Marketing Fundamentals for Product Awareness - MyAssignmenthelp

Question: Discuss about the Marketing Fundamentals for Product Awareness. Answer: Introduction Marketing can be construed in several manners. The relevance of marketing in this case in point is for new product wine preserver. The sphere of marketing in the write-up is the effusively established notion which incorporates marketing objectives, preferred market segment, market strategy and action plan for first six months .The underlying view prevalent is that there subsists a market enlargement prospective which can establish the brand and robust the sales for the organization. Comprehensive marketing commotion to create the new product category in market has been renowned as the most influential means of attaining the marketing objective. Wine has been effective in hitching affirmative dimensions of Australias reflexion and by means of marketing of new product and promotion distinction can add great value to new product in Australian marketplace. Marketing Objective Product Awareness Product awareness is significant for new product or businesses and can have extensive effect over other objectives, as reduced span is entailed in fostering relationships with potential users. This goal usually intent to inform groups or people who have appeal in the service or product and offering information on the advantages of using your artefact over others. The emphasis is on supplying informative artefact information to bountiful individuals as possible (Kvarvyy Mohammad, 2009). The prime focus would be to develop awareness amongst people about the wine preserver. In terms of distinguished product, wine preserver wins the race since its a unique concept for wine lovers. We live in the world of technology and social media, so the use technology and social platforms would be a good means to reach end user (Armstrong, Kotler, 2011). Customer Satisfaction and Retention Customer satisfaction is conventionally understood as a feeling that an individual experiences when a purchase meets or is above the expectation level. Enhancing customer satisfaction is the prime objective of many organisations. Business owners apprehend that customer satisfaction is the driver to prolonged business success. Gratified customers usually offer repeat trade, referrals along with word of mouth publicity. Organizations learn from feedback provided by customers and stimulate it to expand business, artefact and services with the aim of present and perspective customers witnessing and reacting affirmatively (Bennett Rundle-Thiele,2004). Customer retention is the exercise that a seller relinquishes so as to evade customer defections. This is all about captivating the right customer procuring them to buy frequently and in accelerated quantities and to lead to more end users (Anderson Narus, 1998) . This is the dimension of the organization competence to offer sufficient value with its services or products for the user to indulge in for regular purchase (Leverin Liljander, 2006). In the case of wine preserver the artefact is quite distinctive and new to the people and market, which means it need to satisfy customer apprehensions so as to retain them . Customer withhold is also crucial for the purpose of reduced customer acquisition costs, accelerated referrals and enhanced revenues . Several elements like product, price, place, promotion and brand constitutes for customer satisfaction and retention. The diagram below depicts the framework for customer retention: Brand Management Brand management is a broad multi-dimensional and diverse application of the numerous methodology organizations can adapt to magnify consumer engagement, awareness, loyalty and retention. Brand management techniques are relentlessly emerging and the numerous distribution channels amongst companies and their customers is also hastily changing. By developing a long lasting influence and substantial relationship with customers, organizations can reserve user and build brand loyalty. Preferred brand is something every enterprise wishes to be, since the cost of preserving loyal customers is far below the price of acquiring fresh ones. Loyal customers are economical and contended users are likely to dialogue about the organization in an affirmative manner (Moraga,2008). Building brand is far ahead of companies name, logo or slogan rather its a comprehensive experience customers and prospects have with service, product or company. The object of brand management is to perceive the equity of the organization to a new elevation by means of consecutive steps which add significance to the brand and eventually place the brand firmly in the mind of users. Generally there are four prime ingredients in brand management and these moves provide maximum outcome over a span of time to create a brand. They are demonstrated by means of diagram below: Preferred Market Segment-Targeted Customers, Intended Positioning A market evaluation should concentrate on those places that have particular want or need they desire to be fulfilled, so that they are motivated to buy the product. Once perspective market segment have been identified, elements such as growth, market size, accessibility should be ascertained along with market analytical like gender, age, expenditure trend, education level, ethnicity , income, usage rate ,behavioural intentions and cultural factors(Gounaris,2005). The new product wine preserver can be unveiled in markets by hunting for wine consumers across several markets. This permits producers to evade risky homologizing processes and big bucket operational changes along with peril unsold product concern which could precede to intense predetermined weakness or at vilest ,the undesirable role of barely non-users. Wine and dine complement each other, so idea of sample being supplied to established restaurants to organize tastings and creditability of the product would act as a point of reach to consumers. Special promotional events and weekends surprise may be structured to boost the reach amongst crowd. The prime targeted customer would be a regular wine consumer who can be inclined towards wine preservation devices. In this manner, the creation can be distinguished with high margins of malleability to the various trends of need even in the concise span of period. Positioning needs to situate the product in the cognizance of the user and discriminate the company, product and the brand from the rivals. Marketing Strategy Marketing techniques is amongst the