Essay Title: 

Marketing Virtual Marketing Place

April 3, 2016 | Author: | Posted in company analysis, mathematics and economics

Research : IPT – Virtual Marketing Place

To determine IPT ‘s current situation in the market , a primary research can be undertaken . Focus group of customers based on regional segments and point of purchase of IPT products can be done . This would provide an insight into the customer ‘s perception of IPT and its products . This would also help gauge the brand ‘s strength and weaknesses , and prepare an expansion strategy capitalizing on IPT ‘s strengths and working towards negating its weakness

The target market can be identified based on the product offering of [banner_entry_middle]

the Amish food manufacturer . Local gift basket producers and caterers also form a segment of IPT product buyers . The pro of customers these segments serve to , and the occasions for which the consumer purchases products , also would provide important cues to identifying the target market . Hence the target market could be

regions where Amish food manufacturer ‘s product categories have wide acceptance

customer segments which exhibit similar purchase behavior as IPT ‘s existing customers

Marketing opportunities could revolve around promotions and special packaging for bulk customers . An approach of conducting a test market with emphasis on bulk customers would enable IPT to utilize minimal resources on the storefront aspect and reaching out to the end customer

The marketing plan should involve co-branding of existing IPT products and the Amish products that would get added to its portfolio . This would enable the new brands /products to ride on the acceptance of existing products . Separate promotion offers for newly acquired products should also be designed . Pricing should be decided keeping in mind the need for diluting IPT ‘s existing positioning

A consumer research survey should be carried out in test market to understand the customer ‘s attitude and preferences for the new products This would also enable IPT to calibrate strategy in the new region where marketing efforts are being directed

A combination of primary research including focus group , survey and secondary research covering existing bulk customers would provide customer insight . Although getting all customer segments onboard for focus groups , finalizing the survey design and selecting the sample population will be challenging tasks for IPT . The marketing manager should then analyze and interpret the data from this primary research to build valuable customer insights , which would be instrumental in formulating a robust marketing strategy

Method Quantitative or Qualitative Benefits /Drawback

Focus group Qualitative In-depth insight gained

Opportunity for moderator to intervene and probe

Difficult to get the required segment to be present at the same time for focus group

Survey Quantitative One to one interaction helps remove uncertainty about respondent unlike telephonic interaction

Can be costly

Set of hypothesis based on inductive reasoning key to success of survey design

References

Armstrong , Gary , and Kotler , Philip (2005 . Principles of Marketing 11th Edition

PAGE

PAGE 3

IPT – Virtual Marketing Place

PAGE

PAGE 3

IPT – Virtual Marketing Place… [banner_entry_footer]

Author:

This author has published 9453 articles so far. More info about the author is coming soon.
Did you like this essay sample?

You must be logged in to post a comment.