NAME: ELVIS BITOK
KEY COMPONENTS OF MARKETING PLAN FOR GODIVA GEMS
Marketing plan is key component of attaining companies’ objectives. The study seeks to examine the key components of marketing plan for Godiva Gems.
It is the division of a market into homogeneous groups of consumers, each expected to respond to a different marketing mix (Dictionary of Business). Segmentation bases on: (1) Geographic segmentation: divides customers into segments based on geographical areas such as regions, states and cities. (2) Demographic segmentation: divides customers into segments based on demographic values i.e. age, sex, occupation, and nationality. (3) Psychological segmentation: perception. (4) Cultural…show more content…
Marketing Mix (4P’s)
Product is the tangible or intangible items that meet a certain customer need or demand it can be inform of goods or services. The product is vital as it is the eventual test of how the company understands and takes advantage of customers’ needs. (Brassinton & Pettitt 2005, p. 173). The study will analyze product using the Product Life Cycle (PLC) concept
Product Life Cycle
A product has a certain life cycle in stages, the first stage is the introduction phase the product’s sales grow slowly, and the profit will be small because of heavy promotion cost, the second stage is the growth stage the sales will increase rapidly as the product becomes popular. At this stage profits begin to grow, but there will be competition in the market. Thirdly, is the maturity phase here the product is well known, at this point the promotional spend reduces and production economies of scale become established. By this time competitors will almost certainly have entered the market. Finally, is the decline phase product is losing market share and profitability rapidly. At this stage the marketer must decide whether its worth to support the product for a little longer or it should be left to disappear.
Price is the amount of money customers have to pay to obtain the product. It is important that