Marketing: Target Market Selection Assignment Help

The marketer develops a complete profile of the various segments found in the market, one or more is selected for a concerned marketing effort. This is known as market targeting.

How to select potential Target Markets

For effective targeting of market segments, segments must conform to the following criteria.

• Identification: Markets segments should be of such a nature that it is easily identifiable. Segmentation variables based on geographic or demographic information is easily identifiable, where psychographic information like lifestyle, activities and opinion is not that easy to identify. Potential market must be worthwhile to marketers and therefore be big enough and sufficient. Marketers can use demographic and geographic information to determine how large and profitable the target market is.
• Stability: Marketers prefer target consumer segments that are relatively stable in terms of demographic and psychographic factors with customer needs that increase over time. If this is not possible, the markets must at least be of such a nature that there will be early indicators of changes in the segment so that the marketing strategy can be adopted accordingly.
• Accessibility: It is the final criteria in target market selection. This implies that the target market must be economically accessible. Therefore, marketers must be able to reach the targeted market effectively at an affordable cost with the correct application of media such as radio, television, newspaper and magazines.

But before a target market is selected there are certain other criteria which must also be observed.

• Size and Growth of the Target market: A target market need not necessarily be large. A small one can be more profitable than one in which a large sales volume can be realized. Marketing management must be convinced that there are further growth possibilities and that investing in the target market under consideration does not have only a short-term dimension.
• Attractiveness and potential profitability: The attractiveness of a target market lies not only in its size and growth possibilities but also in the promise of long-term profitability. Attractive segments attract competitors and intense competition can have a detrimental effect on future profits. Serious threats to attractive segments are aggressive competitors who can launch price wars or intense advertising campaigns or even develop new substitute products.
• Resources and Skills of the organization: Promising segment opportunities that do not fit in with the long-term objectives set by management cannot be utilized. The same applies when resources and skills to exploit the opportunity are lacking. A segment can only be chosen as a target market if marketing management is fully committed to serving this target market better than any other competitor can.
• Compatibility with the organization’s objectives: Apart from the resources and skills of the organization, the choice of a target market must also take into account compatibility with the objectives of the organization. If it is found that the objectives of the organization cannot be fulfilled by the choice of a particular market segment, it should be disregarded.
• Cost of reaching the target market: When a potential target market is inaccessible to an organization’s marketing strategies or the cost to reach it is too high, it should not be considered.

You can visit our website at http://www.helpwithassignment.com/marketing-assignment-help and http://www.helpwiththesis.com for more details.

You can also refer to our older articles on Marketing which include Product Life Cycle, Market Analysis, Customer Relationship Management, Customer Lifetime Value

Market Segmentation Assignment Help

The starting point of segmentation is mass marketing. In mass marketing, the seller engages in mass production, mass distribution and mass promotion of one product for all the buyers. Henry Ford epitomized this strategy when he offered the Model-T Ford in one color, black. Coca-Cola also practiced mass marketing when it sold only one kind of Coke in a 6.5 ounce bottle.

The argument for mass marketing is that it creates the largest potential market, which leads to the lowest costs, which in turn can lead to lower prices or higher margins. However, many critics point to the increasing splintering of the market and proliferation of advertising media and distribution channels, which are making it difficult and increasingly expensive to reach a mass audience.

Segment Marketing

A market segment consists of group of customers who share a similar set of needs and wants. Rather than creating the segments, the marketer’s task is to identify them and decide which ones to target. Segment marketing offers key benefits over mass marketing. The company can offer better design, price, disclose and deliver the product or service and also can fine tune the marketing program and activities to better reflect competitors’ marketing.

However, even a segment is partly a fiction, in that not everyone wants exactly the same present flexible market offerings to all members of a segment. A flexible market offering consists of two parts of solution containing the product and service elements that all segment members value, and discretionary options that some segment members value. Each option might carry an additional charge. For example, automobile companies in India offer different versions of the same model with different features. The base model of the vehicle may not have an air conditioner or power steering or power windows. But, for models that have these features, the buyer has to pay a higher price. Similarly, domestic airlines in India offer economy class and business or executive class for travelers and the prices of these two options differ significantly. The executive or business class passengers get extra facilities, such as more comfortable seats, better menu for food, and greater preference while checking in and boarding the aircraft.

