Consumer and Market Analysis for Kick Covers - Essay Example

Type Here American Intercontinental Unit 2 Individual Project MKT640 – A Managerial Approach to Marketing Project Type: Unit 2 Individual Project Date of Submission Consumer and Market Analysis for Kick Covers Abstract This paper discusses the theory of need by Maslow and various consumer behavior stages. Additionally, it analyses how the marketer can use this to promote the purchase of their products. The product being promoted is ‘Kick cover’ which are shoe covers to protect shoes from damage. This paper analyses the marketing methods and how the company plans to deal with the competition. The paper also outlines the main competitors. Introduction For a product to be successful, the creators should understand the market in depth. Research should be carried out to find: out how much need is there for the product, and the ability of the consumers to purchase it. The creators of a product also have to ensure they communicate, in its entirety, the value of the product to the target consumer to boost sales. Maslow’s Theory of Needs and its Application to Marketing Maslow, a psychologist, studied human behavior and the various factors that motivated them. He proposed a model that classified the needs into five different groups. These groups were classified in order of which ones were most likely to be considered first. The hierarchy was such that an individual could not move to another level of need without satisfying the lower level ones. He grouped the needs as physiological needs, security and safety needs, love and belongingness, esteem and self-respect and self-actualization. The first four levels of needs are the most fundamental and are referred to as ‘deficiency needs’. One cannot move to the level of self-actualization without having satisfied the ‘deficiency needs’. Maslow came up with the term ‘metamotivation’ for those people who went past the level of basic needs. These needs could occur at any point in an individual’s life. Maslow recognized this and proposed the model as a general order. The lack satisfaction of these needs could lead to a person being anxious or tense depending on their urgency (Kelley, 2002). Marketers need to understand the various levels of needs in an individual, and ensure they strive to meet them. The first level is the physiological level which includes all those factors that are essential for human survival. These are water, air, food, shelter and clothing. Once these are satisfied, an individual graduates to the next level of needs which is security. The security can be personal, financial, health and well-being. Satisfaction of such needs can be achieved through certain products or personal ventures. Such needs show themselves as employment security which protects an individual from policies among others (Bhasin, 2011). The marketer should try as much as possible to make the consumer secure in acquiring the product. The consumer should be convinced of the product’s ability to fulfill the needs it was intended. Other than that, the marketer is tasked with the responsibility of ensuring the consumer gets value for their money. This is to say that the product should be of good quality and durable. This is a difficult task, especially in an open market that is full of competition and product alternatives. The marketer should make sure their product is better than the competitors’ so that they are not driven out of business. The third need is that of love and belonging. People usually look for groups in which they can feel loved and have a sense belonging. This comes after factors like security has been achieved. One can satisfy such a need through friendship, family and intimacy. These social groups may be small or big. Groups could be religious, between co-workers, sports teams or gangs among others. It is common to human to need to feel loved. The dissatisfaction of this need leads to an individual feeling lonely, being socially anxious or suffering from depression. When it comes to marketing, businesses are interested in creating a brand that the consumers feel the need to associate with. Marketers should package products with additional incentives such as gifts to make the customers want to associate with them. Esteem, is the fourth need in the hierarchy. This is a basic human need whereby individuals want to be valued by others. This drives people into various professions so that they can gain respect from their peers. Individuals may suffer from inferiority complex when this level is not satisfied. Marketers are responsible for packaging a product in a way that makes the consumer feel their esteem is improved. The product should make the buyer feel confident. The fifth and final level in the hierarchy is the self-actualization level. This is the hardest level to satisfy and only comes when all other levels have been satisfied. The individual has a great desire to be the best at something such as being the