...summary………………………………...3-4 Strategy…………………………………………….5-11 Summary…………………………………………...12 References………………………………………….13 Executive Summary A Compete Guide for Marketing Simulation is written to help future students in winning compete simulation game. Before implementing proposed strategy, students should know answers for following questions: 1) What students should do? Read manual: The student should read “Compete: A Dynamics Marketing Simulation.” Without reading complete manual, you can’t able play simulation game. It gives you an insight on marketing simulation (Compete-background, developing the marketing program and playing compete). 2) What students should know? Student should know about Industry, Market, Company, Product, Regional and Seasonal Sales Fluctuations. This report will help students in preparing sales and marketing strategy. Assume that your company Renaissance Electronics is one of up to five firms operating in an industry that produces and markets state-of-the-art consumer electronic products. Then, you should maintain unique strategy by product by region. This guide gives nine combinations of strategies by product by region. The Compete simulation is very challenging and uncertain game. Each company begin playing compete game with their custom design strategies and makes decisions accordingly. The good decision will result company in healthy condition (High earning per share, less inventory carrying cost and high market share by product by region.) The...
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...are aware the Pricing strategy is one of the Marketing Mix’s “Four Ps” along with the Product, Promotion and Place strategy. In this article is described more specifically how different pricing policies are viewed from the customers as well as the considerations lying behind of a low price. Moreover, the article describes the association between each strategy with the pricing strategy and how the combination influence different outcomes. To conclude, the article along with the illustration of those strategies makes a linkage between them and the Total Customer Value. THE LEARNING LESSONS FROM THIS ARTICLE 1) Organizations should pay equal attention to both Four” P’s” strategies and do not focus solely in the pricing strategy, since all these components are of great value as long as the firm knows how to take advantage properly. However, small/medium sized businesses mostly of the time relies on the pricing strategy as they think that price is the most significant point of reference of how customers and competitors view them in the market. 2) Firms should find such equilibrium in their pricing strategy, nor too high or nor too low. This price should reflect the value proposition of the firm, which should be consistent, and, therefore support its business model. If a company places the price too high, automatically makes the product unaffordable for the majority of people, therefore luck potential for huge growth. On the other hand, if the price is too low, may attract...
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...The Marketing Mix (4p’s) The marketing mix consists of Product, Price, Place and Promotion strategies that a firm uses to help them reach their objectives. The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT STRATEGIES When an organization introduces a product into a market they must ask themselves a number of questions. • Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors? Three levels of a product Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories. Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors. Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service, warranties, delivery. A retail departmental store that offers a free five year guarantee on purchases...
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...Marketing mix is when the right product is put in the right place, at the right time, and at the right price. When an organization or company creates a product that attracts individuals and put it on sale or offer it to individuals it should may be place at a price in which it matches the value of the product and is worth what the consumers or individuals get out of it. The 4 Ps of marketing and the marketing mix are sometimes used as synonyms for one another because they are close to being the same thing. The 4 Ps of marketing mix are product, place, price, and promotion. Each component of the marketing mix has some type of importance and are given an equal abundance of importance. In the marketing mix the customer is the most important piece of the marketing strategy however it is not included because all the components are aimed toward the target. A company that I think would represent for a good marketing mix is Apple. They are about pleasing their customers and making sure that they are aware of the products that they have to offer. Prices are adjusted to make sure that things are affordable and sometimes to bring in new customers. Surveys are completed at times to see what it is that the customer wants and what satisfies the customer. The customers have a say so in the product and the company value their opinion. The product- The product is built on tangible as well as intangible goods and services that are produced by the company. The product component of the mix includes...
