mgt301 assignment solution

Subject: mgt301 assignment solution Sat Jul 10, 2010 2:57 pm

Characteristics	Comments	Reasoning
Brand Name Target Market	Brand names are armed with “reputation,” aesthetic appearance and sought after trends. Generic brands are at bargain prices, and mimic the look of the brands without ruining your budget. The true quality of each is often debated, and many of these possessions serve the exact same purpose, regardless if it’s the real thing or concealed in a generic cloak. Niche products such as soft drinks, health drinks and New Age drinks will be the fastest-growing subsector of the global soft drinks market as more time pressured and active consumers look for products to stimulate and benefit their health,	Results of studies indicate that the sound of a brand name can communicate information about the product, e.g. its size, speed, strength, weight, etc. Brand name sounds can convey product-related information either in the presence or absence of supporting marketing communications. The market segmentation concept is crucial to market assessment and market strategy. Divide the market into workable market segments -- age, income, product type, geography, buying patterns, customer needs, or other classifications. Define your terms, and define your market.
Positioning Strategy	After the organisation has selected its target market, the next stage is to decide how it wants to position itself within that chosen segment. Positioning refers to ‘how organisations want their consumers to see their product’. What message about the product or service is the company trying to put across?	Developing a positioning strategy depends much on how competitors position themselves. Do organisations want to develop ‘a me too’ strategy and position themselves close to their competitors so consumers can make a direct comparison when they purchase? Or does the organisation want to develop a strategy which positions themselves away from their competitors? Offering a benefit which is superior depends much on the marketing mix strategy the organisation adopts. The pricing strategy must reflect the benefit offered and the promotion strategy must communicate this benefit.
Price Strategy Distribution Strategy	A successful pricing strategy is your means of making a profit today, not of recovering costs spent a year ago. Don't use the cost of developing your current product as the basis for its price. Instead, use the current costs of developing your new products as the basis of the price of your current product. *Intensive distribution* ). Intensive distribution is usually required where customers have a range of acceptable brands to chose from. In other words, if one brand is not available, a customer will simply choose another. *Selective distribution* involves a producer using a limited number of outlets in a geographical area to sell products. An advantage of this approach is that the producer can choose the most appropriate or best-performing outlets and focus effort (e.g. training) on them. Selective distribution works best when consumers are prepared to "shop around" - in other words - they have a preference for a particular brand or price and will search out the outlets that supply. *Exclusive distribution* is an extreme form of selective distribution in which only one wholesaler, retailer or distributor is used in a specific geographical area.	Costs. Focus on your current and future, not historical, costs to determine the cost basis for your pricing strategy . Price Sensitivity. The price sensitivities of buyers shift based on a number of factors and your pricing strategy must shift with them. Competition. Pay attention to them, but don't copy them . . . when it comes to pricing strategy they may have no idea what they're doing. Product Lifecycle. How you price, and what value you provide for that price, will change as you move through the product lifecycle. Another factor is the extent to which producers want to maintain control over how, to whom and at what price a product is sold. If a manufacturer sells via a retailer, they effective lose control over the final consumer price, since the retailer sets the price and any relevant discounts or promotional offers. Similarly, there is no guarantee for a producer that their product/(s) are actually been stocked by the retailer. Direct distribution gives a producer much more control over these issues. "buyer behaviour"; how do buyer's want to purchase the product? Do they prefer to buy from retailers, locally, via mail order or perhaps over the Internet? Another important factor is buyer needs for product information, installation and servicing. Which channels are best served to provide the customer with the information they need before buying? Does the product need specific technical assistance either to install or service a product? Intermediaries are often best placed to provide servicing rather than the original producer

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