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Marketing tools - Essay Example

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MARKETING TOOLS by name University name Introduction This marketing plan/tool focuses on an inventor’s product/brand’s micro and competitive environment through the use of PESTEL and SWOT analysis of the businesses…
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Marketing tools
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Marketing tools

In this regard, the analysis focuses on a wireless mini Hair dryer market, competitive environment and the costs involved. This can only be achieved by continuous surveys of the product competitors’ actions in this market. Under an inventor’s strategic marketing plan/approach, it will continuously monitor potential benefits/opportunities offered by the new line of products/a wireless mini Hair dryer to ascertain its financial viability ((Errigo & Zempol 2011, p. 64). Ansoff’s Model In order to meet the above objectives, Knowledge Store can use the Ansoff’s matrix / model to make decisions regarding a wireless mini hair dryer marketing growth strategy. It will used to ascertain strategic priorities regarding the launch of this new product line to attract more customers, expand the existing market share and to increase sales revenue earnings (Errigo & Zempol 2011, p. 72). It helps in creating a logical platform on which the above objectives are developed, following different mix categories shown in the diagram below. Fig. 1.0: Ansoff’s Model Moreover, Ansoff’s matrix is employed to determine a wireless mini hair dryer marketing strategies that will help in meeting the objectives of increasing the customer base and market share. This will be facilitated by the use of internet services, which reach more customers segments in different geographic markets across the globe. SWOT Analysis of an inventor’s company An inventor SWOT can be analyzed in terms of strengths, weaknesses, opportunities, and threats, as outlined in the following table. STRENGTHS 1. A company operates many stores across the globe, thus present in the global market. 2. Strong control over its distribution channels. 3. An inventor’s product has a strong brand identity/name. 4. Its diversification strategy has larger brands portfolio. 5. Expansive market product line. WEAKNESSES 1. Weak financial health caused by higher debts and decline in profitability margin. 2. Unstable management caused by family conflicts of interest. 3. Weaker brands portfolio from some items sold by an inventor. 4. Limited target customers, especially the professionals. 5. The prices of an inventor product are relatively higher. OPPORTUNITIES 1. An inventor has a higher market growth potential in other areas, especially in the UK and USA. 2. A company is capable of consolidating other brands for the establishment of a stronger competitive advantage in various segments. 3. Presence of e-marketing/e-commerce makes it possible for an inventor to carry out online transactions. 4. Presence of multi-media technology developments for marketing/advertising. THREATS 1. A company currently faces stiffer competition from other market players in a company, which are companies that offer medium brands that are capable of advancing towards the premium brands such. 2. An inventor is facing the threat of takeover that is likely to affect its capital ownership in a company. 3. Presence of both local political shakeups and economic slowdown. 4. Fake company’s products. PESTEL Analysis of an inventor’s company/business There are various factors that would affect the decision making processes. The PESTEL analysis technique has been used in an effort to analyze some of these factors. The PESTEL model usually covers the political, economic, social, technological, legal and environmental factors that are likely to influence the decision maki ... Read More
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