There Is The Potential Market. Open A New Market In Another Country.
LifeVantage as an organization focuses on satisfying health and beauty needs. Among its many products, Protandim emerges as the best anti aging product which just one of the products that shows the potential that the company has. Despite having high quality products, LifeVantage has been under scrutiny because of the market size it serves despite having the capacity to serve a much bigger market. This calls for the need to expand its markets as a brand for its products sold through social or Multi Level Marketing.
Marketing is the process of appealing potential buyers to products or services. Marketing is a two-way process that aims at achieving mutually beneficial sales
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However, a compressive marketing plan is required to revitalize, maintain and grow profitability levels in ensuring continuity. In this regard, LifeVantage offers a wide range of unprecedented selection of beauty and health products.
Product interest / Consumer analysis
Every business must identify its customers in its marketing plan. The customer analysis performed hereafter shall interrogate the characteristics of the potential customers of the products by LifeVantage and the current and emerging factors that influence their buying behavior.
The customers who purchase the products from LifeVantage belong to a specific demography in the society. These customers are youthful in age as well as at heart, because they are people who strive for healthy living. In addition, there is the typical customer who is of the middle class and affluent socioeconomic segment of the population.
There is a huge market potential in Turkey and through sharing the LifeVantage stories, there have merged a huge number of people interested in the product as well as being part of the distribution channel. In line with this, promotional material have been disseminated towards enhacing this business
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There are many definitions that can be derived out of the activities involved in this form of marketing but the most consistently used and universally accepted is ‘accepted’ as the following:
"the application of commercial marketing technologies to the analysis, planning, execution, and evaluation of programs designed to influence the voluntary behaviour of target audiences in order to improve their personal welfare and that of their society." (Andreasen)
The main techniques featured in social marketing are:
• Inducing awareness of promotion topics among the audience. Social marketing has proved that entertaining narratives with embedded messages and news coverage among other are less costly and more effective.
• Aiming information or messages to the desired audience that is most receptive or vulnerable to such messages. This reduces promotional costs while at the same time resulting in the desired effects.
• Cultivating impressions to arouse interest in products.
• Stimulating interest and enhancing quest for information
• Provoking preferred decisions on preferred positions on products
• Triggering market segments targets in the
Similar to news in its widespread marketing, publicity is another method in which people’s minds are reprogrammed, this time by the merchandisers. Publicity attempts to ingrain concepts and transmit political and commercial messages into the consumer’s minds, in an endeavor to make them buy specific goods. They do this by constantly exposing the people to the products through their repeated displayal on various mediums. Billboards and posters can be found on most highways, and in nearly all cities around the world. Consequently they push ideas at the consumer any time he/she travels on foot, by car, or even uses the public transport systems.
Marketing is the process of searching for options for accumulating profits by identifying the demands of the people and satisfying their needs with appropriate products. In today’s globalized business world, marketing can play a vital role in establishing trade blocks all over the globe with competitive and cutting edge market, research, policies, strategies and activities.
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.
After studying the cosmetic market we can identify a series of needs in this market:
Once segments of customers have been defined, marketers need to select and evaluate which segments will be worth targeting. Cui and Choudhury (2003) define market targeting as marketing a product to a segment of customers due to the magnetism, for example size or growth, of the group. Marketers are able to select segments using undifferentiated, differentiated and concentrated marketing. By ignoring segment differences ...
Armstrong G. & Kotler P. (2007) Marketing: An Introduction 8E Upper Saddle River, NJ Pearson Prentice Hall Publishers
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...
Analysis of the “Dollar Shares” table combined with the “Moisturizer Units Sold” table (on page 309) shows that Plenitude actually leads in the “treatment” category. On the other hand, they are only third when it comes to the “daily” category (see appendix). This all contributes to the fact that Plenitude does not have the mass-market appeal which it needed for the “class of the mass” strategy to work. People viewed L’Oreal as a high-end, a step-up, more expensive and only for older women.
Making sure the process is executed and the steps have been properly researched will ensure success. If there have been no studies in the current market for what may be needed, then trying to sell plasma televisions in a third world country may not be successful. Conclusion I have defined marketing in my own words and also researched the definition using two different sources. While supporting my answers with three examples from the business world, I have shown the importance of marketing. Marketing applies to many different areas of an organization and after close review I hope to have made it clear on how it relates.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.
· The Right Marketing Mix – Is the product right?, Is it sold in the
Advertising has been defined as the most powerful, persuasive, and manipulative tool that firms have to control consumers all over the world. It is a form of communication that typically attempts to persuade potential customers to purchase or to consume more of a particular brand of product or service. Its impacts created on the society throughout the years has been amazing, especially in this technology age. Influencing people’s habits, creating false needs, distorting the values and priorities of our society with sexism and feminism, advertising has become a poison snake ready to hunt his prey. However, on the other hand, advertising has had a positive effect as a help of the economy and society.
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach