I have attached 2 files. 1: Assignment brief, 2: previous assignment In this assignment we have to mention the marketing strategies of the client which we used for 1st assignment. Please add 5 academic references and 3 non-academic references, APA 6th edition. Please add petro-persona and journey maps as well.
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Running head: MARKETING FUNDAMENTALS1 Marketing Report for Totally Workwear Name Institution Author’s Note
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MARKETING FUNDAMENTALS2 Table of Contents Marketing Report for Totally Workwear.........................................................................................2 Introduction..................................................................................................................................2 Target market profile...................................................................................................................3 Demographics..............................................................................................................................4 Geographic...................................................................................................................................4 Psychographic..............................................................................................................................5 Behavioural..................................................................................................................................6 Positioning statement...................................................................................................................6 The current marketing mix analysis.............................................................................................7 Pricing strategies..........................................................................................................................8 Placement.....................................................................................................................................8 Promotions...................................................................................................................................9 Petro-persona.............................................................................................................................10 High income customers..............................................................................................................10 Low income customers..............................................................................................................11 Recommendations......................................................................................................................11 References......................................................................................................................................12
MARKETING FUNDAMENTALS3 Marketing Report for Totally Workwear Introduction Totally Workwear is one of the most reputable businesses within the boundaries of Australia and has been on the verge of offering high levels of competitive advantages across different market platforms. Moreover, it is majorly recognized to its ability to emerge as one of the largest networks of safety gear together with various aspects of workwear. To scale up its level of operation in terms of the products and services that it provides to its customers, the organization has been able to adequately implement more than sixty outlets located in various places and are known to be owned independently together with a large number of stores that are adequately being operated across different parts of Australia with an aim of ensuring that the customers are able to gain one of the best customer experience that is strongly attached to the tailored service at the local level where high levels of importance have been placed has been placed upon the value that is associated with the product together with a variety of issues dealing with the brand quality (Cegliński, 2016). The whole organization has been on the forefront to provide quality products and services to its customers for more than twenty years. Interestingly, its success has mainly been due to its capability of putting a lot of focus on what is given to the customers in terms of either a product or service thus making sure that it is of high quality. This is a clear indication that the organization has been very successful in creating high levels of customer satisfaction across all its customers by providing y them with different types of products that are in line with their perceptions. This has been a fundamental strategy that the organization has taken into account to offer high levels of competitive advantage across a variety of market platforms.
MARKETING FUNDAMENTALS4 Target market profile The business is trying to keep much focus on specific types of largest markets that are known to be having a variety of consumers who have the potential of purchasing the organization's products without encountering any unnecessary barriers which might hinder them from doing so. As a result, the target market profile for the business mainly entails the following segmentation; Demographics The kind of demographic segmentation that is targeted by the business is to ensure high levels of performance and provide the company with an opportunity of gaining access to a variety of customers who are known to be having different characteristics (Carvalho, Ferrero & Nechio, 2016). As a result, some of the significant variables attached to this segmentation that the business will put much focus on majorly entails the following; ï‚·Gender-Naturally, the preferences of both men and women usually tend to differ on very many occasions. A variety of male customers are likely to put their focus on the latest technology in terms of the product that is being offered to them. In contrast, female customers, on the other hand, might concentrate a lot on various fashion aspects (Chekima et al., 2016). The organization will, therefore, put a lot of focus in terms of designing the products based on the preferences of these two types of customer groups. ï‚·Income-Different people, normally tend to have different levels of income, and in order to accommodate all of them within the customer bracket, there is the production of the business products with different prices that can be easily various customers due to the difference in their income levels.
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MARKETING FUNDAMENTALS5 Geographic This mode of segmentation will try to put much focus on the specific areas where the customers are based, thus determining the type of service that will be suitable for them (Singh & Košecká, 2016). It will mainly entail the following variables; Urban customers- Since in the urban areas, there is a lot of work that is being carried put by various professionals, and as a result, there will be the need to target a variety of customers most so the ones who are concerned with working it different construction sites. The products will guarantee the high levels of safety throughout the working process. Customers in the Engineering sites- Engineering sites normally require the use of different types of safety gear, and thus the organization will be in a position of providing them with the right items that best fits the needs when carrying out carious site operations(Sung, Chang & Sung, 2016). Psychographic This mode of segmentation will try to put a lot of focus on a variety of personality traits, different values that are attached to the customers, their attitudes together with interests (Máttyus et al., 2016). The following variables will be attached to this mode of segmentation; Lifestyle-It will try to target those customers are always concerned with the lifestyle I what they wear most so the ones who prefer printed logos in their wear. This will be the right company for them since they will be in a position of getting the best products and services depending on their preferences.