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...Table of content 1 Executive summary 1 2. Introduction 1 2.1 background of Swiss Company 1 2.1 Product description 1 2.3 Report outline 1 3. Corporation details 1 4. Environmental analysis 1 5. A SWOT analysis 1 6. Marketing objectives of the company 200 3 7. Segmentation of the company’s target markets and customers 4 7. Target market 270 6 8. Marketing mix strategy including 6 8.2 Price strategies 7 8.3 Place strategies 7 8.4 Promotion strategies 8 9. Implementation and evaluation charts 8 10. Control and evaluation 8 11. Conclusion 8 12. References: 9 1 Executive summary 300 2. Introduction 2.1 background of Swiss Company 200 2.1 Product description 200 2.3 Report outline 230 The main aim of this report is to provide the marketing research and marketing strategies for Swiss company’s products. In evaluating the marketing feasibility of the products in Swiss, the main company and products description will be provided in the report. Furthermore, the related company details such as the existing corporate vision, mission statement and corporate goals of the company will be presented in the report. After that, the specific environmental analysis of the industry in terms of the political, economic, cultural, technological, environmental and legal environments governing the country and a competitive audit will be discussed for entering into the market by Swiss. What is more, the SWOT analysis will be discussed in order to identify the...
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...Marketing Plans Product: Tick Tock Coffee Maker Product Description: Automatic Talking Alarm Coffee Maker with Voice Control I. Product Support of Mission Our mission is to provide a cost efficient way to save our customers time and money. The Tick Tock Coffee Maker helps consumers save time and money by automatically brewing the coffee once the alarm goes off. It also tells you to wake up when the alarm goes off. Our product provides a wireless control that vibrates for the hearing impaired. It will save the consumer money by not having to stop and buy coffee at a convenience store. It will also save the consumer time by not running late for work or school. A. Three Way Classification System: 1. The Tick Tock Coffee Maker provides convenience to our consumers by allowing them to make gourmet coffee in their home. 2. The Tick Tock Coffee Maker is a quality good that provides fresh coffee and an alarm voice system. 3. The Tick Tock Coffee Maker is a “shopping” good that will be available at all major retail locations. II. Target Markets Average working people, college students, hearing impaired, and stay at home parents who wake up early for work or school between the ages of 18 to 85 years old. The average working person who has an A.M. work time and always runs late for work. It will also benefit the college students who have 8:00 A.M. classes and never like to get out of bed. Also, the stay at home parents that have to have their children at school on time...
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...Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 3 Analysis of Competition using Porter’s Five Forces Model 3 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies and Implementation 7 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan 7 Product Tactics 8 Price Tactics 8 Place Tactics 8 Promotion Tactics 8 Monitoring Procedures 8 Introduction While this section is not expressly requested in the task instructions, it is usually helpful to write a paragraph that introduces Company G and the product that you are writing this marketing plan about. Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” The task instruction is to describe your product and explain how it supports the mission statement, provided above. This should be a 1−2 paragraph section that includes a detailed description of your product. Then discuss...
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...consist of product, place, price and promotion. Many companies use these four elements of the marketing mix to help bring in revenue on the services that they are using. This paper will focus on those four p’s of marketing and explain in detail how the four p’s are beneficial to any organizations, marketing strategy and tactics. The first category in the four p’s would be the product. What the product is a service or item that a company offers. When a product is marketed, it means that the company created the idea to reach a target audience. The product should attract a certain audience and the company is responsible for creating the marketing strategy in order to hit the target audience. The second category in the four p’s would be place. Place is directly involved where an organization puts together a strategy where they make sure they get the product to its target audience. The whole process is revolved around how the product gets distributed to the consumer. This process is very important on deciding how the product gets to the consumer before they decide to purchase it or buy it. There are many ways on how the product gets to the consumer and how it reaches the target population. Now, as for the third P which stands for promotion. When a company promotes a product, they have different ways of doing so. Promotions consist of promoting a product in ways such as advertising and a sales promotion. The point of a promotion is to gain publicity so they can get the product out on...
