Marketing Strategies Report for XYZ Company's New Product Development

This report is a proposal prepared for the board of directors of XYZ Company, focusing on the development of new product marketing strategies to increase market share and reduce overall costs. It begins with an executive summary outlining the report's objectives, which include addressing market segmentation, supply chain management, quality management, and product management. The discussion section delves into market segmentation, emphasizing the importance of understanding demographic, psychographic, geographic, and behavioral factors. It recommends an undifferentiated marketing strategy, with consideration for domestic consumers and garment segmentation based on age. The report further explores supply chain management, advocating for a shift to e-commerce and efficient supply chain practices, including local sourcing and vendor partnerships. Quality management ideas are presented, such as quality calibration sessions and market analysis-based scorecards. The report also covers product management, suggesting a vision for the next year's targets, new product launches, and implementation strategies, including the use of online sales. The conclusion reiterates the need for companies to periodically reassess their marketing strategies to enhance market share and reduce costs, suggesting that the proposal offers relevant recommendations for XYZ Company.

Running head: MARKETING STRATEGIES
Marketing strategies
Name of the student
Name of the university
Author Note

1MARKETING STRATEGIES
Executive summary
The aim of the report is to prepare a proposal for the board of directors of the company, XYZ
which will be focusing on the development of a new product and marketing strategies for
increasing the market base and reduce the overall cost. The first part of the proposal will be
dealing with the issue of market segmentation and supply chain management and related issues.
The next part of the proposal will be focusing n the quality management and product
management ideas and the recommendations for the company to implement. This is expected to
serve the purpose of the company in developing new marketing strategies.

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Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Market segmentation...................................................................................................................3
Supply chain management, distribution and logistics.................................................................4
Quality management ideas...........................................................................................................4
Product management idea............................................................................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................6

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Introduction
The aim of the paper is to prepare marketing and production strategies to increase the
market share and reduce the overall cost for the XYZ Company. This paper will be presented to
the board of the directors of the respective company. The paper will be focused on the different
segments like assessment of the market segmentation, channels of distribution, logistics, supply
chain management and the overall marketing research.
Discussion
Market segmentation
The important issue for the XYZ Company to consider before preparing a marketing
strategy understands the market segmentation. Market segmentation is important for analyzing
the sub-segments of the present customer and their needs. The company has to understand the
demographic and psychographic factors for broadening the customer base (Liu et al., 2019). The
company should be focusing on the undifferentiated marketing strategy in order to attract the
customer’s globally. However, XYZ should consider the domestic consumer base while making
the marketing strategy. Since the nature of the product it sells is garments, it is to be divided into
multiple segments based on the age to identify the maximum consumer segment wise. The
company is required to conduct assessment under this four heads: geographic, demographic,
behavioural and psychographic segmentation to find out what suits the interest better (Liu et al.,
2019).

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Supply chain management, distribution and logistics
There are normally four types of distribution and logistics for one company. Traditional
or the direct sales method, brokers and distributors, retailers and e-commerce (Christopher
2016). Considering the fact that the company has expertise in garments of all types, it should
rethink its earlier sources of marketing like direct sales through outlets and transform it into
online e-commerce. This will help the company two ways. It is beneficial for increasing the
marketing share without really installing new infrastructure and reduces the overall cost
(Christopher 2016).
To reduce the cost and enhance the market share are a challenging task, hence it is
important for the company to reduce the cost at the lower level. XYZ has to ensure that their
supply chain management is efficient and less burdensome (Choudhury 2015). It should adopt
the supply chain management of the big companies like Walmart and implement similar
strategies. For example, provided that the company sells garments, it should focus on the
procurement from the local vendors and establish partnership with them. It should manage the
procurement of wool, cotton and materials used from the local manufacturers (Christopher
2016). This will not only reduce the cost of transportation for the company, it will ensure
employment and source of earning for the local cotton manufacturers.Moroever, establishing
cordial relationship with the vendors and take few warehouses on lease can be a good option for
broadening the consumer base by reducing the cost.
Quality management ideas
For ensuring quality of the products, XYZ should focus on “quality calibration session”
that will help the company to have a fairer quality management by providing an overall
assessment of the present quality issues and the measure to improve them in future (Heding et

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al., 2015). This company should also focus in creating a scorecard based on the market analysis
of the other garment companies to understand their lack in quality assurance and drive a positive
mindset towards ensuring better quality products.
Product management idea
This is the process where it starts with making a product vision, a definite strategy and
the roadmap to implement the management ideas (Mol et al., 2017). For XYZ, it is advisable to
develop a vision for the next year’s target consumers, new launches and their pricing. This has to
be accompanied by the developing a strategy for step by step implementation. In case the
company is restricted to the traditional modes of sell in the market, the company should look for
the available alternative like launching the garments online and restricting few categories only
for the retail shop sells (Mol et al., 2017). This will help them to attract more customers and
develop trust in the brand.
Conclusion
Companies at the national and international market are required to consider their
marketing strategies time to time. It is important to consider new strategies that will help in
developing the market base and reduce the overall cost. Hence, it is the duty of the directors and
managers of the company to reconsider their strategies for better outcome. This proposal was an
attempt to suggest the same for the company, XYZ. This will serve the purpose of suggesting the
board of directors of the company to reconsider their marketing strategies and develop new
strategies for ensuring greater market share.

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References
Choudhury, M., & Saura, B. (2015). New Product Development Stratgy.
Christopher, M. (2016). Logistics & supply chain management. Pearson UK.
Heding, T., Knudtzen, C. F., & Bjerre, M. (2015). Brand management: Research, theory and
practice. Routledge.
Liu, J., Liao, X., Huang, W., & Liao, X. (2019). Market segmentation: A multiple criteria
approach combining preference analysis and segmentation decision. Omega, 83, 1-13.
Mol, M. J., Foss, N. J., & Birkinshaw, J. (2017). The System of Management Ideas: Origins,
Microfoundations, and Dynamics.