Marketing involves identifying customer needs and requirements, and meeting these needs in a better way than competitors. In this way a company creates loyal customers. The starting point is to find out who potential customers are - not everyone will want what Noraini’s has to offer. The people Noriani’s identifies as likely customers are known as key audiences.
under the marketing concept, Noraini’s Cookies must find a way to discover unfulfilled costumer needs and bring to market product that satisfy those needs. The process of this concept is explained in below diagram;
For Noraini’s cookies to still on the same ledger of competition with all the competitors and trends, they need to formulate this process and implying them in everyday business or before any business marketing decision is being made.
First, let’s go through the first process of all, Situation Analysis. Noraini’s cookies should first define the situation of current trend and market. They should know how is the market behavior nowadays. They need to understand it completely from inside out. There have a lot of ways to run the situation analysis such as, 5C analysis (Company, Costumer, Competitors, collaborators, climate) or SWOT Analysis (Strength, weakness, opportunity and threat). If the situation analysis reveals gap between what consumer want and what is currently offered to them, then there may be opportunities to introduce products to better satisfy those costumer. Take for an example, this is the SWOT analysis of Cadbury’s which is written by Sunanda K. Chavan for ManagementParadise.com. SWOT analysis of Cadburys
1. Cadbury is a company, which is reputed internationally as the topmost chocolate provider in the world.
2. The brand is well known to people & they can easily identify it from others.
3. Cadbury the world leaders in chocolate, is a well-known force in marketing and distribution.
4. Users have a positive perception about the qualities of the brand.
5. Cadbury main strength is Dairy milk. Dairy milk is the most consumed chocolate in India.
6. By using popular models like Cyrus Brocha, Preety Zinta and others Cadburys has managed to portray a young and sporty image, which has resulted in converting buyers of other brands to become its staunch loyalists.
7. Cadbury has well adjusted itself to Indian custom.
8. It has properly repositioned itself in India whenever required i.e. from children to adults, togetherness bar to energizing bar for young ones etc.
1. There is lack of penetration in the rural market where people tend to dismiss it as a high end product. It is mainly found in urban and semi-urban areas.
2. It has been relatively high priced brand, which is turning the price conscious customer away.
3. People avoid having their chocolate thinking about the egg ingredients.
1. The chocolate market has seen one of the greatest increases in the recent times (almost @ 30%)
2. There is a lot of potential for growth and a huge population who do not eat chocolates even today that can be converted as new users.
1. There exists no brand loyalty in the chocolate market and consumers frequently shift their brands.
2. New brands are coming and existing brands are introducing new variants to add up to an already overcrowded market.
From the situation analysis, we can come o our second process which is Marketing Strategy. There is four elements of market strategy. 1. Market segmentation.
4. Value proposition to the target market.
Market segmentation can be defined as the identification of portions of the markets that are different from one another. Segmentation allows the firm to better satisfy the need of its potential costumers.(citation) Why did...
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