Free

This is an Exam Question - Assignment Example

Comments (0) Cite this document
Summary
Dow Corning had been a market leader for the silicone market for a long time but somewhere along the way it started to experience complacency in growth. This was mainly attributed to maturity of some of its products as well as rising threat from aggressive competitors and…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.7% of users find it useful
This is an Exam Question
Read TextPreview

Extract of sample "This is an Exam Question"

Target Market, Segmentation and Marketing Mix Approach Presented Dow Corning had been a market leader for the silicone market for a long time but somewhere along the way it started to experience complacency in growth. This was mainly attributed to maturity of some of its products as well as rising threat from aggressive competitors and increased cost for innovation. This made the company to consider segmentation as means of rejuvenating sales and growth. In order to segment a company has to identify various target clients and deliver products that meet their needs. This is what is often referred to as needs-based segmentation. Doing such targeting is important to a firm as often they realize that they can roll out innovations without necessarily having to add value to their service. Key among most target markets would be price as they realized with the introduction of new brand, Xiameter. However, for companies to benefit from need based segmentation its important for them to be well prepared for new product line and organize it product development accordingly (Lilien and Grewal, 2012).
Success in new product roll out to a given segmentation must have the right marketing mix. It is important that the new product be of the right quality, have the ability to meet a current need and be supported by a price that resonates to the target market. Doing so enhances market acceptance and adoption as well as shorten the break even period. As these products succeed in the market, a company’s market share continues to grow. It is important that a company keeps in touch with changing customer needs and preferences and respond to the appropriately. This therefore calls for an in-depth knowledge of one’s customers. To understand customers a company has to pay special attention to customer feedback as well as develop a strong customer relationship management model. A company has to invest in its employees by equipping them with the right customer skills so that they can deliver exceptional service to clients and discern any setbacks in the products. This creates a medium through which ideas are exchanges and corrections made. These interactions helps to develop a value based business model where different market segments are satisfied.
Having the right marketing mix also calls for proper distribution chain so that customers can have products and services at their convenience. In addition a company must invest in market research so that it can identify the various target clients and develop products that meet their needs and tastes. In target marketing, companies need to understand that different markets are unique and therefore some clients will be price sensitive preferring low-cost products while others are value driven and are willing to pay a premium to get goods of a superior quality. With such knowledge companies are able to fill all opportunities and whether the competition from rival companies. Giving personalized service to the high net customers is also known to increase loyalty among customers. Such customers grow with the company and can take highly priced products or services due to past experience. In addition, introduction of new products to loyal customers has been known to have high adoption rate than when customers are divided among the many competitors. Finally for management to benefit from the need based segmentation there is need for quick decision making so that emerging opportunities can be tapped before competitors to so.

References
Lilien, G. L., & Grewal, R., (2012). A handbook of business to business marketing. Cheltenham: Edward Elgar Publishing Limited Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“This is an Exam Question Assignment Example | Topics and Well Written Essays - 250 words”, n.d.)
This is an Exam Question Assignment Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/miscellaneous/1593672-this-is-an-exam-question
(This Is an Exam Question Assignment Example | Topics and Well Written Essays - 250 Words)
This Is an Exam Question Assignment Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/miscellaneous/1593672-this-is-an-exam-question.
“This Is an Exam Question Assignment Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/miscellaneous/1593672-this-is-an-exam-question.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF This is an Exam Question

Exam question

...?Question Restorative Justice a) What is Restorative Justice? Restorative justice is “the process through which parties with a stake in a specific offence collectively resolve to deal with the aftermath of the offence and its implications for justice” (CPS, 2012). Restorative justice refers to the system whereby people who took part in an offence play a proactive role in supporting the justice system to bring back those affected by the crime to their former status. Restorative justice involves some kind of victim-offender mediation either directly or indirectly with the view of getting the two parties to connect and possibly make amends for the wrong done and find solutions. Restorative justice is less punitive than the...
15 Pages(3750 words)Essay

American Literature Exam question

...?At the end of the book, Linda s that she is still waiting to have her greatest dream fulfilled - that of creating a real home for herself and her children. This aching desire for a comfortable and safe home runs throughout this book, but Jacobs still does not present the domestic sphere as a safe retreat. Rather, it is a distorted vision of dehumanization and deformed human relations, because slavery affects the family in the most horrible of ways, resulting in fractured family ties. We witness Aunt Martha struggling to keep her family together, but her children get sold. Linda is denied the right to raise her own children, as are many other black women. Slaves are not allowed to marry whom they choose, and a black husband... the end of the...
1 Pages(250 words)Coursework

