Armstrong and Kettle (2011) refer to product attributes as the lowest level in brand positioning. Brand position or product position is a way that consumers define a product's attributes, in other words, it's the position of a product in the mind of a consumer in relation to the product's competitors. Armstrong and Kettle state... Consumers are overloaded with information about products and services... They cannot reevaluate products every time they make a buying decision... O simplify the buying process, consumers organize products, services, and companies and "position" them in their minds. This is done by defining a product or service based on attributes. Product positioning is the process market managers use to determine how to best communicate their products' attributes to their target mix based on consumer needs, competitive pressures, available communication channels and carefully designed messages. Positioning requires that market managers define and communicate the similarities and differences between their brand and its competitors.
The real trick in positioning is to strike Just the right balance between what the brand is and what it could be (Kettle & Keller, 2011). Our attributes for the Celebrate the Life Cups cup is a disposable, pre-packaged bubble sealed wafer and wine set, making celebrating Communion pleasant and By vindicator convenient. The strategy at Compact Companies LLC is to est. bliss a branding similar to that of the McDonald's Happy Meal for Kids and that is to give the contemporary Christian a perception that the Celebrate the Life Cups cup, is God's Happy Meal.
The pace in which Celebrate the Life Cups will move through the product life cycle will be a study growing pace. Just like many innovative ideas the communion cup on the go is a product that will revolutionize the way in which many churches will conduct nonunion. Celebrate the Life Cups is great for special events, outdoor worship services, or religious events in remote locations that don't have the space or facilities to set up and serve. This feature allows Celebrate the Life Cups to be very practical and appealing to customers.
Order custom essay Marketing Plan: Phase Three with free plagiarism report
Since this is not a seasonal product it provides us with a great advantage. This is a product that is and will be used year round which allows much more movement therefore growth. All through the process wherein a product is introduced to a market, grows in popularity, and is then removed as demand drops radically to zero, Celebrate the Life Cups has the potential not only of rapid growth, but also to remain stable in the market because of the practicality, convenience and availability not to mention cost.
During the introduction stage, Celebrate the Life Cups is promoted to create awareness and develop a market for the product which allows the public to see how convenient and obtainable it is. In the growth stage, the company seeks to build brand preference and increase market by promoting Celebrate the Life Cups to the masses. The primary objective during the maturity hash is to defend market share while maximizing current and future profit. The company has several options when deciding how to deal with a product in the decline phase.
By doing this, the company is prepared for any potential mishaps. Marketers must take care not to miss opportunities by following strategies based on the product life cycle model too closely to predict fluctuations. Differentiation strategy is an integrated set of action designed to produce or deliver goods or services that customers perceive as being different in ways that are important to them. It calls for company to sell non-standardized products to customers with unique needs. The key to successful marketing is differentiation.
The concept of being unique of different is far more important today than it was a decade ago. Nowadays, national markets with local companies competing for business have become a global market with everyone's business everywhere. Choosing among multiple options is always based on differences, so you ought to differentiate in order to give the customer a reason to choose the product or service. Celebrate the Life Cups is different from nobody else, because of uniqueness to it. The profiled cup contains red wine or white, and shelf life extends to two years.
Compare to the competitors' shelf life is just up to 6 months (Perpetual, Cannon, & McCarthy, 2011). "Positioning refers to how customers think about proposed or present brands in a market" (chapter 4). It also refers to a company's purposeful manipulation of the consumer's image of them. With Communion the Go, the product will provide high quality wine with a choice of red or white. Products and services are positioned to meet the needs of different nonusers, with the most successful offering multiple products that are positioned differently.
Celebrate the Life Cups will position in upscale side, premium taste that everyone will love the taste. Marketing managers who administer prices must consciously set a price-level policy. As they enter the market, they have to set introductory prices that may nave long-run detects They must consider where the product life cycle is and how fast it is moving. And they must decide if their prices should be above, below, or somewhere in between relative to the market (Perpetual, Cannon, & McCarthy, 2011). Setting the right price is one of the marketer's most difficult tasks.
A host of factors come into play. But finding and implementing the right price strategy is critical to success. The price the company charges will fall somewhere between one that is too high to produce any demand and one that is too low to product a profit. Like everything else in marketing, good pricing starts with customers and their perceptions of value. There are many pricing strategies that a marketing manager can use, they are three major pricing strategies are: customer alee-based pricing, cost-based pricing and competition-based pricing (Armstrong, & Kettle, 2011).
For customer value-based pricing, the customer will decide whether a product's price is right. Customer value-based pricing uses buyer's perceptions of value, not the seller's cost, as the key to pricing. For cost-based pricing, customer- value perceptions set the price ceiling; costs set the floor for the price that the company can charge. It involves setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk. A company's costs may be an important element in its pricing strategy.
Cite this Page
Marketing Plan: Phase Three. (2018, Jun 20). Retrieved from https://phdessay.com/marketing-plan-phase-three/
Run a free check or have your essay done for you