Major Recommendation of Marketing Plan
Profiling: The major recommendations for GGI in relation to profiling include using Values, Attitudes, and Lifestyles (VALS) categorization to identify segments of consumers that could be interested in our products. It was also suggested that the company recognize our target market by using consumer focus groups (Keel, 2011).
Packaging: The major recommendations for GGI in relation to packaging include aligning our branding and packaging with the focus of the new product line of house wares, as well as other products. With that being said, it was suggested that the company use visual attractions, such as distinctive patterns and colors, when packaging our products to strengthen the brand image of the products we present to consumers (Keel, 2011).
Pricing: The major recommendations for GGI in relation to pricing include choosing a strategy that is aligned with benefiting us in achieving our main objectives. Therefore, it was suggested that we would benefit from a combination of competition pricing, optional pricing, and cost based pricing since we are trying to explore on marketing the new product line of house wares (McMakin, 2011).
Placement: The major recommendations for GGI in relation to placement include assessing direct, indirect, and multichannel distribution channels, and establishing which one would work best for us in achieving the most profitable margin. Also, the placement of our products was suggested to be in retail stores across the Northeastern Region of the U.S, and the E-Business aspects of the marketplace (Kelly, 2011).
Partnership: The major recommendations for GGI in relation to partnership include looking into partnering with other companies to advertise and promote our products. However, we must create and uphold strategic relationships with other companies that already have built sound reputations with consumers (McMakin, 2011).
Promotion: The major recommendations for GGI in relation to promotion include using a pull strategy to promote our products to consumers. In regards to promoting our products by means of advertisements it was suggested that the company generate a company website, utilize ad banners on other web pages, distribute mail flyers with coupon inserts, promote products by means of T.V. advertisements, and utilize a National Public Radio (NPR) station in which we could donate funds in order to assist in getting the word out to consumers regarding our products (Johnson, 2011).
Marketing Metrics
The focus group analysis is a key metric for the company to use. This is because with the questions suggested to ask to consumers the company will be able to calculate the expected reception and ultimate utilization of the new product line of house wares and other products we present to consumers. Another metric for the company to use in order to recognize how many consumers are buying our products would be email responses and product registration cards. By using this metric the company can calculate the amount of registration product cards that are returned to estimate as to how many consumers are buying our products. Other metrics that the company may think about using to determine our marketing endeavors include evaluating our overall marketing position by calculating the amount of web site clicks that consumers generate when emails are sent to them. Doing this would aid the company in obtaining quantifiable results related to how much traffic was actually shown on our company website or other websites that we have ads presented on (Hamilton, Kahan, Lavelle, & Sabey, n.d.).
Improvement of Focus Group Metric
The company can enhance the usage of the focus group metric by continually studying the marketplace through initiation of the focus groups and proper usage of the focus group stages. The information collected by using these focus groups include opinions as it relates to products, education level, income amount, age, and store preferences when shopping for house wares. Therefore, a constant approach of studying these focus group metrics for the marketing managers will be crucial for the company in order for us to continue to notice upbeat results related to our marketing strategy (“Using Focus Groups,” 2009).
Most Important Metric
At this stage, the focus group marketing metric should be regarded as the most significant for the company. The reason for making this recommendation is because there will be a lot of helpful information received from consumers for the company in asking the above questions. The company is at the early stages of developing a brand name for themselves and more observance needs to be made in regards to the new products line of house wares, as well as other products we present, and what better way to ensure that our products succeed than to get the opinions of consumers by using this means of achieving the goals for the company.
References
Hamilton, L., Kahan, R., Lavelle, L. & Sabey, K. (n.d.). Marketing metrics: Where to get them? Which ones work? Retrieved from http://www.ad-mkt-review.com/public_html/docs/fs059.html
Johnson, G. (2011). Applied Managerial Marketing. MKTG630-1103A-03: Group 3: Marketing Plan for Global Gadgets Imports, Power Point Presentation: Promotion. Retrieved from https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx
Keel, L.(2011). Applied Managerial Marketing. MKTG630-1103A-03: Group 3: Marketing Plan for Global Gadgets Imports, Power Point Presentation: Profiling and Packaging. Retrieved from https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx
Kelly, K. (2011). Applied Managerial Marketing. MKTG630-1103A-03: Group 3: Marketing Plan for Global Gadgets Imports, Power Point Presentation: Placement. Retrieved from https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx
McMakin, H. (2011). Applied Managerial Marketing. MKTG630-1103A-03: Group 3: Marketing Plan for Global Gadgets Imports, Power Point Presentation: Pricing and Partnership. Retrieved from https://campus.ctuonline.edu/pages/MainFrame.aspx?ContentFrame=/Home/Pages/Default.aspx
Using focus groups to evaluate and improve. (2009). Retrieved from http://www.allbusiness.com/marketing-advertising/market-research-analysis/11778633-1.html