Basics Of Mrketing Strategies
Marketing Strategies for Business
Marketing is the most prime factor for the success of the business. In it various techniques are clubbed, along with this the promotional tools are also having a vital role in attracting the customers and this can create a benchmark for the entity in the market (Chen and Xie, 2008). The report is based on Aussie Toy Limited Company, which is operating its business activities in manufacturing of the toys and online and video games.
The corporation has a plan to extend its market share and for this it has made the marketing strategies so that it can enhance its sales and revenues and people can be motivated to purchase the goods from the company. In the study the marketing objectives, segmentation, positioning, targeting, marketing mix, and promotional activities for the business are described. The purpose of the report is to identify the role of key elements which are important for the developing of market share and increasing the sales.
The Aussie Toy Limited Company is a manufacturing entity which is having its business in selling and distribution market. The situation analysis is made of two elements in it the external and internal situation analysis is conducted. The internal analysis is consisted of the structure of the company, its core strength and performance.
The annual industry growth rate of the industry is 4%. Toys and games market segment in Australia is valued at US $538 million in 2010. Along with this the population of below 15 age is almost four million.Aussie Toy Limited has captures more than 27% market share in toys industry.
The core strength of the entity is its unique production of the toys which is to be distributed and sold in the market. It has an excellence in supply of the products as per the need and requirement of the customers. Apart from this the entity is working since very long time in market so it has a great bran image in the market. Its fast selling products and tentative prices are also helpful in beating the rivalry in the market.
It is selling the toys in the categories of educational toys in timber or plastic, quality plush toys with faces, dolls with porcelain heads and complex clothing and theme toys. Future growth in context of the core competencies can be seen in current offering of toys with the upgraded technology.
The company has to evaluate the factors related with its external market such as the threat of competitors in toy industry. Along with this the governmental policies, client's values, belief, choices, taste, preferences and the technological development is considered in it.
Motives of the end consumer target group for the company: End users are the ultimate consumers usually children are deemed to be covered in this group of consumers there are the following motives given as below.
Active play ,Art& Craft Baby Toys and Gifts Games,Gear & Apparel,Gift Certificates,Kits, planes and Rockets,Magnets& Magnetism,Maker & DIY kits,Office & Desk Toys,Organic & Green Toys,Outdoor Toys,Plush,Puzzles,RC & Electronics.
Famous specified brands who are selling toys at large in order to satisfy children's toys at large in order to satisfy children's toys need in the given market segment.
Zapf Creation- Baby Born- white
Play skool- Teletubbies taking
play skool- assorted figure
Fisher Price- FP dream doll House
Parke Bros- Monoply in all the toys
Tyco- SS Tickle
Hills industry- 4 unit lawn gym
The customer target group can be captures by three motives. This can enhance the sales of the organisation. The another is the good will of the company as if the entity is working for the betterment of the corporation then providing goods and services in the best manner it can establish the good will of the company.
If all these motives are approached then the corporation can be able to capture the market. Categories of the Australian toy markets can be varied as per the market situation. The prime element is that the toy businesses have to take license for sales of traditional toys and games. Internet retailing can modify the landscape of the games and toys on Australia. The Toys and games are supposed to set the stronger value performance.
Aussie Toy Limited Company is operating in the field of the manufacturing and production of the toys and games. The entity can use SMART approaches for fulfilling the objectives of the organisation.
Thus, in above mentioned way SMART approach is described in the context of Aussie Toy Limited Company. The entity can have three prime objectives which can be attained by using SMART approaches these are:
Thus, the company can achieve these objectives by using the SMART approach. And it has to work for it and has to utilize the resources in optimum manner.
It is a term which describes that the market is divided into sub parts as or the needs, taste and preferences of the customers. It is the process in which the company can divide the whole market and then can provide the products and services as per the gender, age and taste. It is very important for the company to distribute the market so that it can provide the services accordingly
It denotes a group of people who are likely to buy the products and services of the organisation. A target market share a group of consumers who are having a same state of income, age, sex and lifestyle are willing to purchase the goods of the company. The entity can focus on them so that they can be approached and revenue can be exceeded.
It refers a brand which can be set in the mind of the consumers. It is the effort made by the organisation to influence the customers by establishing a brand or product related perception in the minds of the customers.
Marketing mix are having vital role in selling the products and services. These are product, place, price and promotion. In it the product defines that the entity has to sell the products which are having a great quality. Price describes that the value which is determined for the products and services must be proper and adequate (Day, 2011). Place describes that the products and services must be provided at all those places where the distribution can be done as per the need and requirement of the customers.
