Thus, the purpose of this paper is to analyse the practice and role of marketing in Cornflower business. In addition to that, the paper will provide an overview of the principal practices and concepts of marketing. Understanding the Concept and Process of Marketing There are two principal marketing concepts. These are such as the application and value of segmentation and product development and design process concept. Segmentation as a concept is vital for Cornflower Company as it aids in categorizing the market into various segments depending on various factors such as gender, age and ethnic backgrounds. However, some physical attributes can also be used including geographical location, hair colour, weight and eyesight (Salaimeh 2008, p.455). Despite the usefulness of the above named segments, it is argued that they are too general. As such, Cornflower Company should narrow down and identify their target market. The effective way for Cornflower to identify its target market is through the utilization of socio-economics as a segmentation strategy. In that case, it should base its focus on income, occupation, and education status of the population in which its stores are located. In addition to socio-economics, it can also apply stages of consumer cycles such as children position and marital status. All these objective strategies can be brought together through a Classification of Residential Neighbourhoods (ACORN) (Salaimeh 2008, p.456). Similarly to objective strategies, Cornflower Company can also apply subjective strategies. Subjective strategies are such as personality inventories. Personality inventories such as lifestyle inventories are effective in grouping consumers with similar traits whilst personal values helps in identifying individuals with fair commercial products (Mintzberg et al 1998, p.405). Product Development Process This is a process that is fairly simplified and it focuses on the product development stages. During this process, the stakeholders and managers of Cornflower Company evaluates the products evaluation stage where numerous ideas can be rejected. After the initial evaluation, the process moves to the next stage that is more detailed and complex. This stage encompasses engineering process that entails evaluation and design of the process before final production. Evaluation is a continuous process and is applied at various stages of the product to ensure that the product produced is viable commercially and able to increase the company’s profit as well as satisfy the consumers (Kotler, 2003, p. 415). The initial stages are for benchmarking where data collection is done. The data collected helps in identifying the need in the market so that the new product developed can suitable satisfy the need. The data collected lays the foundation for the design and development of the new product where focus is on the product quality levels and characteristics required by the end users (Donna et al. 2010, p.856). Benefits and Costs of Adopting the Above marketing concepts Segmentation has both indirect and direct benefits for Cornflower Company. Through categorizing consumers’ dependant on distinct attributes helps in identifying the purchasing decisions made by consumers. For instance, aromatherapy products and
UNDERSTANDING THE CONCEPTS AND PROCESS OF MARKETING AND EXPLORING THE CONCEPTS OF SEGMENTATION, TARGETING AND POSITIONING Institution’s name: Introduction Cornflower Blue is a company that specializes in the production and distribution of products such as body care products that are herbal oriented, herbal remedies, aromatherapy products and culinary products that constitutes of honey, tea and chutney…
The above study signifies the importance of having a proper strategy of marketing in an international market such as Brazilian market with the best suited entry methods. It also focuses on the other factors that need to be taken care of and those that contributes towards the successful launch of the brand in the new market. The complete process has been planned after performing strategic management tools such as PESTEL analysis and SWOT analysis. The cultural factors have also been taken into consideration.
Furthermore, in the highly dynamic business environment, marketing strategy is considered to be a crucial determinant for attaining competitive advantage and for gaining profitability with the aim of surviving at the marketplace.
Therefore, it needs to be given optimum priority while planning for the marketing strategies. Furthermore, positioning is an art and a science that provide key to win the customers’ loyalty and retain their confidence. Usually, products are positioned based on the needs and the wants they often fulfill, or on the benefits they provide to the respective customers.
Therefore RCBS has hired Ad-Mark Marketing Solutions to increase the level of participation in the blood donation camps. Hence as a senior marketing consultant is important to analyze the whole consumer decision making process when it comes to blood donation; it is also equally important to analyze the various demographic, social and psychological factors that affect the attitude and behaviour of individuals when it comes to the donation of blood.
and J International Ltd. popularly known as Clarks Company is an international shoe company based in Britain with the company registering significant sales in shoes as at 2010. Clarks has also grown in terms of product innovation to establish new generation active footwear from the old manufacture of professional boots.
As we know that global car industry is passing through rapid change and lots of external (macro) factors as well as internal (micro) factors affecting the overall industry. Similarly we will chose two players (incumbent firms) to analyze that how their strategies so far make them successful and in near future how they are going to change/modify their strategies to remain competitive in the market.
ed on the basis of their needs which are to be potentially met by the company, the process is known as market segmentation which is undertaken with due consideration of a number of dependent as well as independent variables (OUP). Products cannot be customized according to
The company targets both local and international customers from various parts of the world. To meet the international standard, the company has fully embraced the technological advancements to meet customer needs (McDonald, 2007).