Wednesday, December 11, 2019
Marketing and Management Modern Marketing Concept
Question: Describe about the Marketing and Management for Modern Marketing Concept . Answer: Topic 3: Segmentation, Targeting And Positioning Are Interrelated Activities Which Are Important To Achieving A Successful Marketing Mix: Baby Products STP (Segmentation Targeting and Positioning) is identified as the familiar strategic approach in the modern marketing concept. In the similar context, Baron and Henry (2010) mentioned that it is commonly used while creating the marketing communication plan. With the support of STP, the marketers get to prioritise the propositions, based on which the marketing messages are delivered to engage different potential customers. The present topic would emphasise on topic 3, which reflects the importance of STP in attaining the successful marketing mix. To evaluate the significance, two different brands of Australian sectors have been chosen, BabyCo from the baby products division and Lions from the health drinks. In the circumstance of the current subject, Cooper et al. (2006) specified that the segmentation could be recognised as the process of splitting the prospective clients to share the parallel levels of services. The previous researchers reflect that the marketing manager of BabyCo has segmented its marketing concepts through different techniques. The earlier reports reflect that the demographic segmentation prospects of the enterprise are the mothers with the children between the age group of 0 - 4 years. The segmentation policy of the business is preceded through the criteria like age, sex, relationships and income groups. Considering the present context, Bhatt and Emdad (2010) asserted that the mothers show a distinctive attitude while the procurement of the baby products. It is highly significant for the enterprises that focus on selling the baby products to convey the acute message through the products that satisfy the product requirement of the mothers for the children. According to Divakar et al. (2009), BabyCos management is firm enough to identify the financial gap between the higher and the lower middle-income group, based on which the price ranges of the products are set. The marketing manager had set a standard premium price on the product segments after surveying on the purchasing attitude of the parents with regards to the baby products. Therefore, the product discrimination related to prices is not the major concern in the chosen division. The parents often want to purchase the best quality food for the babies. Thus, the price ranges are kept in the equal margin that executes the standards of BabyCos product lines. The previous statistics forecast that BabyCo targets the mothers between the age group of 24 36 years. In the framework of the present content, Baum et al. (2008) determined that the marketing unit of the enterprise has initiated a special effort of having a direct communication with the expected mothers. The research shows that the majority of the parents are driven by the so-called good wills' of Nestle. Therefore, it is hard for BabyCo to convince the current parents for the conversion (broom02.revolvy.com, 2016). Therefore, the commercial presentation is planned specifically for the would be mothers, which has helped the brand to receive the positive reactions of the parents (www.aabri.com, 2016). Thus, an inference can be drawn from the latter context that the marketing plans are done exclusively for long term aspects that contribute the brand with indifferent future benefits. In the similar context, Eckhardt and Shane (2010) identified that the mothers present reluctant attitu de while purchasing any product for the babies. However, the fathers maintain an accepting attitude towards the creativity concept. Therefore, it would be an easy area for the brands to invest in innovative products for the babies and presenting the commercial statement that directly hits the fathers. In the background of the existing report, Bhatt and Emdad (2010) specified that BabyCo has positioned its stores in the Australian market through its standardised and beneficial attributes. The marketing division of the enterprise has followed the position criteria of its competitors; Huggies to place its product lines. The research and development of the enterprise are highly efficient to identify the financial policies of its rivals (www.smh.com.au, 2016). In certain areas the rival businesses fail to identify the financial drawbacks of its competitors, the particular shortcomings have fetched the brand with additional advantages. The management of BabyCo has placed the prices of its products at an affordable range, which mitigates both the quality and the financial expectation of the firm. On the other side, Divakar et al. (2009) determined that the digital execution of its products is the smart policy of BabyCo to position both its brand and its products before the target audienc e (babyco.com.au, 2016). The above effort facilitated firm to showcase the products before the parents can get access to the product with just a single click. Contrary to the latter statement, Cooper et