...Marketing is important to the success of any business. Marketing is the process or technique of promoting, selling, and distributing a product or service (Merriam Webster, 2013). Most consumers want to know about a product or service before they purchase. The consumers’ wants and needs are important to marketing. Marketing gains the attention of consumers. Another definition for marketing is the management process through which goods and services move from concept to the customer (Business Dictionary, 2013). However, this definition includes four elements of marketing. The first is identifying, selecting, and developing of a product or service. The second is determining the price of the product or service. Third is the selection of the distribution place. Last is the development and implementation of a promotional strategy. Marketing is one of the important business functions that a lot of companies ignore. So having the right merchandise, offering the appropriate services, and choosing the right location are the key elements in having a marketable product or service. Marketing is based on thinking about the business in terms of customer needs and their satisfaction (Business Dictionary, 2013). Marketing is important to business because it leads to the success of the company. The distribution and production of a service or product depends on marketing. Marketing has less to do with getting customers to pay for your product as it does developing a demand for that product...
Words: 802 - Pages: 4
...Marketing Plan: Phase III Team C University of Phoenix MKT/421 Jared Oakley December 14, 2010 Marketing Plan: Phase III Phase three of the marketing plan focuses on the details of the new service Comcast is introducing to the market. This phase outlines elements of the new “Pick Your Channel” service in more detail than previous sections of the new marketing plan. The expected product life cycle is revealed, and the marketing team explains in detail the pace at which the product is expected to move through its life cycle and describe the factors predicted to affect the movement. The typical product life cycle consists of four stages and the marketing team will document plans for each of these stages. The “Pick Your Channel” service is different from any other service currently in the market, and this portion of the marketing plan identifies Comcast’s plan for positioning of the new service and differentiation strategies. The “Pick Your Channel” service needs to be positioned in the market so that consumers recognize the need and value it fulfills. The marketing team also introduces the pricing strategy for the new service. The new service is not intended for every consumer, so the team needs to keep the target market in mind when setting a price. The marketing team further explains these issues concerning the “Pick Your Channel” service in the following paragraphs. Attributes are properties of any product, brand, or service. Attributes of a product...
Words: 1713 - Pages: 7
...Marketing Plan Phase 3 Cynthia Marshall MKT/421 February 3, 2014 Shannon Peterson In Phase 3 of our marketing plan for Budweiser’s new Apple lite flavored beer, we will be discussing the attributes of our product of which we will be launching. Next, we will then describe the steps in which our new Apple lite flavored Beer will take as it begins its journey from the introductory stage, then in its growth stage, its maturity stage followed by its declining stage, as well as the factors that will affect our products movement through these stages and how our marketing efforts will be affected by the products life cycle. Then will we identify the positioning and differentiation strategies that will help market our product. Lastly we will describe what appropriate pricing strategy that we will need to get our new product sold in stores around the world. ATTRIBUTES Bud Light Apple Ale will be a traditionally brewed light beer with apple cider mixed and fermented. Bud Light Apple Ale will also be 5% alcohol by volume. Bud Light Apple Ale will be offered in 12-ounce bottles and cans. Bud Light Apple Ale will also be 150 calories per 12- ounce serving and gluten free. The bottles for Bud Light Apple Ale will be marked “Bud Light Apple Ale” in white letters, in the traditional area Bud Light marks their bottles. The label and entire bottle will be a solid dark red, with a green stripe up the middle of the bottle. This will distinguish the difference between this...
Words: 1519 - Pages: 7
...Marketing Plan: Phase II MKT 412 Marketing Plan: Phase II As a continuation of Facebook’s Marketing Plan: Phase I, Phase II will begin. As Facebook grows from the new product line, Phase II will identify segmentation criteria that will impact our target market selection. Phase II will describe the organizational buyers and consumers of Facebook and factors that influence their purchasing behavior and discuss how these factors impact Facebook’s marketing strategy. Finally, this phase will analyze current competitors and define the competitive landscape for Facebook. Facebook approaches the geographic, demographic, psychographic, and behavioral segmentation variables for the consumer market. The next three months, from the release date, Facebook will start a series of advertisements such as, on the website itself, commercials, radio, and even in magazines and newspapers. The release of the new t-shirts will coincide with the holiday season. The t-shirts are first offered in the United States, Canada, and Mexico. Research is conducted to determine where it will be most effective to expand locations in various countries in which to conduct business. Facebook will continue to sell more t-shirts that will help to meet the needs of our consumers in various counties and states by providing a quick, convenient location, just around the corner. The demographic variable will be easy enough to cover considering the product has so many...
