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Directions
Part 1
1. Type of consumer offering.
Describe your product or service offering as it is currently in terms of
features and benefits, price and the total cost of ownership as discussed in
the week's readings. Is it more product dominant or service dominant?
What are the tangible and intangible aspects? Based on the four
categories of type of offerings discussed in the readings, describe the
category in which your product or service offering belongs. Based on your
new target market, would that category of the offering change and if so, how?
How would it change the marketing strategy?
2. Product lifecycle.
In which stage of the product lifecycle is your product or service offering
now? Would the changes described in number 1 above change the lifecycle stage
and if so how? What would this mean to the lifecycle marketing strategy?
Part 2
1. Marketing channels & strategy. To
the best of your ability, outline the marketing channels of your product or
service offering as they currently exist. See Figure 8.4, from Section
8.2 Typical Marketing Channels, in your Week 6 Reading for some ideas.
Most product and service offerings will have more than one channel, so your
system should include at least two; for example (1) a direct channel for
internet sales: manufacturer --> customer; and (2) an indirect
channel such as manufacturer --> distributor --> wholesaler -->
retailer --> customer. If your product or service only has only a direct
channel, explain why. Would this channel strategy change as a result of
your new target market? Why or why not?
2. Pricing strategy.
Referring to the various pricing strategies outlined in the week's readings,
which one does your product or service currently use? Would you recommend
any changes for your new target market? If so, how would you change it
and why?
Use a minimum
of six (6) references, four (4) of them dated 2016 to the present.
Reading Material
https://open.lib.umn.edu/principlesmarketing/part/chapter-15-price-the-only-revenue-generator/
Marketing:
Research Paper-Coke Zero
Consumer
Decision-Making Process
Problem
recognition is the first step of a consumer's buying process. The customer must
recognize the need or problem satisfied by a service or product in the market.
The customer feels the difference between some desired state and the actual
state (Noel, 2009). In this step, the marketer can create an opportunity by
creating a problem. That can be achieved through content marketing, whereby the
marketer shares testimonials and facts about the service provided. The
Coca-Cola Company created a problem that there are increased rates of diabetes
and diabetes in America today. Therefore, the Coca-Cola company created a
demand for a weight-friendly beverage with low calories and no added sugars.
The second stage is searching for
information. The consumers begin to search for solutions for the problem that
they recognized. In this case, the consumer will search for available beverages
with no added sugars and low calories. A marketer can market to the demand by
establishing the brand as an expert or industry leader in the specific field
stat (Noel, 2009). The best way to by advertising sponsors and partnerships
prominently on collaterals and all web materials. The Coke Zero product is in
partnership with many HealthHealth based combos. Furthermore, health-based
advertising makes the product idea embraced by most health-conscious people.
The third stage is evaluating
alternatives, whereby the consumer will want to compare options to ensure that
their decision is well informed or the best. Marketers can increase the
likelihood of their brand being among the evoked set of considerations by
understanding the benefits the consumers want and the most influential aspects
in their decision-making (Baba, 2014). The Coca-Cola brand name is reputable
and recognizable, thus using the advantage to market Coke Zero with low
calories or added calories, which is the key aspect for health-conscious people.
The
purchase decision is the fourth stage. At this point, the consumer has examined
several options, and they understand the payment and pricing options and thus
decide whether to go on with the purchase or not. The marketer should provide a
sense of assurance by reminding the consumer why they needed it first.
Retargeting is another marketing way to targeting lost customers in this stage.
The
purchase decision is the fifth stage. This is when the consumer has formed a
decision to buy the product after an evaluation of the alternatives has been
made. However, the customer can change the final purchase decision through
unexpected situations and negative feedback. Marketing to this phase entails
testing the brand's purchase process if it is difficult or easy and make
adjustments where necessary. The easy availability of the Coke Zero in mass
merchandisers, fountain vending, convenience and gags, and food stores highly
influences the customers to make a purchase decision.
Post-purchase
evaluation is the fourth stage. The stage entails whether a customer is
satisfied with the product or not. If the customer returns the product due to
dissatisfaction, the marketer can mitigate it by identifying the source of
contention and offering a straightforward replacement.
Segmentation
A market segment entails a group of customers sharing a similar set of wants and needs. In demographic segmentation, the market is divided into different groups based on social class, nationality, race, family life, age, and gender (Baba, 2014). Coke zero is classified in the age and gender segmentation of demographic segmentation. The coke zero product...
