Value-Driven Marketing - Assignment Example

Marketing assignment Lecturer: Marketing 2pdf Short Answer Questions Paper Back Swap should know that SWOT analysis is a decision making tool used to evaluate strength, weakness, opportunities and threats that a company might be facing (Pride, William and Ferell, p33). The purpose of SWOT analysis involves collecting and assessing information as well as helping managers to identify strategies that can be applied to become more efficient and effective (Pride, William and Ferell, pp31-35). 2. Prior starting a company, software Engineer should know that, marketing is a managerial process through which goods and services are delivered to the customer (Pride, William and Ferell, p4). Connectively, marketing involves activities such as; buying, selling and advertisement. For instance, the application of marketing concept may help soft ware engineer to become more competitive. This is because application of marketing strategies may help to create customers awareness among the customers on the kind of the products offered by the Company. This may further leads to an increase sales and profitability (Harrison, para 1-3). Descriptive questions 1. Jane Thomas’s Wyoming Analytical Laboratories, Inc Essay on Segmentation, Targeting and Positioning to Circulate to all employees. Market segmentation involves a marketing strategy for dividing customers into groups that can be served more effectively and efficiently (Strydom, pp 161). Normally, customers with similar taste and preferences are grouped together and segments are totally different from each other (Strydom, pp 161). Jane Thomas’s Wyoming Analytical Laboratories, Inc may segment the market based on: income, age gender, occupation and marital status (Lamb, Charles, Joseph and Carl D, pp 403). Whereby, the market may be segmented on the bases of income, for example; low income earners and higher income earners may be served under different markets segments (Strydom, pp 161-164). Additionally, Thomas’s Wyoming Analytical Laboratories, may segment their market based on marital status whereby, the company may offer products and services for married and unmarried customer (Pride, William and Ferell, pp159-162). Connectively, the company may segment the market and products based on the age. Whereby, young and elderly people may be served under different market segments (Pride, William and Ferell, pp159-162). In above connection, Thomas’s Wyoming Analytical Laboratories may segment the market based on gender for instance they may offer products for Male and female under different market segments (Pride, William and Ferell, pp159-162).Below is a figure showing strategies that Thomas’s Wyoming Analytical Laboratories, Inc may utilize to segment their market; Source: Additionally, Thomas’s Wyoming Analytical Laboratories, Inc may consider the various types of segmentation that may suit their needs. The basic types of market segmentation include; geographical segmentation where the market is divided into states, counties, towns, provinces to name just but a few (Lamb, Charles, Joseph and Carl D, pp124-126). The diagram below indicates how Jane Thomas’s Wyoming Analytical Laboratories, Inc may apportion the market using geographical segmentation. Source: Authour In above connection, the company may apply behavioral segmentation whereby, customers with similar behavior may be served within the same market, for instance loyal customers may be served together (Lamb, Charles, Joseph and Carl D, pp124-126). The company may utilize psycho graphical type segmentation whereby; the market may be apportioned based on customers taste, attitude, values and their interest as shown in the diagram below (Strydom, PP 160-163). Source :< http://www.emeraldinsight.com> . Targeting appertains a marketing concept utilized by marketers in identify a group of customers who have the same interest in order to serve them adequately (Pride, William and Ferrell, pp, 158-159). Target marketing may be based on the age of the customers, occupation, gender, interest as well as customer’s geographical location (Pride, William and Ferell, pp, 158-167). For example, the target market for Jane Thomas’s Wyoming Analytical Laboratories, Inc may target high income earners. Connectively, the company may target elderly or young people. On the contrary, Thomas’s Wyoming Analytical Laboratories, Inc may utilize may utilize the three basic target marketing strategies namely: differentiated strategy, concentrated and undifferentiated strategy (Pride, William and Ferell, pp, 158-159). Whereby, under differentiated strategy Thomas’s Wyoming Analytical Laboratories, Inc company may target different customers by providing them with a marketing mix of products that may fascinate them. Additionally, Thomas’s Wyoming Analytical Laboratories, Inc may utilize undifferentiated strategy by using a single market segment for all its customers (Pride, William and Ferell, pp, 158-159).On the other hand, the company may utilize concentration strategy, by providing goods and services to only one particular group without deviating to other group (Pride, William and Ferell, pp, 158-159).Below are the three diagrams indicating how differentiation ,undifferentiated and concentration marketing strategies may be applied. Undifferentiated marketing strategy Concentrated Marketing Strategy Source: Author Positioning involves both