...Running head: ASSIGNMENT 2: FACTORS AFFECTING MARKETING STRATEGY Assignment 2: Factors Affecting Marketing Strategy BUS 510 – Consumer Behavior February 23, 2014 Running head: ASSIGNMENT 2: FACTORS AFFECTING MARKETING STRATEGY Factors Affecting Marketing Strategy While at a local women’s retail store, came across an interesting leather necklace that caught my attention. As I moved closer to view the item, I was sure the accessory belonged to one of the popular designers and was quite expensive. Once I reached the shelf were the item was display; I saw the designer name “Heaven’s Creations”; an unknown product designer. The necklace was quite a show stopper, extraordinary looking and not to mention affordable. The off-brand’ designer’s line is unique because the pieces are all “one of a kind”--no replicas However, I was informed that the designer does design commission jewelry. I most say that if all future accessory ornaments of the unknown designer’s are as exquisite and show stopping as this leather necklace, the designer will not be off-brand for long. Jewelry, Apparel and Accessories products fall into the category of high involvement/emotions. These are products for which the buyer is prepared to spend considerable time and effort in searching. When marketing this jewelry line, I am going mimic existing campaigns as jewelry is a billion-dollar industry employing millions of people around the world, and costume jewelry has a large piece of this pie...
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...MKT 510 ASSIGNMENT 2 FACTOR AFFECTING MARKETING To purchase this visit here: http://www.activitymode.com/product/mkt-510-assignment-2-factor-affecting-marketing/ Contact us at: SUPPORT@ACTIVITYMODE.COM MKT 510 ASSIGNMENT 2 FACTOR AFFECTING MARKETING MKT 510 Assignment 2 - Factor Affecting Marketing Strategy- Walgreens Ibuprofen Go to a local store that sells store brands or off-brand consumer products. Choose any off-brand consumer product that you want to reposition into a national brand. To qualify as a product for this assignment, the consumer product should not be currently represented by an advertising campaign. (A quick Google search, as well as the absence of ads for the product in your daily life, is one way that you can verify a product’s lack of an associated major advertising campaign). For this assignment, you will be creating an advertising campaign to launch this off-brand product to national prominence. Determine whether you wish to mimic an existing advertising campaign or whether you wish to create a completely unique campaign altogether to launch the selected product. Go to the following pages of the United States’ Census Bureau’s Website and locate information regarding the market segment that the selected product is geared toward: American Fact Finder:http://factfinder2.census.gov/faces/nav/jsf/pages/searchresults.xhtml?refresh=t 2012 National Population Projections: Summary Tables:http://www.census.gov/population/projections/data/national/2012/summarytables...
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...What is sustainable marketing? Monday, 15 August 2011. Posted in Blog |[pic] | |Sustainable marketing is the adoption of sustainable business practices that create better businesses, better relationships and a | |better world. At Sustainable Marketing Services, we believe sustainable marketing involves the following five key elements. | |1. Embed sustainable business practices into your business strategy | |Embed sustainable business practices right into your business strategy - don't bolt them on as an after-thought: set measurable | |goals; list the key activities you will undertake to achieve these goals; make a senior resource accountable for the success of these| |goals. | Examples of sustainable business practices include: • Optimise the performance of your business • Create strong relationships with your customers, other businesses, staff and community • Balance your budget and ensure your financial sustainability • Help your business community to prosper • Reduce your carbon footprint. 2. Deliver marketing activities that create ongoing growth. Businesses have limited financial, human and capital resources, so focus your...
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...Before Staples can develop a new set of customer oriented marketing strategies, the company must understand what factors influence consumer buying behavior and how they make purchase decisions to satisfy their needs and wants. One great way to find market opportunities for Staples products or services is to study the social factors affecting the office supply retailing industry. New social trends transform how goods are built and sold. Business opportunities grow out of the changes in the social order. In general, consumers are moved by a complex set of deep and subtle emotions. (Management Study Guide, 2008) Their behavior result from deeply held values and attitudes; their perception of the world and their place in it, from common sense, impulse or just plain daily decision. There are also several stages through which the consumer exhibit before deciding to purchase goods or services. Three of these most important factors to consider during this marketing strategy development are, 1.Social Factors 2.Psychological Factors and 3.Personal Factors. We will focus our attention to the social factors and the effects it has on consumers buying behaviors. Social Factors Staples inc has the following statement that is used to describe its social engagement and the business strategy behind its operations. It says, “We take satisfaction in our contributions to local economies: selling products and services that business owners, households, educators, students and others use to thrive...
