Free Marketing Strategy for Products Essay Sample
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Maprick is a fashion cloth that is offered by Fanteck Company. The product is a dress worn by women, and its introduction to the economy was facilitated by the volatility in the fashion industry. New clothing is introduced to the economy; therefore, need to be competitive in the economy. The primary characteristic of Maprick is its existence in different sizes. With respect to the purchasing systems in the economy, Maprick exists in varied sizes in order to cater for the diversified tastes and body size of the population. However, designing a unique standard for the sizes depends on the supplier and it can be hectic to devise a unique standard for the sizes.
In addition, the product is manufactured in different colors. Colors mostly change for a new season due to, for example, international fashion presentations. Existence of different colors and sizes prompts for different cuts on Maprick. Indeed, various individuals have different tastes of cuts on the clothing; therefore, providing a fashion cloth with varied cuts that enhance the consumer to select her desired design increases the consumer base in the economy (Okonkwo, 2007). The other characteristic that differentiates Maprick from other products in Fanteck Company is its seasonality. The demand for the product is attributed to the seasons. Ideally, fashion products are usually classified into summer and winter products. The classification depends entirely on the company’s assortment of the product. Therefore, in this case, Maprick will be highly demanded during the summer, but its demand will be drastically affected in winter.
Competing companies often adopt quite different branding strategies in order to realize their strategic goals. Branding is the most vital decision that the management must consider. A brand is a combination of name, symbol, term, and/or design that identifies a given product in the economy (Hartline, 2010). The brand name should be unique so as to enable consumers to differentiate it from other products. In initiating Maprick’s product brand strategy, the company analyzed the economy to determine the brand name that will be appealing to consumers. As the target consumers were from the United States, use of names from Chinese or Japanese would have had an adverse impact on the product’s success. The branding strategy that was undertaken on Maprick aimed at succinctly capturing the market for the product. It also endeavored in providing quick information to the consumers on the importance of the product in the economy. However, the product brand can be irrelevant when the information on the existence of the product does not reach the targeted consumers; advertising the product is a core factor (Gelder, 2005). In addition, the branding strategy for Maprick was aimed at provided a clear distinction between the other products in the economy. In branding the product, consistency and effectiveness of the product should be easily configured by the consumers.
A product line consists of various products that are related, either by functioning in the same manner, its target consumers are the same, its target market is the same, or it falls in the same price range. The decision on each of the product line needs a marketing strategy. Fanteck Company assigns a person to manage each product line in order to realize its strategic goals. Product line manages decide on the length and breadth of the product line. A product line that is too short will necessitate the company to increase its profits by adding new products in the economy, while too long line implies that the company can only increase its profits by dropping items (Doyle, 2008). Fanteck Company aims at increasing its profits, and this can be achieved by adding new products—Maprick products—in the economy. The company wants to be positioned as one of the full-time companies and seeks to increase its market share and growth. However, addition of Maprick in the system has added several costs: design and engineering costs, inventory carrying costs, manufacturing changeover costs, order processing costs, transportation costs, and promotional costs. The current company initiative is to overhaul the line piecemeal or in one fell swoop: product line modernization. A piecemeal approach allows the company to see how consumers and dealers take to the new style before changing the whole line. Piecemeal modernization causes minimal drain on the company’s cash flow. However, piecemeal modernization can easily allow competitors to see changes and start redesigning their own product lines.
Organizations, which sell to consumer and industrial markets, have recognized that their products cannot appeal to all the potential consumers in the market, and in case of the products being appreciated by the consumers; it is not in the same magnitude. This is no exception to Fanteck Company. The buyers are too numerous, widely scattered, and varied in requirements and buying practices. Today’s companies are not using product-differentiated marketing and mass marketing, but tend to relay on target marketing (Hartline, 2010). Target marketing helps Fanteck Company to identify opportunities better from consumers. It can develop the right products for each target market. As Maprick product was destined to satisfy the fashion-oriented women in the economy, the use of Glamour magazine to advertise the existence of the product achieves the target objectives of increased revenue outlay.
Consequently, Target marketing enhances the company to adjust distribution channels, their prices, and advertising in order to reach the target market with ease. Instead of scattering its marketing efforts, it can focus it on consumers who have greater purchase interest. Target marketing cannot be achieved without articulating to market segmentation and market positioning of the product. As Maprick product is quite sensitive to any minimal changes in the society, market segmentation will be quite effective (Gelder, 2005). The market can be divided into distinct groups of buyers who might require distinct sizes or varied colors of Maprick product—depending on their tastes and preference. Fanteck Company can use the buyer’s wants, resources, geographical locations, buying attitudes, and buying practices when segmenting the market. In regard to market positioning, the company can formulate a competitive positioning for the product and a detailed marketing mix in order to realize the strategic goals and objectives of Fanteck Company.
In conclusion, Fanteck Company’s introduction of the fashion product, Maprick, into the economy will ultimately enhance the realization of its strategic goals and objectives in the short run. The branding strategy undertaken on the product has made it unique and easily differentiated from other products in the economy. In addition, the Maprick product fits within the organization product line and depth; therefore, enhances the demand for the product. However, as fashion products are known for their seasonality, innovation and change of the target market strategies is relevant in order to realize high revenue outlay.
- Marketing Planning and Promotion
- Market Entry and Channel Strategies
- Consumer Behavior
- Strategy for Success