1. Your company produce environmentally friendly luggage made recycled plastic. List and explain the four segmentation your company would use to identity their marks. What are the benefits of segmenting and targeting markets?
2. Define the various types of offering marketed to individual consumers and explain why a single offering might be marked be differently to differently to different consume.
3. What is the role of branding in helping a company market its produces? Give an example of a company that has strong brand name recognition and why you think that is?
4. Name two companies that have multiple distribution channels for their products?
5. List and explain the four function that product packaging performs. What is the role of primary packing and give an example of innovation packing for a product?
6. Assume you come up with an idea for a new electronic product offering you think your fellow students would really like. What are the steps in the development process and how you accomplish each step in this process?
7. You run an electronic company looking to outsource your production to a developing country. What are the benefits and drawback of outsourcing for your company.
Types of marketing segmentation
Marketing is an essential concept in any business company. It determines the success or failure of the company. Any company which invests effectively in the proper marketing end up increasing its sales thus achieving its goal. On the other hand, companies who do not invest in the marketing of their company and products end up collapsing. To this, therefore, marketing in any business company contributes more than fifty percent of its success. The essay will discuss the following; first is the different types of market segmentation, the method of offering market to individual customers, the roles of doing branding, and also will give an example of companies who use multiple distribution channels in order to supply their products. Further, the essay will explain the function of packaging of company products, steps of identifying the business idea and lastly will discuss the advantages and disadvantages of using of outsourcing in any business company.
It is also known as targeted marketing. It involves dividing the business market and even defining and sub diving it into more specific and identifiable market with similar needs, demands, characteristics, and even the same wants. This helps the producer to identify which products are to be offered. Also, the producer will be able to identify the kind of marketing strategy to be embraced during marketing 9 Pappas, 2016). There are four types of marketing segmentation. They include the following;
Demographic segmentation. In this type, the company divides the market based on several factors like age, gender, family, education, occupation, race, family size, income among others (Posner, Williams & Posner, 2015).
The second type is geographic segmentation. It involves division of the market based on geographical units such as States, cities, regions, nation and so on.
The third segmentation is psychographic segmentation. This involves division of the market based on personality traits and even lifestyle. For example customers' habits, attitudes, character traits among others.
The last market segmentation is the behavioral segmentation. It states that customers are grouped based on their buyer's behaviors like the usage rate, occasion and the like (Pappas, 2016).
Market segmentation help in identifying the best marketing strategy to be used by the company. Also, helps in identifying the needs and wants of the buyers and work towards meeting them.
There are several marketing strategies used to individual customers. They include the use of technological methods like the internet, one-on-one sales among others. This form of marketing is beneficial due to the following reasons; it increases efficiency, good rampart between the buyer and the seller is established, there is a guarantee of customer satisfaction, direct feedback from the customer to the seller is guaranteed among other benefits.
The reason why single offering is might differently to different customers is because consumers have different needs, wants, tastes, privileges, values, and beliefs therefore, a single offering cannot be used uniformly to every consumer. Single offering is mainly favorable where target marketing has been done.
Companies need to brand their product and serves as they distribute them to the market. There are several roles or even benefits of branding. First, it helps the customers to identify company products easily and that no confusion. Second, branding enhances the credibility of the products and ease of purchase thus promoting the company. Third, it gives companies a competitive advantage in the market over the other businesses. Four, branding makes company products to be easily identified in the market and that the buyer saves time. Lastly, branding increases the value if the business company. Coca-Cola Company serves the best example of a company with a strong brand. This is because it has taken time to market its products. Also, it produces high quality and unique products (Kavaratzis et al 2014).
Benefits of market segmentation
Distribution channels involve the path via which any companies' product reaches the customers in the market. It can be direct or indirect means but at the end the customer will receive the products. These multiple channels may include websites, retail or wholesale stores, mobiles, mails, direct mail, mail order catalog among other channels (Kotabe & Helsen, 2014).
Samsung Mobile Company and HP Company which deals with mobiles and laptops manufacturing respectively offers the best example of companies who use multiple distribution channels. They have their dealers in most Countries in the world who sell their product through wholesale or retail shops. Also, they sell their products via online platforms direct to the customers like using websites whereby customers order and they deliver to them in their convenient places.
Business companies ought to package their products as they release them to the market because of the following reason. First, for product identification. Customers identify products mainly through the packaging design used by the company. Second, packaging offers protection to products like protection from insects, dirt, breakage and the like. Third, for product promotion and advertisements. Packaging design determines whether the product will be purchased by the buyer or not (Cui & Choudhury, 2015).
The sole role of primary packaging is mainly to protect the product from been damaged by any external factor or even contamination. One innovative packaging is used by Klein Constantia Farm in Honey packaging.
Businesses are started and developed my ideas. Any business that is growing today started as an idea and the owner put the idea into reality. In development of a new electronic products, there are several steps of developing this new product. These steps include, the first step involves defining clearly the kind of product to be offered and the goals it idents to achieve. For example, the features and the function the product will serve. Also the size and the price of the product. In this case, a small size with long-lasting battery can serve the student well. The second step involves getting an electrical engineer who will be able to design the electronics like displays, microchips among others based on the product specification provided to form schematic circuit. This circuit generates Printed Circuit Board (PCB) which contains all electronic connections. Third step involves production of the prototype which is achieved through sending the product to the prototype shop in order several testing may be done. The fourth step involves evaluating, programming and debugging the product. This step is achieved by evaluating whether the product works so as to remove malfunctioning elements if any. Fifth is developing the case for the product so as to make it look amazing to the students. This involves getting a good brand for the product (Cui & Choudhury, 2015).
Outsourcing has several advantages. They include; it controls the capital cost of any organization doing outsourcing, it leads to efficiency increase and improvement. The speed of delivery also increases. It helps businesses to quickly start new activities and projects. Again, it helps in reduction of risks in a business. On the other hand, outsourcing has some drawbacks. They include; it may lead to a company to lose control over the outsourced function (Oshri, Kotlarsky & Willcocks, 2015).
In conclusion, therefore, marketing is very essential in a business company because it determines the success of the business. Also, businesses need to invest more in marketing so as to have their business development and market their products and services.
Cui, G., & Choudhury, P. (2015). Effective strategies for ethnic segmentation and marketing. In Proceedings of the 1998 Multicultural Marketing Conference (pp. 354-358). Springer, Cham.
Kavaratzis, M., Warnaby, G., & Ashworth, G. J. (Eds.). (2014). Rethinking place branding: Comprehensive brand development for cities and regions. Springer.
Kotabe, M., & Helsen, K. (2014). Global marketing management.
Oshri, I., Kotlarsky, J., & Willcocks, L. P. (2015). The Handbook of Global Outsourcing and Offshoring 3rd Edition. Springer.
Pappas, N. (2016). Marketing strategies, perceived risks, and consumer trust in online buying behaviour. Journal of Retailing and Consumer Services, 29, 92-103.
Posner, H., Williams, S., & Posner, H. (2015). Marketing fashion: strategy, branding and promotion. Laurence King Publishing.
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