MMK101 Marketing Strategy Assignment

Added on - 28 May 2020

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TOTOASSESSMENT 3MMK101 TRIMESTER 3MARKETING STRATEGYRECOMMENDATIONSStudent Name:Student Number:
Table of Contents2.1. Target Market and Positioning Statement................................................................................32.2. Marketing Strategy Recommendations.....................................................................................32.2.1. Marketing Mix Element 1 Strategy...................................................................................32.2.2. Marketing Mix Element 2 Strategy...................................................................................32.2.3. Marketing Mix Element 3 Strategy...................................................................................42.3. Conclusion................................................................................................................................4Reference List..................................................................................................................................5
2.1. Target Market and Positioning Statement.Target Market:Single male or female in urban city.PositioningStatement:Toto believes in manufacturing ecofriendly high- end toilet and bidetproduct lines which can be easily built at homes.2.2. Marketing Strategy Recommendations.2.2.1. Price strategyPrice is one of the most important factor in the marketing of any product. There is a secretbehind every successful company because they only grow because of the successful pricingstrategy which a customer prefers easily. There are several marketing strategy that a companyfollows like premium pricing, price skimming, pricing on the basis of market penetration,psychological pricing and many more. When it comes to the brand Toto, the brand itself reflectlush and luxury. So it follows the premium pricing strategy by providing premium pricing rangeto its customers. Moreover, Toto focuses higher and luxury segments of people, it does notcompete with other brands because other brands basically tends to maintain mass market bydesigning the product in such a manner that is less expensive i.e. they focus obtaining pricepenetration strategy. But, Toto products are expensive, so they targets people with higherincomes or those who have fine and good taste and preference in furniture i.e. they focus onprice skimming strategy where prices are kept high at first and then they are reduced later .Those people can maintain the class and dignity of the brand. These can be either single male orsingle female because they prefer to invest maximum of their investments in luxury products thathelps them to maintain their status and build a repo in the society.
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