...Marketing Products Kelly Bruning Marketing Management MKT500 July 28, 2013 As we prepare to bring NoSmoke to market, we have performed a full analysis of our product and have determined how its characteristics will impact our approach. According to the text MM2 (Iacobucci, 2012, p. 54), a product is “something that the company believes will benefit its customers.” No truer statement could be made about NoSmoke, which we believe will not only benefit our customers, but it will change their lives for the better. The proposed exchange with NoSmoke is simply this: buy our product, and we will give you freedom from tobacco addiction for the rest of your life. It would seem to need no marketing at all! No product, though, not even the best of the best, can stand out in today’s cluttered marketplace without marketing. NoSmoke is a natural herbal, non-medicinal smoking cessation aid product that has been developed and used privately with a high degree of success by the doctor and physical therapist who developed it. We will be entering an estimated $450M market with numerous competitors, and we intend to clearly communicate how and why NoSmoke stands out among the other smoking cessation aids currently available (Johnson, 2009). Many questions can surround herbal supplements. Customers will want to know what it is made from, how it is used, why it works, and whether there are any special instructions they must follow when ingesting it, such as taking the product with...
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...Principles of Marketing T/Thurs Chapter 6 Activities: 1. The three television commercials designed to persuade buyers to view the products being advertised as shopping items would have to be 1) Abercrombie & Fitch clothing line, 2) Samsung for their 3D LED TV, and 3) CoverGirl makeup. The similarities for all three of these commercials are to sell their product to the consumers, entice consumers to buy their product, and have the consumers feel as if they need the product. Also, I would have to say that all three commercials are clever, effectively marketed. Each of the TV commercials is less or a little more than 30 seconds which depends on how much the company willing to pay for their product’s exposure. Each commercial has a target market they want to reach and the success of the product depends on the consumers buying their product. The three brands throughout the years have shown brand loyalty and I believe that it is what keeps them so successful and current. I want to start off talking about Abercrombie & Fitch; they are never out of the limelight. I would have to say they are the most controversial successful retail company that continues to push the envelope when they run commercials or poster ads. I truly believe that there isn’t any bad publicity for this company “controversy sells.” The market demographics are tailored to the young teenagers who have the disposable income to spend their money or have a say where they want their parents to spend...
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...for the product as“Jaul”. Since the raw materials are very much available in our country, we have decided to give the product an indigenous image. Jaulis a kind of soft drink that provides the consumers with processed green coconut water in bottles. For the marketing purpose of the product we have decided to launch three product lines. The Jaul would be launched in the market at250 ml. 500 ml.and1 Litre bottle. We have set a reasonable price for the product so that all kinds of people can afford to buy this soft drink. We have followed theTarget Costingpricing approach. We would gain a competitive advantage, as this is a first hit in the market. We have targeted a huge market segment for the product. Bangladesh is a large populated country. Lots of people are looking for such a product. Green Coconuts are not available all the time. For example: a person walking on the street. Suddenly he feels thirsty. Now if he wishes to drink green coconut water he cannot find it easily. It is not always found in the right place at the right time. If we launch our product in the market, a person willing to drink green coconut water can have it from a nearby shop. At present this is not possible. Our target market includeshealth conscious people, sick people, sportsperson& many other consumers, which we have segmented from theDemographical,Geographical,Psycho graphical&Behavioralpoint of view. We have prepared a financial documentation for this feasibility plan of a new product. As we are...
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...FIN/571 Week 4 Analyzing Pro Forma Statements Decide upon an initiative you want to implement that would increase sales over the next five years, (for example, market another product, corporate expansion, and so on). Using the sample financial statements, create pro forma statements of five year projections that are clear, concise, and easy to read. Be sure to double check the calculations in your pro forma statements. Make assumptions that support each line item increase or decrease for your forecast-ed statements. Discuss and interpret the financials in relation to the initiative. Make recommendations on potential discretionary financing needs. Pro Forma Statements This individual assignment presents an initiative that can be implemented to increase sales over the next five years. The purpose of this assignment is to present pro forma statements of five year projections, and to make assumptions that support each line item increase or decrease for the forecasted statements. Furthermore, this assignment will discuss and interpret the financials in relation to the initiative. It will make recommendations on potential discretionary financing needs. Finally, this assignment will present an analysis of the company's short term and long term financing needs, and determine strategies for the company to manage its working capital. In today’s business world it is very important to understand the business environment and create strategies according to market fluctuations. As...
