Marketing Plan: Phase II 3 Marketing Plan: Phase II This paper will take a look at many aspects of marketing to gain a full understanding of how to best market the product. Knowing that the product is not just for current pet owners, but potential future owners of pets, a study will be done to learn who the target market is and the criteria surrounding this finding. Another key finding in the marketing of this product will be to understand what the competition is. This will be a crucial part of the overall marketing strategy. Pet Palace knows they have a product that can potentially change the quality of life for many individuals. They also understand that without the proper marketing, their fabulous product may not be as successful as it could be. The time devoted to finding out key items such as target markets, consumers, buyers, and competition for their new product will be a small investment into their future. This paper will show how Pet Palace plans on achieving all these findings. Segmentation Criteria Affecting the Target Market The American consumer market consists of more than 300 million people who consume more than $12 trillion worth of goods and services each year, making it one of the most attractive consumer markets in the world. The world consumer market consists of more than 6.6 billion people who annually consume an estimated $65 trillion worth of goods and services. (Armstrong & Kotler, 2009). Knowing which demographic market to target is one of the primary undertakings any marketer will take prior to putting a new product in place. The normal process can be quite lengthy and include many direct mailings, surveys, and phone calls to determine who would like this product in various parts of the nation. In marketing, the culture, social class, and even lifestyle are involved to make a decision. These factors are not going to be needed in our target market. We will not be targeting the usual groups such as certain nationalities, religions, racial
Marketing Mix 2 Marketing Mix Organizations must develop the art of knowing how to manipulate the four Ps (product, place, promotion, and price) to incite a customer's curiosity and then develop a long-range plan to keep them coming back. The key is giving customers exactly what they want by delivering quality products or services at the right price with good customer service. Creating that bond and developing a culture to let the customer know that he or she is part of the company's family will create customer loyalty. The four P's recipe mix cooperatively blends to form a balancing set of decisions, actions, and inventiveness that are meant to enhance the positive impact of the four elements individually. When designed properly, this positive impact is directed to the customers within the target market and these customers respond positively in return Marketing Mix: Product The first P in the four P’s of the marketing mix is product. Historically the thought was that the product would sell by itself, this might have worked when there was only one option in the marketplace. Now with all the competition, the global marketplace and the laws that have been established giving the consumers the ability to return products if unsatisfied that philosophy has changed. Product refers to design, functionality, style, quality, packaging, warranty, and service. For example, a good product will give benefits to its customers making marketing easy. However, if a competitor has a similar product, also possessing good quality, then one has to differentiate their product from the competitor. Companies can differentiate their product for a competitor product by changing the design or offering better after purchase services or warranty benefits.