Marketing: Customer Analysis on Equine Industry and Products

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Customer analysis on equine industry and products


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
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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

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