FOR MARKETING MANAGEMENT DISCUSSIONS 1 & 2
FOR THE BUSINESS CONTEMPORARY DISCUSSIONS 1 & 2, there are no minimum or maximum words or page count, Just answer clearly, concise and precise.
It is okay to show only the answers, but please show the: A, B, C, D,........... and separate each with sufficient spaces in between to not get confused. Thank you!
The following are the Discussions:
MARKETING MANAGEMENT
DISCUSSION 1
"Target Audiences" Please respond to the following:
A) Many beginning marketing students make the mistake of assuming that some products can appeal to everyone. Pick a product that you believe has mass appeal and analyze.
B) From the case study (Attached), propose the next steps that Kirkwood should take and how to reach these steps. Support these suggestions with information about the target audience.
THE following is an explanation FROM DISCUSSION 1 from my professor TO GIVE YOU AN IDEA of what to answer, of course you can do your own research and apply reference if applicable.
Niche Marketing
Niche Marketing - What is It?
In marketing it's understood that if you claim your market to be everyone for a specific product or service, it will likely result in no one purchasing. In other words, the more targeted your products and services are to meet the specific needs of individual customers, the better chances you have to generate interest, satisfy those needs and create, sustain and grow profitable customer relationships.
According to Susan Ward in About.com, "A niche market can be defined as a focused, targetable portion of a market. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers. For instance, instead of offering cleaning services, a business might establish a niche market by specializing in blind cleaning services."
Some advantages of a successful niche marketing strategy can include:
Higher-margined business,
A competitive advantage among other small businesses who don't know of your niche and among large businesses who simply do not want to bother with that particular segment, and
More efficient and effective use of marketing that is streamlined and targeted.
Ward goes on to say that "The trick to capitalizing on a niche market is to find or develop a market niche that has customers who are accessible, that is growing fast enough, and that is not owned by one established vendor already."
Niche Marketing, An Example (from marketingtitan.com)
Toyota, a huge company with a global focus on the auto business, is an excellent niche marketer. They were one of the first companies to realize there was a group of car buyers who would be very interested in environmentally friendly cars. Toyota answered this need with development of the legendary Prius, the first mass production hybrid car. Where other car manufacturers saw Toyota taking a huge risk, Toyota saw it as an opportunity to identify a new niche and establish its brand in that niche. In marketing, it is often the first brand to market, if executed successfully, that can own the niche market with their brand.
Once Toyota took the plunge, it pursued an effective niche marketing plan. It didn't promote the Prius in just any media. It focused on media outlets that were watched, read or listened to by people concerned about the environment. For example, it heavily promoted the car through environmental groups and their publications. As the only game in town at that time, Toyota not only dominated the niche - it was the niche. Today, with increased competition in this niche market, the Toyota Prius is still highly regarded as the niche leading brand.
Simply identifying holes in the market and filling them, is, often times not enough. It takes extensive research, careful planning, execution and extreme adversion to risk to successfully develop, introduce, execute and dominate a niche market with a specific product or service.
DISCUSSION 2
"Positioning" Please respond to the following:
A) Pick a nonprofit organization with which you are familiar and believe the organization should be repositioned to serve its core clientele better or a new clientele altogether. Identify the organization, its current position, and your recommended reposition, including the existing or your proposed target audience for the recommendation.
B) The Gulf of Mexico Coast's tourist industry was devastated by the BP oil spill. Pick a specific Gulf location and explain how you would reposition this tourist area that invites and sells the value of the location to tourists.
THE following is an explanation FROM DISCUSSION 2 from my professor TO GIVE YOU AN IDEA of what to answer, of course you can do your own research and apply reference if applicable.
Market Positioning
Marketers with the positioning process try to create a unique identity of a product amongst the customers.
• Know your target audience well
It is essential for the marketers to first identify the target audience and then understand their needs and preferences. Every individual has varied interests, needs and preferences. No two individuals can think on the same lines.
Know what your customers expect out of you.
The products must fulfill the demands of the individuals.
• Identify the product features?The marketers themselves must be well aware of the features and benefits of the products. It is rightly said you can't sell something unless and until you yourself are convinced of it.?A marketer selling Nokia phones should himself also use a Nokia handset for the customers to believe him.
• Unique selling Propositions? Every product should have USPs; at least some features which are unique. The organizations must create USPs of their brands and effectively communicate the same to the target audience.?The marketers must themselves know what best their product can do.?Find out how the products can be useful to the end-users ??Why do people use "Anti Dandruff Shampoo?"?Anti Dandruff Shampoos are meant to get rid of dandruff. This is how the product is positioned in the minds of the individuals.?Individuals purchase "Dabur Chyawanprash "to strengthen their body's internal defense mechanism and fight against germs, infections and stress. That's the image of Dabur Chyawanprash in the minds of consumers.?USP of a Nokia Handset - Better battery backup.?USP of Horlicks Foodles - Healthy snack?Communicate the USPs to the target audience through effective ways of advertising. Use banners, slogans, inserts and hoardings.??Let individuals know what your brand offers for them to decide what is best for them.
• Know your competitors
A marketer must be aware of the competitor's offerings. Let the individuals know how your product is better than the competitors?
Never underestimate your competitors.
Let the target audience know how your product is better than others.
The marketers must always strive hard to have an edge over their competitors.
• Ways to promote brands
Choose the right theme for the advertisement.
Use catchy taglines.
The advertisement must not confuse people.
The marketer must highlight the benefits of the products.
• Maintain the position of the brand
For an effective positioning it is essential for the marketers to continue to live up to the expectations of the end - users.
Never compromise on quality.
Don't drastically reduce the price of your products.
A Mercedes car would not be the same if its price is reduced below a certain level.
A Rado watch would lose its charm if its price is equal to a Sonata or a Maxima Watch.
PLEASE NOTE The following discussions are from ANOTHER SUBJECT: BUSINESS (CONTEMPORARY BUSINESS)
CONTEMPORARY BUSINESS
For BUSINESS CONTEMPORARY discussions there are no minimum or maximum words/page count, just answer clearly, precise and concise.
The following are the Business Contemporary Discussions:
DISCUSSION 1
"Funding a Business" Please respond to the following:
A) Analyze funding opportunities for small businesses, including the role of the Small Business Administration (SBA). Then, evaluate the effectiveness of these funding opportunities in light of the current economy.
B) In this time of economic challenges, suggest two ways that the SBA might be of assistance to your small business. Explain how you would request this assistance.
DISCUSSION 2
"Growth of Small Business" Please respond to the following:
A) Compare and contrast three different types of entrepreneurs and state which you are most likely to emulate should you begin a small business.
B) Assess the impact of globalization and information technology on the creation of small businesses. Determine if and how these two trends have helped or hindered the growth of small business in the U.S.