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...The two industries I chose were the automotive industry and apparel industry. Similarities of both industries include technology and its impact to the customer by now being able to assess the value on the basis of other dimensions, such a quality, service, and relationships. It also provides value through the new development of technology. Both want to help provide the customer-satisfying products required for their respective organizations survival and prosperity. They also both have seasonal products and adapt to locations and cultures of their markets. However, to contrast there is a huge difference in prices when both products are put on the market. People grow and need new clothes. While a car could last for over 15 years supporting its driver. The time range of these products, and the need is different, too. Economically, the automotive industry is stable, but depends on the demand of the product. Technology plays an important role in the automotive industry as well. Through technology, we have seen safer cars, more options (GPS, Radio, and WIFI), speed control and crash prevention systems, these all important factors in deciding to buy a car. Apparel plays and important role in the social field. It is a need and can show status, culture, and location. All very important on influencing a market. It also show a very competitive side, by showing brand vs non-brand, and price. In a market there are many diverse factors that help a consumer decided what they buy in the...
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...The new product that I will be writing about for the purpose of this paper is called Beautiful Hair it is an all-natural chemical free hair dye. Hair care is of extreme importance for women and is starting to become more common for men as well. The hair care industry is extremely competitive with some top competitors such as Clairol and L’Oreal. These are strong brands that are well known and trusted by competitors. When it comes to a product that has an effect on a person’s outward appearance such as hair dye consumers tend to stick with a well know brand and can have some difficulties switching to a new product. This is why having a rock sold marketing strategy is important but it is even more important to have a strong product that will stand out and sell its self with what is has to offer. Hair coloring can provide an instant change to a person’s appearance some we will love and some we will regret instantly and if using harmful chemical based hair dyes you don’t want to make that mistake. The Beautiful Hair product line is a long lasting henna based chemical free hair dye that will guarantee beautiful results. If the consumer decides a week later that they wanted to return to a previous color they could and without the harmful after affects and damaged hair from strong chemicals. The product will enable a consumer to dye their hair as often as they wanted and without the worry of damaging the hair. The all-natural organic products adhere to the hair without stripping the...
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...Product and service marketing are fundamentally different A service, unlike products, is an action that one person can offer another that is intangible and does not result in ownership of a physical product. Different marketing tactics work better for services versus products. A business needs to develop marketing plans for both services and products. A few of the differences between service marketing and product marketing, when a business markets a service, they are actually marketing a relationship and value. This relationship and value needs to be marketed differently than if the business is marketing products. Another difference between marketing services and marketing products is that when a customer buys a service, the customer is buying something that is intangible, instead of a tangible product, like a television, phone, or a tablet computer. Also, a customers’ idea of a service is often times based on the reputation of a single person and not a brand or product. Instead of building a reputation based on the quality of several different products, a service reputation is built on how well a person delivers on the service offered. For example, how well a retirement fund manager does managing a stock portfolio. Lastly, it is relatively easy for a consumer to compare the quality of different products. It is easy to see if one television has a better picture than another side by side, or if on computer operates faster than another, or the quality of two different vehicles...
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...Marketing plan for McWendy 1. Company overview As one of the largest fast food corporation in Singapore, McWendy is a chain of fast food restaurant primarily sells taco wraps, salads and bread. While its main focus is fried chicken, McWendy also offers a line of grilled and roasted chicken, side dishes and desserts. McWendy has in the most recent, introduced a new chicken menu that includes chicken toss salads, snack wraps and local delights flavored chicken fries - Hainanese Chicken Fries. McWendy’s slogan is “ We do Chic-Ken Right”. Millions of people have come to love McWendy one of a kind chicken and Singapore style dishes. Essentially, McWendy serves estimated half a million customers every day around the world. 2. Target Audience Description McWendy's has different market segment as compared to street food store selling fried chicken. There is difference in terms of the needs of customers. Singapore being a multi-racial country, McWendy realized the importance of providing the food to HALAL group. McWendy focus on low to middle income group, targeting on men and women age 21 to 30 years old, especially for people with a busy lifestyle. These groups can afford McWendy without bursting their pocket. Hainanese chicken, being the local delights, is not only popular with the locals; tourists who visit Singapore will also be attracted to this new food product. In other words, the new hainanese chicken fries will be an iconic representative in Singapore. This...
