Marketing Fundamentals Business Enhancement

Question: Discuss about the Marketing Fundamentals of Business Enhancement. Answer: Three marketing objectives: Product launching is one of the major factors for the business enhancement in the global industry. In recent years, new product launching indicates an expensive process for the organization, as the particular company needs to spend a huge amount of money to enhance its promotional activity in the global market. In this context, the organization will focus on launching G-RO carryon luggage in the market (G-RO, 2016). The organization has set three marketing objectives as follows: To create an initial product awareness program in the large marketplace in Australia To enhance the sales volume of the product in the Australian market within 6months timeframe To increase the brand popularity in the large demographic marketplace within 6 months timeline Specific The specific objective of the company is to enhance the sales volume of the particular product Measurable The sales volume can be measured through conducting several market analyses on the particular product. Moreover, the financial data provides knowledge on the growth of the sales volume Achievable The sales volume for the particular product can be enhanced through several promotional activities including social media promotion, printing media, and digital media promotion. Relevant With the involvement of enhancing the sales volume, the organization will be able to accumulate a huge amount of revenue from the market. Time The timeframe will be 6months. Market segmentation, targeted customers, and intended positioning: Market segmentation: Market segmentation indicates the process of dividing the large market into several sections. Market segmentation can be categorized based on age, lifestyle, and social culture. In this context, G-RO has been targeting the young and middle age people in Australia who have adequate interest about tours and travels (Aghdaie, Zolfani Zavadskas, 2013). G-RO has initiated the promotional activity through segmenting Australian market in an effective manner. On the other hand, the lifestyle of people indicates the business opportunities for the organization. G-RO has been initiating to launch luggage bags in the large marketplace in Australia. Hence, the higher management of the organization focuses on the different market segmentation to enhance the business opportunities in the Australian market. Although the tourist activates in Australia have been growing in an effective manner, G-RO targets several other factors for increasing the sales volume of the product (Cross, Belich Rudelius, 2015). Targeting: Target marketing is another important factor for the growth of the business in the large demographic areas in Australia. G-RO targets youth, middle age men, and women, office goers travel lover people in the Australian society. The prime target of the company is to engage the travel lover people in the business, as the company plans to launch travel bags in the Australian market. At the initial stage, the organization focuses on improving its domestic market by targeting the particular group of people in the society (Numan Willekens, 2012). On the other hand, G-RO targets office goers, as they often relocate for a job. With the involvement of targeting the particular group of people, G-RO will be able to enhance its sales volume in the Australian market. By targeting youth and middle age people, G-RO can easily enhance the business opportunity in the Australian market. Although the Australian community loves traveling, G-RO has also targeted the office goers for enhancing the produc t awareness in the domestic market (Stark, 2015). Positioning: G-RO will focus on the positioning of the marketing for enhancing the product awareness process in the Australian market. Market positioning will be based on some factors. G-RO focuses on the pricing model of the products, and the company declares that the travel bags will be easily accessible (Shan Jolly, 2013). In a recent business report, it has been published that G-RO produces the lightweight travel bags for customers. Initially, G-RO will target the domestic market for enhancing the product positioning (Slack, 2015). Later on, the organization will make footstep in the international platform with the same range of products. Hence, it can be assessed that the market positioning is one of the major aspects of the business enhancement in the both domestic and international market. Figure 1: Market segmentation, Targeting and Positioning (Source: Pries et al., 2016) Product and Pricing Strategy: Product strategy: Product strategy indicates an important factor for the enhancement of the business in the Australian market. G-RO introduces the worlds first carry-on companion bag, specially designed for the modern travelers. G-ROs ergonomic design features make the bag lighter in weight. Moreover, the bag has been designed for long lasting uses (Pries et al., 2016). G-RO carry on luggage aims to engage a huge number of people in the society. The organization focuses on tackling issues of affordability, durability, exterior, and interior volume. Moreover, G-RO tries to attract a huge number of customers by its innovative design concepts and engineering. It features the large diameter axle-less wheels that enable customers to wheel the luggage over the tough surface including cobblestone, snow, city sidewalks and street curbs. With the innovative product design, G-RO tries to enhance its customers base in the Australian market (Teck Weng Cyril de Run, 2013). On the other hand, the bags enable custo mers to access it in an easy manner due to its lightweight. The product design department has designed the bag in such way where it distributes masses equally. Consequently, customers easily obtain the hassle free pulling experiences. The particular product designing features make it different from other luggage brands available in the Australian market. In recent years, G-RO has been enhancing its brand popularity in the international market through its attractive product design (Stark, 2015). Pricing strategy: G-RO primarily focuses on the product quality and tries to expand the market in a short timeframe. Although the company has focused on providing enhanced product quality, the sales management team has decided to implement smarter pricing model