Unit_4_Ip

Jeremy Warren American Intercontinental University Unit 4 Individual Project MKTG 205 – Principles of Marketing 02/03/2013 Abstract This paper will contain what I’ve learned over the past weeks. It will be a brief summary of what I learned from unit 1 to unit 4. Marketing Introduction Over the past weeks I learned a lot about marketing. From defining the term marketing, to coming up with promotional plans, I’ve learned a great deal. Definition of Marketing What I got out of my sources was very helpful in helping me to define the word marketing. To me marketing means to come up with a plan to use your resources to promote your product. Now days there are so many tools companies can use to market their products. Advertising is the best way to market a product in my opinion. Introduction of Product/Service The company I chose was Tide. I think that Tide is a great marketer because of the way the company presents itself. The company does not focus on just one product, they promote all products the same. Tide is also the official detergent of the NFL so they have to be doing something right. When I visited Tide's website I wanted to make a purchase, but I remembered that this was just a school project. That just proved how good Tide is at marketing. Another good marketing tool they used was that they offer laundry tips, and that is a great way to reach out to consumers. Situation Analysis -- Marketing Environment Forces Impacting Product/Service Today laundry detergent companies face different challenges outside their companies that affect their marketing. Environmental forces such as social, economic, and competition dictate how the company attempts to reach out to its consumers. Starting with social, you have to know what your customer wants. With laundry detergent people like different things. Some like scented detergents, others don’t. Some people like the liquid form, and others like the powder form. You have to be able to keep up with the demands of the consumer and make sure you have enough supplies to keep up with those demands. The next market force is economic. The economy has a big influence on the way these company market their products. That’s why you see a lot of these laundry detergent companies cutting prices and advertising with half of coupons. Companies tend to offer a little more now with the economy as bad as it is now. The final market force that will be discussed is competition. Dealing with competitors is what drives the marketing field. For example, one company has flower scented detergent, well the other company will have the same scent, but at 10 cent less than their competitor. Marketing Strategy: Target Market(s) & Positioning If I was in the marketing department for Tide, I would target women because they normally are the ones to do the laundry. In Princeton, NJ studies showed that 68% of married couples say that the women do the laundry. (Newport, F 2008) With the being said, I would focus more on female consumers. We would survey how many times a week that they (female consumers) do laundry, do they prefer scented or unscented, and if they are looking for quantity over quality. Another question to ask is if they (female consumers) would be willing to pay a little more if the product is proved to work better. My value proposition is that Tide will continue to provide quality products. The cleaning power of Tide is above all and unmatched by any competitor. Sure if smells good, but is it clean' That is the question that you as a consumer need to consider. What good is a detergent that doesn’t clean, but smells great' Product/Service Overview and Strategies to Consider The most important decision that I will make in developing my product is product attributes. Product attributes are important when it comes to product comparison because you want to point out what your competitor is lacking. This would help support our market strategy by letting our customers know that our product is the best on the market. Pricing Strategy The factors that will impact my pricing strategy is the cost of production, and the competitors pricing. The cost of production will impact my pricing because I don't want to sell my product so low that I will not be able to make a profit. And the price of my competitors will impact my pricing because I know my product is the best on the market, so I will have my product market higher than the competition. The pricing method that I would use is target pricing. I would set the price at what I think is market value. Based on the reports I receive from the retailers and wholesalers will determine Whether I will raise the price or lower the price of my product. I think that this is the best route to go for my product because I know that with this method, I know that I will make a profit. Distribution Channels When it comes to marketing your product, there are different marketing channels that you can utilize. The product that’s being marketed is Tide laundry detergent. Marketing channels for consumer products and services consist of direct channel and indirect channel. Indirect channels are the most common channel of distribution, for example buying tide from your local corner store. Promotion Mix Strategy My mixing strategy will be to use free samples, coupons, and television ads. I chose these three because I think that this is a better way to get the attention of the consumers. My message strategy would be to compare our product to our competitors in a side by side competition to show how great our product is compared to the competition. Once the consumer see firsthand how great it works, they are more likely to make the switch to our product. Promotion Tool #1 For promotion tool #1 I would give away free samples in the mail. I would do this because it gives the consumers the opportunity to try our product. Once the customer get a chance to try our product, they will see how great it is and purchase it. Promotion Tool #2 For Promotion tool #2 I would use coupons. I think that in this economy that people tend to want to save money. Coupons is a great way to help the consumers out. It’s also shows that we understand that times are hard, and we want to help out any way we can. With 30% off and buy one get one free can create customer loyalty. Promotion Tool #3 And for #3 I would use television ads. It’s an easy way to reach the consumer, because a huge percentage of the world’s population watches TV. Running ads during popular television shows will get the attention of the people. Conclusion In conclusion, I have successfully learned the market process works. I also learned how to understand the needs through the marketing environment, and how to come up with a good strategy to promote my product. References Sheth, Jagdish N; Uslay, Can. Journal of Public Policy & Marketing. Fall2007, Vol. 26 Issue 2, p302-307. 6p. DOI: 10.1509/jppm.26.2.302. Wilkie, William; Moore, Elizabeth. Journal of the Academy of Marketing Science. Jan2012, Vol. 40 Issue 1, p53-73. 21p. DOI: 10.1007/s11747-011-0277 Scovotti, Carol; Spiller, Lisa D. Marketing Management Journal. Fall2006, Vol. 16 Issue 2, p188-202. 15p. Newport, Frank Wives Still Do Laundry, Men Do Yard Work. 2008 Retrieved from http://www.gallup.com/poll/106249/Wives-Still-Laundry-Men-Yard-Work.aspx'version=print .