We can characterize market segments in different ways. One way is to identify preference segments. Homogeneous preferences exist when all customers have roughly the same preferences. The market shows no natural segments. At the other extreme, consumers in diffused preferences vary greatly in their preferences. If several brands are in the market, they are likely to position themselves throughout the space and show real differences to match differences in consumer preference. Finally, clustered preferences result when natural market segments emerge from groups of consumers with shared preferences.

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Sales Promotion in Marketing Management from HelpwithAssignment.com

Sales Promotion in Marketing Management from HelpwithAssignment.com

The term Sales Promotion means an action which increases the capacity of sales. In words of Bonne, E Louis and Kurtz, L. David, “it applies to assorted and non recurrent and somewhat extraordinary non-personal selling efforts”. Several authors have defined Sales Promotion as a non-personal selling and it is also known non-recurring promotional efforts.

Related Objectives of Sales Promotion:

It is a manager’s responsibility to specify the required promotion objectives and policies. Though Sales Promotion and marketing objectives maintain similar consistent levels, they may vary with the type of target market and points of channel.

· Objectives for Retailers: Retailers carry new items, they encourage off season buying, offset competitive promotions also they build brand loyalties and many more.

· Objectives for Sales Force: To encourage a new, product or model to stimulate off-season sales and so on.

· Objectives of Consumers: To encourage more usage and purchase of larger units and also to attract competitors brand users.

Fundamental Objectives of Sales Promotion:

1) To Inform: Informing is letting know to the customers about the new product that is being offered by the producer. Producers should always be able to assure that the new product works better than all the similar present products.

2) To Persuade: Generally Sales persons persuade or convince customers to buy their products. They develop an affirmative set of approach and influence their buying behavior. To attract consumers, the sales persons supply comparative information on various products.

3) To Remind: Reminding the first place of the firms to reinforce the previous satisfactory behavior of the customers. It is always a good way by reminding the customers of their past satisfaction will convince them to stay with their product and keep them from shifting to competitors.

Importance of Sales Promotion:

Sales Promotion is consistently accepted as an effective sales Promotion tool. Internal and external factors play a crucial role in the process of Sales Promotion to be successful. While other promotional sources such as, media are costly and not very effective. Sales Promotion as mass advertising idea has to carry the whole promotional load. In case of personal selling capacity is limited. Sales Promotion has a great chance in acceptability of the products by the customers. This stimulates the primary demand for the company’s product. Mass Sales Promotion can convince the customers easily to purchase goods and services. Sales Promotion is an important tool in developing product symbolization. This may create awareness, interest and adoption of the new product to the customers as, it provides an opportunity for evaluation, trail and confirmation of brand loyalty.

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This article is in continuation with our previous articles on Marketing that include Market Research Techniques, Marketing Assignment Help, Marketing Thesis Help, Target Market Selection

Product life Cycle Management from HelpwithAssignment.com

Product Life Cycle Management

Product life Cycle Management makes it possible to instruct the whole lifespan of a product and information related with it. Effective product life cycle management enables companies to compete successfully in international and global markets.

What is a product?

It is usually believed that a product means tangible goods. The term goods refers to physical, tangible products that can be owned traded and distributed to different places at different times without changing their identity. A product however in this modern world can be intangible such as, a piece of knowledge, software or a formula of an algorithm.

There are three different kinds of products that are mentioned below:

1. Goods meaning Physical, tangible Products

2. Services

3. Intangible products which mean non-physical products that are not services.

For Example: Software and An algorithm

Product Lifecycle Management: (PLM)

In many ways Product data management can be seen as a subset of PLM. PLM is a holistic business concept developed to manage a product and its life style. The scope of product information being stored, refined, searched and shared with expanded PLM This includes not only the items documents BOM’s also analysis results, test specification, environment component information, quality standards, engineering requirements, change orders, manufacturing producers, product performance information etc. A PLM system is a collaborative back bone allowing people throughout extended enterprises to work together more effectively.

