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Question:

Discuss about the Marketing Management.
 
 

Answer:

Introduction

In order to acquire a good position in the market, the business organizations aim to focus on their offered product. By adding customer value, the business organizations aim to increase the buying decisions of the customers by having a better understanding on it (Mike, 2016). Moreover, it also helps them to segment their target market through a minute market analysis. This value addition also helps the organizations to expand the awareness of their brands by attracting more customers. The value addition helps the business organization to occupy an advantageous position among its competitors by building a healthy long term relationship with the customers.

The marketing value is determined through quantitative and qualitative analysis. In the case of quantitative analysis, the price of the product is regarded, while the qualitative analysis refers to the individual response toward the value system; that can be physical, mental, emotional, economic, cultural or environmental factors. In order to acquire maximum consumer support, the chief aim of the business organizations needs to provide the consumers best quality products at reasonable prices with the assurance that they will provide help even after the purchase so that they can influence the customer perceptions (investopedia.com, n.d).

Customer Value-Product

With the help of three major components of laser keyboard, the business organizations aim to increase the consumer value of a product. The first level refers to the value of core customers rather their buying decisions. The second level indicates to the packing and features of a product, while, the third level suggests to the augmented value with which the business organizations determines its organizational strategies (marketing-insider.eu, 2015).

Core Customer Value

The chief product is the laser keyboard which seems to be highly portable and easily attachable to any electronic device. Moreover, it is very effective in solving factorial issues which refers to the scientific definition of human capabilities and limitation that help to produce a more effective and safe and dependable product along with creating an efficient learning environment. Unlike the clumsy hardware keyboard, the laser keyboard helps to keep the surroundings compact and clean and also influence to improve the project quality of the students.

 

Actual Level

One of the main reasons behind the popularity of laser keyboard is its various interesting, smart features. This keyboard is also available in various colors and shapes. Consumers are supposed to get this product in a very safe manner as it is delivered in a bubble bag which seems to be placed in a hard box. Moreover, it has various parts namely Keyboard pattern projector, linear laser and infrared light camera along with the screw cap, front panel, bottom base, side frame and nylon column. The most attractive feature of this keyboard is it’s inbuilt power bank of 5200mAh. In addition, it also allows the consumers to write in different languages with several visual stickers. Its potable cable can be used as keychain which seems to be as handy as the handy key bunches (banggood.com, n.d).    

Augmented Product

With the help of the non-physical aspect of a product namely the augmented aspect, the business organizations tend to add best customer value along with providing them effective experiences of their particular brand. In the case of laser keyboard, the customers tend to get a warranty period of one year along with the option of a specific website, where they can report if they face any difficulty in the configuration of the product. Moreover, as per the special service of laser keyboard, the old product can be exchanged with the new and updated product at a compensated price (banggood.com, n.d).    

Seizing Customer Value-Price

The pricing strategy seems to be the most influential factor of the business entities with which desired amount of revenue can be generated from the consumers. This pricing strategy seems to be a variable factor in accordance with the profit level and influence of consumer buying decisions are concerned. In the case of laser keyboard, penetration pricing strategy has been adapted.

Penetration pricing strategy, as per the Investopedia’s website, helps the business entities to successfully attract the consumers towards the innovative features of a new product. By employing this strategy, the business organizations try to attract the consumers at the beginning of the introduction of a new product so that they can attract a huge number of consumers towards their product among the immense competitive market. As per this marketing concept, it is observed that the low price of a particular product can make the consumers bound to increase their awareness about its information and to buy that product (investopedia.com, n.d).

In the case of laser keyboard, the price has been considered as 27.30 OMR after the detailed examination of the manufacturing and supplying costs with one year warranty assurance. The laser keyboards are developed in the local factories for lower manufacture cost and then finally they are supplied to the various electronic shops of Oman. The major constituting elements of laser keyboard are LED infrared light, silicon and rubber buttons. The product of laser keyboards are seems to be the new products along with the organization in the Oman market. For this reason, this organization does not have any competitors in Oman. Therefore, it will take time to attract the attention of the consumers in Oman. However, it can be assumed that with the passing time in technological advancement and with the increasing awareness about the offered product along with the new trend of handy and stylish keyboards, the consumers of not only Oman but also from all around the world will show interest in the pricing and new features of laser keyboard.

 

Conclusion

Thus, it can be said that the two constituting elements of marketing mix namely the price and the product helps to determine customer value. In recent times the consumers tend to analyze the fact that at the time of buying, they are giving the right amount for the deserved product. In order to determine a successful marketing strategy, the business organizations need to first evaluate the demands and expectations of the consumers depending upon which the price and development of the product are supposed to be determined so that it can surprise the consumers and exceed their expectations.

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