20150264_Joshua_SamSundersingh_DB703_Assignment2
DB703 STRATEGIC MARKETING MANAGEMENT
ASSIGNMENT 2
INDIVIDUAL MARKETING ASSESSMENT
Submitted by: Joshua Sam Sundersingh Tutor: Mr. Syed Date: 30/03/2016
SUMMARY
This individual marketing assessment is based on the case study about New Zealand Merino that was provided to us. This document explains in detail two marketing techniques that can be applied to New Zealand Merino and it also proposes two key strategies in response to the changes that we observed in the marketing environment.
KEYWORDS Marketing management, New Zealand Merino, Global Merino Production, Supply Chain, Merino Farmers and Economy.
INTRODUCTION
Mission: Enhance
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1. Research the Customers - Instead of the market research budget cuts New Zealand Merino Group should appreciate redefining how consumers respond to the recession and the need to know more. Price elasticity curves change. Consumers take more time searching for durable goods and negotiate harder at the time of purchase. They also suspended the purchase of trade, or less willing to buy. Trust brands are especially valued and they can still successfully launch new products, but interests of the customers are faded off when it comes to new categories. Conspicuous consumption is less common among the customers in this time of the year and New Zealand Merino Group can make full use of the current trend. (Ministry of Business Innovation, …show more content…
Adjusting Product Portfolios - Marketers reforecast demand for each item in their product lines, such as the consumer models, such as cars with fewer options to trade off power to be the best value. This same marketing trend can be utilized by New Zealand Merino Group. (Conditt, 2014) In difficult times, NZM should be pruned for more versatile products that are in favour of the farmers or producers. Merino product categories that have good quality will always yield good brand gain at the expense of national brands. Industrial customers prefer to see products and services unbundled and priced separately. They mainly focus on Reliability, stability, security and performance. New products, especially the new consumer reality and thereby pressure on comp. Introduction of new consumer reality product will always give a huge pressure on the competitors. But the better price-performance advertising should emphasize corporate image. (NZ Risk Solutions,
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
Thus new products/line extensions will be based on Allround brand, each one with a unique target market, delivering different value proposition to the respective customer.
Some conclusions in this proposal rely on the determination of the lifecycle stage of the product category. The lifecycle stage - whether introduction, growth, maturity, or decline – provides a useful starting point for product portfolio management, and is used to guide decisions of retiring, redeveloping, or replacing products. In general, growth means an increasing market share, maturity means demand still exists but the market is approaching saturation, and decline means the product is becoming or already is obsolete.
Aaker, D. A., Kumar, V., & Day, G. S. (2007). Marketing Research (9th ed.). Hoboken, NJ: John Wiley & Sons.
2. In an industry that is fairly stable, with a broad market for the products and a product line of ‘small ticket’ items; and
He has worked with numerous of the Fortune Global 500 companies as a brand building expert. He has truly mastered consumers’ deepest desires by exploit hot spots in the human brains to compel them to purchase blindly and willingly. As a result, Martin has successfully help launched new products and brands. Martin created this book during the worst economic crisis since the Great Depression. Martin’s main purpose of this book was not getting us to stop purchasing, as that is nearly impossible. “The purpose is to educate and empower you to make smarter, sounder, more informed decisions about what we’re buying and why” (Lindstorm 8). By exposing marketing companies tricks and tactics, consumers would be equipped to battle the war on impulse purchasing in a time of
Lamb, C. W 2010, Marketing (4th ed.). Cape Town, South Africa: Oxford University Press Southern Africa.
... and Engel, J. (2007). Consumer Behaviour An Asia Pacific Approach. Australia: Nelson Australia Pty Limited. 172.
The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer. As companies start out in an industry, many marketers learn about putting the right product in the right place, at the right price, at the right t...
The consumer products’ is a universal and developed industry; it is considered highly competitive with an astonishing increasing number of competitors providing distinctive kinds of the identical product while contesting for the prices. The most important aspect in this industry is innovation and the quality of the products that play a main role in the success of the product itself. Moreover, the individual consumer does not have the bargaining power to control the prices of the products in the market, however the retail chains and the supermarkets have the power since the switching cost is low in most of the cases.
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.
This is based on the fact, that the small market volume does not enable brands a dynamic development of its positioning. At the opposite extreme, there are markets, which are constantly subjected to change in customers’ needs and preferences. The increasing heterogeneity of this kind of markets represents a challenging aspect for a positioning and requires high individualization (cf. Feddersen 2013, p. 54).
The shifting of the consumer’s taste of simple products to high quality branded products is not sudden. It grew out in the middle of the 20th century and the companies selling various products needed a new way to differentiate their products from the others giving it a unique identity.
The threat of new entrants is moderately strong. Incumbents do not strongly contest entry of newcomers, but existing industry members are consistently looking to expand their geographic reach and offer a broad product assortment. Brand awareness and customer loyalty are high and greatly important i this industry.
There are many elements affecting to the success of a launching. The basic factor is to develop product that satisfies consumers’ demands and maintain the brand promise. However, consumers are not only looking for the quality of product but also concerning about the price, the promotion and so on.