Marketing Management
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- Date Submitted: 09/27/2011 10:38 PM
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Marketing Management
Assignment 1
Q1. Using an example of your own choice explain how the various components of the marketing framework relate to each other. What are the implications of this model for marketers?
Safe n Sound child seats will be used in this explanation of the marketing framework. The Marketing Framework begins with a situational analysis using the 5Cs; Customer, Company, Context, Collaborators and Competitors. The 5Cs are dynamic, so this aspect of the marketing framework requires ongoing monitoring and adjustments (Iacobucci, 2010).
The customers for this product are new customer parents, repeat purchasers or carers. The company should be reviewed by identifying the internal strengths and weaknesses, as well as the external opportunities and threats using a S.W.O.T analysis. In addition to the physical product, the company is able to provide the additional customer benefit of child safety during transport. The context for the product has recently changed quite favourably, as it is now legislated that children up to seven years old must travel in a car seat. Parents use the internet to gather information and ask opinions in web forums before decision making. Possible collaborators to help meet customer needs and strengthen B2B partnerships could be entertainment companies e.g. addition of iPod speakers or DVD accessories. There are a relatively small number of competitors, however the two main competitors, MotherCare and Safety First have lower safety ratings and are set at lower price points. An emerging competitor is HiPod, a trendy alternative but lacking the high safety rating of Safe n Sound.
When the situational analysis information has been collated, strategic marketing planning using Segmentation, Targeting and Positioning (S.T.P) is done.
Market segmentation is derived from dividing a market into ‘distinct groups of buyers with different needs, characteristics or behaviour’ (Kotler, Brown, Adam, Armstrong, 2001: 293)....
Assignment 1
Q1. Using an example of your own choice explain how the various components of the marketing framework relate to each other. What are the implications of this model for marketers?
Safe n Sound child seats will be used in this explanation of the marketing framework. The Marketing Framework begins with a situational analysis using the 5Cs; Customer, Company, Context, Collaborators and Competitors. The 5Cs are dynamic, so this aspect of the marketing framework requires ongoing monitoring and adjustments (Iacobucci, 2010).
The customers for this product are new customer parents, repeat purchasers or carers. The company should be reviewed by identifying the internal strengths and weaknesses, as well as the external opportunities and threats using a S.W.O.T analysis. In addition to the physical product, the company is able to provide the additional customer benefit of child safety during transport. The context for the product has recently changed quite favourably, as it is now legislated that children up to seven years old must travel in a car seat. Parents use the internet to gather information and ask opinions in web forums before decision making. Possible collaborators to help meet customer needs and strengthen B2B partnerships could be entertainment companies e.g. addition of iPod speakers or DVD accessories. There are a relatively small number of competitors, however the two main competitors, MotherCare and Safety First have lower safety ratings and are set at lower price points. An emerging competitor is HiPod, a trendy alternative but lacking the high safety rating of Safe n Sound.
When the situational analysis information has been collated, strategic marketing planning using Segmentation, Targeting and Positioning (S.T.P) is done.
Market segmentation is derived from dividing a market into ‘distinct groups of buyers with different needs, characteristics or behaviour’ (Kotler, Brown, Adam, Armstrong, 2001: 293)....