MARKETING STRATEGY

Marketing Strategy

Marketing Strategy of Fizzogg Brand

Introduction

The launch of Fizzogg's Brand in the consumer market would be a great opportunity for the owners of the company to create a business strategy for achieving their aims and objectives. The proper marketing strategy would assist the company in surviving the initial phase of the product lifecycle. Then after surviving the initial phase, company can look towards in establishing their brand image and attracting maximum people towards their brand. This can be achieved either with the help of product strategy, pricing strategy and effective advertising campaign. Marketing executives of Fizzogg Brand would need to consider all these options before coming out with a marketing plan for the business. Therefore, all issues related to Marketing Strategy of Fizzogg Brand will be discussed in detail.

Market Potential for Fizzogg Brand

Fizzogg Brand would need to assess the status of the potential market which they can cover with the number of products in the market. The first step, which the firm, would need to take to assess the value of their market potential is conduct market segmentation. The concept of Segmentation has relation with recognizing a number of distinct groups of purchasers in a consumer market in order to target products and services for every group and segment. The easy availability of communication, product, channel, price to the consumers helps them to meet the needs of a large number of customers and subsequently to gain a high level of share or profit from the market. When the identification of key segments takes place, then it becomes easy to conduct market research and analysis due to the process of segmentation. Normally, a finding of the research provides a fresh start for the marketers. In order to achieve success, executing a segmentation strategy involves supporting the organisation to deliver well for each segment. There are some major business issues which need to be considered because a proper investment needed for each segment. There are three ways through which market can be segmented that are:

(1) Demographics

In this segment, consumers get grouped on the basis of their characteristics such as age, gender and income lifestyle group. It is quite simple to reach such segments through media. However, age and other demographics are not that closely related with behaviour.

(2) Socioeconomic Characteristics

Likewise, characteristics such as occupation, education and income can be used to obtain segments that are simple to reach. These segments are good indicators of behaviour such as brand preference, price sensitivity and lifestyle.

(3) Product Usage

The best way to use the firm's product is applying behaviourally based segmentation basis. There are some significant areas which could be determined by analyzing questions regarding dispositions such as awareness, past activities that can be used in the survey and respondents would be even grouped accordingly. The main obstacle is to reach the most attractive segments. This gets conventionally done either by employing a large-scale single source survey that asks consumers regarding disposition of products and ...