Executive Summary
Nowadays, we can often see advertisements with the word "limited,” or "limited-time sales.” The purpose of these ads is that manufacturer intends to reduce production, in order to achieve the regulation of supply and demand, and also create the illusion that demand exceeds supply in order to maintain a higher price and maximize profits. With this strategy, businesses can increase the brand 's value. This strategy is called “hunger marketing.” Last quarter, our marketing department decided to advertise new products without developing a specific strategy, so our customers did not substantially increase and the profits did not improve greatly. In this quarter, the new products will be released, so I think we can apply the hunger marketing strategy to use a high-value brand image to attract customers.
Introduction
Hunger marketing strategy does not have a very formal definition, potentially because this strategy is using consumers’ bandwagon tendencies to attract more customers and is more of a trick of the trade than a standard, promoted procedure. According to Xuejiao Pang from Southwestern University of Finance and Economics,
“Hunger marketing means that supplier’s intentional reduction of the productivity, in order to be in control of the consumer and supplier relationship, and to create an illusion of supply shortage, hence to achieve a purpose of keeping a higher price and higher profitability” (2012).
Of course,
PetSmart is one of the largest specialty pet retailers of service and solutions for the lifetime of pets. More than 1008 stores are open in the United States and Canada that provide pet foods and supplies that are priced reasonably. PetSmart provides all types of services for pets including pet training, pet grooming, pet boarding and adoption services. In addition to providing impressive value PetSmart has the broadest, deepest product range in the industry, including thousands of products exclusive only to PetSmart. Every year PetSmart takes care of the grooming for hundreds of thousands of pets in what PetSmart calls its PetSmart Salons. These animals are groomed and pampered by stylist who have
3) Vacation Goers: This segment includes retired couples who love to travel. They want to look back on their great memories of traveling around the world. They have more free time than the other segments, so they can devote more time to putting together their scrapbooks. This segment 's age is between 50 and 70. Their income range is $50,000 and over.
The marketing research approach will be used to develop the marketing strategy and tactics for the new product. The paper will identify the segmentation criteria that will impact the target market selection and identify the target market. Describe the organizational buyers and consumers of the product and the factors that influence their purchasing decisions. Discuss how these factors will impact the marketing strategy. Analyze current competitors and define the competitive landscape for the product. The attributes of the product and the pace at which product will move through the product life cycle and the factors that will impact its movement will be described. Identify the positioning and differentiation strategies for the product and the appropriate price strategy that should be used for the product. The appropriate place and promotional strategy will be used in the development of the strategic marketing plan. Develop an initial sales promotion schedule, create an advertising plan and identify public relations opportunities for the product. Analyze the impact of channel management decisions on the marketing the selected product. Select appropriate distribution channels for your product or service and address costs in terms of placement, shipping, and middlemen. Develop a budget for the plan and identify quantifiable elements that can be used to evaluate, monitor, and control the effectiveness of the marketing
f. Legal- legal strategies are two sided as they put into consideration of the governmental legal requirements and, on the other hand, defines the organization’s policy administration. For a triumphant marketing plan, understanding the government legal approaches allows for efficient operation and inter-relationship with other organization. Similarly, internal legal policies allow the company to uphold its operation in a set manner.
This paper contains a marketing plan of a small production company that is earmarked to be established in Gardnerville, the suburb of Monrovia, Liberia, West Africa, my country of origin. The business which is to be named “Hunger Solution & Training Company” derived its name from the decade-long civil war that existed in Liberia that resulted into most of the citizens and other nationals of this country being internally displaced. These people which comprise of men, women, children, and other nationals,
Hunger and greed are a part of human nature as much, if not more than, any other emotion. The struggle for power and
Richard Robbins explores and analyzes the creation and the upkeep of hunger in his book “Global Problems and the Culture of Capitalism. Each day, over a billion people in the world lack basic food needs. Common misunderstandings about world hunger are that it is the result of insufficient food production, famine is the common reason for hunger and that hunger is caused by overpopulation. Robbins argues against that theory and says that famines is not the leading cause of hunger and hunger is not due to overpopulation or insufficient food production. “Food production is not determined by the global need for food; it is determined on how many people have the means for it” (page 176). The documentary “The End of Poverty” reinforces Robbins belief that food is a commodity.