Promotion is the last element of this marketing mix which describes that the entity must use the sales promotion activities to enhance the sales of the entoty by this the people can be motivated to purchase the things and services which are being sold by the corporation. In it the company can use all the resources so that the optimum balance can be made and ion its sales and revenues. So the role of marketing mix is very high in enhancing the sales of the entity.
The company can use the pricing policies. There are three pricing policies are described as under:
It includes the determination of all fixed and variable costs with a product or services. And at last the profit margin decided by the management and is inserted in the total cost. The goal of this approach is to cover all costs incurred in producing the goods and services so that a target level of profit can be achieved (Shani and Chalasani, 2013).
This term explains that the value of a product is determined by the need and requirement of that product. It should not be valued as per the basis of the cost, rather the need and demand of the product can be evaluated by determining its requirement in the market.
It clears as its name is, as it helps in determining the price of the products as per their demand in the market. If the demand is high the entity can avail high price and if the demand is low the company can avail low price of the products and services.
Thus, in above mentioned way some suitable techniques of the pricing policy are described. If the management of Aussie Toy Limited Company, give its approval then the entity can have any policy for determining the price. This can be decided as after confirming the need and demand of the product in the market
The two key brands are The Wiggles and Bing. These are the most popular brands which are providing the services in toys and games zone (Goi, 2009). The methods of promotion which can be opt by these industries are online and offline mode. In online method the enities can use the internet so that the promotion can be done. In the offline mode the corporation can use the advertisement, free sample and individual promotion. By this the people can got to know about the policies and terminologies of the entities. They can approach the organisation and this can increase the sales of it.
One of the most popular brand is The Wiggles, it is operating the business activities in toys segments. Marketing mix which can be used by it are product, price, place and promotion. As far as products are considered the entity can use quality goods so that they can not harm the customers and children (Keller, Parameswaran and Jacob, 2011). Price describes that the value of these goods can be set reasonable so that any customer can avail the toys. Place explains that the entity has to sell its products in the regions where the demand is much higher.
In those places the promotional activities can be used in the most effective manner. Promotion is the last strategy of marketing mix, to make people ware is very important so that they can approach the company. By using the latest promotional techniques such as templates, hoarding and free sample the entity can make attract more customers. Thus, in above mentioned way The Wiggles can use marketing mixs.
The company can determine its promotion strategy so that the sales of the corporation can be increased. In it the entity can use some tools and techniques which are most suitable for it. Along with this the company can opt the strategy of advertising of the products and services so that people can be aware about the products and services of the entity (Kotler and Armstrong, 2010). It is very important for the company to use an appropriate tool for promoting its products.
The company is in the field of toys and games for the children so it can promote these items by giving or providing free samples for it. If the free samples can be provide then the people will attract towards the services of the entity and they will be willing to buy the products and services. The entity can use online and offline mode of promotion. In the offline mode it can appoint some sellers who will be selling the products and in online the goods will be sold by online measures. By this the sales of the entity can be increased. This can be helpful in developing the positioning and segmentation of the market. Along with this targeting can be enhanced by using the promotional activities.
After approval of the pricing and promotional strategies, the company can collect the data from the market so that it can get to know about the latest trends and techniques (Keh, Nguyen and Ng, 2007). Along with this these tools can be helpful in assessing the evaluation of the performance of the sales target and motives which have been determined by the organisations. The entity can use online and offline mode to collect the data.
It can organise a survey so that the feed back from the customers can be obtained. On the basis of this, the evaluation can be done about the products and services which are to be sold in the market. This can be beneficial for the entity to collect the data and information so that it can avail a proper information about the market and its trends. It is very important for the entity to know about the key elements which are having influence on the marketing strategy of the corporation.
By gathering the data form the market the company can determine the appropriate pricing policy for it. Along with this it can use the promotion techniques also as per the suitability of the consumers. Thus the corporation can gather the information and can use this data in analysing its pricing and promotion strategy. This can lead the entity in getting the ultimate objectives of it.
In the given report role of marketing strategies and their methods are described. Marketing is very important for the succes of the business. Aussie Toy Limited Company is a manufacturing unit and is providing its services in the kids toys and games segment. It can use the various marketing mix methodologies and policies so that the customers can attract towards it and it can increase its sales. Thus the report concluded that to know the market and evaluate the promotional strategies can be advantageous for the corporation in achieving the growth and success.
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