Marketing Management Assignment Help Online Review Analysis: 4P’s OF EIC / Competitive environment

Marketing Management Assignment Help Online Review Analysis: 4P’s OF EIC / Competitive environment

Task 1

       i.          Following are some of the elements which EIC should consider while developing its marketing process:

1. Segmentation – Since the EIC cleaning equipment is of high standard in comparison of that of others, thus there will be a particular segment of buyer who will go for their offering. Thus identifying the right audience for a product is very important.
2. Identifying Competitive Alternatives – This element will help EIC in enunciating the key differences between their products and products of the competotors.
3. Communicating differentiated Points of Value – After identifying the top 3 or 4 differentiators that EIC possess in their offering has versus others, it is quite essential to bring the same in the notice of the target audience.

Solution the question frame is::

Following are the benefits of marketing orientation to EIC:

• Any risk associated with the acceptability of the new product in the market get reduced substantially.
• marketing orientation helps in developing a product which meet the expectation of the client; thus enjoys longer life in the market
• Through marketing orientation one receives feedback about the product on constant basis, thus making a product adaptable to changing taste of consumer.

Following are the costs involved in the marketing orientation to EIC:

• To implement marketing orientation effectively, one needs an extensive investment in market research. Moreover, it is a time consuming process and one may also need the help of private marketing firm to oversee the project.

     ii.          Following Micro and Macro  environmental factors may impact the marketing decisions of EIC

Micro environmental Factors are:

• Suppliers: In case suppliers increase the prices for raw material, it will lead to increase in price of finished goods as well.
• Marketing intermediaries: This factor is the link between the EIC and the outlets where EIC’s products are sold. Thus it is very important to consider under which influence they are working, while taking marketing decisions.
• Competitors: It is very important to consider competitors’ strategies while taking own marketing decision
• Customers: Marketing decisions with respect to product, price, place and promotion are directly linked to preferences and expectations of customers.

 Macro environmental Factors are:

• Demographic
• Economic
• Natural
• Technological
• Cultural

These factors will not influence day to day marketing decisions of EIC, but they have their influence on large scale.

   iii.          They should make a division of their buyers on the basis of their requirements, habits and preferences etc. And then they can come out with segment specific products. For example, a small family consisting of a married couple with a small kid will not prefer huge cleaning equipment. They will go for small, compact and non hazardous equipment. Thus different products catering to different audience is very important for EIC.

  iv.      In order to position its products, EIC should undertake competitive marketing mix strategy. EIC should aim at positioning their products in such a way as to distinguish themselves from the competitors and give them the greate ststrategic advantage in the target market.

 Scenario 2

Task 2

       i.          While developing a product like vacuum cleaner one should keep in mind that it is meant for usage and the target market consist of people who will buy them and use them, more specifically the target audience is “households”. It is very important for ESI that they further break down this household segment into various categories. Now once the different types of target buyers has been identified, ESI has to decide upon the various products that they need to develop to cater the needs of different groups. One will be their mainstream product which they can develop for their existing users. Another product can be developed for new users, which will have all the key features that probably competitors are not providing in their products. ESI can also make specialized products. For example there can be a specific vacuum cleaner for pet owners. Then there can be a super fast and technical vacuum cleaner targeting people who want things to be really fast and are very advanced technologically. Thus various products of similar origin should be developed to cater the needs and preferences of different groups of same market. Thus ESI is advised to spend on research and development so that it can come out with new ideas on frequent basis.

     ii.          There has been enormous growth in the vacuum cleaner market. But the bright future prospects of this business has also attracted small and cheaper brands which has downgraded the price market of this product. Thus EIC has to be very careful while pricing its vacuum cleaners and are adviced to follow strategy of competitive pricing and product based pricing. The prices cannot be too high as they will impact its sales volume in two ways. First the people with low income will not be able to buy the product. Second, there are rapid technological changes in electronic products. Thus people rather spending huge amount at one go prefers buying technologically advanced and new products after short durations. So EIC can follow different pricing strategy for different types of vacuum cleaners. For example, the robot vacuum cleaner which has the target audience with high disposable income, can be priced at a little higher side. Cylindrical vacuum cleaner, which has been developed keeping in mind middle income group should be fairly priced. The vacuum cleaner which specifically caters to the need of pet owners can again be priced on the higher side, because having a vacuum cleaner is quite essential for pet owners. And in majority of cases there are chances that prices are not going to impact their buying decisions.

As far as promotion of the product is concerned, it is advised that EIC go for promotion in stores, advertising on television focusing on key features of the products, campaigns through billboard. In order to reduce competition, company should also introduce products with added features on regular basis.