al. (2006) asserted that the Australian parents are highly typical regarding the baby products. Since, the children would consume the products, therefore, the parents would require both the visual ad tangible services to convince the target audience for the product purchasing actions. In the framework of the current statement, Bhatt and Emdad (2010) determined that in the Australian market Lion offers dare, flavoured milk, white milk and the plant milk. The market scenario forecast that the brand is primarily targeting the sports personalities for the protein supplements. The management of Lion, has segmented its health drink products by its age groups and genders. Considering the similar concept, Divakar et al. (2009) specified that the women segment is executing an exclusive inclination towards the fitness programs and the consumption of the health drinks. The current report specifies that the women group prefers the flavoured and the light health drinks, hence, the products like iced coffee, strawberry supplements and Big M Chocolate shakes are offered to the particular group. On the other hand, the plant milk products are majorly introduced for the men within the age group of 17 - 36 years. According to Divakar et al. (2009), girls consume the supplementary dr inks for the purpose of losing the weight. However, the men prefer gaining the weights. Therefore, the plant milk is offered to the men segment, which includes t ingredients like rice, oats, plant base soy, almond and coconut (www.theaustralian.com.au, 2016). The above ingredients facilitate to maintain the metabolic balance and increases the body mass. In the Australian market, Lion targets the younger generation for the health drink division. In the background of the existing content, Cooper et al. (2006) mentioned that the fitness craze amounts the youth segments are increasing with the passing phase of time. Therefore, the enterprise has planned its promotional criteria that directly approach the target segments and the message conveys styles are designed accordingly to serve the brands purposes. Moreover, Divakar et al. (2009) acknowledged that the youths are highly driven by the concept of celebrity endorsement. The youths have the tendency of relating the individual personalities with the ideal figures. Therefore, the celebrity endorsement often helps the younger generation to get influenced by the present marketing concept. Evaluating the product segments the Lion, Cooper et al. (2006) specified that the health drink segment of Lion is extremely narrow. Therefore, preceding with the limited set of products the brand might be threatened with the stagnancy product issue. Diverging the latter concept, Baron and Henry (2010) determined that the celebrity endorsement concept has reached to a saturation margin, thus, it might fail to create an affirmative action over the target customers. Baron and Henry (2010) determined that Lion in the Australian market has managed to create a distinctive identity in the alcoholic division. Moreover, its health drink segment is proceeding with a rapid speed, which has managed to capture the major segments of the market. The RD team of the enterprise has managed to distinguish the consumption criteria of the male and female segments (www.lionco.com, 2016). Based on above realisation, the management has designed its promotional measures that directly help the enterprise to convince the target audience and similarly to increase its customer conversion ratio. Both the enterprises, BabyCo and Lion, initiated the segmentation policy by its regions, income level, education level, personality, social and lifestyle. In addition to the latter statement, the product positioning specifies both the brands have initiated an effective marketing process to increase the product accessibility before the target audience. The product positioning approaches of the enterprises are lucrative enough to satisfy both the financial and the quality requirements of the customers. From the above discussion, it can be perceived that the STP activities are certainly decisive for the customer communication aspects for diverse industry types. In the particular regards, the present essay reflects on the baby products enterprise, BabyCo and health drink firm, Lion in the Australian region. Inference can be drawn from the above evaluation that it has been an easy process for these companies to target the potential prospects in the Australian region. The responsibility becomes easier for the business entities to segment the prospects, target the best customers and to position its product lines through the STP approach. This permits the interaction of the brand well with the customers by establishing the products as well as the marketing conveys. References: Baby, T. (2013) Buy baby gear from our online baby shop. Available at: https://babyco.com.au/ (Accessed: 22 August 2016). Baron, R.A., and Henry, R.A. (2010). How entrepreneurs acquire the capacity to excel: Insights from research on expert performance. Strategic Entrepreneurship Journal, 4(1), pp. 4965. Baum, J. R., Locke, E. A., and Smith, K. G. (2008). 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