Strategic Marketing Essay - 1100 Words

Strategic Marketing (Essay Sample) Content: Strategic MarketingStrategic marketingProduct strategiesCaninantics being a start-up company has the need and urgency to come up with refined marketing strategies to enable the company survives, grow, and stand high among others. Therefore, the product strategy is vital in enabling Caninantics focus on a specific target market and determines the direction of its product in the market. Caninantic should consider using product strategies that will ensure unique product features, unique product performance, new technologies, exceptional services, detailed product information, and quality of inputs (Thomson, 2004). Product quality, features, and benefitsThe fundamental concern of marketing is the provision of the correct benefits bundle to the consumers. To actively compete with other established companies in the market, Caninantics should add some extra features in dispensing their products. These added features should be able to increase the core benefits offered to do g owners. The added feature should be augmentable. That is, the product should be based on benefits like after sales services, home delivery, and discounts for consistent buyers. The company should also develop a way of supplying customers in advance for later payment. The dog food dispensers should also add differentiation and health advantages like keeping the dog full and healthy or making the puppies grow faster when they eat dispensed food et cetera. Quality is also fundamental in positioning a product. Caninantics Company should design dog food dispensers that are durable and fit for their purpose (Levin Kalal, 2003).Target marketSince Caninantics is a startup company with limited resources, there should be prioritization in determining the target customers. A more qualitative approach should be used in determining target customers. A day-in-the-life summary can be used to determine the target customer. This target market determination strategy is also referred to as applicat ion scenario. It involves developing segment candidates for the products by focusing on individuals or departments affected. A geographical starting point can also be selected. Potential industries and organizations should also be considers. Secondly, positive opportunities should be selected and converted into scenarios. This can be done by identification of the function of the user. The economic buyer responsible for the end-user should also be identified. This will assist in the objective of determination of the most desirable market segments (Kotler, Armstrong Parment, 2011). Product designProduct design mainly incorporates attributes that make the product sell. It is the key in the technological world, and usually correspond the product's most obvious aspects. The company should produce dog food dispensers with a variety of colors to attract a variety of buyers. For example, black or navy dispensing products will attract male buyers and female buyers will be attracted by paste l and pinkish colors (Chattered Institute of Marketing, 2009). The functionality design of the dispensing product should also be well labeled. For an instant, the buttons on the dispensing machine should indicate a particular that shows how it functions, like glowing red will indicate it is on. Product brandingBranding has a phenomenal value in the modern business environment. To the target market, effective branding conveys a strong message of quality, confidence and reliability thereby creating the power of instant sales (MaRS Library, 2009). Caninantics should use branding to differentiate its products from those of competitors. With proper branding, the company's brands and related property rights cannot be infringed by others. The company should apply its branding across all trading platforms including the internet, television and retail shops. Internet branding should be capable of supporting, complimenting, and protecting the brand strategy. This will enable Caninantics to cr eate an excellent customer service thereby building a strong brand loyalty (MaRS Library, 2009). Product packagingPackaging mainly involves the container or wrapper for protecting the product and ensuring its safe delivery to the buyer. Packaging can also contain statutory information, safety guidelines, and even convey a brand's personality. Caninantics should, therefore, ensure that products packaging is appealing and user guidelines and other information are provided on the package. User manual booklets should also be provided. This strategy will ensure that safety precautions are adhered to by the user, thus making the packaging unique (MaRS Library, 2009). Place/Distribution strategiesThis refers to how Caninantics will distribute its dog food dispensers to the end users. For the overall marketing objectives to be met, effective and efficient product placing is fundamental. The distribution should be done at the right time in the right place. A consideration should be made whet her to use direct or indirect distribution channels. Direct distribution involves the direct sale of products from the manufacturer to consumer (MaRS Library, 2009). On the other hand, indirect placing involves the use of intermediaries, for example, from manufacturer to wholesaler to retailer to consumer. Several factors considered in the selection channels for distribution include the size of the target market, cost of the distribution channel, the extent of control over the channel, how flexible the channel is and type of products involved. Depending on whichever channels used, selective and intensive distribution strategy should be applied by Caninantics. This will enable the company acquires a market advantage over competitors (Thomson, 2004). Pricing strategiesOnce Caninantic is ready for commercialization of its dog food dispensing products, it is important to determine a pricing structure. Pricing being the only element of revenue generation, it should, therefore, be properl y meditated upon. A well designed pricing structure should emphasize on accomplishing objectives such as support of product positioning, quality and distribution challenges, and achieving financial goals of the company. It also enables the company to overcome market challenges brought by customers' unwillingness to pay the set price. The best pricing strategy for Startup Company like Caninatics is value-based pricing. This pricing model uses customers' perception of the value of the product after using it, in establishing prices. Other pricing strategies that can be used include the use of existing market prices by comparison with competitors, cost plus profit margin model, or bidding of prices. To have a pricing advantage, the pricing model used should be kept simple to communicate and ensure that it is sensible to the customers (Thomson, 2004).Promotional mix strategiesThe p...