Accomplishments of Product Lifecycle Management:

Product life management is a systematic and controlled concept for managing products with their related information. PLM offers management and control product process and the order delivery process. The control of product related information throughout the product life cycle from the initial idea to the scrap yard. The PDM and PLM term also refers to the information systems developed to manage product lifecycle and product related data.

In many fields of manufacturing industry, the order- delivery process is also called as customer process due to the frequency of build-to-order production. The fulfillment of customers purchase order that is the manufacture and delivery of actual product is allocated to a certain customer to a certain product. Where NPI refers to New Information Product.

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This article is in continuation with our previous articles on Marketing that include 7Ps of Service Marketing Mix, Integrated Marketing Communication, Target Market Selection, Market Analysis

Service Differentiation in Marketing from HelpWithAssignment.com

The concept of being different is very much essential in today’s world of cut-throat competition. The difference of one product from its competitor is the revenue that it earns. Products have to be different in order to survive the competition. It is not just the domestic competition but also the competition from and in abroad, as one country produces and sells in another country while some other countries produce and sell in our country. The targeted customers have many options. Choosing among options is always based on differences, implicit and explicit. So, one must differentiate in order to attract the customer and make him/her buy the product.

Creating differentiation in one’s own product and services is a better way to avoid competition. One can offer a number of possible options in products to the customers. Every type of customer can choose a product which he/she likes. In this way, low-end, mid-end or high-end customers, all of them will have a product choose from. Common differentiations include, speed, performance, quality, responsiveness, availability, ease or integration.

All the above mentioned points are for a tangible product. But, how can we differentiate services. It is easy when the differentiation of variables is tangible as in the case of product but, difficult in case of services. If the product has not many tangible features, then adding value-added services to the product is one of the methods. This process is called service differentiation.

The main features of service differentiation include:

• Ease in ordering: Corporations like Dell, Baxter Healthcare and web-based services like peapod and net grocer have eased the process of placing an order. One does not have to step out of the house to buy the product.
• Delivery: it is related to how well a product or a service is delivered to the customer with speed and accuracy. The best examples are again Dell, which delivers its products right at the doorstep of the customers.
• Installation: it refers to the work undertaken to make the product operational at the prescribed location. Buyers of heavy equipment expect good installation service. Differentiation by installation is particularly important for companies that offer complex products such as computers and machinery.
• Customer training: It refers to how the seller provides training to the buyer about the product and how to use it. General Electric supplies and installs expensive X-rays equipment in hospitals but also gives extensive training to the staff of hospitals about using the machines.
• Customer consulting: It refers to the data, information systems and advising services that the seller offers to buyers. For example, the Rite aid drugstore chain’s communication program, called the Vitamin Institute provides customers with research so they can make more educated judgments and feel comfortable asking for help. On the web, Rite Aid has teamed up with drugstore.com to offer even more comprehensive health related information.
• Maintenance and Repair: It refers to the post-sale services which generally include maintenance and repair services. Automobile manufacturers are often seen providing free services initially for the automobiles.

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This article is in continuation with our previous articles on Marketing which include Conjoint Analysis, Stage-Gate Model, Writing a Good Marketing plan, Integrated Marketing Communication, Target Market Selection

Marketing Assignment Help

Marketing is a Management practice which is used to identify the customers’ needs and wants. It is a process by which the customers’ needs and wants are taken and a suitable product, tailor-made to the specifications of the customers is produced.

Philip Kotler, who is one of the foremost authorities in the field of Marketing, defines Marketing as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Marketing is one of the central functions of a firm, the others being Research and Development (R&D), Manufacturing, Finance, IT and Human Resources. All the functions mentioned here concentrate on internal matters where as Marketing is the only process that is concerned with external matters, the customer. It is a crucial process without which a firm cannot function. Even without a manufacturing, a firm can supply a product to the customer. But, without marketing, the customer would not come to the firm in the first place, except for in rare occasions.