Exam question

...EXAM QUESTION: Question 1. Whether Beta Restaurant can successfully sue Commercial Ovens Co. under the Trade Practices Act 1974 (Cth) (You shouldconsider the implied terms as well as the misleading and deceptive provisions of the TPA) (6 marks) Part V Div 1 is the core of this act, whereby it prohibits the use of false trade descriptions, because it deals with unfair practices; whereby there has been misrepresentation in some form or other. It states that any person in the course of a trade or business that applies a false trade description and/or supplies the goods will be guilty of an offence. The requirements of this offence are; there must be a false trade description; it must be...
4 Pages(1000 words)Essay

Genetics exam question

...The National DNA Database: Potential for Abuse Advances in DNA technology have made it quicker and less expensive to identify a person or physical evidence based on DNA matching. The United Kingdom maintains the largest DNA database in the world with over 5.2 percent of the population having been catalogued (The national DNA database 2007). The number of people on file in the database has expanded due to recent changes in the law that allow the police to take samples from anyone that is detained for an offence whether they are ultimately convicted or not. While proponents extol the benefits to society through the increased potential for arrest and conviction of criminal elements, critics contend that the system opens the door... National DNA...
4 Pages(1000 words)Essay

Exam question

... Canadian Social Welfare Introduction The social welfare was developed as a result of Canada trying to redeem its masses from the negative effects of the great depression in 1930s and those of the Second World War in 1945. The Canadian government wanted its people to gain social, political and economic stability and that is why the governments present amended laws and enacted new legislations to ensure the stability. These social welfare services were in the form of hospitalization reforms, unemployment acts, higher education and vocational reforms among others which were present in those provinces. In the depression period of 1930s, the economy in majority of the countries was down and cases of massive corruption were reported... Canadian...
2 Pages(500 words)Essay

Exam question

...Exam Question Compare and contrast the influence that change in these domains has had on the management and implementation of secure information systems Specialist Questions: 1. Explain the underlying principles of a public key encryption system, comparing them with those of a symmetrical cryptosystem. Give examples of commercial applications of both systems. Symmetric encryption is also known as single key encryption or conventional encryption. This was the only type of encryption that was used before the development of public-key encryption. The assumption is that it is impractical to decrypt a message on the basis of the Cipher text while utilizing the knowledge of the encryption or decryption algorithm. In other words... Question...
8 Pages(2000 words)Coursework

Exam question

... Q The Europeans were largely driven to create overseas empires because of the need to ensure that they were able to access the resources that were needed the most in the home countries. The high demand for such products as sugar, cotton, and tobacco meant that many European countries worked towards the development of overseas empires which would ensure that these products were available to them in plenty. Moreover, the Europeans at the time believed that they were the most civilized of nations and because of this; they set out to develop empires over other peoples across the world as a means of fulfilling their civilizing mission. Furthermore, overseas empires were created for the sake of prestige since during this period; most... Q The...
5 Pages(1250 words)Essay

EXAM QUESTION

...Exam Question Exam Questions Q Equity equity refers to the sum of the discounted lifetime values summed over the entire firm’s existing and potential customers. It is a parameter used in the valuation of the company, a company with greater customer equity will have a higher cost. The goal of this method based on planning is to overcome some of the limitations of growth by underestimating the value of keeping current customers. Customer equity gives the benefit of projection of cash inflows based on forecasts of sales volume, product mix, unit prices and the actions of the competitors. The expected cash outflows depend on the bulge of various cost elements, working...
2 Pages(500 words)Coursework

EXAM QUESTION

...Hagia Sofia and Pantheon Monuments Hagia Sofia and Pantheon Monuments Introduction The influence of the Hagia Sofia and Pantheon ancient ruins depict the correlation of the Byzantine and Roman empires practices in the renaissance period. The artistic sites’ construction process was a lengthy process with the empires building and reconstructing them whenever they were affected by riots (Ashkan & Ahmad, 2012). The information presented about the two monuments implies that the architectural designs show similarities in various dimensions. Therefore, the study’s critical approach will evaluate and establish a profound juxtaposition to deliver the exact similarities and differences that the two buildings share. Comparative analysis... Sofia and...
3 Pages(750 words)Essay

Exam question

...Exam Question Exam Question Andrews versus Ohmae Superficially, Andrews’ argument that strategy is logical is based on provenmanagement methods while Ohmae’s view is inspired by innovative and revolutionary approaches to strategy. Closer examination reveals, however, that Andrews and Ohmae’s perspectives differ fundamentally, so much so that adopting either approach could lead to hugely contrasting results on a corporate level. In the modern organizational environment, a strict adherence to either strategy would lead to corporate failure (Lafley & Martin, 2013). Andrews’ definition carries more weight as it is inspired by mankind’s essential basic trait: reason. While it...
3 Pages(750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Assignment on topic This is an Exam Question for FREE!

Contact Us