Shaping the market offerings Rating:
Shaping the market offerings refers to the process of designing and presenting products or services in a way that meets the needs and desires of consumers in the target market. It involves identifying market opportunities, conducting market research, and creating a marketing strategy that effectively positions the company's offerings in the market.
One key aspect of shaping the market offerings is understanding the target market. This involves identifying the demographics, needs, and preferences of the consumers that the company is targeting. Market research can help companies gather this information through methods such as surveys, focus groups, and customer interviews.
Once the target market is understood, companies can then design their products or services to meet the needs and preferences of these consumers. This may involve customizing the features of a product or tailoring the delivery of a service to better meet the needs of the target market. It may also involve creating new products or services that meet a previously unfulfilled need in the market.
Effective marketing is also crucial for shaping the market offerings. This involves creating a marketing plan that outlines the strategies and tactics that will be used to promote and sell the company's products or services to the target market. Marketing efforts may include advertising, public relations, sales promotions, and other activities that help to build brand awareness and drive demand for the company's offerings.
Another important aspect of shaping the market offerings is pricing. Companies must determine the optimal price for their products or services based on a variety of factors such as the value perceived by the target market, the cost of production, and the competitive landscape.
In summary, shaping the market offerings involves understanding the target market, designing products or services to meet their needs and preferences, and implementing effective marketing and pricing strategies to promote and sell these offerings in the market. By carefully shaping their market offerings, companies can differentiate themselves from competitors and create value for their customers.
Shaping The Market Offerings
CAPTIVE-PRODUCT PRICING Some products require the use of ancillary or captive products. They pride themselves on personal relationships along with fast and accurate customer service. Summary: Products areAnything offered to a market definition Diverse differentiation Grouped together product mix Also services services Changing service quality Our Conclusion: Market OfferingsFor a product or service to be successful,even if its the same as others, it needs to STAND-OUT and regard the customers as PARTNERS. Pratihari 22 Packaging and Labeling Prof. However,… Microeconomics Price Discrimination Price discrimination is the practice of selling the same product at different prices to different customers, when there is no difference in the cost to produce the product. A company's product mix has a certain width, length, depth, and consistency.
Unsought Goods: Goods the consumer does not know about or does not normally think of buying. Introduce the lower-priced offerings under a different name. Exp- TV, Music System, Mobile Set, Wrist Watch etc. As competition intensifies, design offers a potent way to differentiate and position a company's products and services. More than a physical object. Pratihari 1 LESSON PLANSession-3: Concept of Product Difference between products and services Levels of product Customer value hierarchy Classification of products Session-4: Product Differentiation Building and Managing product mix and product lines Product and Brand Relationship Session-5: Packaging, labeling, Warranties and Guarantees.
The only one thing that is certain is that, after considering the findings of a number of studies and as the output of many informed views, there is no common agreement on a single definition or approach to marketing planning. Another familiar example is AOL 's strategy. They are also less when the price is only a small part of the total cost obtaining, operating and servicig the product over its lifetime. But you can make them unique by: Improving the qualityImproving customer relationshipImproving customer experienceProducts and Services Concept 5:Products and services can be similar but unique! Therefore, toys distributors decided that outsourcing has become costly, resulting in the loss of reputation, lawsuits and consumer confidence decrease. Exp — Health Insurance Products, Fire alarm etc.
INSTALLATION Refers to the work done to make a product operational in its planned location. What Home Equity Loan and Price Sensitivity Price sensitivity is the extent to which price is an important criterion in the customer 's decision- making process; thus a price sensitive customer is likely to notice a price rise and switch to a cheaper brand or supplier. Annapurna Atta, Tata Salt etc. Hotel guests minimally expect a clean bed, fresh towels, working lamps, and a relative degree of quiet. Today more than eighty percent of the U. Down-Market Stretch - A company positioned in the middle market may want to introduce a lower-priced line for any of three reasons: 1.
Pratihari 11 Session-4: Shaping the Market Offerings How companies can differentiate products? At the fifth level stands the potential product, which encompasses all the possible augmentations and transformations the product or offering might undergo in the future. With shopping goods, buying habits affects the distribution and promotion strategies of both manufacture and middle man. Ideally, this intrinsic value is easily seen or experienced. Shaping the Market Offerings Concept 5:The 21st century customer has transformed! It is a Asset of the Firm Brand Represents the value delivered to customers. Price and margin get decreased resulting decrease in total sales and profit. For example, a car dealership has a suggested retail price.
Sales and Trade promotional initiatives may be worked out for maintaining the sales volume. Should there be individual brand or family brand? Make yourself stand out through: Customer relationshipMarketing excellenceDifferentiation of serviceManaging customer expectationsQuality of serviceShaping the Market Offerings Concept 5:Surpass your competitors! To the company, a well-designed product is easy to manufacture and distribute. Therefore, consumers buy such goods often. StyleConformance QualityProducts and Services Concept 3:Products and services can be differentiated. A well-designed product offers functional and aesthetic benefits to consumers and can be an important source of differentiation. Shaping the Market Offerings Prof. However, the hazards associated with the use of toys were extended even further, including sharp edges, strangulation etc Robertson, 2010.
How to plan a new product so that in the long run the firm retains a healthy product portfolio. Another advantage is that credit card companies cannot offer the same type of insurance. It is a complex cluster of value satisfaction i. Cool Water cologne comes in a bottle primary package in a cardboard box secondary package in a corrugated box shipping package containing six dozen bottles in cardboard boxes. Impulse Goods: Consumer purchase without any planning. Design offers functional and aesthetic benefits and appeals to both our rational and emotional sides.
Design is the totality of features that affect how a product looks, feels, and functions. Pratihari 36 Thank YouProf. They are also less when the price is only a small part of the total cost obtaining, operating and servicig the product over its lifetime. The Customized Product: A product that is adopted to the requirement of the individual customer, Example — IT and Telecom Products, Industrial Industrial Products etc. Reliability determined the ability to provide the service accurately and dependably.
Each service experience is unique. Internet TV was a kind of augmented product before few years and now it is a successful product. In considering an observed price, consumers often compare it to an internal price called a reference price. Low incremental costs by user registration automation and a great out-of-the-box experience are what make this approach possible. To achieve market leadership, firms must offer products and services of superior quality that provide unsurpassed customer value.