Words: 1648 - Pages: 7
...Marketing Plan: Phase III JoAnn Butcher, Amber Culwell, Kyle Grant, Omayra Moreno, Mathew Parish August 29, 2011 Michael Ricco Marketing Plan: Phase III In this paper Marketing Plan Phase III we will be discussing the description of our products attributes and service fully in depth. Team B will discuss how our product will evolve through the products life cycle as well as describe what will take place through that time and what will affect that time period for our product. Team B will also discuss how the life cycle affect the marketing of product introduced in phase I. This paper will identify the positioning and differentiation strategies for the product and the services our product will provide for our potential clientele and how it will provide them the protection they will need for all of their electronic WIFI required devices and the cost for our product that will suit our customers. Attributes of the Product The product created by Team B, security software to protect from the dangers of using Wi-Fi hotspots, is an extremely valuable product. It offers many favorable attributes like lifetime protection of the user’s personal information, easy installation and free updates over the lifetime of the service. The information age requires technology users to be plugged in at all times. Because of this constant need to be updated, the convenience of public Wi-Fi hotspots is ideal. Even with great convenience, Wi-Fi hotspots are one of the...
Words: 1847 - Pages: 8
...Marketing Plan Phase III When a new product is introduced to the market, consumers go through a phase, which influences their decision to accept it or not. Different groups of consumers accept new products or ideas at different rates. Some accept the new item as soon as it is introduced to the market, but others wait until the item has been on the market for a length of time; meaning it usually takes time for a new product to saturate or diffuse a market (Bearden, Ingram, & LaForge, 1995). Team A will describe the attributes of the new product, elaborate on the products lifecycle, determine a differentiation and positioning strategies and introduces a pricing strategy. Product Attributes McDonald’s is proud to present its’ New Healthy Fish Sandwich. It is tasty, filling with a low calorie intake. It has special benefits for diabetics, people with high blood pressure, and high cholesterol, giving them a place to grab fast food on the go. The Healthy Fish Sandwich is excellent for consumers who want to make and maintain a healthy lifestyle. The fish remains sealed and packaged in a special wrapping FDA approved to keep fish fresh longer. The wrap is biodegradable, foil insulated, and un-waxed with the McDonald’s logo. This special sealing is important because the fish is imported from the colder waters and the deeper sea regions of the North Atlantic Ocean, and delivered too many destinations. Infrastructure is important while importing and exporting the fish for a timely...
Words: 2117 - Pages: 9
...Marketing Plan: Phase III Team D: July 18, 2011 MKT 421 University of Phoenix Glenna Twing Marketing Plan: Phase III Verizon, a global leader in telecommunications, information technology, and entertainment hopes to leap-frog over the competition with its development of an integrated whole-house digital video recorder (DVR). Verizon’s fiber optic (FiOS) service is the only television, Internet, and digital voice service currently available using 100% fiber optics (Verizon, 2009). As part of a team assignment, Team D has provided plans for the innovative whole-house DVR and identified the segmentation criteria that affects the target market. These factors may influence purchasing decisions of Verizon’s customers but more importantly these factors affect the marketing strategy. Developing a new product or service begins by conducting extensive research into the quality of the product, the wants and needs of the target market, introduction of the product to the public, meeting the appropriate price, and competition. In this phase, Team D will discuss differentiation and positioning, product life-cycle, and the appropriate marketing mix for Verizon’s successful launch of their new product and service. Whole-House Integrated DVR Verizon’s new product - a whole-house integrated wireless (WiFi) enabled cable box offers more features than any other cable box on the market. With the purchase of this new system, customers have less equipment to worry about, leaving more...
Words: 1785 - Pages: 8
...Nike Marketing Plan; Phase I Eddie Chantaniyom, Lizbeth Geary, Chris Marlow, Dean Nicholson MKT/421 Marketing Stephen Oaks September 13, 2012 Nike Marketing Plan; Phase I Discussed in this reading will be the beginning phase of the marketing plan to customize and personalize Nike shoes. Discussed will be a summarization of the Nike Corporation along with a description of the new customization service being provided. In addition, this reading will also explain the overall importance of a proper marketing plan and provide critical data of a SWOT analysis to help determine product feasibility, marketing strategy, and tactics for the new service. Good intro. The largest market competitor in the world of sportswear for 2012 is Nike Inc. A company that opened the doors in 1962 by two individuals Bill Bowerman and Phillip Knight with a gentlemen handshake and became the supplier called Blue Ribbons Sports for Japanese shoe makers in Oregon later known as Nike Inc. They started selling supplies for Onitsuka Tiger, now known as ASICS, from Knight’s automobile making most of their sales at track meets. Bowerman handled the innovations for the company as Knight managed the business operations. Bowerman created the first shoe using his wife’s waffle iron, giving Nike the first ever waffle shoe. The waffle shoe helped the growth of the company position into the market, by starting their-own innovative brand of soccer shoes, called the Nike; that followed the first trademark...