in the business to engage huge customers base. The sales team of the company has initiated to expand its sells in the Australian market. G-RO has decided to fix the pricing of $500 AUD for each unit (Numan Willekens, 2012). The higher management team of the organization believes that this particular pricing model will facilitate them in engaging both the middle class and higher-middle class people in the society. The competitive pricing of the product facilitates the company to enhance the sales volume in the business in an effective manner. To gain the competitive advantages, G-RO has segmented the market in a different section (Shan Jolly, 2013). Moreover, the sales management team has been trying to implement pricing models that depend on the different societies in Australia. Placement and promotion strategy: Placement strategy: G-RO targets the largest geographical areas in Australia for enhancing the business in an effective manner. Initially, the organization has engaged the retail store, online shop, and social media for the enhancement of the product promotion in an effective manner. The sales management team of G-RO has stated that they have been trying to increase the sales chain in the domestic market to expand the business in an effective manner (Numan Willekens, 2012). Primarily, the organization has targeted online portals and social media for enhancing the promotional activities in the Australian market. In recent years, social media is one of the strongest media for advertising products in the large marketplace (Cross, Belich Rudelius, 2015). In this context, the organization needs to consider several factors for placing the product in the domestic market. These factors include customers requirements, cost-effective method for enhancing promotion, providing enhanced customers services, the tot al number of customers, competitors analysis, proper delivery of products, and stock controlling (Shan Jolly, 2013). Moreover, G-RO considers the transportation system for developing the product delivery services in an effective manner. Promotion strategy: Promotion strategy is one of the major factors for improving the business opportunity in the global market. With the engagement of innovative promotional approach, G-RO has already increased its business opportunity in the global market. There is a wide range of promotional platforms where the organization could advertise their newly launched product in an efficient manner (Numan Willekens, 2012). Nowadays, social media is the most cost-effective method of advertising products in the large demographic areas. Consequently, G-RO has been focusing on various social media platforms including face book, twitter for advertising carry-on luggage in the Australian marketplace. On the other hand, G-RO has included all product related information on their official websites so that their customers could easily obtain product knowledge in an appropriate manner (Numan Willekens, 2012). Moreover, G-RO engages the printing medium and digital medium for advertising the newly launched products in A ustralia. most businesses employ a mix of advertising, internet and online marketing, personal selling, direct marketing, sales promotion, public relations, and sponsorship (Shan Jolly, 2013). The sales management team of the company has declared that they are focusing on the social media activity, as it is the most cost effective method for the business. On the other hand, the social media platform is an appropriate medium for launching a new product in the large domestic area in Australia. Moreover, the organization has been trying to focus on the mobile marketing, as it is the easiest method of expanding business in the large marketplace (Stark, 2015). Action programs: The three major elements of the action program include Specific Tasks, Time Horizon, and Resource Allocation. With the engagement of including these three major steps, G-RO will be able to execute the new product launching activity in an appropriate manner. Specific tasks: The primary objective of the organization is to enhance the sales volume in the business in the Australian market. G-RO focuses on enhancing the sales volume of the particular product within 6months timeframe, as it will facilitate the organization to increase its brand popularity in an efficient manner. The marketing strategy will include several innovative steps for increasing the advertising activities in the Australian market. Time horizon: G-RO has targeted to launch a new product in the Australian market, and the company has initiated its planning for executing the process within six months timeframe. The following Gantt chart indicates the series of activities, which will be conducted within 6 months timeline. Activities to New product launch 0-4 Weeks 4-8 Weeks 8-12 Weeks 12-16 Weeks 16-20 Weeks 20-24 Weeks Test thoroughly before launching product Building a proper team for project execution Preparation for increasing sales volume Upholding the core business of the company Establish the promotional metrics Accumulate feedbacks after launching the product in the Australian market Resource allocation: G-RO has initiated its new product launching activity with $25000 AUD. The organization has included four major steps for resource allocation. These steps are such as research and development, marketing planning, promotional activities, and hiring new people for enhancing workforce of the business. The following table indicates the estimated value distribution for each section. Purpose Estimated Amount to be Spent ($AUD) Research and development $10000 Marketing planning $5000 Promotional activities $5000 Enhancing workforce $5000 Total Budget Estimated $25000 References Aghdaie, M. H., Zolfani, S. H., Zavadskas, E. K. (2013). Market segment evaluation and selection based on application of fuzzy AHP and COPRAS-G methods.Journal of Business Economics and Management,14(1), 213-233. Cross, J. C., Belich, T. J., Rudelius, W. (2015). How marketing managers use market segmentation: an exploratory study. InProceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference(pp. 531-536). Springer International Publishing. G-RO,S. (2016).G-RO: Revolutionary Carry-On Bag | Story Kickstarter.G-ro.com. Retrieved 5 June 2016, from https://www.g-ro.com/index.php/about-g-ro Numan, W., Willekens, M. (2012). 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