The Concept of Different Product and Service - Essay Example

?Case Study Analysis (A REPORT) (RESIT) Contents Executive Summary 3 Contents 3 Part 3 Part 2 7 Bibliography 12 Executive Summary The paper focuseson presenting a report based on two sets. The first set focuses on discussing the concepts of market segmentation in respect of three case studies. It also discusses the concept of different product and service offerings by different supplier groups along the supply chain domain. The second set however focuses more on the concept of branding. It tends to evaluate and compare the use of the concept of branding in respect of four other cases other than those discussed in the previous section. Thus the report in question analyses the marketing theories and concepts and draws practical insights from different cases relating to such concepts. Contents Part 1 The entire market for a product or service of a company is segmented on the basis of customers that reflect the same type of needs and attributes in regards to certain product or service offerings. Such sub-divisions rendered in regards to the consumer groups helps the marketer to strategise the level of product and service offerings and also decide on separate marketing mixes to help attract the mindsets of the different consumer profiles to the product or service offerings. The importance of dividing the total market into a number of segments arises from the fact that it helps the marketers to increase the level of focus on these segments and tailor make the product and service offerings to meet the specific demands of the consumer groups concerned. Further the market segments formed in order to fulfil the targets of the marketer must firstly be considerably large enough to reflect the impact of the different marketing mixes used by marketers. Further each of the different consumer segments must be as such as would be distinctly identifiable from the other consumer segments. These specific segments other than their different attributes must be distinctly measurable based on geographical barriers. Again the elements of the consumer segments must be as such as would be potentially accessible by the marketers conducting the marketing research. Finally each of the different consumer segments must reflect different responses to the different types of marketing mixes designed to lure the consumer bases. Segmentation of the entire consumer market can be done based on different geographical territories pertaining to consumer’s residences. Again segmentation of the consumer groups can be conducted on the basis of demographics based on age, gender, income groups and other such parameters. Further the other basis on which segmentation is rendered is based on the motives of the individual in pursuing such products and also on the expectations of the consumers pertaining to the benefits received from the products (Lamb, Fair and McDaniel, p.206-209, 212-215). Suppliers also tend to segment the total market based on consumer or business categories. The supplier bodies tend to divide the entire market based on consumer and industrial products and services and thereby tend to eke out separate marketing channels for such purpose. Again the suppliers also tend to focus on division of the market groups depending on the value they would render in regards to their business operations. Another customer segmentation category used by suppliers in this account reflects on understanding of the future potential of the business groups in the future. Finally the suppliers also tend to figure out the propensity of the business firms to shift from one vendor to the other. This categorisation of the entire market helps the suppliers to devise separate strategies to counter the different challenges that may occur (Buttle, 2007, p.127-128). Moreover the suppliers of goods and services also tend to satisfy certain marketing concepts while delivering their service offerings to a large range of customers. Firstly the suppliers need to monitor the logistics functions to deliver the right products and services to the required customer groups at the perfect time thereby satisfying their needs. Secondly the suppliers also need to ensure that cost of reaching the final goods and services to consumers must be reduced. Suppliers in the third case must ensure the effectiveness of the supply chain activities and must enhance the management of the same to create value addition of the services offered to the end consumers. Fourthly the suppliers like the retailers must also ensure that minimum balance quantity of goods are maintained in the warehouse to meet consumer’s demands. Fifthly the suppliers through the gaining of potential information from the external marketplace pertaining to data sharing activities of the electronic plane happen to satisfy the needs of the consumers in an enhanced fashion. Finally the suppliers need to effectively manage the inventories of the firm and work on concepts like just-in-time to satisfy the needs of the consumers in times of need (Armstrong and Kotler, 2005, p.98-99). The offerings of the different suppliers are generally evaluated based on four prime factors which can be enumerated as follows. Firstly the suppliers are evaluated based on the process through which the suppliers tend to purchase the goods to be delivered. Secondly the quality of the products delivered by the suppliers is also evaluated before commencing the relationship with them. In the third case the supply chain functions of the supplying community is evaluated in terms of reduced cost and time. Moreover the technology applied in regards to supply chain management functions are also evaluated based on quick and effective supplies of the products to the end consumers. The commitment level of the suppliers is also evaluated to understand their potential of making the right amount of deliveries at the right time (Cetinkaya et. al., 2011, p.236). Case of Paul Smith In regards to the above discussion the case of Paul Smith can be effectively analysed. It is found that Paul Smith a seller of T-Shirts is facing a problem while targeting the specific market segment