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If you would provide a 5-6 page on Groupon, applying the principles of marketing - Research Paper Example

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Groupon: Andrew Mason launched Groupon in November 2008 and since then, it has been growing rapidly. It is an online company which operates on the internet. It is basically a website that offers coupons for various products and services on a daily basis e.g…
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If you would provide a 5-6 page paper on Groupon, applying the principles of marketing
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If you would provide a 5-6 page on Groupon, applying the principles of marketing

Download file to see previous pages... The company offers a bundle of coupons with a target in mind; the target being a certain number of people willing to avail the particular product or service. If that target is reached, then that product/service is made available to the consumers, otherwise it’s not. The retailers treat these coupons as sales promotion or quantity discounts. The consumers pay for their purchase (coupon for a particular commodity or facility) to Groupon and it then splits the money charged with the retailer who provides that particular product or service to the consumers. Marketing and the Marketing process: The process of controlling and managing cost-effective and advantageous consumer associations is known as marketing. This process has two broad objectives which are: firstly to maintain and positively develop relationship with existing customers by ensuring customer satisfaction and secondly, to draw fresh clients with the help of a unique selling point that gives them an edge over their competitors and the fresh clients recognize and cash this niche. The key to successful product marketing lies in the market understanding of the marketer, who should know the market trends as to what the consumers want or need, and then develops the product or service, keeping in mind the consumer`s desires which live up to their name and expectations. Then, the product or services must be priced in such a way that it is within the purchasing power of the target market, and its distribution and promotion should be such that the target market has easy access to it and its promoted in a way that it occupies the right place in the minds of the consumers. If all these steps are followed correctly and effectively then it ensures the success of the product or service. (Kotler and Armstrong 4-5) Groupon primarily focuses on major geographical locations where people have easy access to the internet; are literate, and there are successful companies operating in those areas who can offer the products and services and then, it approaches those companies with its offers and from there on, their marketing process proceeds accordingly. The company is following the marketing process very well. It analyses the major geographical locations to gain knowledge about the needs and wants of the customers of that particular location. It then approaches those companies who are willing to and can fulfil the wants and needs of the consumers’ while in step with the bundle coupon offering of Groupon. Next, they design a customer-driven marketing strategy by defining their target market and the best possible way to approach and serve their target market. Currently, their target market primarily comprises of youthful, cultured, and literate female clientele, since at present, the products and services they offer comprise mostly of fitness and beauty products and services. To approach their target market, they have come up with the unique and innovative concept of offering coupons (which offer a discount) on their website, and this is also their unique selling point and the quality that gives them an edge over competitors. Then with the aid of the marketing mix, the company prepares and integrated marketing plan and program so as to successfully deliver the promised value to its customers. Next comes the most important step in the marketing process, which is building customer relationships, and the company does so by fulfilling its promises and ...Download file to see next pagesRead More
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