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Marketing Principle - Assignment Example


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Marketing Principle

45). The macro environment of the company is composed of the economic forces which have massive impact on the performance of the business. However, the performance of Tip Top accessories is limited to a geographical location and the target market is based on the geographical segregation, which has ensured success of the organization. However, the company has not experienced expansion because of the limited focus and vision. Technological changes in the society do not affect the company because its products are simple, which has ensured success of the organization (Crawford, 2000, p. 112). The politics of the country cannot affect the business because of the relative stability associated with the country. The macro and micro business environment has been stable in the country, which improves the success of the company. The performance of the company has been based on geographical segregation and local demand which may not be viable for long term success. Market segmentation The current performance of the business is based on focusing on the loyal customers and developing the necessary brand resonance with a small group of people. The strategy has limited the scope of the company significantly which is evident by its performance. The segmentation of the market is currently poor and does not offer a platform for diversification (Beri, 2007, p. 65). In fact, the success of the company cannot be maintained over the years based on the segmentation. The best segmentation for the business should

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include geographical segmentation which will lead to the development of a pricing strategy that improves the performance of the business (Crawford, 2000, p. 78). Geographical segmentation can employ the use of financial abilities and location of the customers. Customers from posh areas may be forced to pay more because they are able to while the customers from a location with low income earners may have affordable pricing. The segmentation based on the economic levels is one of the most successful approaches applied by local businesses. Geographical and economic level segmentation will improve the revenue and increase product visibility. Factors that influence choice of strategy The choice of strategy is influenced by several factors including the targeted market. The market for Tip top includes the elderly, which may affect the platform of communication. The younger generation can be accessed easily by use of social media platform (Kotler and Keller, 2007, p. 56). The target market will influence the marketing and promotion strategy. For instance, venturing into new market will need the development of penetrative marketing strategy with the focus being on the improvement of product visibility. For Tip Top Accessories, the penetration of the products can be improved by developing a penetrative market strategy. The strategy will improve the revenue and encourage development of product diversity. The vision and focus of the business will also affect the marketing and production strategy. In order to achieve success, the marketing manager must develop a strategy that will encourage the development of a brand and product quality. Effect of buying behavior The buying behavior comprises of internal and external factors that influence or explain reasons why consumers buy and use certain product and services. The


Tip Top Accessories By (Your Name) Presented to (Instructor/Tutor) (Course/Subject) (Institution/University) (City, State) (Date) Business environment The micro environment for the business has been controlled by the family over the years and includes factors that originate from the suppliers, customers, creditors, competitors and shareholders…
Author : america63
Marketing Principle
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