The report presents a brief overview of the hypothetical wood XYZ Company. It explains that how the company is introducing a new product in the market around the world. It describes the key marketing concepts of the company which are used by the company in order to meet the long-term mission and vision of the firm. It explains the significance of marketing mix in the wood company. It tells that how the firm is expanding and flourishing its business in global market. It describes that how the company is launching a new product in the market. Another side, the report talks about the product life cycle of the wood product.
XYZ is a hypothetical company. It is dealing in various wood products such as cellulosic ethanol, wood flooring, and wooden bullet, wood chairs, and tables, HYNE GLULAM and PLYWOOD. The company is using good quality of material for making wood products and furniture in the market across the world. The firm is hiring potential and capable employees to deliver and design various types of wood products around the world. The XYZ Company is using innovative technologies to attract more customers in the market (Rowley, Baregheh & Sambrook, 2011).
Key marketing concepts
Marketing is the process through which organizations and individuals acquire various information related to the new products and services in the market across the world. Further, it is the process by which companies create and build values for the customers and develop good and effective customer relationship in order to achieve long-term goals and objectives of the firm. Marketing is the process to promote the new products and services in the market (Mintz & Currim, 2013). Various advertisement and promotion strategies are used by the marketers to launch a new product in the market. In this way, the wood company can enhance and increase its sales and revenue across the world. In addition, the company uses various marketing strategies to fulfill the requirements and expectations of the customers in the market. The marketing perceptions are the methodology through which the wood company can evaluate and measure the wants, needs and requirements of the customers in the target market around the world. There are various marketing concepts which have been discussed below (Leonidou, Katsikeas & Morgan, 2013).
- Sales concept: It focuses on the sales of the products in order to increase the demand for the products in global market. Sales concept is important to make a good image and goodwill in the mind of the customers in the market. Thus, the company uses various advertisement and promotion campaigns to attract the more customers in the market. In this way, the company is able to gain competitive advantages in the market. The company can use this concept in order to enhance and increase the demand of the wood products and furniture across the world. Through advertisement and promotion campaigns, the XYZ Company is able to make a good image in the mind of the customers in the market (Huang & Sarig?ll?, 2014).
- Production concept: The company could use this concept in order to differentiate the products from its competitor’s products in the market. Through production concept, the firm is able to produce and manufacture of various furniture and wooden products around the world. The firm should maintain the level of production in the market. It should understand the new and innovative fiber and wood products to increase the sales of the company (Kotler, 2011).
- Marketing concept: The Company analyzes and evaluates the customer needs, wants and the requirement to introduce the new products in the market. By using this concept, the company is able to design and produce new wood products in the market. In this way, the company is providing satisfaction to the customers around the world. These key marketing concepts are used by the XYZ Company (Wilson, Zeithaml, Bitner & Gremler, 2012).
The marketing mix is the set of marketing tools which are used by the company in order to meet the goals and objectives of the firm. It includes product, price, place and promotion.
- Product: The XYZ company is producing the unique and good quality of products in the market. It helps to produce excellent wood products in the market. In this way, it satisfies the needs and requirements of the customers around the world. Thus, the company should produce good and unique wood products in the market.
- Price: It is the other important factor to increase and enhance the demand for the furniture and wood products. The company should sell the products at reasonable prices to attract more customers in the market. Further, the company uses cost-effective pricing strategy to reduce the prices of the wood products.
- Place: This factor plays a vital role to attract the more customers in the market. The company should try to sell the products in different places for differentiating its products from the competitor’s products in the market around the world.
- Promotion: It is the important tool to launch new products in the market. None of the company can survive its business activities and operation in the market across the world without promotion of the products. It is an effective technique to gain the various competitive benefits in the market. The company can use a digital medium such as internet sources, email marketing, social media and website to do effective advertisement and promotion in the market. In this way, the company can take various benefits in around the world (Sirmon, Hitt, Ireland & Gilbert, 2011).
Analysis of domestic and global market
The company conducts various programs to enhance and increase the economic resource. Further, various programs are initiated by the company to expand and flourish its business at international level. The company will use various effective and excellent strategies to increase the demand for the products globally. It should focus on the various external factors such as political, social, cultural, economic and environmental factors to flourish its business at the universal level. Further, the company must analyze and measure the strategies and policies of the competitors around the world. In this way, XYZ Company can overcome on the competitors in the market (Schaltegger & Wagner, 2011).
Various marketing researchers should be conducted by the company to run the business smoothly in the international market. It should use various methods and techniques to improve the quality of wood products in the market. In this way, the company can carry its business activities and operations globally. It will also help to build and develop a good image in the market to retain and attract more customers in the market. To promote the variety of products, the company uses various effective advertisement strategies and policies. In this way, the company is able to meet the long-term mission and vision of the company. If the company wants to expand its business in global market then it should focus on the customer’s needs, wants and requirements of the customers around the world (Wiewiora, Trigunarsyah, Murphy & Coffey, 2013).
New product introduced by the XYZ Company
The company is dealing a in wide range of wood products in the global market. Wood and fiber mixture products have been launched and introduced by the company. This product can provide various benefits to the company and it will also help to increase the sales of the company. The product has been made by the fiber and wood mixture. It will help in flooring and it will not require any repair and preservation work. The product is quite different from the other products which are available in the market. It is good and unique products compared to the competitor's products in the market. It can also increase the sales and revenue of the company. It can also help to improve the interior of the floor. It will make easy to clean the floor and it will attract more customers across the world. The hardwood and wood mixture can be sold at reasonable prices in global market. It will also help to maintain the beauty of the floor. In this way, the company can beat the competitors in the market. The hardwood product can be used in building and shops (Hoskisson, Wright, Filatotchev & Peng, 2013).
The product life cycle process includes introduction, growth, maturity, and decline. It is called as the product lifecycle process. The stages of product life cycle have been discussed below.
- Introduction stage: It is an important to stage to launch a new product in the market. This stage depends on the size and nature of wood product which is introducing and launching in the market. In this stage, the company launches the product in the global market (Cabeza, Rinc?n, Vilari?o, P?rez & Castell, 2014).
- Growth stage: It determines the growth and sales of the company. In introduction stage, the company introduces a new product in the market. In this stage, the company invest a huge amount to increase the sales and revenue of the firm. In this way, the company is able to gain various market benefits in the world.
- Maturity stage: In this stage, the product is established by the company. The main aim of this stage is to maintain the market share in the market. It will also provide various competitive advantages in the market globally (Dickinson, 2011).
- Decline stage: The Company uses various factors in decline stage. At this stage, the company reduces the prices of the products due to competition exist in the market. Under this stage, there are also continuous changes in the distribution and production cost over the product life cycle. In this stage, the sellers try to maintain the reasonable prices of the products in the market across the world. The company makes fresh and unique innovation in the technology to increase the sales and revenue of the products. Further, the company tries to maintain a balance between price and demand of the wood products around the world. It plays a vital role while launching a new wood product in the market (Gandhi & Jain, 2011).
The report is based on the hypothetical company XYZ. It explains that various marketing strategies and policies of the market. On the above discussion, it has been concluded that the company uses various effective and unique promotion and advertisement strategies to increase the demand for the wood products across the world. The company uses product lifecycle process to launch the new product in the market. In addition, the company must focus on the target market to attract more customers in the market. In this way, the company can expand and flourish its business in global market.
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