prime elements correlated with the expected business outcome in a cut throat market place. It is the crucial component that is needed for product steadiness in an aggressive market status(Alvdary,2007). Marketing strategy is far ahead of mere advertising and promotion activities. After the recognition of target market the step ahead would be to develop techniques for other components of marketing plan such as product and promotion strategy. Product Product is considered as an article that fulfils a desire or a necessity. A successful creation has to satisfy a peculiar want in the market (Ismail,2013). Functionally it must be competent to accomplish its task as promised .The foundation of growth from marketing dimension should be to establish the product in the thought of the target market as a desired artefact. There needs to be understandable communication amidst the potential users and customers in context to its features and benefits. Only, if the product is useful and distinctive, consumer will opt for it even when if it is over-priced. Components of product that can be considered in marketing product comprises of its quality ,design, variants available, different sized units ,brand name ,features ,packaging ,services and customer satisfaction. Wine preserver is an exceptional product with features that retains freshness and preserves wine from getting in contact with oxygen, even after several days of opening. Promotion Strategy Promotion is quite significant element of marketing since it can boost brand sales and recognition. It is imperative to devote in promotional activities as a prerequisite to attaining the market objective .The kind of promotion activities undertaken in a particular market will rely on the characteristics of that marketplace as they correlate to Australian wine. This will ascertain the virtual attention focussed to trade, media, target groups and consumer audiences amongst each one. The blend of promotional strategy will rely on the budget of organization, the message company wants to convey and the target segment Advertising ,sales promotion ,public relations ,sales team, direct marketing all are elements comprehensive promotion strategy .Few illustrations are underpinned: Action Plan The action program for six months post product launch would be to concentrate on product awareness combat with marketing mix techniques to situate the product in the cognizance of buyers. Laterally focal point would be to consider product strategies as a significant constituent to attain the market objectives. Usually after the creation is launched the artefact is assumed to make its own way. Organization is expected a build action plan after the product is unveiled .Nevertheless product management is required to consider product differentiation, product life cycle and techniques to build and enhance product sales. Organization needs to create an approach that aids to accelerate the market share. There are numerous ways to accomplish the objective: Market strategies Sales strategies Price strategies Distribution strategies Promotion strategies Product strategies Developing efficient product strategy is much more than building specialization tactics. Two outstanding product strategies are discussed below: Product development It is assumed to consider the purchaser, his needs, the creation positioning in the marketplace and the distinct features product presents. After the product is inaugurated confirm that it constantly meet the customers expectations and develop the artefact as necessitous .The peril with the fresh product is raised cost and the disappointment to sell the new creation or elevate creation at increased sales figure and at the assumed volume. Product diversification it is all about accompanying the prevailing business and dispersing the risk of single product or single line by diverging with more correlated or even unconnected products that aid to grow the sales and scatter risk. References Alvdary, H. (2007) Marketing and market management. International Journal of Marketing. 1(1). pp.1-10. Anderson, J. C. Narus, J. A. (1998) Business marketing: understanding what customers. International journal of Marketing. 1(1). pp.1-10. Armstrong, G., Kotler, P., (2011). Marketing: An Introduction (10th Edition), Upper Saddle River, NJ, Pearson Prentice Hall. Australian Wine and Brandy Corporation (AWBC), the Winemakers Federation of Australia (WFA) and the Winemakers of Rutherglen (WOR)(2009) [Retrieved: 21 May 2017] https://www.wfa.org.au/assets/strategies-plans/pdfs/Fortified_Wines_Strategy.pdf Bennett, R., Rundle-Thiele, S. (2004). Customer satisfaction should not be the only goal. Journal of Service Marketing, 18,7, 514- 523. Gounaris, S. P. (2005) Trust and commitment influences on customer retention: insights from management. International Journal of Service Marketing. 1(1). pp. 1-10. Ismail, M. B. M. Velnampy, T. (2013) Marketing Mix of Product Life Cycle (MMPLC) and Business Performance (BP) for Sarong of Royal Handloom Weaving Factory (RHWF). European Journal of Commerce and Management Research (EJCMR). 2(8). pp. 1-10. Kvarvyy, K. Mohammad, M. (2009). Competitive reaction- and feedback effects based on VARX models of pooled store Ali Pour. Marketing Management. 36(2). pp.230-240. Leverin, A. Liljander, V. (2006). Does relationship marketing improve customer relationship satisfaction and loyalty. Paper presented in International Conference: Proceedings of International Conference, Department of Marketing, Swedish School of Economics and Business Administration, Switzerland. Moraga, T. E., Parraga, V. A. Z., Gonzales, Z. F. (2008). Customer satisfaction and Loyalty. Journal of Consumer Marketing, 25(5), 302- 313.of the Academy of Management. 1(2). pp.1-10. Patterson P. G., Johnson L. W., Spreng R. A. (1997). Modeling the determinants of customer satisfaction for business-to-business professional services. Journal of the Academy of Marketing Science, 25,1, 4-17. Peterson, R. A. (1995). Relationship Marketing and the Consumer. Journal Reynolds Jon (2010) The Australian Wine Industry and the Impact of Knowledge-flow on Performance. [Retrieved:22May,2017] https://www.oenologic.com.au/wp-content/uploads/Knowledge-Management-an-Australian-Wine-Industry-Study.pdf Wines of western Australia (2014) Western Australia Wine Industry Strategic Plan 2014-2024[Retrieved:22May,2017]https://static1.squarespace.com/static/552d3a93e4b0a7ee3a2ce896/t/555c10ffe4b04aa921b678dc/1432097023899/35368+WINE_Wine+Industry+WA_Strategic+Plan_WEB.pdf