The product life cycle
The product life cycle defines the strategies to be used when marketing. When introducing a new product in the market, there are vital factors that must be considered. First is the market size, where one aspires to launch a product. Market targeting is one of the strategies explained by Michael porter in marketing, where a marketer targets a specific population. It is challenging to serve a market as a whole; thus, the need for market segmentation.
There are four significant bases of segmentation. A market can be segmented in terms of geographical location. In this kind of segmentation, the marketer segments the market through mapping. Second, we have demographic segmentation, which includes segmentation on the bases of population density. The benefit sought, explains the different aspect seeks from a product—lastly, economic segmentation which entails covering all the target market with distinguished potentials (Wiki 2019). XYZ Company is a newly born company that is providing a new coffee brand, namely Kingman and Royal coffee. The company uses market targeting and segmentation as its penetration method.
After XYZ has successfully targeted a specific market, it becomes apparent to the marketer on how well she will segment the market, especially the demographic segmentation (Smriti 2019). The population must be large enough and profitable. Moreover, there must be efforts to convince the buyers to buy from XYZ and not from any other coffee company. In addition to that, the company observes geographical boundaries that enable XYZ control to avoid market share conflict.
Some of the potential target markets for XYZ are schools. Coffee is a stimulus that is required in large quantities in institutions like colleges (Smriti 2019). Moreover, offices, whether public or private, have been for a long time influential coffee consumers. Another target market for the company is an area saturated with senior citizens since the majority of them love coffee.
Like most companies, XYZ faces competition both directly and indirectly. For instance, other companies like TRM for offer Pink coffee and JIT offering Black coffee target the same market with different coffee brands. Besides, other coffee substitutes like tea present stiff indirect competition to XYZ. A good example is the ROCKIE Tea Company, which operates in the same market. Both coffee and tea serve the same purpose as they are all beverages, thus buying depends on the price and preference of the consumer. Market understanding means that help understands competitors who come with a positive impact, especially that it helps identify the strength and weaknesses of your rivals.
Analysis of the trend for the last five years shows that the XYZ Company has proliferated. Good industrial health of the company is a result of proper planning and clear following the four marketing Ps which include the product, price, place, and promotion (S. Jaideep 2016).
XYZ Company owes its success to proper SWOT analysis consideration. Michael explains the business environment, both external and internal using a matrix of SW, which represents the strength and weaknesses of any company. They are both internally felt, and any organization has control over it. OT poses opportunities and threats to an organization, and the organization has no control over them. All companies are confined in the SWOT model; therefore, XYZ is no exception (Wiki 2019). The company’s strength is in customer care, which has guaranteed customer royalty. An additional advantage is up to date technology, especially in placing orders online, which is yet to be adopted by the rest of the companies. Limited size is a weakness that the company suffers as it is, however, to expand, thereby making it impossible to enjoy the economies of scale.
The external environment of XYZ has opportunities among them the idea of generating coffee accompaniments like snacks and expanding the firm size to serve the broad market. At the same time, they are some of the threats that hinder the company from producing that is the currently increased tax rate and other newly forming coffee industries in the area.
Michael porter’s matrix model helps in analyzing SWOT in a way that every organization can easily understand and adapt to the realization of the organization’s goals (Research Gate 2016). XYZ uses the SWOT matrix from SO, which is the first strategy that is formulated. It deals with the maximization of strength and utilizing any opportunity available. The ST strategy focuses on maximizing power and minimizing threats as possible. WO strategy, on the other hand, focuses on identifying the company’s weaknesses and overcoming them with the opportunity available. Lastly, the WT strategy, the policy acts as an alarm to the organization on weakness and threat. They are responsible for any organization’s failure. The XYZ company strength makes it walk in line with value proposition as a promise to customers on quality levels.
In conclusion, Marketing in any line of specialization requires different types of strategies. Additionally, market targeting and segmentation usually make penetration easy, especially when introducing a new company or product in the market. Proper SWOT analysis is the key to unlocking marketing success. Lastly, the age of the product defines the strategies to be used in its promotion.
Reference:
Research Gate SWOT Analysis retrieved from <https://www.researchgate.net/publication/272353031_SWOT_Analysis> 2016
- Jaideep Market targeting, introduction and procedures Retrieved from <http://www.yourarticlelibrary.com/economics/market/market-targeting-introduction-definition-procedure-and-methods/48609> 2018
Smriti Chand Bases of segmenting consumer market retrieved from<http://www.yourarticlelibrary.com/marketing/market-segmentation/top-4-bases-for-segmenting-consumer-market/32293> 2019
Track Maven market segmentation Retrieved from <https://trackmaven.com/marketing-dictionary/market-segmentation/> 2020
Wiki Love Africa SWOT analysis retrieved from <https://en.wikipedia.org/wiki/SWOT_analysis> 2019
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