The main objective of advertisement is to persuade consumers to buy a product. However, many people believe products must be embellished. For food in specific individuals who argue that as long as the food
The food business is a broad range of businesses. Food is a basic need of consumers like clothing, and shelter. For a company to enter into the food business it has to assess the various segments of this business. These ranges from production of food, processing, and marketing. The company prior to entering a market in this line of business should assess its capabilities and compare these to the kind of needs of the consumers – would the customer be a processor, or a consumer?Is the product that the company can offer a raw material, processed food, or to serve a group of consumers who would like to eat and yet also need some little pleasure and not merely to satisfy their hunger?
Today’s organizations need to focus on their internal customers by promoting team-based cultures. An effective team-based organization will succeed when they collaborate with their team members. Therefore, effective teams value one another, set common goals, and foster a culture where appreciation is expressed openly with other team members (Duggan, n.d.). Creating a teamwork approach results in loyalty, trust, and cohesiveness, this leads to increased productivity for the organization (Duggan, n.d.) Achieving a team-based organization starts with the leaders characteristics. These characteristics should include trust, team empowerment, goal setting, team accountability, and shared leadership (Markovich,
As a company, Fit Bites has goals of expansion and growth that we will achieve. With the goals in mind we will hone in our craft and build a strong and happy customer base that will increase as we grow together. We are determined to add in features and programs that will round out our company to its ideal total health form, but we will first perfect the products and services we will offer upon launch. Though it is our mission to promote healthy living one meal at a time, we are dedicated to bring total health to our customers beyond the delicious food we bring to their plates.
Food Town’s vision is to expand the supermarket concept by opening store and becoming the best low price and high standard supermarket in town. To achieve the vision of this organization; the management team will successfully execute the following strategy: strategically expand the customer base, differentiate itself from other groceries stores by offering unique products and services, committed to excellence in customer service, and strive to improve high efficiency levels of operations. The way Food Town attracts consumers is by adverting his lower
There are over 1.1 million men and woman amateur and pro bodybuilders alone in the United States. The IFBB has competitors age ranges from as young as 16 years to as old as 83 within a range categories for competition, The NutiBullet Pro is a necessary tool to assist the competitors in preparing for competitions fulfilling a need for a quick, convenient and easy way for bodybuilders to create their protein shakes, whey smoothies or one of their required 6 to 7 meals a day.
Inside the front doors of a grocery store, customers are presented with a diverse, vibrant display of fresh fruits and vegetables. With its inviting rainbow of bright colors, the produce section leads past the wafting, sweets smells of bread and pastries in the bakery and through winding aisles stocked with an assortment of goods. Linings the aisles and fillings shelves are rows and rows of boxes of pasta, pre-made meals, processed foods, and more snacks and sweets than one would know what to do with. Grocery stores present shoppers with a myriad of choices. The shelves and displays are filled with a variety of different brands and options to choose from, which offers customers a tough and potentially stressful decision when shopping. However, before a customer decides upon a specific brand or item, whether that happens to be a name-brand product, competitor, or store-brand, they are faced with an even more important choice; they must first make a decision on whether they want to buy whole foods and produce, such as fruits, vegetables, whole grains, and other healthy choices, or more processed “junk” foods like sugary drinks and snacks or enriched breads and pasta. Not only must costumers decide between specific brands and deals, but they must also choose which of these types of food is best for them and their interests. Consumers must constantly weigh the different factors that are presented when comparing foods; between price, ingredients, health, availability, and overall
This report is being completed for the marketing unit. The purpose of this report is to produce a marketing audit of a company, which will consist of SMART objectives and aims. As well as showing a SWOT and Pest analysis of the company, this will give a good insight of how the company is doing. The audit will show what the company can do to improve themselves. The company that has been chosen for this report is McDonalds, this is because they are one of the most successful brands in the world and the number one fast food restaurant. The research that was carried out for this report mainly came from reading a range of books on Marketing, the Internet was used to research the company.