Monday, February 24, 2020

Marketing is an oft conceived word used in our daily life Essay

Marketing is an oft conceived word used in our daily life - Essay Example The term was derived from the original meaning which taken literally meant simply going to the market to shop or to sell goods and services there. Marketing has grown by leaps and bounds today. It is a creative industry that has expanded down to various genres such as advertising, distribution and selling. Customer base is figured out, their needs and aspirations realized and the relevant product developed accordingly. "Robotic toys are the latest trend in a huge toy market worth $31.8 billion in the United States alone in 2005, according to the research firm NPD Group. The toy generations breed and spread rapidly--and go "extinct" fast, too". (Jeffries, 2006) But the innocence hidden in playing with mud has made it all time favorite game of children. While keeping in view the level of fame in the children the company is planning to introduce a new product. The product is the toy machine named as Mud Master that can make mud balls just like when one has to compact it with his hands. The toy will need sand, dirt, mud, and water in it to make mud balls much faster and more compact. The mud toy is a relatively new product that the company is going to launch. At the preliminary level, the product is stipulated to reach customers through vendors, whole sellers, the company's factory outlets and its main branches. Based on the response triggered by the product, future variations in the delivery of the product will be reasoned out. PRICING: As mentioned by Kotler (2000), the company will follow a six steps procedure for setting its pricing policy: 1. Selecting the pricing objective 2. determining demand 3. estimating costs 4. analyzing competitor's costs, prices and offers; 5. selecting a pricing method and 6. selecting the final price. The company will follow the method of target return pricing long-run profit making strategy by keeping the prices low. Price is an important factor in the determination of the marketing mix as it will have effects on the supply and demand of the company. Price is an important factor for the customer while making a decision to buy the mud maker. Price will often be the difference that will push a customer to buy our product over another, as long as most things are fairly similar. For this reason pricing policies need to be designed with consumers and external influences in mind, in order to effectively achieve a stable balance between sales and covering the production costs. Price strategies are important to the company because the price determines the amount of sales and profit per unit sold. Businesses have to set a price that is attractive to their customers and provides the business with a good level of profit (Geoffrey; 191-192) The company should give more incentives to middle men or retailers in way a that they offer them free samples, by this these retailers and middle man push their product in the market, so that coca cola can be seen more in the market. And have a good sale in the market because according to the expert which product seen more in the market that sells more, basically a strategy to provide incentives to retailers and distributors. "Seen

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