MARKETING FUNDAMENTALS6 ï‚·Customers who prefer values-Values act as another first set of psychographic segmentation variable that the whole business will need to pay much attention to to make sure that various objectives are adequately attained (Stokburger-Saue et al., 2016). The organization will, therefore, try as much as possible to track the values of the customers by gathering a variety of information pertaining to their respective backgrounds and then coming up with various assumptions from the complete information. To some extent, there will be the need to target the customers who are likely to choose products with "safety" tags which indicates that they are part of a safety-conscious market segment as far as their values are concerned. Behavioural This is one of the essential modes of segmentation since it puts much focus on different behaviours of target customer segments, most so the behaviours that are likely to influence their mode of product purchase. Some of the significant variables that will be considered based on this mode of segmentation include; ï‚·Brand loyalty-This usually is one of the significant behavioural forms of market segmentation that is used by a variety of organizations. The business will, therefore, stay focused on attracting the target customers to purchase the safety were products and will also go as far as retaining them. On the other hand, it will be able to allow all the target customers to adequately identify themselves with the organizations brand to bring on board an easy identification of the product.
MARKETING FUNDAMENTALS7 Positioning statement Products are mainly meant for different workers who must adequately solve their safety issues in their respective areas of work. Our product is unique and of high quality that provides it with an opportunity of addressing safety matters. UnlikeKing Gee and Hard Yakka, our product offers high levels of protection that will always guarantee all our customers' high levels of safety in their respective workplaces. The current marketing mix analysis Product strategy-The product is known to be connected to three different levels that will make sure all its objectives are attained at an appropriate time frame (Dedecca, Hakvoort & Ortt, 2016). The first level of product that the business will focus on is the core benefit level. This is known to be an essential need that a specific group of customer satisfies when they decide to purchase the product. One core benefit that the organization's product will be able to bring on board is to provide high levels of safety that will further prevent different users from being exposed to various risky situations (Ottosson, M., & Kindström, 2016). Another level is the expected product where the organization will be in a position of producing quality and long-lasting safety gears according to the expectations of the customers. The final level is to come up with an augmented product which refers to a variety of product variations together with extra features that will be able to differentiate the whole product from what is given by the competitors in the market. To make it an augmented product, the organization will be in a position of creating journey maps.
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MARKETING FUNDAMENTALS8 The organization will be able to classify its product as a specialty product which means the product will be in a position of having a unique form of brand identification together with a vast range of characteristics that will be geared towards fulfilling the needs of all the target customers. On the other hand, the organization's product portfolio will majorly consist of safety gears together with a variety of workwear which will constitute of 80% of the organization's products that will be supplied to the customers. Pricing strategies Various pricing strategies will be put into consideration by the business to make sure that multiple operations are adequately carried out (Wang et al., 2016). As a result, coming up with a perfect decision on how much to charge the entire product will require high levels of thought than simply calculating specific types of cost that are attached to the organization together with adding some mark-up (Liu, Cao & Salifou, 2016). The total amount that the target customer will be willing to pay for the product will have very little to do with anything related to cost, but instead, it will majorly focus on how much they will be able to value the product that will be offered to them (He, 2016). The second pricing strategy that might be implemented by the business is competitor based pricing. It is normally viewed to be a fundamental pricing method that is capable of utilizing a vast range of competitor prices as a particular form of benchmark instead of coming up with a price on various costs and values that are attached to the entire company. The business will, therefore, be in a position of adequately utilizing different types of competitor prices by viewing them as a mode of benchmark before setting up an appropriate price for the customers.
MARKETING FUNDAMENTALS9 Placement One of the major distribution channel strategies that will be used by the business to reach out to its target consumers is the use of sales and distribution channels (Prajogo, 2016). Under various circumstances, different sales models, together with distribution channels, usually appear to be adequately interconnected. This means that the ability to source and sell adequately is a condition that will always be attached. As a result, different distributors will be able to manage the dealers who will, in turn, deliver the inventory by putting much focus on customer sales. Promotions The business will be able to make good use of a vast range of promotional tools that will provide a perfect opportunity for the product to mainly targeting different customers (Mathe- Soulek et al., 2016). They majorly include the following; Advertising- This is usually referred to as a fundamental method that is associated with paid communication (Andrews et al., 2016). The business will advertise the product through the use of different advertising platforms like social media to reach out to the customers' wi2thin the shortest time possible. Sales promotions- This is a fundamental tool that is majorly used to drive up different forms of short term sales (Gümüş, Kaminsky & Mathur, 2016). The organization will, therefore, focus on sales promotions to create a high incentive level to purchase the product. Public relations-This will enable the company to have a contestant interactions with the customers and different other types of stakeholders to support high levels of corporate together with branding product branding activities.