Marketing being a subset of Economics derives many of its theories from Economics. Marketing includes concepts and topics like 5 C's of marketing - company, collaborators, customers, competitors, and climate; Market Segmentation; Target Market Selection; Market Analysis – involving market sizing, drivers, restraints, trends, distribution channel, etc; 4P’s of Marketing; Brand Equity; Pricing Strategy; Product life cycle ; Business Marketing; Customer lifetime value (CLV); Customer relationship management (CRM); Marketing orientation; Integrated marketing communication.

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Integrated Marketing Communication - Marketing Assignment help

Integrated Marketing Communication - Marketing Assignment help

Integrated Marketing Communication is a management concept which was designed to make all aspects of marketing communication such as advertising, sales promotion, public relations, and direct marketing work together as a unified force, rather than permitting each to work in isolation.

Today there is a new view of communications as an interactive dialogue between the company and its customers that takes place during the pre-selling, selling, consuming and pos-consuming stages. Companies must ask not only “how can we reach the customers” but also “how can our customers reach us.”

Its an integration of all marketing tools, approaches and resources within a company which maximizes impact on consumer mind and which results onto maximum profits at minimum cost.

The general communications platforms that we see are
· Advertising
· Sales Promotion
· Public Relations
· Personal Selling
· Direct Marketing

It aims to ensure consistency of message and the complimentary use of media. The concept of online and offline marketing channels can be used. Online marketing channels include any e-marketing programs, pay-per-click, affiliate, email, banner to latest web related channels, blog, micro-blogging, RSS, podcast and internet TV. Offline marketing channels are traditional print (news paper, magazine), mail order, public relations, billboard, radio and TV.

Even when utmost care is taken in communicating to the target audience, they might not receive the intended message for these reasons.

· Selective attention: People are bombarded with so many commercial messages each day that they don’t always pay attention to each and every message. Only those messages are seen with bold headlines and say “how to make a million”, etc.

· Selective distortion: Receivers will hear what fits into their beliefs. As a result, receivers often add things to the message that are not part of the communication. So, the company must design the messages in a simple, clear manner which leaves no ambiguity in consumers’ minds.

· Selective retention: People will retain in long-term memory only a small fraction of the messages that reach them. If the receiver’s initial attitude toward the object is positive and he or she rehearses support arguments, the message is likely to be accepted and have high recall.

Developing effective communication
In order for developing an effective communication, certain things have to be taken care of and these help in framing a effective model for communication which can target the concerned audience to a great extent.
· Identify the target audience
· Determine the communications objectives
· Design the message
· Select the communications channel
· Establish the total marketing communications budget

Deciding on the marketing communications mix
Companies must allocate the promotion budget over the five promotional tools – advertising, sales promotion, public relations, sales force and direct marketing.

Integrated marketing communication is a data-driven concept that focuses on identifying and developing a strategy with the right combination channels to forge a stronger brand-consumer relationship. This involves knowing the right touch points to use to reach consumers and understanding how and where they consume different types of media.

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Target Market Selection - Marketing Assignment Help

Target Market Selection - Marketing Assignment Help

Target Market Selection is the next stage after market segmentation. After the markets have been identified, analyzed and segmented, the most suitable segment or segments need to be targeted. The company needs to look at the size of the segment, how fast is it growing, the level of competition amongst existing companies and the existing brand loyalty of the consumers, whether the sales are enough to break-even, the total sales potential of the segment and the level of profits that are expected in this segment.

In order to determine this, companies will need to use a detailed market research and analysis to obtain the relevant information. This requires detailed surveys of buyer intentions, marketing tests and statistical analysis of existing demand and supply. It must be noted that larger and profitable segments attract more competition from larger firms. Alternatively, the company can use a specific competitive and technological advantage to target a smaller segment and ensure high profits.