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...Market-Product Analysis: Minnesota Lions Eye Bank Abstract The Minnesota Lions Eye Bank (MLEB) is a non-profit organization responsible for the recovery, processing and distribution of ocular tissue used for transplant and/or research purposes in the state of Minnesota, western Wisconsin and eastern North Dakota. The primary products the produces are corneas, sclera and whole globes. In North America and Asia there is a large demand for ocular tissue for transplant as well as research and training purposes. In order to maximize financial resources the MLEB must utilize a Market-Product grid to identify markets and the products in most demand in the implementation of direct marketing techniques to targeted consumer populations. The target consumer populations include fellowship-trained ophthalmologist in cornea surgery, ocular researchers and eye bank professionals. Market-Product Analysis: Minnesota Lions Eye Bank The Minnesota Lions Eye Bank (MLEB) is a non-profit organization and one of the most reputable eye banks in the world, (Minnesotalionsvisionfoundation.org, n.d). It is a well-known leader in the United States for providing eye tissues for transplant and research purposes. The MLEB serves the communities of Minnesota, western Wisconsin, and eastern North Dakota by recovering cornea and sclera allografts from consented donors for transplant and research/training, (Minnesotalionsvisionfoundation.org, n.d). Since being founded in 1960 the Minnesota Lions Eye...
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...and Oracle more than 9 years. Experience in development of new templates across multiple client segments (corporate, commercial, private banking & financial institutions), industry verticals (energy, financial services, industrials, agriculture etc), geographies (Asia Pacific, Europe, Latin America). Area of Expertise : Financial spreading of any company & saving a snapshot during loan approval process, Internal Credit Risk rating generation based on historical & estimated financial data also scoring a company based on qualitative data, Peer comparison & industry trend analysis, Projection & forecasting, Adhoc and on the fly report and Early warning Area of Interest : IT enabled Banking / Financial services Area of Expertise : Product Marketing, Business Development, Bid Management and Tendering, Technical & Commercial Negotiations, Order Execution - Co-ordination with commercial, production, quality assurance & logistics, Finished Goods Management, Receivables Management, Data analysis Area of Interest : Business...
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...customer base. The emphasis in this section is the cost, not the price of the product. This means that the company can make a product fairly cheap but charge the customers as much as they want by making a fairly inexpensive product or service seem really expensive through marketing. The second category, differentiation, is when the organization competes on the basis of providing unique goods or services with features that customers value, perceive as different, and for which they are willing to pay a premium. The last category, the focus or niche, is when the organization pursues either a cost of differentiation advantage, but in a limited (narrow) customer group. A focus strategy concentrates on serving a specific market niche. Based on research about our product and other companies out there with similar products such as ours, we have decided to use the differentiation strategy. The competitive scope is to have a broad target and the advantages we will be using are how our product differs from the other similar products. We feel as if this is the best strategy to use because our product is on the expensive side, which means we will not want to use the cheaper materials just to gain profit, and we do not want to have a narrow target market. We want to be able to give our customers what they pay for as far as quality and we want to reach as many targets as possible, not just a small group. Our product is for anyone and everyone so we want to advertise in a way that grabs the...
