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Introduction This assignment is to address the issue of product marketing. Marketing is defined as the activity, set of institutions and processes for creativity, communicating, delivery and exchanging offerings that have value for customers. It has become crucial to success in our modern competitive economic. Volterman wallet was created and introduced recently to the world market to overcome the loss of wallet which has become a common problem. To enhance its popularity, the Volterman wallet has been positioned and hope to be market and managed strategically to attract its targeted market segmentation which is believed to be able to produce the market internationally. Product Many of us are aware that everyday people are losing their wallets …show more content…
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. Positioning Measures In the globalized world of ours, competition is great and one has to be competitive advantage to compete by positioning its product strategically. Although Volterman Wallet is newly introduced into the market, Volterman has been positioned by using the Segmentation, Targeting and Positioning (STP) model to approach the modern marketing. By using the STP model, Volterman wallet is believed to able to create marketing communication to serve its customer better. Volterman’s product is unable to meet the need of people from all age group so they need to use market segmentation to meet the customer requirement with the common needs and characteristics. (3) Volterman organization are able to determine exactly who is their targeted market such as • Demographics ¬ Age – 25 - 50 years old ¬ Gender – Man or Female ¬ Occupation – Executives, Celebrities, Entrepreneur, Politicians •
Moreover, the company’s president has emphasized the need to preserve the quality of its products as well as its reputation among customers, by not committing a large portion of their business to replica products. Essentially, the match between the market opportunities and organizational strengths is not present since the firm is not utilizing available opportunities to enhance its competitive power. For instance, one of their strength has been the quality of their supply chain, but with the rise of the mass merchandiser stores, the company has been unable to create strategies to avoid being eliminated by these stores.
There are a range of segmentations that allows a company to target potential customers effectively.
Aside from low-cost Demographic segmentation: separating a market demographic including gender, age, household type, education level and income. It 's broadly acknowledged that advertising division can prompt upper hand. By fragmenting the business sector the organization will know the portions which recognizes request, the association can target particular fragments which can support their image and can expand benefits. Promoting portion will know the craving of client and along these lines prompts development of existing item or a passage of another item into the business sector.
When choosing the marketing strategy an organization needs to recognize that the essential point of marketing is building profitable relationships with the target consumer, however, the organisation has numerous choices in planning their marketing strategy. A considerable number of corporations in the world define marketing as knowing the requirements/needs of the target market and convey through a different medium the idea that their product fulfils the consumer’s need better than the competition.
During the last couple of years, segmentation has become increasingly important in developing, positioning, and selling products, due to the formation of a global marketplace and the competition within it. Nevertheless, this method is not a recent development but segmentation is used since at least the introduction of mass production. (Brandt, 1966, p.22) It was Wendell Smith, who introduced the concept of market segmentation into the marketing vocabulary in 1956. According to Smith, “segmentation consists of viewing a heterogeneous market as a number of small homogeneous markets in response to differing product preferences among important market segments. It is attributable to the desires of consumers or users for more precise satisfaction of their varying wants. Segmentation often involves the use of advertising and promotion and it is a merchandising strategy." (Smith, 1956, p.3) In order to adjust the product and marketing efforts to consumer or user requirements more precisely and rationally, a company can almost divide its market in as many ways as it wants. (Haley, 1968, p.30) However, the importance of segmentation can sometimes be overplayed and the use of this strategy can be questioned. A critical analysis becomes essential, which should incorporate a functional, intellectual, ethical and political viewpoint.
In conclusion, many companies implement a customer-driven marketing strategy that aims to segment, target and position it’s market. Apple an organisation known for it’s wide innovation of electronic products uses this strategy to help gain a better understanding of its consumers it will serve. Yet, two appendix’s used to support Apple’s product the IPhone 5s and 5c, position the author in its primary target market as a university student, with the support of a tailored marketing mix. The marketing mix helps achieve apple’s overall marketing strategy by delivering the wants and needs of consumers.
Market segmentation is the selection of groups of people who will be most receptive to a product. The most frequent methods of segmenting include demographic variables such as age, sex, race, income, occupation, education, household status, and geographic location; psychographic variables such as life-style, activities, interests, and opinions; product use patterns; and product benefits. Much segmentation involves combinations of these methods. No matter how segments are defined, however, they are characterized by considerable change over time.
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.
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
For a marketing orientated business, the findings from any research will be put to use primarily to aid the business in satisfying the needs and wants of its customers; this type of business has become more popular since 1970, where prior to this business’ were production orientated (until the 1950’s) where the business was concerned with improving its distribution methods, and product orientated (until the 1960’s) where the business’ main concern was the product rather than the satisfaction of the customer. The idea of a marketing orientated business has been explored by Fahy and Jobber (2012) who concurred that a market orientated business is one that considers its customers and the external environment to be an intricate part of the business; This type of business will explore the different aspects of the external environment, and take from its observations ways in which it can continue to trade in an effective, profitable way. A marketing orientated business will also use its findings to help it take advantage of any opportunities in a market and to lessen any threats that could be...
As a result of the above they were giving less importance to customer satisfaction and customer relationship building. This form of strategy conformed to short term business motives. In a globalised and highly competitive world, modern marketing is about concentrating ...
To effectively sell a product or service, organizations have to really know how customers behave, regarding to what they buy. The study