Target audience can be attracted by product differentiation and by product branding. A company which wants to enter into a market and grab a good customer share will first have to identify an issue the market is facing, which the other companies are not able to solve, come up with a solution. Simply making an entry into the market when all the needs of the consumers are fulfilled by other companies will yield not much. So, introducing a new feature into the product will make a differentiation in the product from other products which make it easily recognizable.

Branding is another way to attract potential customers. Branding is simply creating an image for the product. Often the product and the brand are used synonymously. Like, instead of saying Photocopying we say Xeroxing. The name of the product itself will denote the product. This will automatically attract customers. And this is called branding.

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Marketing Orientation - Marketing Assignment help

Marketing Orientation - Marketing Assignment help

Before we discuss about Market Orientation, we need to know what marketing concept is.
Marketing concept emerged in mid-1950s and challenged its preceding concepts like the selling concept, the product concept and the production concept. These concepts owe their origin to industrial revolution where the manufacturer would produce and the people used to buy. The production concept, the product concept and the selling concept have one thing in common, the product is already produced and there the right customers have to be captured.

But, in the marketing concept the customer’s needs are taken into account and the products are designed and produced keeping in mind the customer’s needs and preferences. In simple terms the customer is asking for a particular product and the producer is producing it.
Now that we know what Marketing concept is, let’s try and understand the Market Orientation concept.

Market Orientation is the implementation of the Marketing concept. In this approach the market is led by the customer and the producers have to follow suit. Understanding customers’ needs and wants is not always an easy task. Some customers have needs that they are not fully aware of. And even when the customers are asking about their needs, they are asking for concrete solutions to their problems and not frugal solutions. A distinction has to be drawn between responsive marketing, anticipative marketing and creative marketing. A responsive marketer finds the stated need and fills it. An anticipative marketer anticipates or foresees a need and gets ready with a product for the near future. And a creative marketer is the one who discovers and produces solutions customers did not ask for but to which they enthusiastically respond.

Studies have shown that those companies which have seriously implemented the marketing concept have achieved superior performance.

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Market Analysis - Marketing Assignment Help

Market Analysis - Marketing Assignment Help

Market Analysis is used to determine the attractiveness of a market and to understand its evolving opportunities and threats as they relate to the strengths and weaknesses of the firm.

The factors that are needed to be considered while analyzing a market are
· Market size (present and future)
· Market growth rate
· Market profitability
· Industry cost structure
· Distribution channels
· Market trends
· Key success factors

Market size
The size of the market can be evaluated based on present sales and year by year data can be used to predict the future sales. The data can be obtained from the following sources: trade union associations, consumer surveys and government data.

Market Growth Rate
The Growth rate of a market can be calculated by estimating the future sales. For this purpose the sales of previous years can be taken and a trend analysis can be prepared to forecast the future sales, in this way the percentage growth of the market can be calculated. This gives the company a picture about how to prepare for future sales.

Market Profitability
Profitability is an important factor which needs to be considered in a line of business. Any company likes to invest in a business which yields good profits. They don’t invest in a loss-yielding industry. For ex: with ipods and personal music players coming up no company wants to invest produce tape cassettes or Phonogram records, because those products are outdated and people don’t want them. Yes, of course Phonograms and records are for vintage collectors. But, companies do no produce them for the sake of collectors. And moreover the percentage of collectors is not more than 1 or 2 percent of the whole market.

Industry cost structure
Cost of the industry is also a important factor to be considered. If the initial cost of setting up the industry is exorbitantly high many small and mid-sized companies cannot enter that industry. Ex: There are not many companies which produce commercial flights. Only Boeing and Airbus are the companies which successfully produce commercial flights.

Distribution channels
Distribution channels are the media through which the company supplies its goods to the final consumers. These mainly include the Dealers—Wholesalers--Retailers. Any company which produces goods that are consumed common public has to go through the above mentioned channels and finally reach the consumers. This increases the selling costs and increases the selling price of the product. And due to the lobbying of dealers some companies have chosen not to take the dealer, wholesaler route but instead choose the direct road to consumers. That is direct selling. Amway, Tupperware are two such companies which pioneered in the field of direct selling.

