Once a wider customer base is identified, “ OnTyme” needs to formulate a marketing strategy to serve its customers better and align the product to the identified needs of the customer. Ideally, the strategy should address the niche needs of the customer especially if there are gaps that need to be filled. This would ensure potential profitability. A good strategy helps a business focus on the target markets it can serve best. Product strategies may include concentrating on the already performing brand “ OnTyme” , pushing the teen brand “ Wotch It” or the newer watch with the paging device to be launched.
Each of these products is targeted at a different kind of customer and needs to be niche marketed emphasizing its area of speciality. Promotion strategies definitely need to be hyped up to offer awareness and product visibility. “ OnTyme” needs to go all out and advertise for the market penetration it is looking for. The right price is crucial for maximizing sales and profitability. Prices set need to ensure the survival of the business. Pricing may be aggressive initially to draw a better percentage of the customers.
“ OnTyme” is in the medium price range and the teen “ Wotch It” needs to be affordably priced so that it appeals to the teens that may not have a very large base to spend. A low-cost, low-traffic location means spending more on advertising to build traffic. If purchases are based largely on impulse, then high traffic and visibility are critical. On the other hand, location is less a concern for products or services that customers are willing to go out of their way to find. Wristwatches can be a premeditated or an impulse purchase.
Utilizing popular niche stores catering to the target segment other than the current retailers will help build newer channels for distribution. Once marketing information about the target market, competition and environment are collected and analyzed, a marketing plan is drawn. This is then implemented and evaluated on a constant basis.
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