Words: 1412 - Pages: 6
...Marketing Plan: Final Phase When a company decides to introduce a new service or product they cannot just simply make it. There is much planning that goes on with creating and introducing the new product or service. There is planning, budgeting, a marketing mix, marketing research, and so much more. The following will provide all the phases Allen’s Foods had to develop in order to create and introduce their new home delivery service. Organization Overview Allen’s Foods is a local small town grocery store located in the retirement town of Bella Vista, AR, and was established in June of 1999. Although, it has not been around nearly as long as some of the big chain grocery stores they have still won the hearts of many local customers. Allen’s Foods is a full service grocery store that includes an on site butcher to freshly cut any meat a customer wants, fresh produce from regional and local growers, gourmet foods, specialty foods, and natural and organic foods (Facebook, 2013). The staff is very friendly, and Allen’s Foods has something big chains do not have; they carry your groceries to your car and load them up for the customers. The one thing they do not provide in their full service grocery store is grocery delivery. Many of the retired and elderly community are extremely busy or too old to have to go grocery shopping every time they need food, so on occasion, they would like to have (or need it) their groceries delivered directly to their homes. The community agrees it...
Words: 6733 - Pages: 27
...Marketing Plan Phase I This paper will discuss the organization of Nike and will give a brief description of the new product that is being offered. The paper will also offer an explanation of the importance of marketing to our selected organizations success. Team C will also give a breakdown of the SWOTT analysis on our new product and provide the marketing approach we will use to help develop and nurture our new product. Nike Overview Nike is a well-known sports retailer that develops as well as designs sports apparel such as athletic shoes, clothing apparel, sporting equipment even athletic jewelry. Nike is the largest retailer of sports apparel across the globe. Nike is known as one of the gurus of marketing; Nike markets its products through commercials, magazines, billboards, and stores, even the Internet. Nike has a strategy for success which is to achieve long term success and to sustain continuous revenue, and they intend to continue this pattern by staying ahead of the competition and creating new and unheard of innovative product ideas. The new product that will be introduced under the Nike organization will be discussed in the duration of this paper. Soul to Sole The Nike Company is busy with the design of a new product, Soul to sole foot wear. For every pair sold, Nike will donate a pair to people in need and organizations that help people in need. This is Nike's way of giving back to the community. The new product will have worldwide marketing and be sold all...
Words: 1450 - Pages: 6
...Starbucks New Product Marketing Plan Shanna Cobb-Adams, Terri Corona, Antony Coumans, Andrea Garcia, Mary Hale, Paula Warren MKT 421 April 30, 2012 Mark McClintock Starbucks New Product Marketing Plan When a firm is developing a new product it is important to create a marketing plan for that product. The plan begins by researching the products competitors are offering and the products competitors are lacking. The new product should meet the needs of consumers not currently met in the market. This offers the new product a greater chance of success. The next step in developing the plan should include an analysis of the strengths, weaknesses, opportunities, and threats that the new product will face. The plan should also include the marketing approach and implementation to bring the new product to market. Starbucks Profile Starbucks opened its first store in 1971 in Seattle, Washington, at Pike’s Place Market. Starbucks is known for outstanding coffee, tea, and treats as well as a warm, inviting atmosphere. Starbucks’ Mission is “to inspire and nurture the human spirit – on person, one cup and one neighborhood at a time” (Company Profile, p. 1). As of October 2, 2011 the total amount of Starbucks stores in operation is 17,003. Starbucks values its employees and calls them “partners” to show the value each of them brings to the company. The partners of Starbucks receive full benefit packages and stock options. Starbucks is also a company that...