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..."Discuss the main factors affecting product pricing in the UK". • Product and price: one of the 7 ps • Pricing of a product is extremely crucial for a business because “the price of your product can either break or make your business”[i] • Examples of any 2 companies where pricing has helped in it’s success and other where it has caused a major downfall: Wal-Mart have gained and retained leadership position in its industrysimply because of their unique pricing strategy. They devised a unique pricing strategy that set them apart and gave them competitive edge.[ii] • There are several factors that need to be taken under consideration before deciding your product pricing strategy. • Intensity of competition/ type of market structure. The 3 main market structures in UK. Perfect competition, monopoly, oligopoly. Selling a product with a high profit margin would obviously be any entreneurs’ wish. However this will not be possible in perfect competition but will only work in a monopolistic market. Thus while determining it’s product pricing strategy one of the major factors is the level of competition. For example if a rival firm sells the same product at a lower price then this could have an adverse effect on your sales. The greater the number of close substitutes, the more flexible one’s product pricing strategy will have to be(details. Example. Graph). It is often assumed that setting lowest prices for your product as compared to your rivals is the...
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...Factors Affecting Initial Trust in C2C E-Commerce and Strategies of Building Initial Trust in China Huamei Sun Factors Affecting Initial Trust in C2C E-Commerce and Strategies of Building Initial Trust in China Huamei Sun School of Management, Harbin Institute of Technology, Harbin 150001, China E-mail:shm9166@sina.com Abstract The study of initial trust is very important to the development of e-commerce. On the basis of current status of China’s C2C e-commerce, this paper conducts an in-depth analysis of the factors affecting the consumers’ initial trust. At last, the paper provides some valuable marketing strategies as to how to build the initial trust so as to facilitate the success of online transactions. The research conducted by this paper will help enterprise enhance their competitive advantage and contribute to the development of e-commerce. Keywords: Initial Trust, C2C E-Commerce, Online Shopping 1. Introduction The study of the trust in the e-commerce environment has long been mostly focusing on the B2C Model, yet with the development of the information technology, the online C2C business has accounted for more than 75% of the online shopping turnover, which has influenced people’s work environment greatly and become an important part in the daily life of consumers in the information society. Under the C2C e-commerce environment characterized by the person-to-person transactions, it’s difficult for the buyer and seller to build a high degree...
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...created as a mode of expanding businesses. Most of business minded people were selecting the franchising business as their way to expand their profits as well as their wealth. The concrete reason why they were selecting this kind of business is due to systematic management and cash flow which is provided by the franchisors. However, in these competitive markets, they still have their own weaknesses and might affecting failure of the franchising business itself. The weakness is depends in various aspects including surrounding cultures, afford abilities of the consumers, and etc. Therefore, the franchisors need to do a certain research in order to prevent their business from getting collapsed due to their own weaknesses and any surrounding problems. The remainder of this paper is structured as follows. Section A is regarding demographic, geographic and psychographic of the respondents involved throughout the research. Section B is examines the factors which causing the failure of franchising business in Malaysia. And on the last section examines the strategies which can be taken in order to improve franchising business in Malaysia. 1.1 Problem Statement. Recently, Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Ismail Sabri Yaakob, from his speech which is published on 31st March 2010 in Business Times, attribute that 14 franchise businesses are closing soon due to being less competitive, not coming out with innovative products, not conducting...
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...Micro Environmental Factors irMICRO ENVIRONMENTAL FACTORS AFFECTING BUSINESS Micro environment factors, are factors close to a business that have a direct impact on its business operations and success. Before deciding corporate strategy businesses should carry out a full analysis of their micro environment. The following are the micro factors affecting business- Customers As all businesses need customers, they should be Centred (Orientated) around customers. The firm's marketing plan should aim to attract and retain customers through products that meets their "wants and needs" and excellent customer service. Employees Employing staff with relevant skills and experience is essential. This process begins at recruitment stage and continues throughout an employee's employment via ongoing training and promotion opportunities. Training and development play a critical role in achieving a competitive edge; especially in Service Sector Marketing. If a business employs staff without motivation, skills or experience it will affect customer service and ultimately sales. Suppliers Suppliers provide businesses with the materials they need to carry out their business activities. A supplier's behavior will directly impact the business it supplies. For example if a supplier provides a poor service this could increase timescales or product quality. An increase in raw material prices will affect an organization’s Marketing Mix strategy and may even force price increases. Close supplier...
