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Marketing principles and applications - Essay Example

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Company G – Marketing Plan Company G – Marketing Plan A.  Product Support of Mission Statement 1.  Explain how the small appliance you have selected supports Company G’s mission statement provided in the introduction. The small appliance chosen is a coffee maker…
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Marketing principles and applications
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Marketing principles and applications

In fact, a consumer can use the appliance even without reading the instructions leaflet. In opposition with other appliances of the same characteristics the particular coffee maker offers to the consumer the impression of being involved in a unique experience: a series of color icons, showing cups of coffee of different size, helps the user to decide the type of coffee preferred. Then, icons showing spoons full of sugar and coffee help the user to decide on the amount of coffee and sugar that should be used for the type of coffee chosen. Finally, an icon with cup of milk is used for showing to the user his potential to choose a cup of coffee with milk. Particular emphasis has been also given to the components of the appliance. High quality materials have been used ensuring that the flavor of the coffee is strong. In the context of the issues discussed above, the appliance chosen fully supports the firm’s mission statement, which focuses on quality, convenience and innovation, as described in the introduction section. 2.  Classify Company G’s products using the three-way consumer product classification system. The three-way Consumer Product Classification system is based on the following rule: products can be classified in three categories according to specific characteristics. Reference is made particularly to ‘convenience, shopping and specialty goods’ (Boone & Kurtz, 2012, p.352). The particular system is quite helpful for the development of effective marketing strategies (Boone & Kurtz, 2012, p.352). However, the system is also related to an important weakness: consumer preferences worldwide are not standardized (Ferrell & Hartline, 2010). In fact, differences can be identified in consumer trends even within the same market and in regard to the same product. For example, the performance of a product can be changed within the same market under the impact of severe turbulences in the global market (Ferrell & Hartline, 2010). In general convenience products are those that are highly popular, at least more than shopping products which are not necessarily incorporated in consumers’ daily shopping (Boone & Kurtz, 2012). Moreover, specialty goods are goods of specific characteristics and, usually, of high price (Boone & Kurtz, 2012). Using the above classification system Company G’s products could be classified by referring to three categories: convenience, shopping and specialty goods. It should be noted that the Table refers only to the firm’s small appliances and not to all its products. The consumer factors involved in the classification process are presented in the first column. In the three other columns the relevance of the firm’s products to each product category is analyzed. A rounded rectangle is used for showing the product category to which the firm’s products are nearer; the blue color indicates a high relevance, the green color is used for showing an average relevance while the red color shows the lack of any relevance. Consumer factor (Boone & Kurtz, 2012, p.352) Convenience products Shopping products Specialty products Time spent on identifying the firm’s products The firm’s products cannot be chosen instantly Thought is required before buying the firm’s products The decision-making process in regard to the purchase of the firm’s products may takes a lot of time Location of the firm’s products The firm’s products are not available in all retail stores The firm’ ... Read More
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