best manager. In marketing, the intention is create a product that is better than the competitors or package it in a way that is more attractive to the customer. There are some non-essential services that might only apply to individuals at certain levels of needs. Services like massage treatment, custom tailored clothes may be attractive to people at the third or higher level. These promote their esteem while the lower levels would be content with the basic necessities. Therefore, the marketing strategy employed for the higher levels will not necessarily work for the lower need levels. The Consumer Behavior Model The actions involved in acquiring goods and services as well as the process of decision making that follow constitute consumer behavior. There are about five stages of consumer behavior: awareness, search, evaluation of alternatives, purchase and after purchase behavior. The first stage is when the consumer first obtains information about the product or service. This can be through the mass media, internet, posters and billboards or even word of mouth among others (Pelau, 2011). The second stage is that of searching whereby, the consumer embarks on the task of finding out more about the product or service. The individual also tries to find the shop or location where they can obtain the product. The information is obtained from various media sources such as catalogs, mass media, search engines such as Google, sales representatives and visiting company sites. There are companies that have websites and pages on social media where they give information about a product and interact with customers (Mihart, 2012). After completing the search on a product, the consumer might find alternatives on where to obtain the desired product. The third stage involves them evaluating those alternatives to come up with one that best suits them. The comparison may be done independently or by involving other sources such as product reviews online or reference groups. Then follows the most crucial step, which is the purchase. This is dictated by several external factors such as promotions carried out by the producers, and the discounts offered among others. The buyer may be influenced by convenience, prices or free gifts depending on their tastes (Demirdjian & Senguder, 2004). When all that is achieved, and the customer has utilized the product, they can give their own review. The consumer may decide whether or not to use the product another time, recommend it to their friends or never use it again. The producer should expect feedback from the consumer in form of mail or email. The marketer should be keen on influencing the consumer at these stages to ensure they purchase their products. Marketing can be made more aggressive by having attractive but also informative websites. The consumer should have access to all the information about a product when they need it. The product should also be well advertised in all relevant media such as social media, radio, television and billboards depending on the market. The marketers should avail the product in as many stores as are necessary. The consumer would therefore be able to obtain the product or service with ease, boosting their confidence in the product. A team should be put in place to correspond with the customers who might have questions about the product. Product The product created is called ‘Kick covers’. This is a shoe cover that has been designed for all demographics. It protects the shoe from damage by water, abrasions and many other factors that reduce the life of your shoe. ‘Kick covers’ is disposable, clear, and impermeable to fluids and protects the wearer from skidding too. It is easy to use by simply attaching or slipping onto one’s shoe, to ensure the shoe remains dry and protected. Due to their clear nature, one should not be worried of it being spotted while strolling around town. There are two types of the product which can be produced and they are: the attachable covers that last for 5 days and the slip-ups that should be recycled after 2 days. The company is planning on rolling out the ‘Kick spray’ to be all over the world. This is a biodegradable hydraulic spray that is applied on the shoes. It is also invisible to the naked eye and lasts for 24 hours. Company’s Target Market The target market for this product is limitless but will mostly focus on the middle to low income earners. Those families with children, people who work in factories and other environments that expose shoes to abrasion. Shoes are a very expensive commodity and therefore the need to preserve their integrity is paramount. This product will improve the life of the ordinary worker’s shoe or that playful child by twice as much. Therefore, the child will grow up healthy and the worker will be more productive. The percentage of low income earners is higher than high income in most demographics. This vastness of this demographic led to its selection as our target market (factfinder2.census.gov). Due