consisting of young customers. The seller in order to gain a larger market endeavoured to emboss his own print on the tee shirts and thus focused to enhance the brand image. To catch the attention of the target market Paul Smith further focused on moving over to Guilfest so that the attention of the festive crowd can be attained (Lecture 2, n.d.). Case of JuJu Again the case of JuJu shop shows that the quality of product and service offerings is not enough to satisfy the needs of the target market. The customer segment which the retail shop targets is mainly constituted by children and women. The reason for the increasing dissatisfaction in the customer segments owes to the poor quality of the products sold and also in regards to the poor store layouts of the different units. Moreover the customers are also not happy with price charged upon the products sold. Supply factors also showed that the right quality and quantity of the products are not available in the store to meet consumer demands. Thus to effectively meet the needs of the consumer segment the retail body was required to make a market survey of competitor outlets and the quality and prices demanded by the targeted consumers. Moreover a visit to other outlets helped the owners of JuJu understand the need for colours and organised styles to help attract the consumers (Lecture 3, n.d.). Case of NBS-Hydropool In the third case relating to NBS-Hydropool the contests between five contestants Gavin, Jonathan, Anna Marie, Thea and Danny over selling of hot tubes to the customers it is found that owing to the faulty recognition of the needs of the target market contestants like Gavin failed repeatedly to make a stand. These people need to divide the total market based on the psychographic and demographic segmentation sets to better understand the psychology and buying potential of the consumers in the total market. Thus Anna Marie through her better communication tools focused on gaining more number of effective consumers than the others and hence helped to gain the maximum. To fulfil the double target the contestants hence must increasingly focus in understanding the needs of the customers and thereby setting the sales and marketing mixes to help gain the maximum profitability from the identified consumer segments. Further the contestants are also required to design effective pricing strategies to help gain the attention of the right consumer profile. Thus Anna Marie who earned the effectiveness of acquiring the high profile consumers also became able to sell one of the high priced items to them and thereby gain the maximum (Lecture 5, n.d.). Part 2 The application of the concept of brands in business has helped the business organisations in effectively distinguishing the products and services produced by such in regards to its competitors. The application of the concept of branding in regards to business organisations can also be observed as a genre to the variety of products and services produced by the business organisation. Business organisations can use a myriad number of options like logos, symbols, different names and designs either alone or in different combinations to help differentiate their products and services from their competitors. These options constitute the formation of the brand concept in regards to the business concerns. Further the use of the concept of brand also helps to familiarise and teach the consumers about the different attributes of the product and services to the different consumer groups. Thus the concept of branding can also be regarded as a bridge between the business organisation and the consumers. Again the concept of branding also acts as an intangible asset to the business organisation and thus accumulates value depending on the growth of market share and revenue potential of the business. Further the concept of branding helps the business organisation to enhance the focus over target groups that reflects significant amount of loyalty to the specific products and services falling under the brand category or towards the company in general (Salver, 2009, p.6-8). The application of the brand concept helps the companies to relate the story of the products and services to huge customer bases spread around the world. This medium of storytelling helps the companies the companies to popularise the name and attributes of the products and services produced. Moreover the branding activities relating to the different products and services also help the company in enhancing the loyalty factor of the customers to such. Consumers are found keen on gaining association to the products and services of certain brands as compared to other such commodities and services in the marketplace. This helps the company in gaining an enhanced market share and also helps the companies to augment their sales revenues. Branding concept earns relation to both the names of the company as well as distinctly highlighting some specific products and services. Branded products and services thus not only gain a larger market share than other products and services but also surpass the corporate brand identities (Fog, Budtz, Yakaboylu, 2005, p.48-50). The above discussion would be analysed in regards to four cases to understand the application of the brand concept. These cases would help to bring about effective comparison and evaluation of the usage of the brand concept in the four different cases. Case of Denkit The case of Denkit shows how the market for an initial product was created through the help of entrepreneurial mindset. This case shows how eight people ventured in the toy market for children and with the help of specialists working in different directions like choosing the merchandise, designing, packaging and other functions pertaining to business consulting were able to help them to gain effective market for the products produced. The product that was chosen belonged to the toy segment for kids and potential activity was rendered to enhance the designing and packaging activities to help create a separate brand dimension for the same among other toys already existing in the market. Moreover the brand image of the product