Introduction
According to the last meeting we had, you requested me to gather and analyze the information on the marketing strategy of the company. According to the details provided your business is not experiencing the anticipated demand for the product. For this reason, I would like to present to you the following information that will help you understand the low demand.
Context
Through market research and analysis, I found out that the demand for the product to be affected by some of the following factors. The first factor is price, alternatives, advertisement channels that will be used to market the product are equally crucial. It will also be important to have a team that will be in charge of selling the product and designing strategies …show more content…
The problem has been caused by several factors that will be discussed in the memo. And from this information I will recommend that you undertake the promotion strategy (Jennings, et al. 2009) . Since the company is young, it will be facing a lot of competition from the existing companies or any other alternatives to the product. Price reduction might be an excellent strategy, however, there are some implications for the use of this approach such as customers feels that there is a compromise of the product’s quality. Enhancement is an “okay strategy” but this won’t be enough to market the product (Wessels, 2006)). The in-store demonstration is quite hard because the product will need to be displayed in different locales to ensure that more parents are informed of the …show more content…
They should enhance the product to the customers’ liking which will require review of the production process. They should promote the product which should include offers for new customers and rewards to committed consumers. The management will need to develop a reliable website based on content they are advertising and create a discussion forum where the customers can meet and discuss the merits and downfalls of the product. The company can use the details obtained from the conference to redesign and enhance the product to match with the customer’s needs (Pearce, 2009). The promotion solution is relevant to the 4P’s because it will place the product where the consumers visit most, through social Medias marketing which is more efficient for the specific situation, and at the right timing. The management will only be required to shift the price to be almost similar to that of alternatives. According to Jennings, et al. 2009) if the product is going for higher than the already existing alternatives, then the demand will continue to
According to the last meeting we had, you requested me to gather and analyze the information on the marketing strategy of the company. According to the details provided your business is not experiencing the anticipated demand for the product. For this reason, I would like to present to you the following information that will help you understand the low demand.
Context
Through market research and analysis, I found out that the demand for the product to be affected by some of the following factors. The first factor is price, alternatives, advertisement channels that will be used to market the product are equally crucial. It will also be important to have a team that will be in charge of selling the product and designing strategies …show more content…
The problem has been caused by several factors that will be discussed in the memo. And from this information I will recommend that you undertake the promotion strategy (Jennings, et al. 2009) . Since the company is young, it will be facing a lot of competition from the existing companies or any other alternatives to the product. Price reduction might be an excellent strategy, however, there are some implications for the use of this approach such as customers feels that there is a compromise of the product’s quality. Enhancement is an “okay strategy” but this won’t be enough to market the product (Wessels, 2006)). The in-store demonstration is quite hard because the product will need to be displayed in different locales to ensure that more parents are informed of the …show more content…
They should enhance the product to the customers’ liking which will require review of the production process. They should promote the product which should include offers for new customers and rewards to committed consumers. The management will need to develop a reliable website based on content they are advertising and create a discussion forum where the customers can meet and discuss the merits and downfalls of the product. The company can use the details obtained from the conference to redesign and enhance the product to match with the customer’s needs (Pearce, 2009). The promotion solution is relevant to the 4P’s because it will place the product where the consumers visit most, through social Medias marketing which is more efficient for the specific situation, and at the right timing. The management will only be required to shift the price to be almost similar to that of alternatives. According to Jennings, et al. 2009) if the product is going for higher than the already existing alternatives, then the demand will continue to