Assignment on Marketing - PDF

Marketing

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Target market and segmentation...........................................................................................1
1.2 Positioning of new business..................................................................................................1
TASK 2............................................................................................................................................3
2.1 Ideas for products and services.............................................................................................3
2.2 Different product levels.........................................................................................................4
2.3 Recommended pricing strategy.............................................................................................5
2.4 Recommended distribution strategies...................................................................................6
2.5 Recommended promotional strategies..................................................................................7
2.6 Extended marketing mix.......................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Marketing strategy is a long term plan for achieving organisational goals and sustain in
competitive market through various promotional activities. Different marketing mix strategies
are considered in the report as well for making decisions regarding price, product, distribution,
promotion, etc. of an organisation for its effective marketing plan.
TASK 1
1.1 Target market and segmentation
Marketing strategy refers to a long term future targeted approach for planning goals in
analysing the best market opportunities. Target market means place or market where the seller
has decided to sell their products or services. Whereas, market segmentation means to divide
market into sub groups like demography, geographic aspects, etc., for the people or customers
for whom product has been developed. Customers are been classified on the basis of their needs,
demands and wants. Psycho graphic segmentation have a main role in designing effective
marketing strategies for target customers and delivering good quality products (Baker, 2014).
Mr. Donald B has to adopt a perfect target market for launching his products on a large
scale. All people are being targeted, no matter what their age or gender. It is available for all
types of person whether rich or not, most of its product are affordable to all people. For making it
available and affordable for all it can be made available in various retail stores like Aldi, Coles
and Woolworth, etc. Through retail stores a large customer base is been focused and targeted for
sales of the chocolates products. Through establishing high end speciality stores only a specific
segment of customers can be targeted. Where customers of high segment or rich people are
focused through establishing high end speciality stores.
1.2 Positioning of new business
Positioning refers to occupying a market and creating an impression on customers' mind
about the business. Defining position of business in the market is the first thing that is included
in business or market plan (Jaworski, 2018). Feature of business such as experience, packaging,
etc., can be used for positioning Mr. Donald B's confectionery business brand and products in the
market. For an effective positioning strategy business should target a specific group of people for
whom the product has been made or targeted to. Demographical and attitudinal description is
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being studied or researched from the targeted group of customers for whom brand is appealing
and attracting.
Positioning theory refers to strategy adopted by company for choosing place where
organisation wants to place their products in the market based on their product, brand and
pricing.
Following are some strategies that can be used for positioning of products:
Cost Positioning strategy: Cost positioning strategy focuses on reducing of any wasteful or
unnecessary activity or procedures in an organisation and the saving from this is been transferred
to their customers. Organisation success is dependent on how they reduce costs of operation and
offers lower price benefits to their customers (Wensley, 2016).
Quality positioning strategy: Quality positioning strategy focus on providing quality of services
and products to their customers. Customers of a company avoid purchasing products if they
provide low quality of product and destroy company's credibility in market. Businesses invest
heavily on their operations and processes for developing high quality products. With high quality
product, company or business can have a high price tags on their product.
Flexibility positioning strategy: Flexibility positioning strategy helps company to change their
products and services according to customers' needs and wants. High level of competition arises
as business have the ability to change its products and services. Through large variety of
products offered, introducing new products or changing old products according to customers’
needs. This help them to differentiate themselves from their competitors in market (Schmidt,
Spann and Zeithammer, 2014).
For Mr. Donald's business, Flexibility and Quality positioning strategy would be a better
positioning approaches for their position decision in the market. As, he wants to focus on high
end customers who would buy high quality cocoa products from his businesses and could easily
afford high prices for quality products. Flexibility positioning strategy is also an effective as,
customers are satisfied through huge variety of products, and new flavours are been developed
for customers to attract more and changing or modifying old products.
Positioning map is a diagrammatic representation for showing the perception of different
customers on the basis of price, brand, product type, quality or other product specification.
Below is positioning map for new chocolate businesses:
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