Marketing bundle, and premium. Pricing is one of

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Last updated: May 15, 2019

Marketing Management 3 Assignment Jabulisa Mazibuko Student number: 18 11 76 Course: BBA – MKMT 3 Pages: 9            Introduction Jean LaRoche of Strasbourg had worked in theUnited States for over 10 years. Being an entrepreneur at heart, Jean has beenconsidering the idea of commercially growing and selling sweet corn in Europe.  The challenge with selling sweet corn toEuropeans is simply getting them to taste it. Jean must constantly fight the misconceptionthat sweet corn is the same as the field corn and needshelp attracting new customers to the brand.  This assignment attempts to help Jean LaRoche by illustratinga brand naming process, describing various pricing strategies and the promotionalmix that can be used to promote his products and identify the common mistakes madeby brand managers and how they can be overcome. Jean will then need to position his product inthe market.

Pricing strategies will help him determine the right price for his seasonal fresh corn. There is a number ofpricing strategies available such as penetration, skimming, competition, product-line,bundle, and premium. Pricing is one of the most important elements of themarketing mix, as it is the only element of the marketing mix, which generatesa turnover for the organisation. It is important that organisations balance therelationship between supply and demand so that they do not lose sales orbusiness in the long term.  The promotion mixis a framework used to inform, persuade and remind the target market and otherorganisational stakeholders. It is referred to as the marketing communicationmix because it is made up of different elements, namely advertising, salespromotions, public relations and personal selling. Jean will use the promotionmix to market his new brand corn cob briquettes and describe how he willpromote them to the market. It is important to use the correct blend of the promotional mix so thatthe business will continue to gain customers and achieve both short and longterm success.

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 There is a possibility that the brand could fail,Jean will have to identify the common mistakes made by brand managers andexplain how these could be overcome in his business. In summary, if Jeans business is to succeed,Jean will have to understand the relationship between branding tocreate an image of the company, product, or service in the marketplace   and marketing to position the brand inthe marketplace.      Table of Contents Question 1. 4 References. 9   Figure 1: The brand naming process. 4Figure 2: Types of pricing strategies. 5 Table 1: The brand naming process for Jeans CornCompany. 4Table 2: The application of the promotional mix topromote the company’s new brand of corn cob briquettes  7Table 3: Common mistakes made by brand managers andhow to overcome them.

. 7    Question 11.1  Figure 1: The brand naming process                      Table 1: The brand naming process for Jeans Corn Company  Process Procedure Define brand objectives Jeans brand objectives are as follows: To commercially grow sweet corn and sell it in Europe; importing hybrid seeds to grow in France; to get an exclusive contract with a US seed company for the Super Sweet hybrid seeds; getting Europeans to buy and taste American sweet corn. Generate names These names have been generated using the company’s objectives: Sweet Hybrid Seeds; American Sweet Corn, Sweet Freezer Corn, and French Hybrid Corn Seeds Screen initial name suggestions The following brand names have been eliminated due to double meanings or difficulty to grasp: Sweet Hybrid Seeds is eliminated due to its vagueness and French Hybrid Corn Seeds because the words ‘French’ and ‘Hybrid’ are give the brand name a double meaning and it is too long to position on the market. American Sweet Corn is too literal. Screen possible names Sweet Freezer Corn is the name that Jean will use to sell his frozen corn kernels. Conduct consumer research   Sweet Freezer Corn is a descriptive and memorable name.

Select final name   Sweet Freezer Corn   1.2 Figure 2: Types ofpricing strategies Pricing strategies Definition Examples Penetration Setting a low price to increase sales and capture a large market share. Television satellite companies Skimming The organisation makes the product available to a wider market by setting an initial high price then lowering the price layer by layer. A games console company. Competition Setting a price lower or higher than competitors. Offering a price matching service to match what their competitors are offering. Product-line Pricing products within the same product range at different price points. Offering different products with different features at different prices.

Bundle The organisation offers a group of products at a reduced price. A very popular strategy is the BOGOF strategy often used by supermarkets. Premium Setting the price high to indicate the “exclusiveness” of the product Harrods, first class airline services, and Porsche. Psychological The seller here will consider the psychology of price and the positioning of price within the market place. The seller will charge 99p instead £1 or $199 instead of $200. The reason why this methods work, is because buyers will still say they purchased their product under £200 pounds or dollars, even thought it was a pound or dollar away. My favourite pricing strategy. Optional Pricing The organisation sells optional extras along with the product to maximise its turnover.

This strategy is used commonly within the car industry as I found out when purchasing my car. Cost Plus Pricing This method ensures the price covers the cost of production costs. For example a product may cost £100 to produce and the firm has decided to sell the product for £120 Cost Based Pricing This is similar to cost plus pricing but it will consider other factors such as market conditions when setting prices. Cost based pricing can be useful for firms that operate in an industry where prices change regularly. Value Based Pricing This pricing strategy considers the value of the product to consumers. Technology and medical companies are most likely to use this pricing strategy.  Jean will use a product-line strategy to price differentproducts within the same product range at different price points.

Thereare three different markets: fresh, frozen corn kernels; and corn cobs intobriquettes. He can get an exclusive contract with a US seed company for theSuper Sweet hybrid in which genetic manipulation dramatically retards theconversion of the corn allowing a properly refrigerated ear of corn to stayperfectly fresh tasting for four to five days. Therefore, Jeans frozen cornkernels will be more expensive since he has to import the hybrid seed. Seasonalfresh corn will not be processed therefore it will be cheaper to produce andsell. Table 2: The promotion of the company’s new brand of corn cobbriquettes  Promotion mix Summary The application of the promotional mix to promote the new brand of briquettes. Advertising Attracting customers to a new product The advertising of new corn cobs pressed into briquettes in the newspapers, magazines or electronic media. Sales promotion Stimulation of sales achieved through promoting positive experiences and getting customers to try the brand.   Coupons, giveaways price deals, discounts, demonstrations and competitions are examples of sales activities that can be used to promote the new brand of briquettes.