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...A company must get to know about the targeted market environment before it decided to operate internationally. There are the macro-environment that affects Starbucks marketing decision, economic factors, socio-cultural factors, demographic factors, political factors, natural factors and also technology factors. Economics Factor Being a producer of first-rate and specialty coffees, Starbucks requires a market that able to withstand the demand for the coffee. Starbucks marketing decisions for an economy with high disposable income that leads to high quality of life country like US. It is an example of a developed country that has the high purchasing power and spending patterns which most of the citizen in US are willing to spend more in return for a quality product such as Starbucks coffee. It shown that economic factors affect the business function and largely alarm consumer purchasing power. This requires an important market research about economic and financial stability of a city before they move it in. http://www.ukessays.com/essays/marketing/internal-and-external-factors-affecting-starbucks-marketing-essay.php There are two economics factors that help a company to determine if the country would be a good market, which are the country’s industrial structure and income distribution. Country’s industrial structure is referring to industrial economy, raw material exporting economy or subsistence economy of a country. These show the employment, product and service needs and...
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...Marketing principles Table of Contents INTRODUCTION 1 TASK – 1 1 1.1 Various elements of the marketing process 1 1.2 Evaluate the benefits and costs of marketing orientation 2 TASK 2 3 2.1 Macro & Micro environment factors influencing marketing decisions 3 2.2 Propose segmentation criteria for the products 4 2.3 Targeting Strategy for products 5 2.4 Impact of buyers behavior on marketing actvities 5 2.5 New positioning for the product or service 6 TASK 3 6 3.1 Development of prodcuts to sustain competitive advantage 6 3.2 Explaining how disribution is arranged to provide customer convience 8 3.3 Explain how prices are set to reflect an organisation’s objectives and market conditions 9 3.4 Integration of promotional actvity to achive marketing objectives 9 3.5 Additional elements of the extended marketing mix 10 TASK 4 10 4.1 Marketing mixes for two different segments in consumer markets 10 4.2 Differences in marketing products and services to businesses rather than consumers 10 4.3 International marketing differs from domestic marketing 11 CONCLUSION 11 REFERENCES 12 List of tables Table 1: Market Segmentation 4 Table 2 : Questionnaire for Tesco service 5 list of figures Figure 1: Elements of Marketing Process for Tesco 1 Figure 2 : Environmental Factors affecting Tesco 3 Figure 3 : Classification of Products 7 Figure 4: Distribution channel of intermediaries 8 INTRODUCTION The heart of success of the business...
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...XEROX: adapting to the turbulent marketing environment Question 1 Micro environmental factors affecting XEROX: First, “the change” was one important factor affecting XEROX performance at late 1990’s. In this period Xerox failed to adapt itself to the rapidly changing marketing environment. Thus, customers stopped being dependant on the company’s leading products like “stand-alone copiers” to share their documents. The machines by which they could scan documents and customize them were what they needed and wanted. Second, “the competitors” such as IBM, etc. were another factor affecting the company. These companies used to provide more sophisticated document management solutions. And the company also had a very weak PR or customer relation management. Question 2 Macro environmental factors affecting XEROX: First, “the great recession” which depressed the company’s core printing and copying equipments and services severely. And it resulted in tumbling down the sales amount and stock price in the market once again. Second, “the globalization” was the another factor that it made the world become one global village and customers started travelling around the world more frequently. Thus customers found the size and weight of stand-alone copier so difficult to carry with them and also it did not make sense to purchase another copier in anywhere they go. Question 3 The answer of our group is YES Because, the company made the best strategy by focusing on the business service...
