Table of Contents
A strong marketing strategy is invaluable as the battle for consumers intensifies day by day. Marketing is a measure of transferring ownership of products from the manufacturer to the end user. A managerial position requires substantial coordination and proper planning to enhance success. This is done in various forms that range from advertising to actual shipping in preparation of closing a massive sale. According to Patterson (2008), other business-minded people define marketing as any activity conducted in order to promote the sale of a commodity. It can be classified as a branch of business, as well as social science because it involves the exchange of words between parties.
Case study: Revlon cosmetic company
Revlon is an American company founded in 1932. The first commodity the company developed was nail polish, and in six years time, the company had become a multi million-dollar corporation. Soon after the company started to diversify their products and introduced lipsticks, lip-glosses, hair products, eyeliners, mascaras among others. The success of the company can be attributed to its outstanding marketing strategies and the branding and packaging of the products. People all over the world recognize the brand name because of its safe and quality products. The product markets itself and the consumers play a key role in marketing the product to others. A case study on the cosmetic industry shows that the manufacturing and distribution of these products is affected by various factors. The marketing principles applied in this industry are only effective when applied with a consideration of the social, psychological, ethical, and political influences that affect a market. This paper will focus on these aspects and the issues likely to affect this industry.
Principles of Marketing
Initially, marketing involved traveling salesmen who would go door to door to sell their products, but this has changed with time. Today, the most commonly used method marketing, is via media or internet. The main aim of marketing is to supply goods to meet the consumers’ demand. It is of outmost importance for a marketing company to identify and deliver the needs of customers as well as introduce a reasonable turnover to the company. Every organization requires fair marketing in order to serve as expected.
Cosmetics are not easy to market because not everybody considers them necessities. Therefore, the company makes an array of extensive products to market. As a marketer, in the cosmetic industry, thorough and an elaborate research on the target markets are crucial. For instance, when the company decides to introduce a new commodity like lip gloss in their range of goods, they must first conduct research to determine how best to market the commodity in the target market. Identifying an ideal way of reaching out to customers is of immense importance, as it limits wastage of resources through promotional materials, advertisements and so on. It is crucial to understand why your product is of more priority to your customers and vice versa. The company is either able to improve on the value or change to a different product after identifying the strategy to adapt. Every marketer should understand his or her market size that is, whether it is expanding or declining. An organization is, therefore, able to identify the key trends and the way forward.
The aspects that make give the company competitive advantages are that, Revlon has customized make up that suits all customers requirements. In addition, they select their brand names in a proper manner that is moth catchy and appeals to the customers. These factors help them in achieving their objectives, which entail to maintain a profitable and consistent growth that would help the company grow from a multi national to a global firm.
To market the product, Revlon uses top female actors and models to represent its brand. The company also sponsored the 007 line that uses Halle Berry as a character because most people believe she is a symbol of beauty. The company further ensures that they market the right product in the right market target.
Social factors affecting marketing relate to how peer influence works. Peer influence has a massive effect on the product resemblance and buys resolutions than the form of marketing used before. (Hebert, 1998) Marketing online is among the fastest way of selling any product. Revlon cosmetics Customers do the marketing themselves if the product is suitable. They manage to sell these products by sharing online when there is potential for personal interest to be realized. According to Clay Shirky, the motivation to share increases once a person has gained experience. An internet user connected to many people is likely to influence them since he is directly involved. His peers treat him as a credible source of information. The implication brought about by this person is that he is capable of getting people to buy the products.
Psychology is used in much disciplines and marketing is not an exception. It is an influence in the market and has a significant impact on it. The use of psychology in marketing manipulates people to purchase and consume products that at times turn out to be harmful to the health of any individual. For instance, Revlon’s marketing strategy relies strongly on high profile actors and celebrities. This creates the illusion that these celebrities use the products and people who want to identify with them should use the products, as well. This is psychological influence where marketers play around with the mind of consumers to make them believe they need the commodity.
Ethics in the market means applying standards of fairness, moral rights or wrong in the organization. Marketing from the standards of an organization considered acceptable by the society may make the process less effective. This might also lead to the dissatisfaction of customers, unfavorable publicity and lack of trust. When an organization carries on with their ethical values, the economic system becomes more successful as customers develop positive attitudes about the firm. Revlon company, for instance, is exceptionally well known for its extraordinarily high quality and classic products worldwide. This is because; the company makes quality goods that help it to maintain loyal consumers.
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Political leaders and their supporters have infiltrated the structures of a democratic state and are in control of it, in their interest. (Hebert, 1998) Politics plays a vital role in marketing a commodity. The political stability of a state affects the economy of the state. In most market places, money buys influence and political result. Analyzing marketing opportunity is a critical tool in determining the attractiveness and likelihood of success in the growing market. It aids a marketer in understanding the benefits that are likely to be established. It also helps the company create cost effective medium of marketing. Opportunity analysis involves a comprehensive operation of internal analysis and business environment survey. Internal review entails the study of the company in terms of its finance, manufacturing and other related disciplines. These go hand in hand in aiding the company to achieve its greatest strengths and work on weaknesses. Marketing abilities in a business are analyzed in terms of organization reputation, market shares, customer satisfaction, product quality, service quality, pricing efficiency, and promotional order just to name but few.
In marketing, there is product development that involves offering new or improved products for the current market (Kotler & Johnson, 1985). In this case, the company may observe ways to add or change the existing features of a product and create some notable levels to satisfy the client. It deals with bringing together filaments that may modify an idea into a product. (Kitchen, 2000). It is the responsibility of a product road map to know which features should be taken up for growth.