  Public Practising goodwill in the community. Publicity to promote charitable causes, and other civic engagements. Personal selling Personal selling is a two-way, communication process used to inform customers about new brands, products and services and establish long-term relationships with the customers. Face-to-face selling and samples of the new product can be given customers to persuade them to try the new product.  Table 3: Common mistakes made by brand managers and how toovercome them Mistakes made by brand managers   Solutions to mistakes The meaning of a brand Understand the brand meaning and the appropriate methods to market products. The brand’s promises Analyse and evaluate marketing efforts to decide which activities will provide better delivery of results.

Support the brand adequately Employ a range of supporting brand marketing activities. Being patient with the brand Market the brand consistently with a positive attitude Controlling the brand Position the brand properly in correlation with the consumers’ perceptions of value of the brand. Balancing consistency and change in a brand Encourage innovation in the brands image and personality.

Understanding the complexity of brand equity measurement and management Implement brand equity management system to ensure that marketing actions properly reflect the brand equity.      Conclusion The brand naming process helps people name their brand, companies,products, or services and can help shape the future and trajectory thebusiness. By illustrating a brand naming process, Jean has tackled the biggestobstacle to selecting a name for his brand and creating an image of the company, product, orservice in the marketplace. Pricing strategies refer to factors that helpthe business determine the price point at which it can maximise profits onsales of your products or services. When setting prices, a business owner needsto consider a wide range of factors including production and distributioncosts, competitor offerings, positioning strategies and the business’ targetcustomer base. Jeans customers won’t purchase goods that are priced too high orpriced too low; therefore it is important that Jean balancesthe relationship between supply and demand so that they do not lose sales orbusiness in the long term.

 The promotion mix comprises of personal selling,advertising, public relations, sales promotion, and direct marketing. Productpromotion is critical for every business due to the lasting impact promotionhas on the clients. It used to informand persuade the target market and other organisational stakeholders. Jean hasapplied the promotion mix to promote his new brand of corn briquettes. Using the right blend of the promotional mixensures that a business will Customer relationship management is thepractice of making customer satisfaction the primary objective forall strategies, systems, policies and procedures of the organisation.

Any firmwith organisational challenges and technical issues wouldbenefit tremendously from applying the six principles of customer relationship management.Dormont Manufacturing Co. applied these six principles to restructuretheir employee compensation and merit system, provide training and support fortheir staff and transform their organisational culture by sustaining theirproducts quality. There are many issues the brand could face and thosemistakes will need to be solved if the brand is to continue gaining customersand achieving success in both the short and long run. Jean LaRoche hasidentified the common mistakes made by brand managers, and highlighted howthese mistakes could be overcome. In summary, Jean LaRoche has the potential tobuild a successful brand in France but without the proper positioning of hisproduct, he could fail.   References Bonini, J.

(2012, Noveember 02). What is the Purpose of Marketing? Retrieved January 27, 2018, from IMPACT: https://www.impactbnd.com/blog/what-is-the-purpose-of-marketing   Byczynski, L. (2015, October 8). Pricing Strategies for Selling Your Produce. Retrieved January 27, 2018, from Mother Earth News: https://www.

motherearthnews.com/organic-gardening/pricing-strategies-for-selling-produce-ze0z1310zpit   CEO, President. (2014, Octoiber 02).

Promoting Products: 5 Components of the Promotional Mix. Retrieved January 23, 2018, from Linked In: https://www.linkedin.com/pulse/20141002042202-284765029-promoting-products-5-components-of-the-promotional-mix   Francis. (2016, January 19). The Promotional Mix Concept And The 5 Parts Critical For Its Success. Retrieved January 19, 2018, from Promotional Mix: https://www.youtube.

com/watch?v=qYMkgJgkjTE   Gordon, M., & Foley, N. (2012, Februaury 24). The 8 Principles Of Product Naming. Retrieved January 27, 2018, from FAST COMPANY: HTTPS://WWW.FASTCOMPANY.COM/1819418/8-PRINCIPLES-PRODUCT-NAMING   Guest Contributor. (2018, December 21).

4 Steps for Defining a Target Audience. Retrieved January 11, 2018, from Print Mag: http://www.printmag.com/design-education/4-steps-for-defining-a-target-audience/   Guest. (2011, November 9). What is the Purpose of Branding? Retrieved January 27, 2018, from Spinweb: https://blog.spinweb.net/what-is-the-purpose-of-branding Maguire, A.

(n.d.). 6 Different Pricing Strategies: Which Is Right for Your Business?   Retrieved January 14, 2018, from Quick Books: https://quickbooks.intuit.com/r/pricing-strategy/6-different-pricing-strategies-which-is-right-for-your-business/   Miller, J.

(2015, August 20). BRAND NAMING PROCESS: HOW TO MAKE A BRAND NAME RESONATE. Retrieved January 18, 2018, from Sticky Branding: https://stickybranding.com/brand-naming-process-how-to-make-a-brand-name-resonate/   Rachel Craig. (2015, June 14).

Branding 101: An introduction. Retrieved January 03, 2018, from Rapid Formations: TheBlog: https://www.rapidformations.

co.uk/blog/branding-101-an-introduction/   Russel, B. (2013, January 21). Tesla Model S: The Disruptive Marketing of an Electric Car. Retrieved January 15, 2018, from Science of Revenue: https://scienceofrevenue.com/2013/01/20/tesla-model-s-the-disruptive-marketing-of-an-electric-car/    

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