Marketing is the activities done in preparation to promote a specic product or service in order to get increased sales. The exchange process is a process where two or more individuals agree to put value in something thus satisfying both their needs. A company offers goods and services and expect some value for their effort in terms of money. This paper is about the principles of marketing theories in the current market place.So many theories have been talked about in the past and this is still continuous with so much competition worldwide.Marketing is therefore important to keep any organization on the edge to be able to keep their customers and also indulge the new ones to use their products and services.
Segmentation, Targeting and Positioning Strategies
Segmentation refers to the splitting up of markets for easier targeting, based on a common characteristic. These market segments are then measured using the sales volumes. In focusing on a segment, a business considers growth opportunity, increased profits and differing customer needs. Singapore is one of the most prosperous countries in the world, with a GDP per capita higher than that of many developed countries. Singaporeans consume chocolate in large quantities, making it the biggest confectionery industry on the island. Therefore, the economic strength and demand for chocolate will make this an ideal market for Godiva Gems to invest in (Euromonitor, 2016; CIA, 2016).
After splitting the market among several segments based on their characteristics, a company can then focus on the particular markets that are bound to yield the highest returns, or which will be more accessible and easier to market in. The Singaporean market is characterized by high purchasing power, high concern for healthy food and a love for chocolate. These factors should be worked on so that Godiva Gems market the premium quality and health benefits of its high quality chocolates (Euromonitor, 2016).
Positioning refers to the identification by an organization of those characteristics about their products that they feel will give an advantage in the market. These characteristics should be harnessed in the Singaporean market to enable it compete more favorably. The focus on quality should be highlighted. At the same time, there should be a clear emphasis on the packaging that the company has adopted in recent times. This packaging will help set it apart from other companies in Singapore.
Marketing Mix Strategies
Marketing mix refers to the collection of factors that an organization employs in marketing its products. The marketing mix framework has been refined over time, to a model commonly known as the 4 Ps model. The four Ps as described in the model are Price, Place, Promotion and Product
Product refers to the item or service that the firm is offering to the market. The product is supposed to fulfill the needs of a customer or a market. The product being discussed in this case is the chocolate products Godiva Gems sells. These chocolate products are of high quality, and packaged in very attractive wraps to enhance their attractiveness. The product is not only for special occasions and as a gift to others, but can be consumed regularly as other chocolate and candy products. Additionally, it is very healthy. All these features of the product play a big role in determining strategies to be used in pricing and promotion (PurelyBranded, n.d.).
Price is an important part of the marketing mix. The price communicates several things to the market, including the quality of the product, in relation to alternate and substitute products. The price is also important since it takes profit margins into account, as well as the cost of production. In setting the price, the demand, supply and market dynamics should be considered. Additionally, some products have more elasticity of demand than others, meaning that they are able to withstand more fluctuations in price than others. Research will need to be done to determine this so that the price reflects the quality of the chocolates, as well as its suitability for consumption alongside more common and cheaper brands (PurelyBranded, n.d.).
Promotion is concerned with disseminating information to the market that the product will be distributed and sold. Promotion tools consider the budget to be spent on the exercise, the type of product, and the market being targeted by the organization. To ensure the success of a marketing promotion strategy, the organization must carefully consider the methods that will have the biggest impact, and a favorable return on investment. Advertising via print media, TV commercials and billboards all have high visibility, but are usually expensive. Social media marketing is usually effective, and is especially efficient at targeting people within a specific area, age group and even gender. Additionally, search media marketing may also be employed to maximize visibility. Godiva will also need to consider what different promotion strategies may impact the reputation and prestige of the product (PurelyBranded, n.d.).
Place is critical in marketing. Being there at the right time frequently determines whether a product will succeed or fail. Place involved distribution channels that will be used, market coverage, distribution channels, transportation and other logistics. The importance of place in the marketing mix originates from the fact that proper and efficient distribution channels ensure that the market receives the product that the market has been informed of (promotion), at the right place. Inefficient distribution eventually means less market share, since the entire potential market is not covered. Godiva Gems should be careful to ensure that the products promoted reach the target markets, and that they are of the high quality expected (Netmba, 2010; PurelyBranded, n.d.).
The operations of the organization are affected either directly or indirectly by other forces which are uplifted by the social, political, economic and technological aspects. Just to mention, the involvement of the public puts leaders on their toes to ensure that both the demands of their customers and the staff fraternity are considered at all times (Riecken, 2014). Therefore, the best marketing process should be done online where most people can easily and swiftly access the information presented in line with production awareness and marketing. For example, the organization can increase the number and quality of their advertisement clips and post them online to attract the attention of their globe customers.
The political wave cannot be sidelined under this topic. It is essential to note that this organization faces stiff competition for example Samsung vs Apple Company which is supported by the American government. Consequently, the marketing decisions made by the leaders of this organization rely on other political forces regards of the existing laws that govern the international business transactions (Riecken, 2014).
This marketing strategy will also be affected by the economic situation in diverse regions where their major focus is placed. The people must be ready and willing to purchase the products of the company. According to statistics, the electronic products manufactured by the Samsung organization are costly and can only be afforded by those who are above the poverty level.
The society must be encouraged to purchase the products. This can only be achieved if the organization can be able to maintain the current production techniques where the significance of quality production is uplifted. Most people tend to prefer purchasing products that are highly recommended by many who live within analogous societal setups.
The advancement of the technology comes as an added advantage to many organizations (Perreault et al., 2015). This aspect is imperative because it will not only assist the organization to market their product internationally using the online platforms but also it will enable them to manufacture more electronic gadgets as per the preferences of many people all over the world.
In summary, all the management decisions made must be analyzed extensively before they are implemented. The organization must be able to attain the desired stability in management by providing quality products and at the same time be able to attract more customers across the globe. The marketing team is the driving force to great heights in spite of success in aby company. It’s important for an organization to align itself with ths principles since they are crucially determining a firm’s position in business.
CIA. (2016). The World Factbook. Retrieved 11 08, 2016, from CIA.gov: https://www.cia.gov/library/publications/the-world-factbook/geos/sn.html
Netmba. (2010). Marketing mix. Retrieved 11 08, 2016, from https://www.netmba.com: https://www.netmba.com/marketing/mix/
PurelyBranded. (n.d.). The four ps of marketing. Retrieved 11 08, 2016, from https://www.purelybranded.com: https://www.purelybranded.com/insights/the-four-ps-of-marketing/