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...Company G 3-Year Marketing Plan Table of Contents Introduction 3 Mission Statement 3 The Product 3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 4 Analysis of Competition using Porter’s 5 Forces Model 4 SWOT Analysis 4 Strengths 5 Weaknesses 5 Opportunities 5 Threats 6 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 7 Marketing Strategies 7 Product Strategies 7 Price Strategies 7 Place Strategies 7 Promotion Strategies 7 Tactics and Action Plan 8 Product Action Plan 8 Price Action Plan 8 Place Action Plan 8 Promotion Action Plan 8 Monitoring Procedures 9 Introduction Company G has established a home appliance business in the US for 7 years. Core business activities include selling dishwashers, refrigerators, washing machines, and dryers, etc. Mission Statement Company G’s long term mission is enabling consumers to improve the quality and convenience of their lives by providing innovative electronic solutions. The Product Are you too tired to prepare a meal after work? Have fast foods become your eating habit? Do you want to eat healthy, but lack the time? Do you hate the hassle of cleaning after cooking? Now we will introduce our innovative new product called 8-1 Versatile Cooking Pro. This new product is combines the functions of grilling, roasting, boiling, air frying, steaming, stewing, baking, and stir frying (it comes...
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...Marketing Strategy Chaunte Rhone MKT/421 March 23, 2011 Instructor Rebecca Robbins Marketing is a process that encompasses every aspect of an organization’s ability to provide products or services to customers, suppliers, and communities. An organization’s marketing mix is crucial to producing successful results that will increase consumer patronage, sales, and profits. The four elements of the marketing mix, which includes product, place, price, and promotions affects the development of an organization’s marketing strategy and tactics. How an organization implements the elements of the marketing mix is dependent on the objectives of the marketing strategy. In a recent article the writer explains the reasoning for the revision for the American Marketing Association’s definition of marketing by writing, “Marketing is the activity, conducted by organizations and individuals, that operates through a set of institutions and processes for creating, communicating, delivering, and exchanging market offerings that have value for customers, clients, marketers, and society at large” (Gundlach G, 2009, p. 260). Elements of the Marketing Mix Product Products are important to the marketing mix and whether an organization supplies products or services they must satisfy customer needs to be successful. Products can come in different shapes, sizes, with different features, and for different usages. Whatever the product or service an organization provides for a target market implementation...
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...PRICING STRATEGY PRICING STRATEGIES AND TACTICS Pricing strategies can vary throughout the marketplace and the different companies. Pricing is an important strategic issue because it is related to product positioning. Pricing also affects other marketing mix elements as well, such as product features, channel decisions, and promotion. A pricing strategy is a course of action designed to achieve pricing objectives. This strategy helps marketers set prices (Pride, Hughes, & Kapoor, 2006). The types of pricing strategies and the tactics that Lowe’s uses are “at-the-market”. Different types of pricing strategies are skimming, penetration pricing, everyday low pricing, and cost-plus pricing to name a few. The many different ways that Lowe’s keeps itself competitive in the marketplace is by combining the some of the different types of strategies for their various products. When a new product comes out that the public has been waiting for they could use the skimming strategy. This means that Lowe’s might set a higher price initially in order to target the consumers that want it right away and are willing to pay a higher amount without waiting for pricing to level out. One example might be a new type of refrigerator that has come out and been advertised and is very energy efficient and has modern features to appeal to the consumer. Another method that is more commonly used is penetration pricing. This type of strategy is used to offer a low initial price on a product. Lowe’s...
