MARKETING 5501 Unit VI Scholarly Activity

MARKETING 5501 Unit VI Scholarly Activity Columbia Southern UniversityProduct Strategies When determining to place merchandise in a market a company has to make various decisions. In making these decisions, the compa ...

MARKETING 5501 Unit VI Scholarly Activity Columbia Southern UniversityProduct Strategies When determining to place merchandise in a market a company has to make various decisions. In making these decisions, the company has to also evaluate the long and short term effect on success of the merchandise. Once this process is complete, the company has to develop the product strategy or branding strategy. Kotler and Keller (2012) defines the branding strategy as the number and nature of common and distinctive brand elements applied to the different products sold by a firm (p. 260). The product strategy is what sells a product in the marketplace. It allows a company to concentrate on a particular target market and feature set, instead of trying to provide everything to everyone (Product strategy: Setting your strategic vision for product offerings, 2015). Arimount will strive to produce a product strategy that would attract consumers to their new product, Perspiration OT. Their strategy will consist of a marketing mix that targets both male and female consumers ages 12-35, who are athletic, work strenuous jobs, or perspire a lot. Perspiration OT will provide 24 hour coverage against perspiration. Its unique time release coverage will fight against any “sweaty” situation. Arimount will package Perspiration OT in labels to suit the different genders in their target market. For example, the packaging for teen girls will consist of a vividly printed label with bright flowers in an arrangement of various colors. This will attract the attention of the new age adolescent female. Arimount will also provide a variety of scents for the consumers, such as shower fresh, mango, and baby powder scent. Arimount has a differential competitive advantage over its competitors. A differential advantage is created when a firm's products or services differ from its competitors and are seenas better than a competitor's products by customers (Competitive Advantage, 2015). By providing odor-blocking release agents in their deodorant, Arimount is servicing the needs of consumers that some competitors are unable to provide. Arimount will continue to have a competitive advantage by watching consumer habits and researching their wants and needs in order to provide more effective products over time. Place Strategies Place strategies relates to how a company will allocate their products or services they are offering to the consumers (Kotler & Keller, 2012). When distributing merchandise or services to consumers, it must be done at the correct location and at the precise time. If a company, like Arimount, want to meet or exceed its marketing objectives, they must understand the importance of being efficient and effective when it comes to distribution. Underestimating the consumer demands and not supplying their needs will directly affect the profits of an organization (Kotler & Keller, 2012). Arimount will utilize an indirect marketing channel to provide consumers with their products. A marketing channel performs the work of moving goods from producers to consumers by overcoming the time, place and possession gaps that separate goods and services from those who need or want them (Kotler & Keller, 2012). Arimount will distribute its products directly from the company to the retailer and from the retailer into the consumer’s hands. It will also use intensive distribution to get Arimount’s products into as many outlets as possible (Kotler & Keller, 2012). This is the most convenient way for consumers to obtain Perspiration OT. For example, once Arimount manufactures Perspiration OT the merchandise will be shipped to various retailers, such as Kmart and Walmart, for consumer purchase. Buyers will also be able to locate Perspiration OT at other retailers, such as supermarkets andpharmacies like Publix and Walgreen. This also gives Arimount a competitive advantage because retailers provide them with access to customers. It also gives them a more vast distribution outlet. Pricing Strategies Pricing is the most important part of a marketing mix. It is the one element of the marketing mix that produces revenue (Kotler & Keller, 2012). Although pricing is complex, a company has to decide upon a price that reflects the supply and demand of their product. If an organization prices an item to high or too low, it could affect their revenue. Due to the changing environment of pricing, Arimount will use competitive pricing for their Perspiration OT. By utilizing competitive pricing, Arimount will be able to set a price on Prespiration OT that is in comparison to their competitors. They will base their price around the following five pricing factors, as lsited by Learning Market:  Fixed and variable costs  Competition  Company objectives  Proposed positioning strategies  Target group and willingness to pay (THE MARKETING MIX, 2015). I believe that Arimount will continue to have a competitive advantage in the pricing area because they will have the chance to have higher prices, lower prices, or equal prices in comparison to competitors. This will constantly keep them on top because they are able to adjust their pricing strategies according to the market.Promotional Strategies Sales promotions are essential tools in any marketing campaign. It consists of a collection of incentive tools designed to stimulate quicker or greater purchase of particular products or services by consumers or the trade (Kotler & Keller, 2012). Promotions offer consumers incentives, such as discounts, refunds, percentages off, or coupons. It is also an effective way of attracting new consumers. To bring awareness to Perspiration OT, Arimount will promote its new product in ads on television, in newspapers, on the radio, and social media. They will also offer a coupon to receive .75 cents off their first purchase of Perspiration OT. This will make prospective consumers try the product and also provide an incentive to them. They will also offer trial sizes, travel sizes, and free samples available on the company website. When it comes to competitive advantage, Arimount could uphold their position and thrive in this area due to their ability to change prices when needed. They could also find other innovative ways to promote Perspiration OT after establishing it on the market.References Competitive Advantage. (2015, February 15). Retrieved from Investopedia: http://www.investopedia.com Kotler, P., Keller, K.L. (2012). Marketing management (14th ed.). Upper Saddle River, NJ: Prentice Hall. Product strategy: Setting your strategic vision for product offerings. (2015, February 15). Retrieved from MaRS: http://www.marsdd.com THE MARKETING MIX. (2015, February 14). Retrieved from Learn Marketing.com: http://learnmarketing.com