Marketing for Kitchen Utensils - Case Study Example

Marketing for Kitchen Utensils

Introduction

This project has a general objective of evaluating marketing for kitchen utensils. The marketing and sales of utensils is chosen in this product as a representation of other products that should get to the public to influence their tastes and references. In this precept, many ideas will be examined concerning the appropriate measures that any marketing agency should consider for an effective product promotion (Khan, 2014). In addition, this project acknowledges the veracity that the new paradigms in business have taken a different turn from the traditional method. Therefore, the effects of technology and social media will be investigated to highlight how they contribute to the realm of marketing. Furthermore, the quality-marketing process helps an enterprise to customize its products and service to the customers who are intended to like them and in turn develop interests in them. This has helped many business organizations have been doing better in marketing strategies, whereas, others need to get the standard know-how on the best marketing methods.

Products Evaluated in Relation to 4Ps of Marketing

Some of the products evaluated included Stainless Steel Salt and Pepper Shakers, Black Victorinox Steel Utility, Paring Knife Set, Vintage Measuring Spoons, Measure and Mix Salad Dressing Cruet, and Kitty Silicone Egg Mold. All the products were evaluated using the 4Ps of marketing (price, product, promotion, and place) which go together with the 4Cs (consumer, cost, communication and convenience). In retrospect, Neil Borden introduced the idea of the marketing mix, which implies that marketing should have a dynamic approach with mixed ideas (Bhalerao&Deshmukh, 2015). For instance, every company that intends to influence the clients to like its products must be sensitive to the 4Ps and should as well go forth to implement the 4Cs.

As a result, the product remains an item that meets the demands of the consumers, meaning that every product that reaches the market ambiance must address the needs of the people that are intended to buy it. The product can be tangible (good) or intangible (service). For instance, Paring Knife Set is a physical product that is crucial and necessary in the kitchen whether an individual is dining alone or with the company of others. Moreover, the concept of 4Ps believes that the product in the market has a lifecycle, which means that it goes through a growth phase, then to maturity before finally getting to the declining phase (Zhang & Wang, 2015). For this reason, marketing agencies must be sure to determine ways that would make the product have a longer life cycle to attract maximum profitability. In doing the same, they should note some of the manageable challenges that would obliterate the most prolonged existence of the product in the market and deal with it immediately. Additionally, the marketing agency can design certain product line’s depth to ensure that there is enough supply of the product in the market.

In addition, the other element of P as has been coined out by this work is the price. In fact, the price is the value that the customer gives in exchange for the product that offered to him or her. The price that the client pays for a product like (vintage measuring spoons) is imperative as it opens the space for the product to thrive in the market. In fact, this is a very critical area that any company must remain very careful since it has two faces for the business. One, charging lower prices in the product would narrow the company’s profit making. On the other hand, charging a higher price than the market standard would scare away buyers. Therefore, the company must balance the kind of price that it levies on its products in order to score well in the market. There are pricing policies that. customers depend on when making decisions on the type of products to buy . In addition, the customers are always guided by the reference value to make a decision concerning the value they are charged on the products in relation to the competing products. On the other hand, they can also rely on the differential value, which looks at the product’s qualities against other products (Khan, 2014). Therefore, the company must remain sensitive for these imperatives when making pricing decisions.

The promotion makes the third element of P where the company looks at various strategies to make the product attract the buyers. Some of the traditional forms of product promotions were done manually. For example, free gifts, free samples, and pricing. Even though these skills are still used in product promotion, the contemporary mode of product promotion is influenced by the use of technology. For instance, many companies present their products in the social media such as Facebook, Instagram, Google and other similar platforms where clients can see them, pose questions or a comment to the staffs that deal with marketing who give an immediate response. At the same time, the companies create public relations with the general society using the same platforms that entice the public to like the products. In fact, it is confirmed that the company, which lacks the public goodwill, has a thin line to live in capturing the market. The last P is placed, which means where the product is produced and where it is sold (Zhang & Wang, 2015). The main idea here is distribution. Every company must make sure that its products are accessible to the clients who should buy them.

Positive Aspects of the Products

One of the positive aspects of the products that come out in this paper is that every household needs kitchenware materials. As a result, the company that knows the basics of marketing is having an outstanding promise of making good sales. For example, doing product promotion through the supply of good information is so fundamental in this exercise. It became inherently clear that the use of technology has made information faster and efficient, meaning that people interact wherever they are. As a result, this opens up more space for business dealings without having to make physical contacts. In this precept, using the kitchen utensils in this research was a representation of other products that gets into the market to capture the interest of the clients. In addition, it became so positive that the best strategy in pricing makes the product to capture the interests of the buyers. More importantly, the company and the marketing agency must exercise a high standard of public goodwill in order to expand the market coverage. This is an important antidote for competitive advantage.

The Negative Experience

It is confirmed that pricing is a very important aspect that every company must take a sharp look into for effective performance. The only intriguing factor is that certain prices set in the market might be unsustainable for small upcoming business enterprises. There are standard prices that can only favor big enterprises with the capital base while those with a low capital base can easily be ousted out of the market (Resnick, Cheng, Simpson &Lourenço, 2016). What this means is that a company that gets a meager profit gets a challenge if it has low output. Consequently, this lowers the growth of many businesses in the industry. For example, charging lower prices in the product would narrow the company’s profit making. On the other hand, charging a higher price than the market standard would scare away buyers. Therefore, the company must balance the kind of price that it levies on its products to meet the market standard even if it is not favorable enough. This is a very big challenge to various upcoming business enterprises that has made most of them to fail in their objectives and goals.

Aspects of Physical Evidence

The sale of any product depends on the buying capacity of the people to whom the product is sold. As a result, a product can only sell in the community who are employed enough and has the purchasing power. This implies that any investment in such regions is a challenge for any company. Furthermore, marketing agencies must be sure to determine ways that would make the product have a longer life cycle to attract maximum profitability. In the pursuit of the same, they should identify some of the manageable challenges that would annihilate the most prolonged existence of the product in the market and deal with it instantaneously. Initially, everything was do manually through the traditional means. In the contemporary society, most of the activities take place in the online platform. Moreover, the companies must create strong public relations with the general society using the same platforms that entice the public to like the products. In fact, it is confirmed that the company, which lacks the public goodwill, has a thin line to live in capturing the market.

Conclusion

Every company, which intends to influence the clients to like its products must be sensitive to the 4Ps and should as well go forth to implement the 4Cs. Moreover, a product must be an item that meets the demands of the consumers, meaning that every product that reaches the market ambiance must address the needs of the people that are intended to buy it. The use of technology has made information faster and efficient, meaning that people interact wherever they are. As a result, this opens up more space for business dealings without having to make physical contacts. In this precept, the company that knows the basics of marketing is having an outstanding promise of making good sales. Using the kitchen utensils in this research was a representation of other products that gets into the market to capture the interest of the clients. In addition, it became so positive that the best strategy in pricing makes the product to capture the interests of the buyers. In addition, the company that knows the basics of marketing is having an outstanding promise of making good sales.