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...Environmental Factors Dusti Snaith MKT/421 November 21, 2011 Creig Foster Starbucks: Environmental Factors Starbucks opened its first store in 1971 located in Seattle, Washington (Starbucks Corporation, 2011). The company quickly grew to the public company it is today. As of July 2011, Starbucks has more than 17,000 stores. With this growth has come environmental, social and ethical responsibility. Starbucks strives to continually do business in a socially, environmentally friendly, and ethically responsible way. Global & Domestic Environmental & Economic Factors Starbucks is affected by many high-level domestic and global environmental and economic factors. Making marketing decisions with these factors in mind help Starbucks succeed. Many people are suffering from job loss which has led to the loss of homes. Marketing in times of economic crisis needs to be sensitive to these situations. Starbucks is historically high priced, but since the economic crisis, they have made some pricing changes that help keep their customers. Starbucks is an international organization. Stock prices are falling and investors and lenders are increasingly conservative. As a publically traded company, Starbucks is required by law to disclose financial numbers. Investors are disappointed in falling sales and new investors are reluctant to buy stock. Starbucks is feeling the negative impacts of a down economy. Marketing in a down economy requires flexibility. Pricing strategy changes...
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...The Marketing Environment is Multifaceted 1. INTRODUCTION A firm needs to have extensive knowledge on what is going on around them to enable them to make the correct decisions in day-to-day activities. This means they need to know what is going on in the marketing environment (Adcock et al, 2001).The marketing environment is all the factors and forces outside the marketing department that would affect the mangers decisions. It is split into 2 sections: The Micro-environment and the Macro-Environment. These factors can bring opportunities or threats hence why managers need to ensure they are aware of them to ensure the company maximize sales and doesn’t go out of business (Baines et al, 2008). The main purpose of this report is to analyse how the Premier Inn marketing strategies relate to the current macro-environment. To enable me to critically analyse this I have taken the 3 forces; Economical, Technological and demographic. Firstly however I will review the theory on this topic. 2. MICRO-ENVIRONMENT The micro-environment forces can be summarised as the forces that directly affect the business (Armstrong et al, 2009). Evan’s (1988) believes that as they are directly affecting the business, they are much easier to identify than macro-forces which are ‘knock on effects’. The common micro-environment factors are: other departments (within the company), suppliers, marketing intermediaries, customers, competitors and public (Armstrong et al, 2009). The company will...
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...computers in the world. Lenovo is striving to be the leader of the market and the market share of Lenovo is also very high. It was in 2004 when Lenovo purchased the global brand “Think Pad”. This is when the presence of Lenovo has been marked in the global competitive world. Lenovo has a packaging plant in 7 countries and distribution contact in many countries sin the world. The statics of ZhongYikag company states that Lenovo’s share in domestic market has somewhere around 21% market share. The company is enjoying monopoly in Chinese market. It is far ahead than that of its competitors in China. Competitiveness Lenovo is a very competitive brand that always tries to be the best in the market in which it is serving. This is due to the strategies that are framed by top level management of the company. A company needs to make strategic policies to remain competitive in a market Boughton (1964). Lenovo is following the same trend. It is far beyond its competitors in its domestic market that is china. If talked about this brand in a global context it is also mentioned that the market share of this brand is increasing gradually. Lenovo has its three products that are occupying the first three positions in international market. This evidence is enough to prove that the brand is very competitive. A survey from EUROMONITOR also suggests that the rank of Lenovo in Global market with respect to personal computer’s turnover statistics is third. The goal with which Lenovo is working is that...
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...VICTORIA ISAACK. REG. NO: 2013-04-03812 COURSE: BCOM. ACCOUNTING. TITLE: FACTORS AFFECTING CONSUMER BUYING BEHAVIOR. OVERVIEW The discussion in this part focuses on the critical literature review on the study of the factors affecting consumer buying behavior. Matters addressed in this discussion are, introduction on the relevant terms, significance of the consumer buying behavior to performance of business, theoretical and empirical literature reviews on the study as well as the conclusion which contains what has not been done by other researchers. INTRODUCTION Consumer Buying Behavior is the tendency of consumers to buy products from a company. It determines the various factors that influence a consumer to make a decision of buying the company’s products. Buyer Behavior is a process, which through inputs and their use though process and actions leads to satisfaction of needs and wants Consumer buying behavior has numerous factors as a part of it which are believed to have some level of effect on the purchasing decisions of the customers It is worth noting that consumer buying behavior is studied as a part of the marketing and its main objective it to learn the way how the individuals, groups or organizations choose, buy use and dispose the goods and the factors such as their previous experience, taste, price and branding on which the...
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