Coherent Marketing Mix For New Product Or Service Essay

Questions:

1.Develop a coherent marketing mix for a new product or service.

2.Develop a coherent marketing mix that is targeted at a defined group of potential customers.

Answers:

Introduction

Marketing can be termed as a blended mixture of the varied range of strategies and tactics that can be adopted by a business corporation for promoting the products and services so as to increase the sales and profitability of the entity. The below-presented scenario has been developed for developing marketing mix for “Herbal lip shades” that is a brand, selling lip shades which are produced from real fruits and along with that all another herbal ingredient.

1.Coherent marketing mix

Name of the product

"Herbal lip shades" is a brand, selling lip shades which are produced from real fruits and along with that all another herbal ingredient, this quality is what makes it different from its competitors in the make-up industry. Herbal Lip Shades provides many different colors and textures in lipsticks and along with that it also provides lip moisturizers and lip balms too which are purely herbal and contains natural ingredient along with a touch of scientific technology for a good and healthy skin experience (Ryan, 2014).

Branding

Branding has been termed as the process or the practices used by the business organization for establishing the a distinct name and image of the product in the minds of the consumer. There are varied range of branding strategies that can be adopted by "Herbal lip shades" for developing and advancing the image of the product. The entity can make use of individual branding and brand extensions or can also endorse the brands for branding purpose. All the products under this brand are completely well researched and made according to the need of consumers like long lasting, keeps the lips hydrated, unique colors and designs and also easy to apply and all these features gives it a special advantage over other brands.

Industry

The below presented images are demonstrating the cosmetics industry of New Zealand:

The toiletries and cosmetics classes in New Zealand are ready to receive the rewards of the moving statistic cosmetics. A developing populace, expanding multiculturalism and the ascent in associated business is impacting what excellence items the shoppers purchase and where. Future item improvement and advertising efforts for toiletries and beauty care products ought to be arranged in view of New Zealand's maturing populace. Today the quantity of buyers matured more than 50 years of age makes up 38% of the populace and this is relied upon to ascend to as high as 43% continuously 2025.

Rivals of the product

Intensification in the competitive environment has been observed at a great hike. Although it’s a great brand but there are other brands who are trying to manipulate and copy the former brand’s technique and the customers which creates a great competition for Herbal Lip Shades and with that other brands are using chemically manufactured lipsticks which are comparatively cheap and easily available which is just opposite in the case of herbal lipsticks which cannot be prepared at the moment and are comparatively costly.

Target market

"Herbal lip shades" is focusing on its target market which consists of people who are more interested in herbal and organic product and has also categorized each and every product like lipsticks for youngsters in teen's section, lipsticks for women and a special category for those customers who are budget conscious and to sell all these products, the company has launched many advertisements on different platforms like newspaper, television, social medias etcetera conveying the brand story and its objectives by correctly and appropriately using the product and showing the target audience how it can be used and what are the benefits of using it and showing that it is purely organic which does no harm to the skin or health (Patti, Hartley, Van Dessel & Baack, 2017).

Unique selling point

Company is using some special selling techniques like combo offers which contain combination of 2 or more than 2 items to attract more customers because of its comparatively low prices or another way to sell more product can be showing that along with the lipstick the model is also using lip balm or different shades of lipstick which is a very unique way of selling the products of the following brand also giving it competitive advantage over other brands.

Marketing Mix

Product

Herbal Lip Shades is the brand whose main products are organic lipsticks which contains fruit extracts and herbal ingredient also the processing of this product from organic components assures a healthy skin and lips (Parente & Strausbaugh-Hutchinson, 2014). The product's quality is good and the product possesses features like long lasting, smooth, easy to apply, different textures and also it's fragrance that it leaves on the lips after applying, it comes with a nice and strong outer and inner packaging which protects it from getting damaged or sudden release out of package and holds the items very well.

Place

All these makeup products do very well in urban areas with lots of saloon or beauty parlors nearby and also establishing it in big malls or supermarkets which will give it an advantage over other brands and will help the sales increase rather than establishing the franchise in rural areas along with that online selling is also a brilliant idea, due to popularity and ease in buying online people are preferring online markets more and more so it will give the brand an opportunity to get connected with their customers regularly and easily.