to the nature of the target market, the prices were set very low so that no one would be left out. The kick cover slip ups are the cheapest at $6.99, followed by the attachable at $9.99 and finally the kick cover spray on $12.99. All these products will be available at the supermarket, convenience stores, grocery stores and drug stores that are associated with the Johnson & Johnson brand with which the company is partnered (www.jnj.com). This has come as an advantage to the mass marketing strategy chosen for the kick cover product. Together with distribution, the company has gained TV advertisement time, radio, magazines and billboards. The product is marketed as an environmentally friendly option made from a Copenhagen enzyme based antifouling agent, as opposed to the perfluorooctanesulfonate. The latter is harmful to human health and was used by a company, Scotchguard, that has since been driven out of business (Sissell, 2001) Company’s Competition The main competitors to our product are mostly external that are making an almost similar product. There are companies based in India Such as Alibaba, Medicaux healthcare in America and Amkay products in India. The competitive edge kick covers have over the competitions is the pricing. While others start at $17.99, kick covers start at $7.99 (www.staples.com). Kick covers can also be worn all the time due to the fact that they are colorless and they last longer. The threat of other similar products or copy cats coming up is very real. For this reason, Kick covers shall be patented and trademarked to ensure the consumers are not dupes into buying counterfeits. Conclusion Kick covers show great promise as they have come at a time they are needed most. The harsh economic times have hit a lot of people; therefore any money saved is appreciated. Kick covers gives the consumer a way to ensure their shoes last longer and money is saved. References Partner with johnson&johnson. (n.d.). Retrieved from http://www.jnj.com/partners Sissell, K. (2001). 3M Defends ScotchguardPhaseout. Chemical Week, 163(15), 33. Description of How Marketers Can Use Maslows Hierarchy of Needs. (n.d.).Small Business. Retrieved April 16, 2014, from http://smallbusiness.chron.com/description-marketers- can-use-maslows-hierarchy-needs-39333.html Shoe Covers. (n.d.). Office Supplies, Printer Ink, Toner, Computers, Printers & Office Furniture. Retrieved April 16, 2014, from http://www.staples.com/Shoe-Covers/cat_CL168224 Kelley, P. (2002). Revisiting maslow. Workspan, 45(5), 50-56. Retrieved from http://search.proquest.com/docview/194703585?accountid=144790 Mihart, C. (2012). Impact of integrated marketing communication on consumer behaviour: Effects on consumer decision - making process. International Journal of Marketing Studies, 4(2), 121-129. Retrieved from http://search.proquest.com/docview/1001474194?accountid=144790 Bhasin, A. (2011, Mar 17). Indian retail evolution is mirroring maslows theory of need hierarchy brand equity]. The Economic Times (Online). Retrieved from http://search.proquest.com/docview/857231842?accountid=144790 Supply of cloth shoe covers. (2013). MENA Report, Retrieved from http://search.proquest.com/docview/1459477235?accountid=144790 Shoe Cover and Dispenser. (n.d.). Shoe Cover. Retrieved April 16, 2014, from http://www.amkayproducts.net/shoe-cover-dispenser.html Demirdjian, Z. S., & Senguder, T. (2004). Perspectives in consumer behavior: Paradigm shifts in prospect. Journal of American Academy of Business, Cambridge, 4(1), 348-353. Retrieved from http://search.proquest.com/docview/222857143?accountid=144790 Pelau, C. (2011). ANALYSIS OF CONSUMER BEHAVIOR FOR DIFFERENT PRODUCT GROUPS. Management & Marketing, 6, 101-114. Retrieved from http://search.proquest.com/docview/1009022803?accountid=144790 Martin, N., & Morich, K. (2011). Unconscious mental processes in consumer choice: Toward a new model of consumer behavior.Journal of Brand Management, 18(7), 483-505. doi:http://dx.doi.org/10.1057/bm.2011.10 Much, M. (2000, Dec 18). TRENDS IN BUSINESS /Footwear old soft-shoe market taking A big step up. Investors Business Daily. Retrieved from http://search.proquest.com/docview/1026804702?accountid=144790 Much, M. (2000, Dec 18). TRENDS IN BUSINESS /Footwear old soft-shoe market taking A big step up. Investors Business Daily. Retrieved from http://search.proquest.com/docview/1026804702?accountid=144790 VARTAN, V. G. (1987, Jun 05). MARKET PLACE; the sharp rise of shoe shares. New York Times. Retrieved from http://search.proquest.com/docview/426534783?accountid=144790 Philana Patterson, Dow Jones,News Service. (1997, Dec 26). Athletic Shoe Business Faces A New Set Of Obstacles To Hurdle As Market Matures, Companies Hunt Ways To Elevate Their Sales. Chicago Tribune. Retrieved from http://search.proquest.com/docview/418483695?accountid=144790 American FactFinder. (n.d.). American FactFinder. Retrieved April 16, 2014, from http://factfinder2.census.gov/faces/nav/jsf/ Read More