Marketing: Customer Analysis on Equine Industry and Products

3278 Words Nov 26th, 2011 14 Pages
Marketing
Customer analysis on equine industry and products

Contents

1.0 Introduction 2.0 Rationale for a new product 3.0 Target Market 4.0 Rationale for Brand Position 5.0 Marketing Mix 6.1 Product 6.2 Price 6.3 Place 6.4 Promotion 6.0 Conclusion 7.0 References

Marketing strategy for a new product 1.0 Introduction
Marketing a new product requires strategic planning and research into the target market. The equestrian market is vast in size and diversity and is often underestimated by businesses (Graham-Suggett, 1999: 31). Due to the range of disciplines and activities covered by this market, targeting just one group could lead to increased sales through word of mouth
…show more content…
The trolley would be marketed as more of a niche product, taking a large share of a small part of the market (Blythe, 2005: 86), however relatively value for money, therefore enabling competition on grounds other than price, such as quality and durability of the trolley (Hooley et al, 2004).This is in order to attract a wider cross section of the market.
In terms of competition, there is only one similar product in the UK produced by Stubbs Equestrian, costing £41.40 through online sales or Robinsons catalogue (Robinsons, 2009b). The trolley should be branded in a way that will distinguish it as better quality and value including: the physical characteristics of the trolley, it must use superior materials with a more attractive design, the packaging should be eye catching and if it is made recyclable it will give the company a socioeconomically advantage, as a “green company” (Baines et al, 2008: 383). The brand name should be easy to remember, advertising the product through word of mouth. By registering a trademark, the trolley is protected and greater value added to the company (Hooley et al, 2004).

5.0 Marketing mix
A mixture of elements used to pursue a particular market response, the aim of the marketing campaign is to maximise sales at as low a cost possible, in McCarthy’s (1960) analysis of the marketing mix cited in (Waterschoot & Van de Belte, 1992:84), he describes the 4P’s method these are:
5.1 Product
In order to sustain growth
Open Document