Applied Managerial Marketing

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  • Applied Managerial Marketing

    1. 1. Global Growth Industries (GGI) Marketing Plan
    2. 2. Profiling: <ul><li>GGI is going to target the generation Y segment of the market </li></ul><ul><li>The VALS (Values, Attitudes and Lifestyles) categorization can be used to profile this segment. </li></ul><ul><li>Based on psychological attributes and resources, the VALS system identifies eight different consumer groups: </li></ul><ul><ul><ul><li>Actualizers </li></ul></ul></ul><ul><ul><ul><li>Fulfilleds </li></ul></ul></ul><ul><ul><ul><li>Believers </li></ul></ul></ul><ul><ul><ul><li>Achievers </li></ul></ul></ul><ul><ul><ul><li>Strivers </li></ul></ul></ul><ul><ul><ul><li>Experinecers </li></ul></ul></ul><ul><ul><ul><li>Makers </li></ul></ul></ul><ul><ul><ul><li>Strivers </li></ul></ul></ul>
    3. 3. Profiling: <ul><li>To identify the target segment’s psychological attributes and resources for use in profiling, GGI will conduct marketing research through focus groups. </li></ul><ul><li>The following five questions will be asked: </li></ul><ul><ul><ul><li>What are the values of the target audience? Do they value self-image and expression or functional and durable products? Are they status oriented or action oriented? </li></ul></ul></ul><ul><ul><ul><li>What is their level of education? </li></ul></ul></ul><ul><ul><ul><li>What are their income levels? </li></ul></ul></ul><ul><ul><ul><li>How old are the members of the target segment? </li></ul></ul></ul><ul><ul><ul><li>Where do they buy from? </li></ul></ul></ul>
    4. 4. Packaging: <ul><li>GGI will adopt a differentiation strategy, where the product will be marketed on the basis of high quality, exceptional service and unique styling. </li></ul><ul><li>Branding will aim to reinforce this image and will be achieved in part through packaging. </li></ul><ul><li>For that reason, the brown plain wrappers will be replaced by eco-friendly, highly functional and eye-catching packages. </li></ul>
    5. 5. Packaging: <ul><li>Advantages of the new packaging strategy: </li></ul><ul><ul><ul><li>It will enhance product visibility and attract new customers </li></ul></ul></ul><ul><ul><ul><li>It will help demonstrate GGI’s commitment to social responsibility </li></ul></ul></ul><ul><ul><ul><li>It will help to reinforce the brand value </li></ul></ul></ul><ul><li>Disadvantages of the new packaging strategy: </li></ul><ul><ul><ul><li>It will result into extra costs </li></ul></ul></ul><ul><ul><ul><li>It’s design and implementation will consume a lot of time and lead to lost productivity </li></ul></ul></ul><ul><ul><ul><li>No demonstrated return to costs or impact on ROI </li></ul></ul></ul>
    6. 6. Pricing: <ul><li>Four pricing strategies can be adopted by GGI: premium, economy, penetration, or skimming pricing strategies. </li></ul><ul><li>GGI should adopt a premium pricing strategy because: </li></ul><ul><ul><ul><li>It is the pricing strategy that best complements the firm’s differentiation, branding and packaging strategy </li></ul></ul></ul><ul><ul><ul><li>Given GGI’s modest financial resources, it cannot sustain price wars that are likely to ensue from following an economy pricing strategy </li></ul></ul></ul><ul><ul><ul><li>The strategy gives GGI the opportunity to get higher margins and profits </li></ul></ul></ul>
    7. 7. Placement: <ul><li>GGI will follow a selective distribution strategy </li></ul><ul><li>GGI will use the traditional distribution models (discount stores, specialty stores and home centers / hardware stores) since most of the houseware industry sales are made through these outlets </li></ul><ul><li>The southern and western states of Texas and California, and cities such as Los Angeles and San Francisco are some potential strategic locations for the outlets. </li></ul>
    8. 8. Partnership: <ul><li>Cooperative marketing will be used since GGI does not have an adequate budget to self-finance its marketing plan. </li></ul><ul><li>Part of this will involve cooperative advertising, where the firm will tap into funds set aside by the manufacturer for marketing purposes </li></ul><ul><li>GGI can also make use of joint purchases and logistics with other firms in the industry as a way of cutting costs. </li></ul>
    9. 9. Promotion: <ul><li>GGI will make use of a pull rather than push strategy. </li></ul><ul><li>The main elements of the promotional mix that will be used will include advertising, sales promotion and public relations. </li></ul><ul><li>Some common advertising channels that will be made use of are the internet, television, and newspapers. </li></ul>
    10. 10. Promotion: <ul><li>These tie in with the attributes of generation Y who show a high affinity for technology (internet advertising), are educated, and seek for independent sources of information. </li></ul><ul><li>The firm will also tie its public relations campaigns to issues that members of the generation Y identify with such as environmental conscious activities and healthy lifestyles. </li></ul>
    11. 11. References: <ul><li>Boone, L.E., and Kurtz, D.L. 1992. Contemporary Marketing . Dryden Press, 1992. ISBN: 0030540186, 9780030540189. </li></ul><ul><li>Business Wire. 2005, May 16. Generation Y Drives Home Improvement Marketplace with Focus on Technology, Functionality, Style; Future Homeowners with Massive Purchasing Power Present Huge Opportunity. Retrieved on 9 Oct 2008 from http://findarticles.com/p/articles/mi_m0EIN/is_/ai_n13718856 . </li></ul><ul><li>Doyle, M. 1996. Packaging Strategy: Winning the Consumer. CRC Press. ISBN: 1566762987, 9781566762984. </li></ul><ul><li>Hillstrom, K and Collier, H.L. 2002. &quot;Cooperative Advertising.&quot;  Encyclopedia of Small Business . Eds.  Vol. 1, 2 pp. 2 vols.  Gale Virtual Reference Library . Gale. Apollo Library. 31 Oct. 2008 <http://find.galegroup.com/ips/start.do?prodId=IPS>.Gale Document Number : CX3404300136 </li></ul><ul><li>Marketing Teacher. 2000. Pricing Strategies . Retrieved on 29 Oct 2008 from http://www.marketingteacher.com/Lessons/lesson_pricing.htm </li></ul><ul><li>Morton, L.P. 1999. “Segmenting Publics by Lifestyle.” Public Relations Quarterly . Retrieved on Nov 3 2008 from http://findarticles.com/p/articles/mi_qa5515/is_199910/ai_n21446065?tag=untagged </li></ul><ul><li>Nickels, W.G., McHugh, J.M., and McHugh, S.M. 2002. Understanding Business . McGraw-Hill. ISBN: 0072320540, 9780072320541 </li></ul><ul><li>Spingola, L., Trade Resources, Jiambalvo, J., and Kairos Business Partners. 2007. Business Guide to the United States’ Home & Housewares Market . Retrieved on Oct 22 2008 from http:// www.housewares.org/pdf/usbizguide.pdf </li></ul><ul><li>US Census Bureau. 2000. Women in the United States: March 2000 (PPL-121). Retrieved on 16 Oct 2008 from http://www.census.gov/population/www/socdemo/ppl-121.html . </li></ul><ul><li>West, T. 2008. Cooperative Marketing: What does it take? Is It for You? Retrieved on 30th Oct 2008 from http://ohioline.osu.edu/cd-fact/pdf/Cooperative_marketing.pdf . </li></ul>

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