Market trends
A company which correctly reads the market trends and responds and gets ready with the products for the future is a good pioneer in the industry. Nokia is one such pioneer as, the company introduced models which the consumers couldn’t even think that such innovations could be put into a mobile and were available for a comparatively lesser cost.

Key success factors
Companies have to take a deeper look internally about the best feature in their product and identify a USP (Unique Selling Point) and develop in such a way that even without a unique product they can survive in the market. Not just survival but also reap profits from it.

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Customer Relationship Management - Marketing Assignment help

Customer Relationship Management - Marketing Assignment help

CRM or Customer Relationship Management refers to the methodologies and tools that help businesses manage customer relationships in an organized way. The main objective is to learn more about the needs and behavior of customers. It helps to build stronger relationships with them. There are technological terms involved in CRM. But, thinking of it primarily in technological terms is a mistake.

CRM is all about how far a company is able to meet the needs of its customers. Its not a program which when implemented guarantees higher sales. Its about creating a system which is implemented to gain an insight into customers’ needs and the value of those customers.
When already in a company if there is a customer relations department, then automating this process will yield good results.

Benefits of a CRM Program
· Streamlined sales and marketing processes
· Higher sales productivity
· Added cross-selling and up-selling opportunities
· Improved service, loyalty and retention
· Increased customer support efficiency
· Higher close rates
· Better profiling and targeting of customers
· Reduced expenses
· Increased market share
· Higher overall profitability
· Marginal costing

Types and variations

· Sales force automation: This provides an array of capabilities to streamline all phases of the sales process, minimizing the time that sales representatives need to spend on manual entry and administration. This allows them to successfully pursue more clients in a shorter period which otherwise would not be possible.

· Marketing: Systems for marketing help the enterprise identify and target its best clients and generate qualified leads for the sales team. A key marketing capability is tracking and measuring multichannel campaigns, including emails, search, social media and direct mail.

· Customer service and support: Recognizing that service is what makes the difference, many organizations are increasingly turning to technology platforms to help them improve their clients’ experience while aiming to increase efficiency and minimize costs. The services include Computer Telephone Integration or CTI and Interactive Voice Response or IVR.

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Customer Lifetime Value - Marketing Assignment Help

Customer Lifetime Value - Marketing Assignment Help

In today’s dynamic business world of changing face of customers is a challenge to reckon with. Companies are increasingly faced with the Herculean task of keeping track of their customers, maintaining consistency within the organization and satisfying needs so as to enjoy continued patronage. It’s requirement to build and maintain successful individual-level customer relationships in order to maximize profitability and ensure customer loyalty for future profitability. Relationships with customers are not always secure. It is difficult to predict for how long the customer is going to stay with a firm in a non-contractual setting. Firms have to adopt innovative customer relationship management strategies to manage customers and ensure higher profitability.

Customer management strategies are aimed at addressing the needs of every customer and by developing a one-on-one relationship with them. CRM-based strategies can be adapted and implemented in a wide range of companies and sectors, and both in B2B and B2C settings.

Companies’ outlook can be broadly categorized into two types namely, Product-centric and Customer-centric. Product-centric firms concentrate more on their product line and therefore on increasing the product line for customers. Where as, Customer-centric approach concentrates more on the needs of the customers in the first place. Many new companies have challenged the product-centric approach and succeeded in doing so. Therefore in customer-centric approach the customer value becomes important. But, what is the value of customers. Can customers be evaluated? If so, how? What are the metrics and gauges used in this approach? Now, customer value has to be understood in the first place.

Customer value is the contribution of a customer to the company or the duration of their relationship with the firm. Put it simply the customer value it that value which a customer brings over a lifetime from the current period and it therefore reflects the future profitability from that particular customer.

In other words, Customer Lifetime Value helps the firm treat each customer differently rather than treating all the customers alike.

