SECTION 1: QUERSTION TWO
Marketing research is very important tool which an organization can expand and grow its businesses. In order to understand how marketing research is done, I would make reference to one of the marketing survey in which I participated as a member of a focused group. Indeed, Cypricot Inc. the company that organized for the survey was in to find out the probable reasons as to why consumers prefer the services of its rival company over its own company. It is on this basis that focus groups were formed with questions on the telephony industry with reference to Cypricot and its competitors.
My experience during the focus group discussion was very good. Indeed, we had a host of questions to discuss with regard to products offered by the telephony companies and hoe they differed with those offered by Cypricot. On this basis, we were able to identify factors that favored the design of the products and services offered by Cypriot’s competitors and how Cypricot could turn its opportunities into expansion strategies. During the interaction, I appreciated that focus group is a very important tool of research as a variety of response and information could be obtained from each member on the market and the strategic moves the company ought to take so as to gain a competitive advantaged.
SECTION 2: QUESTION ONE
The marketing of a new product cab be as suce4sful as how the product is initiated into the market and how the organization developing the products makes contingency products. In this case, the marketing of a hair band as a new product into the market would take a number of stages which may involve:
- Idea Generation- In this respect, the organization would generate the business idea through exploiting the opportunities that are available in the market. In this respect a formal or informal research would be necessary. For the case of the Hair bad, the demand for high quality hair band in the market would be the push for the choice of this product; however a number of options would be picked up.
- Idea Screening – Screening of the available ideas would be very important in order to come up with a probable course of action. Specificities on the product would have to be developed on the suitability of the available options. It is at this stage that the hair band would be selected.
- Concept Development and Testing – At this stage, the organization would come up with the marketing strategy for the hair band. For purposes of selling the hair band, product orientation strategy would best apply. This implies that the company would rely on the quality of the hair band and the acessib8ilty to consumers as a marketing strategy.
- Business Analysis – At this stage, the product would be analyzed with regard to the competitor’s products and the marketing orientation chosen. This will determine how the product would be launched into the market and hoe the marketing a strategy chosen would be applied with regard to the context of the market.
- Technical Implementation – This involves the actual launch of the product and the supply to the market. At this stage, the hair band would be launched and availed to various retail stores across the United States of America.
- Commercialization – This would detail analyzing the performance of the hair band. Contingency measures could be taken including expansion of the geographical are within which the initial batches would be supplied.
New Product Pricing – New product pricing would be very necessary as the hair bad would be going thr0pugh the product cycle. In this respect, the company would have already sold millions of hair bands and gone way past the breakeven point. It is at this juncture that the company would reduce advertising and instead decrease the price of the hair band from $15 to $10 to maintain a lower profit margin, but all9ow the product sales to continue.
SECTION 3: QUESTION TWO
Pricing is indeed a very important tool with which an organization can market its products and increase the profit margins. Indeed, I was in a good position to appreciate this fact after I interviewed a few people during the Triathlon MLB even. During the event, I observed that many of the stands that were at the venue were offering some products that had different price tags.
During the interviews, I found out that price is usually determined based on a number of factor. The first factor is the time within which the product has stayed in the market. In this respect, products that have been on the market for more than two years have always attracted lower prices than those that have been developed and brought into the market in less than two years.
Pricing of the product is also determined by the nature of clients the vendors deal with. In this respect, price differentiation becomes a very important tool of marketing. For consumers that are in the suburbs, prices of the periods sole would be relatively higher than those that are sold in the low-end user regions. In this respect, business persons do give great consideration to the ability of the consumer to spend on a product. The backdrop of this consideration of that the consumer’s price of persons living in the suburbs would be relatively higher than those that love in the low economic regions.
SECTION FOUR: QUESTION ONE
The distribution process of product would vary from one product to the other. The variation would be in terms of the number of players involved from the manufacturing plant to the end user. For instance, the sale of Heineken to the final consumer only takes a very short process once the manufacturing of the beer is done. In this respect, once the beverage has been prepared, it is sold out to wholesalers across the globe. Wholesalers are then tasked with the duty of selling the product to the retailer in different parts of the world before the good reaches the final users in bars, kiosks and residential places.
SECTION 5: QUESTION 1:
Wal-mart is one of the great companies t6hat have greatly impacted the lives of millions and millions of people across the globe. Indeed, it is because of this that I set on a mission to find out their marketing strategies and how they do product and brand promotion. I took a tour to the Wal-Mart Supercenter in the town of Laurel in Maryland. During the tour, I was privileged to get around the facility and understand how the company seeks to promote its product, both in the United States and to the rest of the world.
During the tour, I was privileged top understand how the company manages to promote its brand and get customers across the United States. While walking around the malls, I got to understand that the Supercenter serves as a one-stop shop for shoppers, a feature that makes many in the state of Maryland to visit and shop at this facility. Because of volumes of purchases made the pricing of the products in the Supercenter is restively low, as the overall profits realized from the large numbers if customers are good to run the facility into huge profit margins.
SECTION 6: QUESTION ONE
Opening a sporting goods store in Denver would require that the organization is well informed of the dynamics with regard to motivation behind purchases of sports good in the state of Denver. In this respect, the Psychographic would be very important.