Exploring the Role of Design in Innovation Strategies
Added on 2019-12-28
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Principles and Practice ofMarketing
Table of Contents6. Marketing objectives and strategies.............................................................................................17.Forecasting of existing results......................................................................................................48. Creative alternative plan..............................................................................................................59. Marketing Budget........................................................................................................................610. Detailed Action plan..................................................................................................................6CONCLUSION................................................................................................................................7
6. Marketing objectives and strategiesIn accordance with the case, in order to promote the new product of Coca Cola Ltd.product that is “Fruiticious” it is very important for the firm to make marketing objectives anddifferent strategies which will enable to achieve their goals through this product (Sawhney,Verona and Prandelli, 2005). Developing objectives enables to develop path through whichorganization can achieve their goals. Following are the objectives which should be followed:To aware the people regarding the new product.To make the sales reach for “Fruiticious” up to 20% by the end of 2016.These objectives will help to provide information regarding the new product which theorganization wants to sell. The ultimate aim of any firm to gain maximum profit and this is onlypossible when organization set up objective with the help of which the goals can be achieved.However, there are many strategies which can be adopted in order to make theirobjectives achieve (Swan and Zou, 2012). In this context, Ansoff matrix can be used as it is astrategic marketing planning tool which help the company to develop marketing strategies. Thereare mainly four possible product market combination among which firm can select the bestwhich would help in achieving their objectives.Market penetration: This is a type of strategy in which organization focus on seekinggrowth with the help of existing product and aiming to increase their market share (Linden,Kraemer and Dedrick, 2009). In this context, organization focus on making use of different typeof strategies with the help of which they increase their brand image. It includes making use of1Illustration 1: Ansoff Matrix
promotional tools like television, radio, newspaper, social media, etc. (Hamric, Hanson andO'Grady, 2013). These strategies enable to develop awareness among the customers and alsocontributes effectively towards the brand image of the organization. Further, they also make useof different promotional strategies which enable to attract customers it includes strategies likepersonal selling, providing discounts, free gifts, etc. In addition to this, it also includes strategiesfor pricing, this can be determined as one of the most effective because of sale has high impact.There are different types of strategies related to pricing and it includes market penetration, priceskimming, psychological pricing, etc. (Ritchie, Lewis and Ormston, 2013). It is very essential forthe firm to make use of these strategies so that they will be able to develop better customers basefor their existing product. Market development: According to this strategy firm will focus on targeting new marketwith the help of existing product (Solomon, Bennett and Previte, 2012). This stage is onlyadopted by these organizations who have really gained huge profit for their existing market. It isvery important for the organization to conduct market research as it enable to understand thecustomers needs and requirements (Burchell, Rettie and Patel, 2013). A product can only beeffective enough when people wants are been satisfied through that commodity. There are manycases in which the product which was sold on to a particular market may not be effective as thetaste and preference of customers differs from market to market. With this respect, organizationhas to conduct market research with the help of which they get to know the preference of targetaudience and accordingly they can make changes and cover the new market (Bishop, Fody andSchoeff, 2013). In order to cover the new market it is essential to make use of different strategieswhich enable to deliver awareness regarding the product to customers. When ever a product isbeen introduced in new market penetration strategy is been used. In this strategy the price of theproduct is kept low at the initial strategy this is done in order to attract customers (Grundy, Beroand Malone, 2016). When customers get to know about the product, then the price of the productis raised. Further, social media is very helpful in identifying the potential customers and it alsohelps to have close interaction with service users. It enables to know the customer's perceptiontowards the product. Moreover, changes can be make on the product according to taste andpreference of customers (Broberg, Umans and Gerlofstig, 2013).Product development: In this strategy organization would develop new product for theirexisting market. There are many organizations which also focus on delivering the new product2
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