Words: 2001 - Pages: 9
...Positioning and Differentiation Strategies Concerning positioning and differentiating a new product such as Sherwin-Williams makeup “Face Paint” it is important to understand the target market. The positioning strategy must align with the product differentiation strategy. This means focusing the product on delivering a valued and distinctive product to a specific market and delivering in a way that customers accept. The product they have developed is different from what is available from competitors, but it is a very mature market segment, one that can be difficult to break into without a very unique approach Sherwin-Williams has a well-known and strong brand in its current market, paint and painting accessories. They should be able to take that brand power and apply it to the positioning strategy for the new makeup line. Sherwin-Williams has more than 3000 stores throughout the United States, positioning within the stores will be important to ensure that the new product line is visible and placed in a logical location. Considering the target market is for females aged 12 – 24, the largest consumers of makeup and makeup tools, it would be a good decision to place the makeup line in a well-lit area close to the front of the store. This way women would not need to walk through the greater part of the store to find the products they are pursuing. . Differentiation from what is already available was created within the product itself. This does not mean that Sherwin-Williams...
Words: 363 - Pages: 2
...FORGETPAYMENTS.COM MARKETING PLAN Marketing Management 2.0 Situation Analysis Forgetpayments.com is a start-up concept developed by two individuals, one with more than ten years in the wholesale purchasing, refurbishing, and selling of automobiles and the other with more than 15 years of sales and marketing experience. Marketing will play a vital role in starting and growing the business in the Phoenix, Arizona market. Drivewithotpayments.com offers an innovative way of buying car the old fashioned way, with cash not credit. The idea is to educate and train consumers to make car buying a winning investment rather than living with ever increasing monthly payments on depreciating assets. The current economic climate has increased attention on all aspects of consumer debt; Forgetpayments.com provides an answer to many consumer debt concerns. 2.1 Market Summary The used car market has multiple segments from large franchised dealerships, to large independent dealers, to local buy here, pay here lots. 35.5 million used vehicles were sold in by independent and franchise dealerships in 2009 (NIADA p. 17). Additionally, “while the number of independent dealers decreased again in 2009, independent dealer market share increased (NIADA p. 17). The average advertising expense for 2009 hit $267 per vehicle sold (NIADA p. 18). On average, Independent dealerships sold 25.74 vehicles a month, with less than 18% of...
Words: 1273 - Pages: 6
...Marketing Plan: Phase I and II Lahoma Bennett, Heather Glenn, Yesi Imperial, Antonette Maturino, Belinda Mccleskey, Daniel Speichinger, Janet Trentham University of Phoenix Marketing MKT/421 Dianna Iobst July 18, 2011 Marketing Plan: Phase I and II Intro An overview of the existing organization. 1. Opening * Organizational Overview 1o A description of the new product or service. * Name of organization * Mission statement - organization’s basic values and philosophy * Geographic location * Product mix * Single product * Product line(s) * New Product Description * Importance of Marketing for the Organization’s Success 2o An explanation of the importance of marketing to your selected organization’s success. * SWOTT Analysis 3o A SWOTT (Strengths, Weaknesses, Opportunities, Threats, and Trends) analysis on the new product or service. * Strengths (internal) * Weaknesses (internal) * Opportunities (external) * Threats (external) * Trends (external) * * Marketing Research of Target Market 4o Identify the segmentation criteria that will impact your target market selection. Identify your target market. * * Consumer analysis * Demographics * Psychographics * Behaviors (e.g. purchase behaviors) * Geographical considerations * Industrial analysis, if applicable * Competitor Analysis * Segmentation * Criteria * Target market(s) * Differentiation...
Words: 465 - Pages: 2
...Marketing Plan Phase III MKT/421 December 1, 2013 Pareesa Naveed Marketing Plan Phase III Incorporating a home delivery and catering service for Starbucks is a different and exciting avenue the company will be taking to expand their products and services to their customers. The attributes of these services differ from Starbucks other service. This overview will look at the different attributes of the product along with the life cycle of the new services provided. Starbucks has already differentiated its products in the market as some of the finest atmosphere oriented coffees on the market. Starbucks will employ, differentiate, and position strategies to separate its new services. They will also have use an appropriate pricing strategy for these new services. This overview will evaluate how Starbucks will use these strategies to provide the best marketing for the new services they intend to provide. Starbuck’s new coffee home delivery is available for customers to sign up online or in a store. Starbucks coffee lovers can have the coffee they love delivered to their front door monthly. The convenient sign up process will provide the customer with an auto-shipment of coffee direct from Starbucks monthly. The customer selects the date and duration between shipments. Consumers quickly sign up with a credit card and receive their Starbuck’s coffee delivered to their home every month without worrying about purchasing coffee at a retail location. Coffee lovers...
Words: 1792 - Pages: 8