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...Company G 1-Year Marketing Plan Table of Contents Introduction 3 Product Description and Classification 3 Product Support of Mission Statement……………………………………………………………………………………………….….3 Consumer Product Classification 3 Target Market 3 Competitive Situation Analysis 4 Analysis of Competition using Porter’s Five Forces Model 4 SWOT Analysis 4 Strengths and Core Competencies 5 Weaknesses 5 Opportunities 5 Threats 5 Market Objectives 6 Product Objective 6 Price Objective 6 Place Objective 6 Promotion Objective 6 Marketing Strategies and Implementation 6 Product Strategies 6 Price Strategies 6 Place Strategies 6 Promotion Strategies 6 Explanation of Strategies………………………..……………………………………………………………………………………………….7 Implementation Plan Error! Bookmark not defined. Product Tactics 7 Price Tactics 7 Place Tactics 8 Promotion Tactics 8 Monitoring Procedures 8 Introduction Company’s G latest innovative product is a combined smoke/carbon monoxide detector. Our smoke/carbon monoxide detector will have smart capabilities. It will also be available in colors other than the standard white and beige. Product Description and Classification Product Description and Support of the Mission Company G Mission Statement “We enable consumers to improve the quality and convenience of their lives by providing high-quality, innovative electronics solutions.” Our smoke/carbon monoxide detector supports Company G’s mission statement because it is a battery operated, smart...
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...2013 Marketing Mix 4p’s The Marketing mix is a set of four decisions which need to be taken before launching any new product. These variables are also known as the 4 P’s of marketing. The marketing mix consists of- Product Price Place Promotion Marketing Mix 4p’s [pic] The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group. All elements of the mix are linked and must support each other. PRODUCT STRATEGIES When an organization introduces a product into a market they must ask themselves a number of questions. • Who is the product aimed at? • What benefit will they expect? • How do they plan to position the product within the market? • What differential advantage will the product offer over their competitors? Three levels of a product Level 1: Core Product. What is the core benefit your product offers? Customers who purchase a camera are buying more than just a camera they are purchasing memories. Level 2: Actual Product. All cameras capture memories. The aim is to ensure that your potential customers purchase your one. The strategy at this level involves organizations branding, assessed features and benefits to ensure that their product offers a differential advantage from their competitors. Level 3: Augmented Product. What additional non-tangible benefits can you offer? Competition at this level is based around after sales service...
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...Broadly speaking, in order to maximise profits, different firms use distinct tools to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and marketing mix analysis. In terms of the marketing mix, as an important concept in the subject of business studies, it refers to “a balance between the four main elements of marketing [is] needed to carry out the marketing strategy. It consists of the ‘4ps’: product, price, promotion and place” (Marcousé and Surridge et al., 2011:141). Firms can build an effective marketing strategy by using the marketing mix as a tool, and it is possible that business will fail if the marketing mix is not correct. The aim of the essay is to analyse elements of the marketing mix. Initially, it will discuss four elements, which are the product, price, place and promotion respectively. Then, it will evaluate the most vital component in the marketing mix, which is the product. The first component of the marketing mix is the product. “A product is a good or service produced by a business or organization, and made available to the public for consumption” (Ashwin and Merrills et al., 2008). Each product has a different feature, which could be the unique selling points of them. Roams and Cota (2008:152) attempt to define this term is, “A unique selling point (USP) is a short statement that explains why a customer should buy from you instead of your competitorsin". For example, Apple Corporation has a unique and independent operation...
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...6, 2011 Carlyn Carmichael Marketing Mix Paper To achieve the marketing objectives the strategy must include different elements – that is the different parts of the marketing mix. In this reading, the elements of the marketing mix which is product, place, price, and promotion will be defined and explained. McDonald’s will be used in this reading to describe how each one of the four elements of the marketing mix affects the development, marketing strategy and tactics. Marketing is having a great product, being sold at the right price at the right place while utilizing the appropriate promotion. Sounds simple but a lot of hard work goes into these simple steps. A company has to go to great lengths to find what the customer likes, where they shop, and what they consider a good value. This is where the marketing mix comes in. The marketing mix was intended to recommend that you have a well-adjusted mix of marketing activities within your marketing plan. Reviewing these steps can help through the plans and avoid faults. The marketing mix as identified by McCarthy consists of the 4 Ps; product, price, promotion and place; and is a good way in outlining the marketing mix. Product – this element defines the characteristics of your product or service that will meet your customers’ needs. Price – this portion refers to the price of the product or service, including the strategy that is used. It is important to test numerous pricing stages in order to find the right pricing...
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