Calculating the CLV helps the firm to know how much it can invest in retaining the customer so as to achieve a positive Return On Investment.

Once the CLV is calculated the firm can allocate its limited resources to achieve maximum return. The CLV framework can also help to sell the best products to those better customers.

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Business Marketing - Marketing Assignment Help

Business Marketing - Marketing Assignment Help

Business Marketing is the practice of conducting business with peers. Trading not just with consumers but with producers or businesses as well. This is called Business-2-Business or in short B2B marketing. Each and every product that is produced is not always suitable for domestic consumers. There are many products which only businesses or business houses want. Machines which are used to produce other machines sold to businesses. So, the marketing of these products and services is called business marketing or B2B business.

Business marketing is different from consumer marketing. While consumer marketing is about the same product being sold to all the people. Business marketing is different as the needs of one business differ from the other. Their scale of operations will also differ.

B2B marketing strategy
B2B Branding: B2B branding is different in some crucial ways, including the need to closely align corporate brands, divisional brands and product/ service brands and to apply your brand standards to material often considered informal such as email and other electronic correspondence.

Product or Service: As business customers are focused on creating shareholder value, the cost-saving or revenue-producing benefits of products and services are important to factor in throughout the product development and marketing cycles.

People (The Target Market): Quite often, the target market for a business product or service is smaller and has more specialized needs reflective of a specific industry. In B2B, a marketers to have a good business intelligence in order to increase the response rate.

Pricing: The business market can be convinced to pay premium prices more often than the consumer market if you know how to structure your pricing and payments terms as well. This price premium is particularly achievable if you support it with a strong brand.

Place: The importance of knowledgeable, experienced and effective direct sales force is often critical in the business market. If you sell through distribution channels also, the number and type of sales forces can vary tremendously and your success as a marketer is highly dependent on their success.

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Five Cs of Marketing - Marketing Assignment Help

Five Cs of Marketing - Marketing Assignment Help

Before we start discussing about the Five Cs of marketing, lets know about the situation in which these are studied. The need where the study the 5 Cs of marketing arises is called Situation Analysis.

Situation Analysis is study of current market or industry in which a company wants to launch a new product. In order to launch a new product, a company first needs to study the market about certain things like how many products of that particular industry are present in the market, what is their average cost of producing the product, what is their average profit expectancy, what is the gestation gap between investment and the product being released in the market, who are our competitors and what is their individual market share. All these kind of questions arise when a new product is being launched into the market.

So, a quick SWOT analysis will reveal where do we stand in the market and what strategy should be adapted in order to grab a Lion’s share in the market. SWOT analysis means the analysis of Strengths Weaknesses Opportunities and Threats.

The Five Cs are
· Company
· Collaborators
· Customers
· Competitors
· Climate or Context

Company
· Product line
· Image in the market
· Technology and experience
· Culture
· Goals

Collaborators
· Distributors
· Suppliers
· Alliances

Customers
· Market size and growth
· Market segments
· Benefits that customer is seeking, tangible and intangible
· Motivation behind purchase; value drivers, benefits vs. costs
· Decision maker or decision-making unit
· Retail channel- where does the customer actually purchase the product?
· Consumer information sources – where does the consumer obtain information about the product?
· Buying process; is it impulsive or careful evaluation
· Frequency of purchase, seasonal factors
· Quantity purchased at a time
· Trends- how consumers’ needs and preferences change over time

Competitors
· Actual or potential
· Direct or indirect
· Products
· Positioning
· Market shares
· Strengths and weaknesses

Climate or context
· Political and regulatory environment -- governmental policies and regulations that affect the market.
· Economic Environment -- business cycles, inflation rate, interest rates and other issues of economic nature
· Social and cultural environment – society’s trends and fashions
· Technological environment -- new knowledge that makes possible new ways of satisfying needs, the impact of technology on the demand for existing products.

