MRKT11029 Marketing Fundamentals: Print Pen Launch Strategy Report

This report provides a comprehensive analysis of the marketing strategies for the Print Pen, a new product designed to print on various surfaces. It begins by outlining three key marketing objectives: building brand awareness, increasing sales, and achieving customer satisfaction. The report then delves into the STP (Segmentation, Targeting, and Positioning) process, identifying target customers as students and office-going individuals, and positioning the pen as easy to use and handwriting-enhancing. The marketing strategy focuses on competitive pricing using a price-skimming approach, along with promotional strategies including online marketing, social media, and direct marketing to schools and universities. The report also examines ethical issues related to consumer rights and privacy. The assignment also includes information about the product's market environment, consumer behavior, and the impact of macro-environmental factors.

Marketing Fundamentals

Slide 1: Title

Marketing objectives are essential for the overall process of the product and its organization. The
product Print pen has three important marketing strategies which are to build proper brand
awareness among customers so they attract the product and analyze the working process of the
print pen. The other most important marketing objective relates to the increase of sales which is
an essential objective of any product and organization. It is important to increase the sales of
print pens (Clow, 2016). This objective can be achieved by using different strategies to attract
customers. The third strategy of this product is to achieve customer satisfaction so that the
overall marketing strategies of the product gets improved (Groe, et al., 2009). Customer
satisfaction is essential for any product or organization and it increases the overall concept of the
organization.

The market segmentation, targeted customers and positioning are important processes in the
marketing of the product Print pen. Market segmentation is the process of dividing a market of
potential customers into groups or segments. The pen is used for different purposes as it is used
as per the age and the working process of people (Hellwig, et al., 2015). The segmentation of this
product relates with age and work. The analysis of targeted customers is essential for the overall
process of marketing. In the targeted consumers, the specific group of customers focuses on the
advertisements of the company (LIU, et al., 2015). The marketing process becomes easier by
identifying the targeted consumers so for the product Print pen the targeted customers are
students and the office going people. The positioning of this product is that it is easy to use and
improves the handwriting of the students. This process is used to impact the perception of
customers. This strategy helps the company and product in attaining the competitive advantage
and affects the competitors of the company. The positioning strategy improves the overall
process of the product and improves growth.

The marketing strategy of the Print pen product is to put their prices related to their competitive
prices so that a certain amount of profit can be attained. The product print pen has adopted the
Price Skimming strategy in which they have charged the initial price which the customers of
Australia can pay. When the customers get satisfied with the product and the demand will
increase, the firm will attract the other customers by lowering the prices. With the help of the
Price Skimming strategy, the product print pen can recover their cost of development and can
earn high profitability in the later period. The high percentage of the profit can be attained by the
distributors as it follows the vertical supply chain.

The company wants to raise its sales and generates brand loyalty in the market which can be
done through the promotion strategy only. The company uses several ways of advertising their
products such as they have used online marketing and other ways too (BAČÍK, et al., 2014).
Nowadays the most popular way to reach customers is social media sites such as Facebook,
Instagram, Twitter, etc. to promote the products. To promote product sales promotion, direct
marketing and even public relations have also maintained so that print Pen can be promoted.
Direct marketing strategy is also done by the company by going to universities and schools to
promote such products. The Email marketing Sequences has also used by the company to
promote the products as it helps in building the relationship with the customers.

The marketing process included ethics that affect the overall process of the business and affect
the marketing aspects of the product Print Pen. The first ethical issue that arises in the marketing
aspects relates to the right to be informed. This right relates to the customers who have the right
to get the information related to the product such as the details through which is made and its
uses. The consumer's privacy is a broad concept as per the marketing issues as companies need
to acquire the information of customers. The companies need to maintain the legal process in the
collection of data otherwise several legal issues occur in the promotion product process.