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Principles of Marketing

by: Hazle Bergnaum

Principles of Marketing EMK 3601

Hazle Bergnaum
Florida Tech
GPA 3.75


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This 6 page Class Notes was uploaded by Hazle Bergnaum on Monday October 12, 2015. The Class Notes belongs to EMK 3601 at Florida Institute of Technology taught by Staff in Fall. Since its upload, it has received 44 views. For similar materials see /class/221691/emk-3601-florida-institute-of-technology in Marketing at Florida Institute of Technology.

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Date Created: 10/12/15
MARVIN BROWN Part 3 Marketing Objectives A What are the corporate marketing objectives of the company Dorel industries has invested in marketing with new advertising media and public relations agency partners and a multimillion dollar campaign planned this year to support their portfolio of brand all while maintaining the focus on ROI This combined with their focus on developing even stronger retailer partnerships on both the Mass and IBD sides will produce new initiatives aimed at enhancing consumers shopping experience Dorel believes that awareness and education are the keys to helping consumers find the right products to fit their needs They strive to inform their target audience about features and benefits of their products and its competitive advantage B What are the specific marketing objectives of the productservice under evaluation Dorel Industries products are wellrecognized brands that have gained wide consumer acceptance for their high quality safety and innovative designs that incorporate stateof theart features and upto date fashion The Safety 151 segment makes products such as infant bath tubs amp bathing accessories bed rails feeding amp potty trainers infantchildren39s car seats booster seats strollers play yards high chairs walkers bouncers amp bassinets infant health care products nursery monitors security gates and other safety aids Since Dorel is the largest juvenile products distributor in its categories in the world their specific marketing objectives are to continue to promote their product as the safest and most effective They consistently strive to decrease or remove potential customers39 resistance to buying their products For years Safety 1St has had a tremendous amount of passion for the need to establish themselves as experts These means being quoted in major trade press speaking at industry events and continue to gain more and more recognition Their measurable and specific objective is to remain dominant in juvenile products and to be 39 39 39 and or of safety J II39I C 39 as 39 experts in the field C Are the objectives of the marketing plan compatible with the overall marketing objectives of the company andor business unit The objectives of the marketing plan go hand in hand with the overall marketing objectives of the whole organization Dorel takes the trust that parents and caregivers place in Safety 151 and other brands very seriously Dorel is fully committed to quality and safety they spend millions annually in North America and abroad in quality control and to operate world class testing equipment Part 4 Market Selection and Target Markets A Describe the firm s possible market segments Dorel Industries operates in three segments Juvenile products ReadytoAssemble furniture and Home Furnishings The Juvenile products segment designs and manufactures children39s furniture and accessories including infant car seats strollers toddler beds and infant health and safety aids The RecreationalZLeisure segment comprises three distinct operating divisions The Cycling Sports Group CSG division which deals specifically with the Independent Bicycle Dealers IBD channel the Pacific Cycle division which deals with the mass merchant and sporting goods channel and the Apparel Footwear Group AFG which incorporates the SUGOI Cannondale GT Schwinn lronHorse and Mongoose apparel lines The Home FurnishingsReadytoAssemble Furniture segment designs and manufactures furniture which includes office and bedroom furniture storage solutions and entertainment and home theatre units This segment manufactures metal folding furniture step stools ladders and other imported furniture items The Home Furnishings also produces metal folding furniture futons step stools ladders and other imported furniture items This segment capitalizes on the distribution channels established by Dorel39s other business 1 What are the characteristics age geography income lifestyles etc of each of the market segments The Juvenile products segment has the following characteristics Parents Caregivers and Guardians of young children Full Nest youngest child under 6 spend on baby food toys buy home and furniture Dorel can and will effectively reach consumers from all over the United Stated and Canada The income level of the consumers has a very wide range since the product is very affordable As far as the lifestyle it will focus on consumers who are safety conscious and seeking great quality in life The RecreationalLeisure segment has the following characteristics Full Nest older children major expense is college may travel and replace furniture Parents Caregivers andor Guardians who have older children in the house or on their way out of the house and are health conscious They have a very active lifestyle They show their consumers loads of information like advice on choosing the perfect bike maintenance tips and even a little about how your bike can help you become healthier The Home FurnishingsReadytoAssemble Furniture segment has the following characteristics Full Nest youngest child is older than 6 spending money on children As they focus on the future Home FurnishingsReadytoAssemble Products will continue to lead the industry by listening to their valued customers while incorporating innovative concepts into quality valueadded new products They focus on money conscious consumers located all around the nation 2 Assess the potential of each market segment When it comes down to practical application of market segmentation analysis there have to be some fixed parameters that marketers must adopt and enforce in order to achieve the best results and maximum profits The following are two different factors that determine how the different market segments potential are arrived at The Geographic Segmentation is done on the basis of the physical location and boundaries of the customers The following considerations are necessary here Which country do the customers reside in Are there any limitations on the usage and promotion of the product in the country What is the size of the country and what is the density of the population there What are the climate conditions in that country Assessing each segment in Dorel Industries we find that they are right on target and have done the necessary research in order to maximize their consumer base By servicing customers in the US and Canada they really have no limitations on the promotion of their products The Demographic Segmentation process of analysis comes into play when the quality and other characteristics of the general population are taken into consideration The age and the gender of the target audience need to be considered the common occupations and income levels of the population and the family size and quality of education are also important here Dorel Industries products cover most of the demographics in the general population They don t concentrate or depend heavily on the occupations or education level of their consumers because their products are simple to understand affordable and focus on quality and reliability All consumers can easily see a need for quality and reliability B Describe the chosen target markets nzrmwwg max Pupu ztmn prudud mama Penmrated markmithusemthetzrgm marketwhu have purchzaedthe prudud TallalFapulahan g 39 Potannm Mame rAvaHahlgMarxe I 4 4lt 1 OuaM39lnd I Avu amsMarke I l I TavgulMamel x y x I x l I y Fanamaled x Y Mnrkal v H I I y l I I I I l y munum 1 Why wasthwstzrgm markm se eded Two important factors to consider when selecting a target market segment are the attractiveness of the segment and the fit between the segment and the organizations objectives resources and capabilities For Dorel Industries in a sense their products have the ability to reach the whole population in one form or another There is proven history of the target market paying for the products or services Dorel Industries offers This speaks directly to the viability of their business 2 How does the product or service meet the needs of the target market The product meets the needs of the target market by listening to the needs of the consumer and delivering exactly what the consumer needs Safety 1St has valuable expertise and experience that it offers Their target market will want to buy from an organization who are experts in their field Their target market wants the problem of safety solved The impact and cost of the problem is big enough that the consumer they will act to solve it and they will rely on the expertise of Safety 1St to solve it C Describe the purchase decision behavior of the target markers Who why when how should he answered Psychographic Segmentation In this category the attitudes and lifestyle of the consumers are considered Also known as the Interests Activities and Opinions model it plays a major part in devising successful marketing strategies The general personality traits of the customers are kept in mind the values of the people and the attitudes that they have towards Dorel s products are crucial pieces of information for a marketer and the hobbies and the perception of the selling company are also necessary to be obtained Behavioral Segmentation Here Dorel Industries takes into account the general behavioral patterns of the customers and tries to forecast what reactions they would possibly have to the adopted marketing strategies The benefits that the customers are looking for and the value they seek and derive the degree of brand loyalty and brand satisfaction the willingness to buy a product and also the rate of its usage the profitability of marketing there and also the income level of the targeted customer base D What is the general sales forecast for the target market of the productservice


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