Developing Market Strategies
This essay includes the marketing strategies involved in the positioning of a Flat Panel Plasma TV, along with the marketing mix that is used to attract and satisfy the target market through market segmentation for this product. Developing Market Strategies Marketing is process in which companies plan and executes the conception, pricing, promotion, and distribution of ideas, goods, services that satisfy individual and organizational objectives(Pride & Ferrell,2007). Based on the definition stated above it can be said that marketing calls for the promotion of products using specific strategies.
These strategies help in creating awareness for the customer as to what qualities the marketer’s product has to offer with the aim of providing greater customer satisfaction than its competitors. The distinctive quality of a product, also known as the USP (Unique Selling Proposition), is a conventional marketing concept that differentiates a product from other similar products and supports the reasons for which the product gains a distinguished value for its customer.
Talking about the strategies involved, prior to the effective use of the marketing mix (4Ps), the conduct of marketing research is of great significance. This enables the marketer to understand the customer’s perception, locate its target market and carry out a SWOT analysis for achieving a better position when placing the product into the market. Likewise, in order to develop a marketing strategy for a Flat Panel Plasma TV, apart from the marketing research that has to be performed, establishing a marketing budget for all the finances involved is essential.
This will include the total cost of advertising, packaging and the salaries/commission of sales people etc( Kerin, Hartley & Rudelius, 2008). Apart from this, the markets that are to be targeted are divided into segments; the process known as market segmentation. This allows a group of customers to fall into a certain category depending on their similarity in the way they buy, value, or perceive a product. There are four standard ways of segmenting a market: demographic, psychographic, geographic, and product usage.
The target market for this product is definitely the elite class with high income and lavish lifestyles (demographic and psychographic segmentation), who are willing to spend a large sum of money on a TV set. For this product, i. e. a Flat Panel Plasma TV, the marketer needs to know what exactly is appealing to the consumer. In this case, it is either the size of the TV or the thinness that it has. But the question is, “why should the consumer buy your product?
” Here, the marketer has to get into consumer psychology in order to understand consumer behavior. (Ashmore, n. d. ) Now, this is the key area where a marketer’s creative side comes into play. The marketer thus uses the marketing mix to cater to the target markets. The product should have a USP that makes it stand out, the place should be such that it is easily reachable, the pricing should be carefully thought of and the promotional activities should be effective.
For a Flat Panel Plasma TV, Ultra-thinness and high resolution is its USP; the place of availability would be the brand outlet, the pricing a little high than the relative pricing for the same product, the reason being the fact that it offers superior quality than its competitors. Lastly, the promotional activities besides ATL advertising should also involve BTL advertising. For e. g, distributing coupons and placing the Plasma TV in shopping malls by providing comfortable chairs and headphones to provide the maximum experience of what the product has to offer.
Therefore, it is a marketer’s utmost responsibility to come up with a strategy in line with the marketing mix and to use it effectively for the satisfaction of its target customers.
Ashmore, E(n. d. ) Business Operations: Components Of a Marketing Strategy. Retrieved on November 24, 2008 from http://calgary. foundlocally. com/GenBusiness/Marketing-ComponentsOfMarketingStrategy. htm Kerin, R. , Hartley, S. & Rudelius, W. ( 2008) Marketing. McGraw-Hill/Irwin Pride, W. M. & Ferrell, O. C. (2007)Marketing. South-Western College Pub