Question

In: Operations Management

my product is swimwear Create a list of products that you sell, who your target market...

my product is swimwear

Create a list of products that you sell, who your target market is, how you differentiate, and discuss optimal strategies for the 4Ps of marketing for your retail business.

Discuss how these strategies would differ if you added a physical retail location.

Solutions

Expert Solution

Lets simplify things and start with simple definitions---

There are five common terms used in the question--

1)Product

2)Target market

3)Optimal Strategies

4)4P of marketing

5)Retail business

1)Product-A product may be defined as a set of tangible or intangible attributes capable of being exchanged for values with the ability to satisfy consumer and business needs.

Product may be --

Physical goods

Services

Experience s

Events

Person

Place

Property

Information

Ideas.

2) Target market -A concept in marketing which involves segmentation of market into smaller units comprising of like minded people who inclined towards similar product and respond to similar marketing techniques and promotional schemes

3)Optimal strategy- strategy or best marketing tactics for any business situation which involves optimal usage of money and other resources inclusive of energy.

4)4Ps of marketing----

A) Product items tangible or intangible being sold

B)Promotion refers tactics to intice sales

C)Price refers to pricing strategies

D)Place refers location or platform used for sales.

Retail business -Eg sales shop, shopping mall , Outlet .

List of products along with target market

Items. --- Target Market

Woman clothing -- women

Shaving cream - gents

Burmudas. ---- men

Sugar free products --- diabetic

Wheel chair _---Disabled

For retail business optimal strategies involving 4p of marketing

Price refers to the pricing strategies merchant uses to sell product.by looking at their competition

For example telecom,retail insurance, shopping mall

Product- refers to enhancement of products quality so that it can entice customer .product are positioned via swot analysis

Place it can be web platform or physical place like retail shop which is more inticing for customer

Promotion strategies are different for positioning of brand .

These 4p strategies would be different when we have a physical retail location--

1)Your merchandise and fixtures optimisation - We need to work on creative displays and proper arrangements to make them looking more enticing .

2)Usage of social media as customer do quality research before purchasing products from the retail shop.

3)Email marketing Still a best and time tested method of marketing.it helps getting new customer by segmentation of subscriber

4)Endorsement marketng ---This helps in capitalising on endorsement if old customers to new customer.

5) Referrals helps in providing some sort of incentive for your happy customer to share the word about you to their friends and money attached with it.


Related Solutions

Choose a product you are familiar with. List the target market of that product, the behavior...
Choose a product you are familiar with. List the target market of that product, the behavior you would want consumers to do for that product, and the mental steps that may be necessary to move consumers to the behavior. Hint, here are some other mental steps/intervening variables, communication objectives in addition to awareness - knowledge of a benefit, preferring one brand over another
Product: IPhone Target Score: College Students Create a questionnaire aimed at the target market of the...
Product: IPhone Target Score: College Students Create a questionnaire aimed at the target market of the product you selected for your marketing plan in order to understand the needs of your target customers. Complete the following steps: Create a questionnaire. This should be aimed at obtaining information on the demographics of the sample, tastes, preferences and consumption habits of the target market. Your questionnaire should have 20 questions. Submit the questionnaire to a sample of at least 10 individuals from...
Marketing Communications Choose a product with which you are familiar List the target market, the behavior...
Marketing Communications Choose a product with which you are familiar List the target market, the behavior you would want consumers to do, and the mental steps that may be necessary to move consumers to the behavior. Hint, here are some other mental steps/intervening variables, communication objectives in addition to awareness - knowledge of a benefit, preferring one brand over another
How do I market my signboard production company to the public? Who is my target? What...
How do I market my signboard production company to the public? Who is my target? What kind of machinery do I require?
"CRUELTY FREE NEW PRODUCTS FOR LOREAL PARIS" Who is your target market, give a detailed account...
"CRUELTY FREE NEW PRODUCTS FOR LOREAL PARIS" Who is your target market, give a detailed account of your target market; who are they? What bases of segmentation are you using and why? State at least 2 different segmentation criteria that you prefer to use. Refer to the segmentation strategies that we discussed in class. Don’t forget to explain your reasons for why you choose these segmentation strategies (8 pts)
Create a new product and provide how you would market your product. You will need to...
Create a new product and provide how you would market your product. You will need to provide information on how your product is superior to your competition's product. Describe the Market Segmenting, Target Marketing, Product Positioning, and Offerings: —product, price, and service for the product.
My product is swimwear Considering direct, online, social media and mobile marketing options, which 2 options...
My product is swimwear Considering direct, online, social media and mobile marketing options, which 2 options do you feel would be the best to use in relation to the product/service you have chosen? Why? Describe the options you justified above and outline specific methods you would adopt in using those 2 options. Discuss specific uses, platforms, and messages you would ensure are marketed through these options. What one strategy could be adopted to create a competitive advantage for that product/service?...
Name of the product: Strabucks Frappucino Drinks Question:  Target Market - Describe the target market using market...
Name of the product: Strabucks Frappucino Drinks Question:  Target Market - Describe the target market using market dimension variables. These are segmentation variables such as demographic, psychographics, behavioral or geographic. Only two or three sentences to precisely describe the typical user using these variables.
Describe target market for product/service for Starbucks
Describe target market for product/service for Starbucks
You work at an advertising company and were told to sell a product. Create a script...
You work at an advertising company and were told to sell a product. Create a script for a commercial using one or more of the types of cognitive biases to sell your product. The network will only allow you up to 90 seconds of air time. Be creative and have fun! Identify the bias you used and support why your product will sell.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT