Marketing Analysis
Since the Brands Simulation Game is so detailed, one could not expect to know everything in the first quarter. Therefore, our team decided to familiarize ourselves with the game in the first decision. Each of us did some reading on the basic concepts of the game and came to, at least we thought, a well thought out plan. The first step in our plan was to increase sales production 18 more units since the products were selling at a cheaper rate than others. We also knew that sales forecasts are probably going to be the most frequently changed BRANDS decision variables. We also noticed that the price of raw materials was at a cheaper price as well, therefore we decided to purchase syntech, plumbo, and glomp.
Advertising and promotion were another big category we felt needed some adjustments. Since the product is first being introduced to the market we felt it necessary to increase spending on advertisement and promotion. On the other hand we lowered the promotional and advertising expenditures in region two due to the existing popularity of the product throughout the market.
Product awareness is the factor that helped us make our next decision. Product one was already known in region two therefore we decided to have it marketed in only one region with product two being marketed in both regions one and two. Our basis behind marketing product two in two regions was to see which market is more effective for that product. Because we placed product two in two regions we decided to increase the sales force allocation for product two. An increase in the sales force allows us to disperse the sales force in each region evenly in order to get a better idea on our product future. Region 3 was totally eliminated because it was losing money in that region.
Decision two was the time to gain knowledge on our competitors by attaining reports and media content on prospering competitors. We choose the Marketing Strategy (Brand Composition) to find out Firm 6's compositions and media content. We also did a Regional Summary Analysis to find out the overall prices of our customers. The previous two decisions were meant to better help us understand what made them so successful. As in the first decision, we increased advertisement and promotion because the product sales were not increasing.
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.
The marketing simulation allows us to develop a solid knowledge in the marketing. It permits executing a solid marketing strategy. We were able to implement all aspects of the marketing strategy including target market, product design, pricing, marketing communication mix, pricing media selection, promotion, and place. Throughout the simulation, all 4ps marketing elements have been developed.
Each division’s performance had been judged on the basis of its profit and return on investment for several years. The said practice creates competition among the company’s divisions because each makes sure that it is more profitable than the others. As such was the case, there was high possibility that one division was enjoying profit at the expense of the other(s).
Krispy Kreme Case Study Question 1. The chief element of Krispy Kreme's strategy is to deliver a better doughnut and to appeal to customers in new ways. They have taken great steps to insure customer satisfaction from the use of their proprietary flour recipe to their automated doughnut making machines. They have chosen to target mainly markets with 100,000 households. They also were exploring smaller-sized stores for secondary markets.
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
Brand selection: the advertisements, messages and discounts offered consumers to try something new with lower price for a variety of product, restaurant menu, branded handbag and so on.
A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.
This paper will analyze an ATT commercial according to audience, purpose, context, ethics, and stance. The focus will emphasize the audience which the aid is trying to reach and how they do so.
Studies and analyses regarding variations between companies performing higher or lower regarding their marketing practices has helped out to assure that a central textbook marketing strategy principle; which is to achieve success regarding that in the long term the products and services of a firm have to be well ‘positioned’ in the market. This paper aims to highlight the common formulations or ‘anatomies’ for strategies and the isolation of some of the most important inclusions that were thought to be really important in achieving success. Just to bring some “flesh on the bones”, this article examines the method through which theory is translated into practice.
“Marketing plan designs specific action programs that implement the desired strategy” (Walter & Dana, 2007,pp. 50). This marketing plan will look after the company’s vision, mission and values. Then, it will go on to the situation analysis where in it will discuss the competitiveness of the company among the others using the SWOT, PESTEL and Porter’s analysis. Next, it will move on to the objective of the company that will be presented and it will go on to the marketing mix strategies that need to be applied by the company in order to achieve the desired outcomes. Finally, it will present the budget to complete the effectiveness
When creating and developing any business it is essential for the company to be able to organize itself efficiently to compete against other businesses. In almost every market there is a large amount of other companies larger and smaller in size that are constantly competing for the same resources. With so much competition it is important that a business uses a large range of strategies to compete with the other companies. A company needs to be designed to be effective at having a brand that will be unique from all others and will provide for consumer demands. A competitive and well designed company will allow the organization to create profits and have success.
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
· The Right Marketing Mix – Is the product right?, Is it sold in the
The second problem was solved by the brand is a simplification of choice. Every day consumer is faced with many similar products, and he just physically does not have time to compare all the annotations, the percentage composition, indications and specifications (f...
Gogel, R. and Larreche, J.C. (1991). Pan-European Marketing: Combining Product Strength and Geographical Coverage. San Francisco, California: Jossey-Bass