Marketing Fundamentals

Question: Write and make a presentation on marketing objectives, marketing strategy and action programs for the new product chosen in Assessment. Answer: 1. Introduction The prime purpose of this study is to provide a brief understanding about marketing strategy to entry in a new market with a new product. The manager has found that the new product g-roo luggage bag is viable for market entry into the country Australia. The senior management of the organization has decided to launch this new product in the Australian market in the year 2016. Here, the management body of the organization identifies the marketing objectives as well as formulates marketing strategies for this new product. Along with that, the action plan for launching and marketing the product is demonstrated well in this study. The marketing objectives, marketing strategies and action plan are outlined for the first six months form the product launch. 2. Marketing Objectives Piercy (2014) opined that it is essential for the marketers to identify the objectives that they need to achieve for the success and growth of their business. In the present case scenario, the management body has outlined the objectives behind launching their new product in the Australian market. The objectives are demonstrated below: To establish brand awareness for the new product To provide more customer satisfaction by offering better quality products To enhance the sales 8% within 6 months The management body of the organization found that the above mentioned marketing objectives are achievable within six months from the product launch. Hollensen (2015) explained that it is essential to establish brand awareness first before entering in new market. This is because the customers need to be aware of about the new product which is going to be available in the market. Here, the managers of the organization would establish the brand awareness for g-roo luggage bag in order to make the Australian customers aware about the product and its specialty. The g-roo luggage bag would offer better quality to the customers in the Australian market. Through promoting the product, they would ensure that some specific qualities would be featured. These are: Comparatively light weight Strap for attaching extra bags Integrated combination lock durability and maneuverability will be relatively high Latest design Apart from this, the organizations expect to increase the sales by 8% within the six months. They expect that the sales growth rate can be achieved as they provide better quality products. 3. Market Segmentation, Targeting and Positioning As per the viewpoint of Kumar Zia (2016), STP Model helps the marketers to analyze their offerings, ways of communicating the benefits, and valuing specific groups (Refer to Appendix 1). The STP Model helps to concentrate on three steps that include Segmentation, Targeting, and Positioning. Here, the management body of the organization has considered the STP model in launching the new product g-roo luggage bag. According to Schlegelmilch (2016), market segmentation is the key process to divide the customers into smaller groups regarding their common characteristics and needs. In the below table, the market segmentation process for the new product is demonstrated: Market Segmentation Geographic Segmentation In the Australian market, they target mainly the popular cities as more people are living there due to various reasons. Besides, the cities are considered where people make their business as well as personal travel. Demographic Segmentation The managers target the groups among which the demand for the latest model of luggage bags is comparatively high. Psychographic Segmentation More specifically, they target the customers who like to spend their leisure time through travelling places. Behavioral Segmentation It has been found that the customers who like to travel are looking for the luggage bags that are more user-friendly. Table 1: Market Segmentation for g-roo luggage bag Schlegelmilch (2016) stated that the targeting the market is one of the essential strategies that help to attract more customers and enhance the sales. Here, the respective organization targets the both the adult and mature age groups of Australias citizens. The reason behind considering these age groups is that these specific groups tend to purchase the latest model of luggage bags. In the present period, most of the people of these age groups like to spend their leisure time through travelling across the world. Therefore, they find more user-friendly benefits in the luggage bags they carry during travelling several areas. Moreover, they are looking for the bags that are featured with more benefits and provide better quality than other substitutes. Apart from this, they are going to launch as well as supply their product g-roo luggage bag in Melbourne and Sydney. The reason behind considering these two places is that these are the most popular cities in Australia. People are travell ing these places due to their business as well as personal purposes. Thus, it is expected that the organization would able to stay connected with more cultural groups. As opined by Kumar Zia (2016), market positioning is the process of communicating core benefits of the product to the target customers. They have aligned the product characteristics with the customer benefits in their positioning strategy. After analyzing the demand and expectations of the travel loving people regarding luggage bags, the organization included specific characteristics in the luggage bag. Apart from this, they would consider low-pricing strategy in order to build an effective position in the Australian market. They expect that they would be able to attract more customers as the customers are offered better quality products against lower price. 