market brand positioning. Market positioning refers to a process by which marketing executives try to create a picture in the minds of customers on kind of products the company is offering (Silk, pp 90-94). In most cases, marketers manipulate products/services so that they can portray a positive image in the minds of their customers (Silk, pp90-94). On the other hand, brand positioning may involve determining the discrepancies and similarities of a product in order to create a positive image in their minds (Silk, pp90-94). Brand positioning helps customers top identify products or services offered by the company as compared to those products offered by the competing firms (Silk, pp90-94).Market and brand positioning differ in the senses that both have a different target whereby, Brand positioning focuses mainly on creating positive image in the minds of customers while market positioning focus on the entire market (Silk, pp90-94). Markrting3 2(a) .The Boston Consulting Group portfolios Model (BCG) apportion business units into four sections namely; Cash cow, Dogs, Question marks and Stars. Whereby, the above four divisions may be categorized into two categories namely, market growth rate and market share (Technical Experts, Para, 1-2). The cash cows are business units with higher returns and low growth rate while Dogs are business units with low growth rate and low market share (Technical Experts, Para, 1-3) . Connectively, question marks are business units with rapid growth rate, higher expenditure and low revenues (Technical Experts, Para 3-4). On the other hand, stars are business units with higher returns and higher growth rates (Technical Experts, Para 4). In this case, SBU-A, has a low growth rate and low market share compare to its competitors hence, it may categorized as a dog. On other hand, SBU-B has slightly lower returns and a very high growth rate as compared to all the other SBU’S hence it may be categorized as a question mark. On the other hand, SBU-C has slightly higher returns compared to A and B and lower growth rates. On the other contrary, SBU-E has a very higher market share and very low returns hence it may be classified as question marks. Finally SBU-E has vey low returns and very low growth rate hence it may be classified as a dog. (b).Therefore, manufacturer in this case should employ strategies such as concentric diversifications and develop product that have been categorized as cash cow. Additionally, the manufacturer should divest those SBU’S that have been classified as dogs. Connectively, the company should employ product development and market penetration strategies for all the SBU categorized as question marks (Technical experts, para4-9).Manufacturer should further employ; product development, joint ventures as well integration strategies to all the SBU’S categorized as stars. (Technical experts, para4-9) Optional 3 (A).Explain what is ‘value-driven marketing’ is? How can marketers use marketing mix to enhance customer’s perception of value? Value driven marketing involves aligning companies’ strategies its core values. For example a company may align its strategies to its core values by offering goods and services that meet customer’s needs (Pride, William and Ferell, p390). Prior application of value driven marketing, marketers should learn and develop the necessary skills and expertise required. Connectively, after learning those skills they should apply the skills and teach other (Pride, William and Ferell, p390) In above connection, marketers may utilize marketing mix to enhance customer’s perception of value by employing different methods of promotion such as e-advertisement, use of sales person as well as other social media to communicate the value offered by a product (Pride, William and Ferell, p390). Additionally, a company may conduct a marketing research to identify customer’s attitude and loyalty towards a particular product (Pride, William and Ferell, p390). The company may further develop a market segment aimed at delivering value to customers. In above connection, a company can consolidate expenditure (Pride, William and Ferell, p390). (B).Critics of Nike often complains that its shoes cost nothing to make (because they are made in countries like Vietnams where the cost of labor is very cheap), yet cost the consumers so much. Identify the elements of providing and communicating value that add to Nike’s cost structure and result in the high prices of Nike’s shoes. For Nike Company to communicate value to their customers, they must make customers feel that they are getting value of their money when they buy Nike products (Harrison, Para 2-3). In order to communicate value all components of value must be included such components include: quality, guarantee, response, service, knowledge, variety and the prices (Harrison, Para 2-3). This means that customers must be given a guarantee/assurance that goods and services produced are of higher quality. Therefore, marketing managers communicate value by ensuring that all the above mentioned components are properly managed to prevent to prevent increase in prices that may consequently discourage the customers (Harrison, para3). Marketing managers may further employ marketing strategies such as advertisement and promotion to communicate value to the customers (Harrison, para3). Works Cited Harrison. “How to Communicate Value to Customers. Retrieved” Read More