Task 3

In order to maximize the need of customers, EIC is advised to use the push promotional strategy for vacuum cleaners. Under this strategy, a company tries to create demand for their product in the minds of consumer through sales force and trade promotion activities like advertising, live demos in malls and shopping places etc. Under push strategy, companies try to sell their products directly to the consumer so that they can communicate the benefits and features of the product in the best possible manner. They also ask retailers and store owners to promote their products. EIC should introduce new different range of products with different features and benefits for different markets. Each range has to be developed keeping in mind people of different areas, i.e. their preferences, priorities, style of living, culture etc. For example there can be different product for the purpose of daily cleaning, deep cleaning, for the cleaning of dust from floors, carpets and areas which can not be accessed easily, product for doing wet cleaning of floors and tiles etc. Accordingly each product should be positioned in the consumer’s mind.

                  i.          Vacuum cleaner falls in a category of products which suffers from two drawbacks. First, the interest of consumer in these type of products is very low. Second, demonstrating key benefits of these products is quite essential to convince customer to buy the product. Thus EIC is advised not to opt the route of conventional distribution and rather go for direct selling.

Task 4

                 i.          While taking the decision to sell the products in the overseas market EIC has to consider the price barrier which is quite powerful in European Union and the rest of the Europe. Thus, to be sucessful in overseas market EIC should come up with a wide range of products and should price them according to their features and the additional benefits. Thus in order to achieve sustainability on the long term basis providing value for money is very important for EIC.

               ii.          In order to meet the needs of the target market, a company engages itself in various activities. When all these activities are grouped together they become marketing mix. Initially marketing mix of EIC consist of four basic Ps. They are as follows:

• Producing cleaning equipments of high standard for different groups of different market segment
• Providing value for money to their customers
• Selling products through direct selling route
• Developing marketing strategies to promote and advertise their products

Now when EIC decided to expand their reach in other parts of Europe, following three Ps will be added as additional elements in their extended marketing mix:

• Physical layout – In historic times consumer were least bothered about the physical layouts of the units where production used to take place. But with the changing times their mindset has changed and they now expect presentation of products of higher standards. Same will be the case with the EIC in case they will expand their operations in other parts of Europe. Presentation of their product as well as the environment in which they develop their products will hold great importance.
• Provision of Customer Service – The loyalty and preference of a consumer depends largely on the kind of service they get from the seller. The manner in which their telephone query is being taken care, the manner in which executive has given demo of the product all these things are very important.
• Processes – associated with customer service are a number of processes involved in making marketing effective in an organisation e.g. processes for handling customer complaints, processes for identifying customer needs and requirements, processes for handling order etc

Scenario iv

       i.          Following are the two consumer segments and marketing mix catering these segments:

• Uppers and Upper-Middles. People of this segment are more organized while taking buying decisions. They do purposeful and efficient buying. They know in advance what they want to purchase and why they are taking the buying decision. They look out for information before taking any buying decision These consumers are more likely to search for information prior to purchase. They prefer reading brochures, newspapers, and test reports before buying products. Thus while developing marketing mix for this segment, company should focus on imparting in depth knowledge about the product. Emphasis should be given on hoe the sales person is interacting with this segment. A sales person should be organized, discipline and well aware about the status of the customer with whom they are dealing.
• Middle Class segment – People falling in this segment can be categorized as anxious buyers. They are more concerned about the price of a product rather than he features. Thus the company can lure the customer belonging to these segments by giving discounts or by providing economy products with not so advanced features.

      ii.          Apart from 4 Ps that constitute marketing mix that a company develop for consumers, following four Cs are added when the same company develops marketing mix for business:

• Content – A stedy content that will keep target audience engaged
• Connection – establishing a connection with the target audience
• Communication – communicating with them on constant basis
• Conversion – and then converting them at the illusive moment of need

    iii.          Whether it is domestic marketing or international marketing, both work on similar principles of marketing. However there are few dissimilarities between the two.

• Scope –Domestic marketing is limited in its scope and dry up eventually. In contrast, the scope and opportunities are never ending in international marketing.
• Benefits – International marketing provides larger benefits than domestic markets. The most significant benefit is of foreign currency which benefit domestic economy as well.
• Sharing of technology –The level and degree of technology will remain limited in domestic market. But once a company operates on international level there will be a huge advancement in the level of technology a company is using.
• Barriers – In domestic marketing there are no barriers but in international marketing there are many barriers such as cross cultural differences, language, currency, traditions and customs.

MI75

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