MARKETING RESEARCH AND TARGET MARKETING (Module 2)
Name: Christina Hartley
College: Argosy University
Course: Principles of Marketing | MKT230 A01
Professor: Toi Walker
Date: September 03, 2014
Executive Summary
This marketing plan has been designed after a keen analysis of the market and examinations of the marketing research so as to develop products, which satisfy the market needs. The mission of the company is inspiring others through the brands offered. Secondly, the company has an objective of making a difference in the market through the creation of value centered products. The product being marketed is the Waters Bottling Company’s soft drinks.
Section 2 – Market Research & Targeting (Module 2)
1. Market Research:
…show more content…
The answer was yes, as talked about above because of wellbeing concerns of our target assemble there was a requirement for our item, in spite of the fact that, there were different brands in the market offering the same item, we thought of imaginative approaches to have the capacity to enter the market that will be examined beneath.
Waters Bottling Company produces different kinds of products depending of the market segments. The company has subdivided the global market share into different segments and produced products depending on the needs of the people. Every product is strategically positioned with an aim of satisfying consumer needs. The company has developed new products, which are healthy for consumption as they contain nutrients needed for daily needs of the body. Although the product is ergonomically designed, it is cheaper for any consumer to afford (Pinson, 2008).
B2C vs. B2B
The Pricing Strategy: In order to acquire the market share in any segment, the company uses penetration pricing strategy aimed at increasing the number of consumers in an area. Apart from increasing the sales of the company, this strategy helps in increasing demand for the produce hence a positive result in productivity. In addition, the company uses promotional pricing strategy aimed at increasing the market share at the expense of the competitors (Ferrell & Hartline, 2011).
Factors
A tenet of that theory is that enlightened egoists will recognize that socially responsible behavior will benefit them.
One of the areas that is currently affecting the United States is the ethical issue of organ transplant allocation. Since the first single lung transplant in 1983 and then the first double lung transplant in 1986 there have been thousands of people who have lived because of the surgery. One must examine, evaluate, and apply the four ethical principles to Organ transplant allocation to look at the ethical issues involved. Once must look at the fact that not every patient who would benefit from a transplant will receive one in time
“Market penetration” is a relatively straightforward strategy, involving more sales of an existing product in an existing market. Existing customers need to be encouraged to buy more of the product or attract new customers. Businesses usually use different and effective promotional techniques or drop the prices to achieve this goal.
• Remove any perceived penalties like giving the most capable difficult tasks at last minute which may lead to stress.
Will implement price penetration to gain the market share. Price penetration is where a business sets the price low with the goals of attracting customers and gaining market share. The price is raised once the market share is gained.
Except as allowed by law, or where specified in the text, no part of this publication may be reproduced or transmitted in any form or by any means without prior permission from the Council for Awards in Care, Health and Education. CACHE has provided this Qualification Specification in Microsoft Word format to enable its Centres to use its content more flexibly within their own course materials. You may copy and paste any material from this document; however, CACHE does not accept any liability for any incomplete or inaccurate
In conclusion, we must appreciate the level of involvement needed by companies to effectively market and sell their products. Competition notwithstanding, marketing must create awareness and a need for a given product in order for it to sell; it is no longer adequate to rely on foot traffic and natural curiosity. Especially with our modern world, it is imperative for the advertising to be focused on a core market, adeptly changing as tastes and customs dictate. Innovative products require imaginative marketing; a better mousetrap may change the world, but people must be told it
The second pricing strategy is the penetration pricing where the product enters newly into the market. To gain some consumer base from the competitors, the seller initially charges a lower price than the competitors. For example the ticket prices initially charged for IPL, Indian Premier League, matches were lower than the ticket price of the competition ICL matches. On the contrary, price skimming strategy is to grab the financially top class of the market and to do this, the seller charges high prices. The effectiveness of this strategy is based upon
This paper will incorporate my opinion of why customers buy Fiji Bottled Water. I will utilize the three levels of product including the core benefit, actual product and augmented product. Lastly, I will give my suggestions on which brand development strategies make the most sense for Fiji.
Gatorade is a dominating force in the sports drink industry. The company has had a sustainable competitive advantage for over 40 years by means of constant product innovation. By repeatedly analyzing its marketing environment, the company has been able to maintain their advantage, keep their share of markets, and capture shares of new markets.
penetration pricing strategy. All indications are that sales will continue to grow. In response to a
In contemporary society, bottled water consumption has become more attractive and popular. While in 2009 were only sold 161,589 million liters of bottled water, in 2011 approximately 181.61 million liters were sold all over the world (The Statistics Portal, 2014). In this context, attributing that significant growth of bottled water commercialization is consequence of a successful marketing should
The company would employ varied marketing strategies that they will use for the next one and three years. One of them is the pricing strategy, which is one of the essential marketing elements. Bearden, Netemeyer and Haws, (2011, p.63) point out that pricing strategy is one of the vital element of competing with competitors favorably. This is through setting the prices of products differently in order to differentiate the price from that of the competitors. Many companies use pricing strategy in setting the price above or below the equilibrium level in the market. For instance, the
I’m an undergraduate student majoring in economy prepared the marketing plan for the purpose of learning and experience.
This firm concentrates on the packaging and treating the water for retailing purposes. Firm majorly focuses on the quality of the product, being in packaged drinking industry for 15 years, firm has developed its manufacturing plant with sophisticated technology and plants. With major plants installed in a small space firm teaches on how to use the space effectively and how to create leverage over assets.