Marketing Principles - 1212 Words

Marketing principles: Task 2 2.1 Explain how the vacuum cleaner is developed to sustain a competitive advantage. To sustain competitive advantage for any company so for ACL company developing new vacuum cleaner was an important step. In sustaining competitive advantage, there are 8 stages defined below (new product development, www.learnmarketing.net) Stage 1: Idea generation- for every organization idea could come from different sources such as: market research, employees, consultants, competitors, customers, distributors etc. ACL has got well experienced design engineers and scientist which were working to create our new vacuum cleaner with special design and use. Stage 2: Idea screening- company choosing best idea for developing†¦show more content†¦Our price decision will influence also demand for our product (customer research) in the target market, elasticity of demand, distribution channel members, competitors and our organizational objectives and also life-cycle of our product. 2.4 Illustrate how promotional activities are integrated to achieve the marketing objectives of ACL Every product has its life cycle which includes – introduction, growth, maturity, decline. As product goes through those stages, different promotional strategies are needed to make sure that our product will have success and will last.(class notes) ACL is reaching first stage of PLC, so our main objective now is – introducing new vacuum cleaner. There are two main kinds of promotional strategy: â€Å"push† and â€Å"pull†. ACL chose pull strategy, although it requires high spending on advertising and consumer promotion to build consumer demand for a new product. (tutor2u-promotion-push and pull strategy) We expect the pull strategy will be successful and so consumer will ask their retailers for our product- retailers will ask the wholesaler- and they will ask ACL – producers of new vacuum cleaner. Part of our marketing plan is integrated market communication (IMC) (class notes), which is really helpful to get all the promotional tools work together in harmony (http://www.multimedia) Five main tools of IMC are: advertising, sales, promotion, personal selling, direct marketing and publicShow MoreRelatedPrinciple of Marketing1655 Words   |  7 PagesPrinciples of Marketing Promotion: Overview and Personal Selling Promotion Mix Personal Selling Advertising Publicity Sales Promotion Elements in the Communication Process (Fig. 14.2) Promotion Strategy Strategic Objectives Appropriate Tasks Budget Implementation Evaluation and Control Strategic Issues Integration Relationships Goals: Information, Persuasion, Reminder Consumer Considerations: AIETA Model Target Integrated Marketing Communications (Fig. 14.1) Advertising PersonalRead MoreMarketing Principles3139 Words   |  13 PagesREGENT COLLEGE BTEC Higher National Certificate in Business Assignment Brief Unit Number: Unit Title: 4 Marketing Principles BTEC Higher National Diploma in Business Unit 4: Marketing Principles Assignment Cover Sheet Assignment No: ............................................. 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