as the sales of a product is concerned, such as advertisements, sales promotion, etc. Awareness is part of promotion. If people are not aware of the existence of a product, then they will definitely not buy the products due to lack of awareness and information.
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