Promotion

To promote the product, a company has to use so many platforms like television, newspaper, social platforms or even platforms. Advertising on social media is a brilliant idea as it will help the brand to get connected with target audience frequently and easily along with that it will also help the brand to convey its objectives and brand story to a large crowd because so many people are using social media (Kotler, 2015). Another way of promotion is to display the brand on television or printing it in the newspaper but the main strategy in promoting the product is to focus on the target audience mainly which will be more beneficial rather than appealing to masses who are not even interested.

Price

Due to increasing competition, it will be beneficial for the company to play low price strategy. But low price strategy has it's own pro and cons for instance proof using low price strategy is that number of sales will increase but the cones are that future reinvestment will become difficult (Beltran-Royo, Escudero & Zhang, 2016). Apart from that the brand is using different pricing strategy like premium items for customers who can spend a large amount on cosmetics and another category for those who are budget conscious and then there is a neutral category for those who can spend the amount slightly more than the lowest categorized makeup items.

People

In the making process of products the main persons involved consist of a team of experienced persons including researchers and dermatologist who overlook the whole process of manufacturing the products and services and researches related to it, then comes the employees and service staffs who helps in laying out all the strategies and promotional campaigns and the team of HRs and managers who handle the whole situation regarding employees and staff members (Batra & Keller, 2016).

Process

The main motto of the Herbal Lip Shades is to deliver the customers with the best product and service and that too in a minimum amount of time (Altshuler, et al 2014). The brand is focusing on fulfilling its motto by providing the service in the quick way possible without compromising in the quality of products because while delivering the services to customers, for the company the products are of utmost importance because they are what define the brand and also maintains its image so the main aim of the company is to serve the customer with the best services they can.

2.Marketing mix targeted at a defined group of customers

The above marketing mix strategy is very beneficial to both the customer as well as brand and also in order for the brand to secure a good place in the target market, giving it the competitive advantage (Pride and Ferrell, 2015). The P6 strategy helps the brand to develop its products and services by meeting the needs of customers and producing the services which fit the requirements of target audience, the high value and uniqueness of the product is what matters and delivering the customers with all these features is what makes the brand strong and to achieve this level a comprehensive approach towards coherent marketing mix strategy is required because it gives so many advantages to the business in the target market for instance, promoting the business and getting it the recognition by people on a large scale, improvement in business productivity, increase in number of sales, allowing the brand to get connected to more and more people, providing a strategy for the business operations etcetera (Pride and Ferrell, 2015). All these advantages give the business a whole new level of boost up in order to make more and more progress to achieve their goal within the time limit along with the increase in productivity. When it comes to advertising, the marketing mix strategy which is " promotion" allows the advertisers to use the correct media for advertising its product and its promotion, also the other strategy which is "Place" allows one to choose a specific place for establishing the business and help it grow by properly choosing the location so that it can make appeal to masses.

The target market chosen by brand is where there is a lot of people who are interested in cosmetics and on the top of that it should be herbal or organic and the market where the company can earn more profit as compared to anywhere else and which will help the company to make continued progress because of it's quality services and high value of products (Strauss & Frost, 2016). This target market basically consists of all those audiences who are interested in cosmetics and make-up items and the major target audience is women and young girls because the main products of Herbal Lip Shades are herbal lipsticks and lip balms and fulfils all the needs of customers like, it lasts for hours, keep the lips hydrated, comes in different colours and textures, designed according to their needs, easy to apply and can be carried easily anywhere and also waterproof and smudge proof (Sollis & Chertudi, 2017).

All these characteristics are what makes it unique along with it's the main feature that is being herbal and organic and this interests a large number of audience specially from urban areas because in cities people are so attracted towards this type of items with such a huge number of quality features and that too at the affordable rate so it sums up the audience mostly to urban cities and very few from rural areas and mainly those who are interested in living an organic lifestyle rather than using all those chemically made items which can affect our skin and health adversely.

