“Strategic Marketing is a process of planning, developing and implementing maneuvers to obtain a competitive edge in your chosen niche. This process is necessary to outline and simplify a direct map of the company’s objectives and how to achieve them” (Entrepreneurial Insights, 2015). The objective of marketing a new product is essential, as this will set the precedence to accomplish what is set out to do when launching a new product. Johnson, and Media, (2015) stated “The best objectives must meet through the SMART test”. It should be achievable, specific and measurable and related to the company’s given situation. The fact that, when launching a new product it can be pricey and time consuming and tends to use a lot of resources, the company has to ensure that objectives are set and followed in order to generate sales and growth over a period of time. In order to achieve these objectives they are certain steps that should be undertaken they are as follows: Perceptual Map This is very important aspect in marketing strategy.
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Grace Kennedy took the decision to implement a perceptual map for this new product as this is consider to be strategic technique; that will help the company to position itself within the market. Grimsley, (2015) stated that “perceptual mapping is a marketing research technique where you attempt to determine how different product brands are perceived by consumers when mapped - or compared - against two or more product dimensions”. This is diagrammatic technique is practice by marketers in an attempt to visually display the perception of customers or even potential customers (Boundless.com, 2015). The visual diagram of Grace Kennedy Natural Cane Juice is depicted below:
Perceptual Map of Sweety Come Brush Me Cane Juice (Should I include this, is it important?) Objectives of Grace Kennedy Determine the Market Segment Determine the Marketing Technique for each target group Decide Resource Allocations Select the Pricing Strategy that best suits the company given situation Create Customer Awareness of Benefits of Product Production Expansion Objectives Benefits The benefits of these objectives are very important as this provide a road map to meeting the company’s goals, since these objectives are centered on the internal and external strategies the company has in place for the given situation. Establishing targeting market is a very critical aspect of the decision making process, because it channel the sequence of the steps to be taken. As it pertains to marketing technique, understanding is fundamental because it provides clarity on how to execute the plan. This plays a substantial role, as it provides the company with implementation process that will fulfil the suited target market needs. Resources Allocation is another momentous aspect, image! What a company would be without adequate resources? This is like the blood line, as it contributes to the constant flow of monetary and non-monetary actions throughout different channels and levels …show more content…
Setting prices, as it relates to a new product can often be a difficult task, as it has to take into account the distribution channel as well as geographic and demographic. The company has to factor in all that is associated in pricing a product, it usually involves fixed cost, variable cost, and the overhead costing; this is essential as it gives the company guidance. Grace Kennedy therefore intends to set the price on the intended market position, as different pricing may impact the profits, growth, product life, sales revenue and market share. The more transparent price is the company will find price setting to be
Grace Kennedy took the decision to implement a perceptual map for this new product as this is consider to be strategic technique; that will help the company to position itself within the market. Grimsley, (2015) stated that “perceptual mapping is a marketing research technique where you attempt to determine how different product brands are perceived by consumers when mapped - or compared - against two or more product dimensions”. This is diagrammatic technique is practice by marketers in an attempt to visually display the perception of customers or even potential customers (Boundless.com, 2015). The visual diagram of Grace Kennedy Natural Cane Juice is depicted below:
Perceptual Map of Sweety Come Brush Me Cane Juice (Should I include this, is it important?) Objectives of Grace Kennedy Determine the Market Segment Determine the Marketing Technique for each target group Decide Resource Allocations Select the Pricing Strategy that best suits the company given situation Create Customer Awareness of Benefits of Product Production Expansion Objectives Benefits The benefits of these objectives are very important as this provide a road map to meeting the company’s goals, since these objectives are centered on the internal and external strategies the company has in place for the given situation. Establishing targeting market is a very critical aspect of the decision making process, because it channel the sequence of the steps to be taken. As it pertains to marketing technique, understanding is fundamental because it provides clarity on how to execute the plan. This plays a substantial role, as it provides the company with implementation process that will fulfil the suited target market needs. Resources Allocation is another momentous aspect, image! What a company would be without adequate resources? This is like the blood line, as it contributes to the constant flow of monetary and non-monetary actions throughout different channels and levels …show more content…
Setting prices, as it relates to a new product can often be a difficult task, as it has to take into account the distribution channel as well as geographic and demographic. The company has to factor in all that is associated in pricing a product, it usually involves fixed cost, variable cost, and the overhead costing; this is essential as it gives the company guidance. Grace Kennedy therefore intends to set the price on the intended market position, as different pricing may impact the profits, growth, product life, sales revenue and market share. The more transparent price is the company will find price setting to be