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Assignment A (Answer any 3 questions)
- Discuss the scope of product management in marketing environment?
- Discuss the aggregated market factors, their impact on category attractiveness and give aspecific source for where you’d get the information for each of them.
- Market potential is the techniques to know the exact capability of market. Explain how weestimate market potential.
- What is the difference between skimming and penetration strategy?
- What is product life cycle? What are its characteristics?
- Explain the concept of Brand Extendability.
- How a brand makes an image in the mind of customer? Give a suitable example.
- What is the difference between brand awareness and brand loyalty?
- INTRODUCTION
- I) Strategic Planning with SWOT analysis
- II) Marketing Planning
- ANALYSIS AND INTERPRETATION
- I) Behavioural- consumers seeking convenient and hassle free refreshments.
- II) Demographic- age groups.
- CONCLUSION
- RECOMMENDATIONS
- i) Market coverage strategy: As Lipton and Pepsi are already well established across severalsegments, they should use an undifferentiated marketing strategy spanning the entire market.As the number of competitors exploiting the demands of each segment increases, it isessential to remain clearly ahead in the consumer’s mind. This can be achieved by increasingvisibility across other segments such as tourist places. Pepsi’s wide distribution networkwhich already makes Pepsi cola widely available should give Lipton iced-teas the same levelof importance, and on the grounds of both Lipton’s and Pepsi’s reputation, demand fromretailers appropriate type of shelf space, for example at the eye level of the consumer. This isbecause iced-teas are increasingly becoming ‘impulse’ goods as their demand increases. Thisimplies that consumers postpone their decision making process until they are about to buy theproduct. In such cases, the first popular product they see that is neatly shelved would mostoften create a want for that product itself shutting out all other influential input.
- ii) Brand positioning of Lipton iced-teas: As more segments are targeted, the product shouldoffer greater flexibility and choice to cater to a wide range within each segment. For example,it could offer different types of packaging, and in different quantity (volume) with differentprices. This could give students amongst others an advantage in choosing the same product ata lower price on a regular basis.
- i) Market entry strategy: Shin Shii’s entry into the Western market with Kai Shii wouldrevolve largely around two major concerns. Firstly, the choice of a distribution network isimportant. It has to find similar partners who share and trust the company’s objectives, andcapabilities in delivering a quality product that will be successful. This is especially importantas stock returning without being sold burdens the distributor with extra costs and limit itsoperations elsewhere. Secondly, unlike Taiwan, where it was a market leader, in America, itshould not initially place its products on the shelf alongside Lipton as it will be simplyignored due to zero brand recognition. Shin Shii should instead target places like cinemas,amusement parks etc in pilot schemes where potential consumers are more likely to try outnew products. This would give it an indicator of the public response and as demand increases,an appropriate platform will emerge for Shin Shii to negotiate shelf-space with larger retailersto enable it to sell more widely in supermarket chains.
- ii) Brand positioning of Kai Shii: Before it enters the American market, it needs to rename itsproduct to allow the brand to be retained in an average American consumer’s mind. Thecultural gulf between Taiwan and America is too crucial to be ignored. Next, Kai Shii’s priceshould be lower than that of Lipton’s iced teas to provide an incentive for consumers to try analternate product at a lower price unless it is able to distinctively gauge a competitiveadvantage in product quality or a unique and thus popular taste liking amongst consumersduring trial periods. In that case, it may charge a premium on the grounds of superiority andpopularity. It may also directly attack Lipton’s flaws or old-fashioned image in its advertisingcampaigns. Increased revenue as a result of higher prices than that of its competitor couldensure the success and sustainability of these campaigns.