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...Running head: Marketing Strategy for Products Discuss the type of product the company will offer and identify its primary characteristics. The type of product the company will offer is a game system called the Genius 3D. Some of the primary characteristics of this gaming system are portability, 3D graphics and twelve month warranty. The Genius 3D game system has the ability to be played anywhere at any time. Genius 3D is the size of the Blackberry Playbook tablet, which is seven inches. It has a screen, keyboard, and up to four USB controllers that are the size of an iPod. The controllers can be wireless, and then there are some with cords, so it just depends on the user’s choice. The controllers of the Genius 3D is fully touch screen, so there is no major risk of buttons popping of the controller. Instead of constantly rolling up the controller when the user is done playing, the controller has a button that retracts the cord itself, so there is a less chance of shortage within the cord. Genius 3D comes with a carrying case that can hold the game system itself along with the controllers. Genius 3D has 3D glasses that does not require the user to have 3D glasses. The 3D graphics has high definition. The graphics makes the game seem as if it can reach out and touch you. First-person shooter games are great to play on the Genius 3D because it brings the graphics out even more to the user, and it makes them feel like they are actually in the game. Genius 3D has the...
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...INTRODUCTION “The family that makes the farm an old fashioned home with diversified crops, fruits and domestic animals sufficient to meet the household needs will still find agriculture one of the most satisfying forms of existence.” By Calvin Coolidge As Mahatma Gandhi said, "Real India lives in villages”. Nearly two-thirds of its population depends directly on agriculture for its livelihood. Agriculture is the backbone of the Indian economy earlier it had a major contribution in Indian economy, at the time of independence it was 33.3 percent which is increased to 56.5 percent in 2013. Current agriculture marketing system in the country is the outcome of several years’ planed work of Indian government and fourteen five year plans including few Prime Minister’s special plans for rural people. The efforts took place immediately after the independence of the nation. The foundation of markets is to provide market to agricultural produce and supporting them with minimum support price so that farmers get a healthy margin for their produce. This will encourage them to take agriculture as one of the mean for their livelihood. SUMMURY The central and state government equally responsible for the matters related with agriculture and agriculture market system. In the initial stages Five Year plans has focuses on the infrastructure development in the specific sector. In 1960’s the focus moved on the institutional building such as Central Warehousing Corporation, Food Corporation of India...
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...Assignment Topic: Marketing of Bank’s Liability products Subject: Marketing Management – I Ankita Roy 11DM008 Neha Saha 11DM018 P.Santhosh 11DM028 Siddarth Singh 11DM038 Anirban Dhar 11DM048 Debabrata Subudhi 11DM058 Marketing of Liability Products Introduction; Commercial banks offers a varieties of product to the customers, these products are known as ‘’liability product” because they represent liability of the bank. Consumer generally know them as “deposit product”. There are number of Liabilty products, some of the liability products are listed below * Savings Account * Fixed Deposit Account * Recurring Deposit * Current Account * NRI Account Etc…. These products are the basic products of bank which are taking new dimensions in the banking world as the competition is tougher. The products which are mentioned above are the products of Retail Banking. Wholesale banking is another big segment of bank which deals with the SME and Corporate clients. WholeSale Banking Wholesale banking is the provision of services by banks to the likes of large corporate clients, mid-sized companies, real estate developers and investors, international trade finance businesses, institutional customers (such as pension funds and government entities/agencies), and services offered to other banks or other financial institutions. In essence, wholesale banking services usually involve high value transactions. Divisions * Corporate Banking *...
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...Marketing Segmentation and Product Positioning Marketing Segmentation and Product Positioning According to the author, Dawn Iacobucci of our textbook, Marketing Management, in our society economists say that “imperfect competition exists” meaning that “consumers have unique needs and desires; so collectively, a marketplace of consumers is heterogeneous“ (Iacobucci, 2010, p. 15). This methodology takes into account the distinction and diversity of individuality of the consumers; each consumer has their own different perceptions, experiences, and preferences requiring that different products be produced in order to meet their different segment needs (Iacobucci, 2010). Consumer purchasing is motivated by many different needs ranging from basic biological needs to more intangible and conceptual needs that reflect their personal well-being (Iacobucci, 2010). The strategy used to address customer’s unique differences and Therefore, a market segment is a group of consumers that shares similar inclinations toward your brand (Iacobucci, 2010, p. 16). If marketing were a continuum, the extremes would be “mass marketing” and “one-to-marketing” with “market segmentation” representing the median. The Frat House will utilize a concentration approach marketing strategy, a market segmentation approach whereby a company develops one marketing strategy for a single segment (Ferrell, Hirt, & Ferrell, 2009, p. 371.) It will attempt to cater to the varied taste, needs,...
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