The life cycle of a product is another aspect classified under marketing strategies. It entails understanding how to sell a product and the amount to be invested in the venture in terms of money spent. The life cycle of a product is classified into introduction, growth, maturity and decline. The introduction part is easy to market but expensive. In this case, the target market is referred to as standard adopter. In growth phase, everyone knows the product in the market but is undecided of whether to use it or no. In this case, it is crucial for a marketer to start focusing on educating users the benefits and features of the product. The maturity phase is the most economical unit of a life cycle. In this phase, the product has reached the ultimate penetration; therefore, a marketer is expected to focus on maintaining customers and meeting their content.
Defining a target market is extremely rewarding. Marketers achieve this by determining who their customers are and what impact those customers have on the company. The target market would include current, former, as well as potential customers who may receive the promotional value.
Service analyzing is useful to the company as it enables the company to produce goods and services of high quality. As a result, the company’s profile is appropriately branded. Therefore, a professional image is likely to attract more customers, thus making more profit as the company is perceived as trustworthy. Lenskold (2003) says that every marketer will perform much better if he/she describes the particulars of the targeted clientele. For instance, it is irresponsible of a marketer to attempt selling teenage products to elderly people and vice versa.
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A carefully designed marketing strategy should be able to assist in retaining of already existing customers. This can happen if they are contributing towards a healthy growth of a company. It is a marketer’s responsibility to implement the necessary tactics in order to maintain a former customer. Researching the market is a strategy that enables the seller to realize a potential market segment that fits their criteria. A substantial research program should contain a number of different steps, developed before the onset of the research. A research carried out in most cases should be able to identify and explain the problems the market is facing. It should also assist in assessing the situation to predict what may happen in the future.
Marketing plan is a necessity in every arrangement for aligning marketing activities over a certain period. This task must be undertaken continually to ensure that any error that occurred in the past will never recur in future. According to Lenskold (2003), a plan must be clear on what is to be done, and quantified so that the business performance can be monitored. All the expectations should be reasonable and realistic to obtain. When planning, marketers consider various factors that would affect their marketing techniques, such as the reaction of the customers to the evolution of products, promotions and others.
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There are different ways of increasing sales of already existing products. This may be achieved by luring the existing clients to buy more products, defining who the potential clients are and selling them what is on sale, as well as expanding the market of the product in question to new areas. There is another way of increasing sales by the marketer; they aim at achieving their objective via the introduction of the new products in the market. This policy is achieved by updating or refining the products in the market, introducing products that are of a newer version, but are almost a copyright of those in the market: a marketer can also establish a new product that was not marketed in the past (Mohan, 2005). This strategy is commonly known as business growth and goes hand in hand with a market share growth, market niche, status quo, and market exit. Market share growth enhances the increase of the overall percentage of market of a marketer. This is mostly achieved by marketing away from the competitors.
This approach requires aggressive marketing tactics. Market niche is a business strategy that looks to achieve a dominant position within a selected area of the whole market. It is smaller, has fewer customers and the lower volume of sales compared to the general market. Status quo is a comprehensive scheme that maintains the status of a product currently in the market that involves upholding the same spirit of market shares.
“There are various methods of implementing marketing efforts to communicate the main message” (Lenskold, 2003). These methods are marketing campaigns that involve different media such as email, banners and other online marketing tools, telemarketing, trade shows and events. Campaigns take several touches for the audience to identify the product for sale. In marketing, strategic management is an expression that deals with the utilization of resources to improve the performance of firms externally. It evaluates and controls the business of the company involved. General Managers on behalf of owners normally take this initiative, and it provides overall direction to the enterprise. Marketer, on the other hand, is required to determine what the consumers need and want, and develop a product or service catering to that need.
Decline phase is the most complex part in every company (Kriegafsd, 2000). In this phase, a company continues to use its finances to support the existence of the product, and this may lead to its downfall. A company therefore restores the product or discontinues the product. Rebuilding the product involves the use of different packaging or promotional materials. Developing new products also falls in the marketing strategy, and every company follows the trend. Products development contours the future of the company. A company, thus, can add new products via purchasing or developments. It can achieve that by buying other companies, copyright other companies, or purchase a license from other companies. To attain the required development path, the following forms can be used: developing new products on its own or contracting a research corporation to develop specific new products.
It is crucial for companies to keep developing new products and improving the already existing ones. They should try to generate a distinctive content to survive in the market. A new product is likely not to go beyond the establishment period due to lack of creativity. A new product must go through various processes that start with the generation of ideas. An idea can be gathered internally or externally After generating ideas, they are screened for compatibility with the objectives of the company.
There is another method of theory development to assess the response of people (Kotler & Johnson, 1985). This deals with a group of customers to find out if the product has more appeal to customers. Marketing strategy is an essential aspect, as the company must consider a cost effective affordable way of marketing. Marketing strategy involves target market, product positioning and pricing, distribution and marketing resources. In marketing, branding is a vital element of the tangible product in the consumer market. It is a way of linking products within a product line. It involves researching, developing and implementing brand name (Lane, 2002). It also helps in the development of a new product by enabling the expansion of a product line. Branding requires a significant contribution from marketing and is a long-term procedure.
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A brand name is any expression that distinguishes one expert from a certain seller from another (Lenskold, 2003). It can be in the form of words or initials. A brand can attest the value of a product. For instance, Revlon commodities are high profiling make up expensive, long lasting and distinguished well-engineered make up.
After branding, another process follows suite that includes packaging. This project involves designing and producing the repository for the product in question. Packaging serves as a means of communicating product knowledge and brand character as it is the first point of contact to the consumer (Mohan, 2005). It is, therefore, necessary to make it as fair as possible, and suitable for the product and customer needs.
A well-defined package attracts attention, describes the product’s features, fosters consumer confidence and develops a general impression that is beneficial. It also contributes to the instant recognition of the company.