The target group is specifically composed of audience which is mostly from urban areas and attracted towards organic lifestyle and since the product is completely herbal it would a great advantage to choose all these people while promoting the product because the product's objectives are to deliver the consumer with quality service along with natural ingredients used in the product which is made by a team of experts including many researchers and qualified persons and the another reason behind choosing urban audience because there are very few people in rural areas who are aware of these products and take any interest in these products as compared to people in cities who keeps on buying such products very frequently and are interested in exploring the new varieties in the cosmetic industry and trying different types of products for different purposes let it be daily use or parties or any functions (Wu, Lin and Lee, 2010). Nowadays everyone is trying to adopt a healthy lifestyle in this chemical era where everything is made from chemicals and that is the reason most people are choosing organic products even for cosmetics which is a very advantageous point for the Herbal Lip Shade brand because the more are the clients the better this is the reason behind choosing this group of people that is mainly to increase business growth and product awareness and also to deliver quality product to the customers along with the quality services which will be beneficial for the customers (Jaworski, 2018).

Product- as discussed above the product is mainly for those who are interested in herbal or organic cosmetics products and in different shades and textures of the lipsticks and natural lip balms.


Price- the pricing strategy is also according to the customers and their convenience and also according to their budget that they can afford, there are three categories one which is slightly costly and the rest consist of slightly low and neutral categories in which former is slightly cheaper than the later and this pricing strategy is quite beneficial for the customers.
Place- this strategy allows the customers to buy the product conveniently from the market area by placing the brand in such a location where it would be easy to locate and find by the customers and also the products are sold online so that people can buy from over there as well making it comfortable for the people (Kotler, 2015).

Promotion- this strategy allows the customers to easily contact the brand and see the brand's objective and its story as well due to promotion over social media and televisions, a large crowd will get to know about the brand and would be able to easily contact the brand anytime.

Conclusion

In the limelight of the above-executed analysis, it has been concluded that marketing plays an empirical role in developing a distinct image of the product and services offered by the business corporation. The conclusion from the whole “ importance of marketing mix” thing can be derived as that it is the best strategy when it comes to the brand progress and development and is designed to target a specific group of people or target audience for instance,

References

Altshuler, Y., Shmueli, E., Zyskind, G., Lederman, O., Oliver, N., & Pentland, A. (2014) Campaign optimization through behavioral modeling and mobile network analysis. IEEE Transactions on Computational Social Systems, 1(2), 121-134.

Batra, R., & Keller, K. L. (2016) Integrating Marketing Communications: New findings, new lessons, and new ideas. Journal of Marketing, 80(6), 122-145.

Beltran-Royo, C., Escudero, L. F., & Zhang, H. (2016) Multiperiod multiproduct advertising budgeting: stochastic optimization modeling. Omega, 59, 26-39.

Kotler, P. (2015) Framework for marketing management. Pearson Education India.

Parente, D., & Strausbaugh-Hutchinson, K. (2014) Advertising campaign strategy: A guide to marketing communication plans. Cengage Learning.

Patti, C. H., Hartley, S. W., van Dessel, M. M., & Baack, D. W. (2017) Improving integrated marketing communications practices: A comparison of objectives and results. Journal of Marketing Communications, 23(4), 351-370.

Ryan, D. (2014) The best digital marketing campaigns in the World II. London: Kogan Page Publishers.

Smilansky, S. (2017) Experiential marketing: A practical guide to interactive brand experiences. Kogan Page Publishers.

Sollis, C., & Chertudi, M. (2017) U.S. Patent No. 9,824,367. Washington, DC: U.S. Patent and Trademark Office.

Strauss, J., & Frost, R. D. (2016) E-marketing: Instructor's Review Copy. Routledge.

Jaworski, B.J. (2018) Commentary: Advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34(1), pp.63-70.

Pride, W. and Ferrell, O.C. (2015) Marketing 2016. Boston, MA: United States: Cengage Learning.

Wu, C.S., Lin, C.T. and Lee, C. (2010) Optimal marketing strategy: A decision-making with ANP and TOPSIS. International Journal of Production Economics, 127(1), pp.190-196

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