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Four Ps of Marketing - Marketing Assignment Help

Four Ps of Marketing - Marketing Assignment Help

A marketer’s task is to build a marketing program or plan to achieve the company’s desired objectives. The marketing program consists of numerous decisions in the mix of marketing tools to use. The marketing mix is the set of marketing tools the firm uses to pursue its marketing objectives in the market. These tools are broadly classified into four groups namely, product, price, place and promotion. These are called the 4Ps of marketing.
The particular marketing variables under each P are

Product
· Product variety
· Quality
· Design
· Features
· Brand name
· Packaging
· Sizes
· Services
· Warranties
· Returns

Price
· List price
· Discounts
· Allowances
· Payment period
· Credit terms

Promotion
· Sales promotion
· Advertising
· Sales force
· Public relations
· Direct marketing

Place
· Channels
· Coverage
· Assortments
· Locations
· Inventory
· Transport

The marketing mix decisions must be made for influencing the trade channels as well as the final customers. The company preparing an offering mix of products, services, prices and utilizing a promotion mix of sales promotion, advertising, sales force, public relations, direct mail, telemarketing and internet to reach the trade channels and the target customers.

The firm can change its price, sales force size and advertising expenditures in the short run. It can develop new products and modify its distribution channels only In the long run.

Thus the firm typically makes a fewer period-to-period changes in the short run than in the number of marketing-mix decision variables might suggest.

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How to write Marketing Assignment

Marketing is one of the crucial subjects in the study of Business Administration. And it is also one of the important processes in a business. Without marketing any business can come to a halt. It’s a strategic and creative process as the department is given the opportunity and freedom to explore paths taken by none. The main objective of marketing is not selling a product or a service, but sustaining and serving the existing markets and creating new markets. It’s the process where in the customers’ needs are “The Commandments”. And the marketer has to abide by these rules. Customers’ satisfaction is the top priority of any marketer.
And in order to become good marketers first thing we should understand is the Customers’ satisfaction. It is at the core of any business, the very purpose of a business and the rest of the things that the marketers do are ancillary to the core, complementing it.

The main thing that we’ll discuss is about writing a good marketing assignment. A good marketing assignment should contain, firstly about a page or two written about the topic which is being discussed. Do not try to copy it from a book or from the internet, just write what you know about the topic. Say for example if the assignment is about Pricing Strategy or Market Segmentation, first begin the topic with the introduction and give definitions of famous authors. Two or three definitions would be better. Then explain the topic in your own words. Don’t just copy from the internet as they can be easily found. Make sure that what you write is unique. Explain the topic in detail and use professional words.

Second thing is about a case study. Even for this part don’t rely on other sources but rely on yourself. The first thing to do is to choose a product. Here, one product can be chosen be two or more people, but make sure that you don’t end up writing the same thing as that amounts to cheating. Or to be on safe side choose a product chosen by none in your class. Next, is to go to a store near you and find out what are the average sales of that particular product and relate them to other similar products in terms of sales, the discounts offered, the schemes offered, the order time for that particular product and in comparison to rival products. Do a little customer survey like household questionnaires, etc. Also try to know the details about the customer satisfaction as well. As it is also one of the main parameters of a product’s popularity. If you have any doubts or queries you can always take your Professor’s help and refer your text for the sample case studies and go ahead with your case study.

Don’t complicate the work with unnecessary data. It will confuse you in the first place and your Professor later on. So, be a little careful about unnecessary data and details. Take the data which is relevant to you, even if it is a very small piece of information.

And lastly, please don’t forget to conclude your study. And also conclude about the topic as a whole. No matter how good you begin something without ending it in a proper manner with those correct protocols, it yields nothing. So, conclude your case study with what you’ve found in it. Be it a small detail like the impact of sales due to a change in the package or a change in the price, etc in your particular locality. These details though look small and humble carry a good amount of information with them in terms of the attention to detail that you have taken painstakingly.

So, don’t worry about your assignments. Give your best shot at them. They might seem like Herculean tasks at the beginning, but as you progress you’ll like the way things go around in the market.


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Porters Five Force Model - HelpWithAssignment.com