Relevant theories use in CESIM simulation program - Essay Example

Research and review of relevant theories use in CESIM simulation program Among the marketing theories applicable in marketing the brand of mobile phones, include the game theory, signaling, and innovation theories among many others. Just as the name suggests, game theory analyses the position and effects of competition on the success and profitability of a brand. The theory asserts that a business must strive to achieve the best and most preferred outcomes despite the competition (Adcock & Halborg, 2001). Marketers must therefore observe the behaviors and product features of their competitors in order to develop appropriate brands to counter such. Signaling just as with the game theory advises marketers to observe the actions of the competition, this way it becomes possible for the marketer to position his product strategically. Innovation theory on the other hand requires marketers to develop creative products in order to influence the reception of the brand in the market. Marketing a mobile phone requires marketers to consider the theories thereby positioning the product strategically. Besides the marketing theories, marketers must employ several other strategies to enhance the positioning of the product in order to enhance productivity as the discussion below portrays (Feinschreiber, 2004). Marketing is a fundamental management function whose primary objective is to determine, anticipate, and satisfy the market demand. By doing this, the marketing team meets the current demand while influencing effective production in view of increasing its market share. Logistics on the other hand is a closely related function of management that ensures the efficient delivery of products into the market in order to satisfy the demand. Marketing and logistics must therefore occur seamlessly in order to ensure that the product covers the target market effectively. Marketing a brand of mobile phone requires an effective understanding of both the product and the target market in order to position that product strategically. This in turn requires the use of appropriate theories and strategies in order to enhance the profitability of the product as the discussion below portrays. An analys of pricing as a key element of the marketing mix The price penetration implies that a careful balance of the price of the product has to be struck. Normally, the new product is priced low so that a considerable volume is sold. This is usually in the view of gaining presence in the market. However, the low prices should not definitely lead to losses. In this case, the new mobile phone product can also use the approach to get its brand known. Besides, it is significant in fighting of competition. The Bowman’s Strategy Clock is a marketing strategy that marketers use in introducing a product in the market. The tool provides marketers with an exclusive view of their brand’s performance thus comparing such with the performance of the other brands in the market. Consumer often have numerous choices whenever they want to purchase a product from the market, this implies that a marketer must position his brand strategically often comparing the placement of the other brands in order to determine a scoop (Ansoff, 1965). The cock provides three generic strategies that provide marketers with a competitive edge. Such are market segmentation, product differentiation and cost leadership. The marketers of the mobile phones must therefore analyze the essence of the above factors thereby introducing a brand that enjoys an effective competitive edge. A breakdown of the market according to the Bowman’s Strategy Clock Among the basic elements of the marketing mix are price, place, product, promotion, and profit among others. The elements are features of the product that will influence the behavior and attitudes of the target market. The product in this context is the mobile phone; the phone should have particular features that will increase its preference in the market. The company should diversify the product in order to increase the base of its target market diversification helps increase the target base by ensuring that the products befits the requirements of numerous target consumers (Curry, 1999). The quality of the product validates the price among other features that the consumers often consider before purchasing a product. A mobile phone is a necessary product in the contemporary society. However, the marketers must incorporate appropriate features and specifications into the mobile phone in order to ensure that the phone addresses he needs of the target customers. Promotion refers to the process of increasing the visibility of any product. The marketers must employ appropriate and efficient media in promoting the product. Radio, television, billboards, and newspaper are some of the basic media that marketers use in advertising their products thus increasing the target consumer’s awareness on the existence of a particular product in the market. Besides the traditional media, marketers must use the new media, which refers to the different uses of the internet in marketing. Social media for example is a contemporary and effective media that provides markets with unparalleled access to their target market coupled with effective interactivity that enables the marketers to carry out market researches and analyses. Such help marketers make fundamental decisions thereby positioning the product strategically. Additionally, the marketers must understand the consumers’ decision-making process. This way, it becomes possible to position either the product or information about the product strategically thus enhancing he product’s profitability. This implies that the product must seek to answer the specific need in the society (Aburto, 2010). As discussed earlier, mobile phones are essential commodities in the modern society. This makes the product appropriate in answering the social need. Additionally, the manufacturer must infuse appropriate features into the product in order to address the demands of modern day mobile phone users. The introduction of smart phones revolutionized the mobile telephony. The manufacturer must therefore consider such unique features of the modern day smart phones in order to develop an appropriate product, one that addresses the consumers’ need. - After the determination of a need, consumers often engage in an extensive information search in order to discover the appropriate products in the market that will address their unique needs. Consumers consult numerous information sources including the media. This validates the need for extensive advertisement of a product. The marketers must avail all the appropriate information about the product (Feinschreiber, McNeill & Kent, 2012). Such information as the price of the product and the appropriateness of the product are essential in influencing the profitability of the product. The next process in decision-making is always the search for alternatives. Consumers will carry out extensive market researches in order to determine appropriate alternatives. The marketers must position the product as the most appropriate alternative by ensuring appropriate price and quality of the product among other pertinent features that will entice the customers to purchase the product. In retrospect, marketing requires strategic placement of both the product and all the relevant information about the product in order to enhance the profitability of the product. Understanding such tools and techniques as the marketing mix, the consumer decision making process and SWOT analysis all of which provide marketers with effective understanding both their products and the industry in which the operate. This way, it becomes possible to compete favorably against the other players in the industry. Works cited Aburto, T. (2010). Ansoff’s Matrix For Marketing Objectives [online] available from http://taydeaburto.com/ansoff-matrix-for- marketing-objective/ [28 May 2014] Ansoff, I. (1965). Corporate Strategy. New York: McGraw-Hill Adcock, D. & Halborg, A., et al. (2001). Marketing. Harlow: Financial Times/Prentice Hall. Cesim (2013) market outlooks [online] available from http://sim.cesim.com/decisions/gc/MarketConditionsPage?73 [29 May 2014] Curry, J. (1999). A short course in international marketing. San Rafael: World Trade Press. Feinschreiber, R. (2004). Transfer pricing methods. Hoboken: Wiley. Feinschreiber, R., McNeill, F. and Kent, M. (2012). Wiley Corporate F and A: Transfer Pricing Handbook : Guidance for the OECD Regulations. Somerset: Wiley. Read More