MARKETING FUNDAMENTALS 10 ï‚·Direct marketing- There will be the need to communicate with the customers through a direct channel without involving any intermediaries. This will be aimed towards creating high levels of personal and exciting experience. ï‚·Creation of events and different types of community activities- There will be the need for the organization to sponsor major events together with activities which will allow room for promoting the entire product. Journey Maps Petro-persona The business will be in a position of targeting two different petro-personas of customers to ensure that its goals are appropriately met in terms of the level of customer satisfaction of these groups. They mainly include the following; High income customers High income customers will be targeted by the business based on the price that will be attached to the products. According to research, a good percentage of the high income customers Make a Booking Check on the product condition Depart Research Product Arrive at the store Pay for the Product
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MARKETING FUNDAMENTALS 11 are likely to value highly priced products which they think are the most genuine and long lasting. Moreover, most of the high income customers that will be targeted will mainly include; organizational managers together with CEOs. Low income customers The business will also be in a position of targeting the low income customers/ in order to give them an opportunity of gaining access to the product. By covering even the low income customers, this will make it more evident that the business is determined towards meeting the needs of a variety of people without any discrimination. Recommendations To increase high levels of customer satisfaction, there will be a need for the organization to produce quality products that are long-lasting to serve the customers for a better period. Secondly, it is appropriate for the organization to have a moderate price that will be able to attract the customers of different classes; thus, this will provide a perfect opportunity of accommodating all of them. On the other hand, the place where the business is will be able to put its product should be very strategic for it to be accessed by the customers within the minimum time possible without applying many efforts. Finally, it will be essential for the business to focus on high levels of promotions which will, in turn, increase the popularity of the product across different customer segments.
MARKETING FUNDAMENTALS 12 References Andrews, M., Goehring, J., Hui, S., Pancras, J., & Thornswood, L. (2016). Mobile promotions: A framework and research priorities.Journal of Interactive Marketing,34, 15-24. Carvalho, C., Ferrero, A., & Nechio, F. (2016). Demographics and real interest rates: Inspecting the mechanism.European Economic Review,88, 208-226. Cegliński, P. (2016). Use of strategic marketing management tools in contemporary enterprises. Marketing i Zarządzanie,46(5), 9-16. Chekima, B., Wafa, S. A. W. S. K., Igau, O. A., Chekima, S., & Sondoh Jr, S. L. (2016). Examining green consumerism motivational drivers: does premium price and demographics matter to green purchasing?.Journal of Cleaner Production,112, 3436- 3450. Dedecca, J. G., Hakvoort, R. A., & Ortt, J. R. (2016). Market strategies for offshore wind in Europe: A development and diffusion perspective.Renewable and Sustainable Energy Reviews,66, 286-296. Gümüş, M., Kaminsky, P., & Mathur, S. (2016). The impact of product substitution and retail capacity on the timing and depth of price promotions: Theory and evidence.International Journal of Production Research,54(7), 2108-2135. He, Z., Cheng, T. C. E., Dong, J., & Wang, S. (2016). Evolutionary location and pricing strategies for service merchants in competitive O2O markets.European Journal of Operational Research,254(2), 595-609.
MARKETING FUNDAMENTALS 13 Liu, M., Cao, E., & Salifou, C. K. (2016). Pricing strategies of a dual-channel supply chain with risk aversion.Transportation Research Part E: Logistics and Transportation Review,90, 108-120. Mathe-Soulek, K., Krawczyk, M., Harrington, R. J., & Ottenbacher, M. (2016). The impact of price-based and new product promotions on fast food restaurant sales and stock prices. Journal of food products marketing,22(1), 100-117. Máttyus, G., Wang, S., Fidler, S., & Urtasun, R. (2016). Hd maps: Fine-grained road segmentation by parsing ground and aerial images. InProceedings of the IEEE Conference on Computer Vision and Pattern Recognition(pp. 3611-3619). Ottosson, M., & Kindström, D. (2016). Exploring proactive niche market strategies in the steel industry: Activities and implications.Industrial Marketing Management,55, 119-130. Prajogo, D. I. (2016). The strategic fit between innovation strategies and business environment in delivering business performance.International journal of production Economics,171, 241-249. Singh, G., & Košecká, J. (2016). Semantically guided geo-location and modeling in urban environments. InLarge-Scale Visual Geo-Localization(pp. 101-120). Stokburger-Sauer, N. E., Scholl-Grissemann, U., Teichmann, K., & Wetzels, M. (2016). Value cocreation at its peak: the asymmetric relationship between coproduction and loyalty. Journal of Service Management.
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MARKETING FUNDAMENTALS 14 Sung, Y. K., Chang, K. C., & Sung, Y. F. (2016). Market segmentation of international tourists based on motivation to travel: A case study of Taiwan.Asia Pacific Journal of Tourism Research,21(8), 862-882. Wang, X., He, F., Yang, H., & Gao, H. O. (2016). Pricing strategies for a taxi-hailing platform. Transportation Research Part E: Logistics and Transportation Review,93, 212-231.