Marketing Strategy - Essay Example

Download file to see previous pages... The name of the product is ‘Hair Food’. During the initial stages of the product, we will primarily focus on understanding the customer value and focus more on maintaining a stronger relationship with the final consumers. However on the other hand, the focus will be primarily laid on transforming the customer value in to the sales , profits and revenues and the equity. (Kotler, P., & Armstrong, G. , 2001). Before introducing the product in the market, it is very important that the three important steps should be followed which are, segmentation, targeting and positioning. Since the product can not be reached to the masses , hence there is a need to divide the total segment in to the small segments so that the marketing strategies can be better concentrated on. Segmentation is defined as dividing the total market in to small sector and segments with the consumers having similar demands and needs. Different books and scholars talk about different segmentation methods, but the most common ones are geographic segmentation, demographic segmentation, psychographic segmentation and the behavioral segmentation as well. In the case of Hair food , the segmentation will be done on the basis of gender, age, income group, social class and status and the usage rate. The Hairfood is a product which will primarily be focused on the females , who fall in the age bracket of 16-40 years of age , who belong to the middle and the high income group brackets . These females will be the ones who are facing severe hair damage and hair fall and they want to revitalize the natural look , shine and the luster of the hair. Since the primary focus is on the natural ingredients of the product, there it priced comparatively higher as to the other hairfall products which are available in the market. Hence only the consumers who fall in the middle and high income bracket will be able to fall under the category. Target markets is the process through which the marketers make evaluations made on how attractive each market and then later choose the segments which can potentially generate the most profits. (Masterson, R., & Pickton, D. ,2010). Once the target market has been defined, the positioning has to defined. Positioning is defined as making a clear and a different place in the market with a competitive edge and the differentiation. A company’s customer value proposition is one of the most important aspects which defines how the targeted customers will be served, with the help of the differentiation and proper market positioning. A value proposition is the number of advantages that the marketer aims to provide to the final consumers, so that the product differentiation can be exhibited . (Masterson, R., & Pickton, D. ,2010). Ayucure and Artesia Harifall Solutions and currently offering the hairfall products range which are made by extracting the natural herbs and help in rejuvenating the original natural look of the hair by minimizing the damage. However these two products have been available in the market for a very long time and the competitive edge is that over the past two years , they have gained the customer loyalty and the high ranking it has received over time shows that the shampoo gives amazing hair results. Creating the differentiation for the product is a very necessary aspect and this competitive edge helps the product to stand out from the other competitors which are availa ...Download file to see next pagesRead More