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marketing tools - Essay Example
Pages 10 (2510 words)
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…
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. ...
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