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Marketing Strategies - Case Study Example
Pages 12 (3012 words)
This report analyzes and documents a part of the marketing plan of LAP breakfast alternative drink It begins with a background of LAP and goes on to establish a target market for it. This is followed by setting out objectives for the product and finally identifying the 4Ps of marketing for it with explanation and ideas.
Factors identified that can affect the marketing strategy of the firm include; the marketing environment which includes everything from lifestyle changes to consumer education and the economic environment. Other than that the demographic environment with a special consideration to those who are interested in convenience eating , the cultural, natural, technological and political environment all play a key role in shaping the marketing strategy of this firm.
The target market is an important consideration for any firm selling whichever product. A target market is the group of people for which a certain product is intended. It could be an age group for example products targeted for children such as Nesquik- a milkshake, a social class such as products targeted for the rich and status conscious like Rolex watches and a particular gender like Maybelline- it is a cosmetic targeted at women only. Other factors can also be brought into the picture and often integrated with other variables to form a target profile of the consumer. It is essential that the right target market is targeted so as to achieve the relevant objectives. If the right target market is not targeted any amount of promotional effort will not achieve marketing objectives and all efforts will go to waste.
The target group for the product includes people who are health conscious and who are able and willing to invest ...
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