is better enhanced by working effectively to enhance the supply chain activities to help in generating further accessibility of the consumers to such. Thus the team is found to work closely with the vendor and retailer groups along with the production, designing and packaging team to help reduce the price of the same and enhance the aspect of accessibility. This fact would thereby help in creating large amount of brand association and loyalty factor among the customers towards the product in the retail market for toys (Lecture 1, n.d.). Case of Hovis and KitKat The case of Hovis and KiKat also reflect the enhancement of the brands for the products to help the company gain a large amount of potential sales and market revenues. Hovis is a bread product the brand factor of which was considerably enhanced by advertisements reflecting the care of mother to their kids. Moreover the company producing Hovis also focused in involving several celebrities in the advertisement of Hovis across visual media. These activities were conducted by the company to increase considerable amount of association of the brand to the extended consumer base. Focusing on enhancement of the brand association of Hovis in regards to the consumer base helped the bread company to gain potential sales and marketing revenues. Moreover creating adequate storylines using comedy and celebrity performances helped the brand to sustain an enhanced marketing image to counter potential competition rendered by its competitors (Lecture 4, n.d.). Again in respect of KitKat it is found that to enhance the concept of branding the FMCG Company Nestle used separate and attractive packaging in regards to such products to help draw consumer attention to the same. Other than the process of attractive packaging the product manufactured by the company gave the consumers an additional feeling other than being only Cadbury products. The amount of biscuit component adhered to the same was increased to help the product satisfy the subject of its slogan signifying taking a break. The presence of the biscuit component helped the market for the same get enhanced as it helped create a separate brand image for the same (Lecture 4-a, n.d.). Case of 50 Cent The case of 50 Cent shows the effect of enhanced brand association that helps several companies using a particular celebrity or idol to help create an enhanced market for the products pertaining to different sectors. It is found that though 50 cent had been a drug dealer in his earlier days the person is viewed by his enthusiasts as one of the best contemporary singers. Thus a certain focus group of people consisting of teenagers are found to purchase anything and everything ranging from music videos, to clothing merchandises and accessories having the signature or emblem of 50 cent. Moreover luxury product companies like those dealing with marketing of champagnes are also found to use the emblem of 50 cent in that they feel that it enhances the classiness of the product. Interviews conducted among parents show that in spite of knowing the history of 50 cent they do not hesitate to buy their kids his songs sung mainly on things like drug and weapons. However other product companies were also found who had considerable fear of using such emblem as may hamper their market image. This case thereby reflects the event of brand association which the consumers develop owing to using certain images or symbols and how the companies generate considerable equity from it (Lecture 6, n.d.). Case of Chewing Gum War The case of chewing gum war shows the fight between two chewing gum brands Wrigley and Cadbury. The two brands are found to take resort to large number of advertisements to help promote the enhanced brand image of the products to large number of consumers in the United Kingdom market. Cadbury launched its chewing gum product in the name of Trident which had some medicinal properties helping in the reduction of tartars in teeth. Though Wrigley used the company name as the brand name yet Cadbury’s chewing gum is found to use a separate brand name like Trident. This helped the company to counter potential competition with Wrigley by producing products having huge number of assortments pertaining to different flavours which helped in gaining a larger market share in the chewing gum market of Wrigley (Lecture 7, n.d.). Bibliography Armstrong, G., and Kotler, P. Marketing. Delhi: Pearson Education India. Buttle, F. (2008). Customer Relationship Management. USA: Butterworth-Heinemann. Cetinkaya, B. et. al. (2011). Sustainable Supply Chain Management: Practical Ideas for Moving Towards Best Practice. United Kingdom: Springer. Fog, K., Budtz, C., and Yakaboylu, B. (2005). Storytelling: branding in practice. United Kingdom: Springer. George Mason University. (2007). Lamb, C., Hair, J., and McDniel, C. (2008). Essentials of Marketing. United States : Cengage Learning. Lecture 1. (No date). Denkit. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=3472%7C4q%7CqNPbetUL. (Accessed on July 21, 2011). Lecture 2. (No date). The trouble with T-Shirts. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=1117%7C4k%7CjCaFVfFU. (Accessed on July 21, 2011). Lecture 3. (No date). JUJU. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=1123%7C4h%7CGDh2Q77N. (Accessed on July 21, 2011). Lecture 4. (No date). Hovis and KitKat. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=1134%7C4j%7CJ0Mgk6uw. (Accessed on July 21, 2011). Lecture 4-a. (No date). KitKat. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=1135%7C4k%7CjCaFVhFS. (Accessed on July 21, 2011). Lecture 5. (No date). NBS-Hydropol. Available At: http://video-2.leedsmet.ac.uk/View.aspx?ID=3602. (Accessed on July 21, 2011). Lecture 6. (No date). 50 Cent. Available At: http://video-2/Asx/?mswmext=.asx&id=1137%7C4m%7ClZFSpgbr. (Accessed on July 21, 2011). Lecture 7. (No date). The chewing gum wars. Available At: http://video-2.leedsmet.ac.uk/Asx/?mswmext=.asx&id=1146%7C4m%7ClZFSphbq. (Accessed on July 21, 2011). Salver, J. (2009). Brand Management in the Hotel Industry and Its Potential for Achieving Customer Loyalty. Munich: GRIN Verlag. Read More