Activity 1.5 – Case Study: Trap-Ease America
BSAB/MGMT 311: Principles of Marketing
March 30, 2014
To succeed in today’s competitive marketplace, companies must be customer centered. They must win customers from competitors and then keep and grow them by delivering greater value. A company’s success is no longer merely determined by the product it offers, as today things are much more complicated due to the sheer number of companies with countless products promising they are the best. Secondly, our society is ever-changing and therefore so are the consumers as well as their desires and needs; a company must follow this trend in order to maintain its success in the future. In this paper, I will analyze the marketing strategy of a company trying to start a new company marketing Trap-Ease, an innovative and desirable mouse trap that is leaps and bounds ahead of its competitors as presented in our books as case-study 1.5. In this case-study, despite having a product that should have set the company up for success, it fails. I will show the importance of creating and following a proper marketing strategy, and where this company went wrong, and how it can be fixed.
Once an idea is in place, and a company is ready to start up with a product that has been funded, there are some initial fundamental steps that must be followed in order to ensure the company’s overall success; both initial as well as in the future. The first step in this process is strategic planning. Our book describes this process as developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing market opportunities (Kotler & Armstrong, 2014, p.41). This step is critical because each company must find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources. Without this foundation and structure, many mistakes/oversights are bound to follow, and a company may fail before even really having a chance to market their product; which may have otherwise been extremely successful. The first step in the strategic planning process is defining its overall purpose and mission. This clearly defined mission is then turned into detailed supporting objectives that guide the entire company (Kotler & Armstrong, 2014, p.40). In order to define their company not only on a corporate level, but on a consumer level as well, a mission statement must be created. This is one of the most important steps a company will take because it defines the company to the company and employees, but to the rest of the world which of course includes the company’s target demographic. If a company fail in creating a successful mission statement, they may lose the interest of potential buyers before the company even has a chance to market it. To create a successful mission statement, an organization must first ask itself a series of difficult questions: What is our business? Who is the customer? What do customers value? And what should our business be? To make things even more difficult for such organizations is that these questions are not only asked and answered once, but rather will have to continuously ask the same questions over and over to ensure the company is keeping up with its ever-changing demographic. To formally answer these questions, companies develop a formal mission statement which clearly defines the organization’s purpose and what it wants to accomplish in the larger environment. This statement must be market oriented and defined in terms of satisfying basic customer needs (Kotler & Armstrong, 2014, p.40). Martha, in our case-study 1.5 titled Trap-Ease America: The Big Cheese of Mousetraps (Kotler & Armstrong, 2014, p. 64-65), does not appear to have much experience in running a company in any...
References: Kotler, P., & Armstrong, G. (2014). Principles of Marketing. Upper Saddle River, NJ: Pearson
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