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. 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 ...
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Originally the company was founded in the year 1891 in Eindhoven by Gerard Philips and his father Frederick but later got shifted. Philips has its presence in more than 100 countries and it employs over 122,000 across the globe. The business line of the company includes healthcare, lighting and lifestyle segments.
Followed by selection of research approach is the selection of type of data required to be used and its sources accordingly. Research areas that have not been explored yet nor have a current research present require gathering of primary data which means retrieval of data from first-hand sources.
The company thus seeks to build a comprehensive marketing plan that speaks to the company’s fundamental objectives while at the same time targeting increased market exposure and sales. The ultimate objective is to build Consumeraffair into the premier producer and distributor consumer products.
A Critical Assessment of Marketing Analysis Tools Background Companies are often challenged externally or internally to examine their positioning in the given marketplace, business or industry. To complement this, a multitude of models and theories have been established (Koch, 2000).
Correspondingly, it can be viewed that the world is gradually moving towards the digital age. These technological transformations have resulted advertising agencies to face with numerous challenges. These challenges often generate inefficiency in client’s-agency relationship.
According to the paper communication starts right from the development of brand’s slogan and has never ending limits, when it comes to influencing consumer behavior in the favor of the brand. Marketers and researchers in the field of marketing communication has observed that marketing communication has stayed in the core functional area of businesses and proved to be as vital asset for the organization.
tisement, public relations and sales promotion that target achieving the objectives of creating a primary demand in the market; creating brand awareness; enhancing attitudes and influencing intentions of potential customers and facilitating purchase (Groucutt,
This research is being carried out to identify and determine what marketing tools are used to maintain the existing level of trust in already established and long-term relationship; investigate how brand image and additional marketing communication tools contribute to trust and credibility in the pre-relationship phase and the negotiation phases.
Over the past ten years, there has been a steady decline in the number of clients that the agency serves. In order for the Courier to be sustainable, there is much need to increase interest and awareness of the newspaper as well as to increase subscriptions. In order
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