PRODUCT/MARKETING MATRIX

 

Name

Institution

 

PRODUCT/MARKETING MATRIX

Marketing penetration strategy

  1. Offer all types of beauty services contrary from our competitors.
  2. Our prices will be relatively fare to increase demand for our products and maintain competitive.
  3. Greater efforts in sales and marketing
  4. Convert our first visiting customers to frequent buyers.
 Product expansion strategy

  1. New products from variety of ethics
  2. Different quality products in small packages
  3. Develop extensive website to develop online buying.
  4. Product modification with new features

 
Marketing development strategy

 

  1. Different distribution channels
  2. Employ the use of network marketing
  3. Apply cross cultural along with interstate marketing drives.
  4. Different packages for our products
  5. Different pricing policies

 

 

 Diversion strategy

 

  1. Use of sales agents
  2. Strengthen the relationship of the manufacturer with final clients of product.
  3. Use the company’s name to build products and services in other market.
  4. Merges
  5. Joint ventures

Current products along with current product: market penetration

Market penetration: the business seeks to

  1. Increase its share with the existing products in the current market
  2. Increase usage by existing clients and changing our new customers to frequent shoppers
  3. Restructuring effective sales and marketing to develop awareness of our products to our clients.
  4. Secure a continuous growth of market by maintaining relatively fare prices to our products as well as maintaining out competition from other competitors.
  5. Increase usage of our products globally by having a range of ethical products.

Present product in addition to new markets: Market development

  1. Different packages sizes for our products and other services so that those who buy in small quantities and in bulk are catered for.
  2. Different distributions channels will attract new customers for instance beauty products sold in supermarkets and not just in specialist shop.
  3. New geographical regions will expand export market.
  4. d.      Different policies will attract different types of clients along with creating new markets segments.

 New products with new markets: diversification

  1. New products will offer prospect growth and profit opportunities in the company.
  2. Use of sales agents will reinforce the relationship along with contact of the manufacturer with final consumer of our products.

TARGET SEGMENT

The business target segment is 18-40 years age bracket because this group is ready to look more attractive and appealing (Baugh & Hamper, 1990).

Potential target markets

Geographical

This will be categorized by

  • By region for instance country, state or neighborhood
  • Climate: according to weather patterns most common to certain regions
  • Population density: urban, suburban and rural region
  • The size of   metropolitan area: according to size of population
 Demographic

This will depend on

  • By age
  • Gender
  • Nationality
  • Family size
  • Religion
  • Family life cycle

 
Psychographic

This will group our customers according to

  • Activities
  • Values
  • Opinion
  • Lifestyle
 Behavioralistic

 

  • Benefits sought
  • User status
  • Readiness to buy
  • Occasions
  • Brand loyalty

 

Geographical segmentation

The above variables are used in this segmentation. We will distribute suitable products in different regions based on weather pattern that is common in certain geographical regions. For instance, Sunscreen products that is best suitable in hot countries like India (Gunn, 2009).

Demographic Segmentation

Many of these variables have different sorts for their values and taste. For instance, children require products that are less reactive to their skin. Suitable income can make people buy products that may be costly.

Psychographic Segmentation

This segmentation will group our customers according to their lifestyles, attitudes towards the product and interest. For instance, some churches have condemned the use of make-ups and beauty products. According to Johnson (2007), the church of scientology that is one of the most controversial regions has condemned make-ups as harassment to spiritual life. With this concept in mind, we will sell our products to people that are not prohibited from using beauty products.

Behavioralistic

Occasions such as holidays and events stimulate purchase. Our business will make use of User status that includes first time, potential and regular customers toward growth our business.

SERVICES

We will have a range of beauty services offered in our business because our customers vary in age and regions. We will offer services that will suit all our customers. Specifically we will be offering the following.

  • Skin health
  • Massage
  • Aromatherapy
  • Normal facials
  • Sensitive skin facial
  • Skin care and treatment
  • Anti aging
  • Special effects makeup
  • Acne facials and collagen facials
  • Special 35-40 years age bracket facials.

 

THE PEOPLE THAT WILL DELIVER THE SERVICE

Our services will be delivered by skin professional expats to ensure our customers get suitable products that suit them.

Physical environment

The environment to which will be delivering our services will be social and will post a message that enhance social networks. In addition, will consider cool environment where our customers can relax.

Process

Our services will be provided in an interacting way from what our customer’s needs and suitable products applicable.

MISSION

As our business offers beauty products, we intend to open a beauty institution to provide knowledge to those inspiring to start the same business.

 

 

GENERAL GOALS OF OUR BUSINESS

  • Achieve a sale growth of 5 % in the next financial year.
  • Our long-term goal is to operate with 10 % profit margin in the next three years.

 

 

References

Baugh,S.L.,& Hamper, R.J. (1990). Strategic Market Planning.California: McGraw-Hill      Professional.

Gunn,S.B. (2009). The Essential Management Toolbox: Tools, Models and Notes for           Managers and Consultants. New York: John Wiley and Sons.

Johnson,P. (2007). Astute competition: the economics of strategic diversity. New York:       Emerald Group Publishing.

 

 

 

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