4. Marketing Strategy Following the viewpoint of Goi (2015), the marketing mix strategy helps to put right product at right place with right price at right time. Here, the management body of the respective organization considers the 4Ps marketing strategy to launch the new product (Refer to Appendix 2). The marketing strategy of the organization is demonstrated in the below table: 4Ps of Marketing Mix Marketing Strategy Product Latest product design More features in single product Better quality New brand Price Low pricing strategy Discount at the day the product will launch Place Supply through right distribution channel Promotion Promote in the local 4 stores of Melbourne and Sydney Promote through social media sites Create own website for launching the product Table 2: Marketing Strategy for launching g-roo luggage bag The above table is elaborated further here. Product: It has been mentioned before that the product will be included more features in this specific product so that it would help them to acquire competitive advantages and attract more customers. Latest design will be incorporated along with the better quality. As a result, both the quality and modern visualization of the product would attract more customers. Price: The product will be offered at lower prices in order to attract both the price sensitive and quality conscious customers. It has been found that most of the customers tend to contribute less money in these accessories and more in their holiday vacations. At the same time, they want travel friendly accessories. Thus, the respective organization both the low price and high quality strategy in this product. Place: The management body of the organization has decided to supply the product through the largest supply chain in the market of Melbourne and Sydney. People have a tendency to assume that the popular retail stores sell branded and better quality products (Kapferer, 2012). Thus, the organization has targeted the largest retail stores of these two markets. Promotion: They promote the product in the 4 local stores of these two cities. Apart from this, they would promote their product through the social media sites. Nowadays, people gather all the information through internet and contribute most of their time in surfing social media sites. This is the prime reason of choosing the sites for promoting their products. Along with this, they would create their own website to provide the information about this new product. 5. Action Programs Hrebiniak (2013) opined that the action plan helps to outline the actions of processes that would be applied in order to achieve the organizational goal and objectives. Here, the action plan is made for launching the product as well as attain the objectives within six months. Strategies Actions Implementation process Time period Establish brand awareness Promote the product in the social media sites Create own website The product will be promoted in the site of facebook, as this is the most popular social media site in which consumers contribute their maximum time. Apart from that, an information technology team will be involved to create their own website. Initially the website provide only the product information After launching the product, they would offer online purchases for the products. 8th June - 15th August Product Launch Consider 2 local retail store in Melbourne and 2 stores in Sydney Offer at half of the product price At the first day, the product will be launched as well as offered at half price of the product. The store seller of the product would be benefitted as the organization will make additional expenses on them. 13th June Gathered feedbacks from customers Collecting feedbacks form the buyers of the bag Collecting feedbacks form other consumers about their expectations A team will be engaged who gather the feedbacks of the customers who purchase the product. The feedback will account their expectations and perspectives about the product. Another team will be engaged who gather the feedbacks of the customers who do not have any intension to make purchases. 13th June Meet the market demand Identify the demand by the feedbacks and supply as per the demand The feedbacks of the customers would help to identify the market demand for the product in Australia. As per the demand they would gradually increase the supply. 15 June - 20th December Provide more customer satisfaction Improve the quality by gathering the feedbacks of the consumers After knowing the expectations of the consumers, they would able improve the quality. A team will be engaged that would gather monthly feedbacks of the customers through online process. 15th July - 15th November Table 3: Action Plan for first six months 6. Conclusion The study concludes that the respective organization is expecting to enhance their business through promoting the new product in the Australian market. They would value the both the positive and negative feedbacks of the customers in order to improve their product quality. This would help them to improve their objective of enhancing the customers satisfaction. The increasing the satisfaction level, they would able to increase their sales as well. It further concludes that the organization adapts several strategies and policies to establish brand awareness and launch the product in the new market. Reference List Goi, C. L. (2015). Marketing Mix: A review of'P'.The Journal of Internet Banking and Commerce,2005. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Hrebiniak, L. G. (2013).Making strategy work: Leading effective execution and change. FT Press. Kapferer, J. N. (2012).The luxury strategy: Break the rules of marketing to build luxury brands. Kogan Page Publishers. Kumar, N. S., Zia, M. (2016). A Three Dimensional Vertical Differentiation Model: Implications for Segmentation, Targeting and Positioning.Targeting and Positioning (April 3, 2016). Piercy, N. (2014).Export Strategy: Markets and Competition (RLE Marketing). Routledge. Schlegelmilch, B. B. (2016). Segmenting Targeting and Positioning in Global Markets. InGlobal Marketing Strategy(pp. 63-82). Springer International Publishing.