Based on market research findings, businesses can develop "target audiences," which are specific groups of customers that have distinct needs or desires for the product or service. The research can be used to determine many things such as; how frequent the target audience will purchase a particular item, how much money they are willing to pay for it, and what is their overall satisfaction from it. Upon analyzing this information, manufacturers and service providers can get a clear picture of where to focus their efforts and resources most effectively. The information acquired from market research assists budding entrepreneurs into making wise and profitable business decisions. 2.
Market Research - Concept: Market research is the process of gathering, analyzing and interpreting information about a market. Managers from different firms can use consumer behaviour data to further develop and improve existing products to make it more attractive to the consumers or redevelop the products to increase revenue. - Reflection: As a firm, it is always important to gather information about what the market needs or want. The feedback loop is important for firms because a positive word of mouth can further promote the awareness of the firm with credibility. A marketing research was done in class.
Sale promotions are promotions such as coupons, percent off, rewards and rebates. Sales promotions can be an important part of building brand equity. Sales promotions can increase sales and attract new customers. The Dimensions of the brand equity according to Aaker’s theory (Aaker, 1991): 1 Brand loyalty L... ... middle of paper ... ...eir brand name. This research was conducted to show the relationship between sale and advertising and brand equity.
Goals of promotion include building brand awareness, creating favorable brand attitudes, gaining market share, inducing buying, building loyalty and growing sales (Kurtz 2010). In order to achieve its promotional goals, a company develops an effective and efficient promotional mix, which is a combination
Analysis of Marketing Strategies Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
When creating your product strategy, you should develop a business plan to aid in product investment decisions, utilize your market research to create high demand products, and, most importantly, ensure that your business is able to continually bring that product into the market place. Executing a successful marketing strategy includes developing a budget and brand, determining ways to interact with the target market, and aid the sales team in selling the product. A well-executed product and marketing strategy will successfully combine the demands of the external market place with the company 's corporate
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin . Works Cited Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future advances, Sage Publisher, California. Rommaniuk, J & Byron, S 2004, ‘Marketing Theory’, Conceptualizing and measuring brand salience, vol.4, no 4, pp.
As a result, Kudler can hone these influential areas and implement a superlative strategy in an attempt to stay ahead of the competition. Furthermore, marketing research will make available prominent conditions with reference to the target market, consumer opinions, and competitive state of affairs. What is more, the purchaser necessities and needs will be addressed, and supply concrete signs on the subject of the market... ... middle of paper ... ...g what, where, why, and how they will use up marketing monies in an effort to retain and attract new customers. Therefore, when Kudler settles on the most outstanding components within their marketing research that suits the Kudler Company then they will continue to be a leader in the epicurean food industry. References Perreault, W. D., Cannon, J. P., & McCarthy, E. J. Jr. (2009).
Moreover, it is aimed at defining the global public relations infrastructure, enhance corporate image through clear communication and investor relations, create efficient advertising strategies for the products and synchronize the supply chain with the aim of sustaining the market (Saini & Krush, 2008). Strategic marketing function, on the other hand, aims at developing and implementing growth strategies. This is through market assessment, analysis of the performance gap, managing of partner programs and enhancing crucial relationships such as those involving technical support as well as addressing marketing strategic needs. The aim of product marketing involves defining the organization’s innovation needs to allow development and marketing of the same. It outlines the initial positioning of the innovation, pricing, marketing and the competitive level of the product.
Throughout the next few pages I will discuss possible short-term and long-term strategies which Cadburys could use, indicating which type of strategy in each case would be the most useful to help them achieve success with there new product. Ansoff Matrix Introduction A ansoff matrix can be used to identify and show various types of growth strategies, many firm’s such as Cadburys could benefit from the use of a ansoff matrix as it helps to focus on the firm’s present and possible products as well as the markets. The main thing a ansoff matrix helps to identify is possible ways for a business to grow; this can include improving previous products or producing new products. The following table shows the different choices of growth available to many firms such as Cadburys: Existing Products New products Existing Markets Market Penetration Product Development New Markets Market Development Diversification Market Penetration – This is when a firm tries to achieve growth using existing products in there current market segment, to try and increase its market share. Product Development – This is when a firm targets a new product at there current market segment.