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It is essential a business knows when a products time is up and needs renewing or replacing. OrotonGroup during the maturity stage (1990’s) of its fashion designs failed to recognise trends and were viewed as an old demographic. This limited its appeal to the younger demographics which impacted on the success of their overall sales.
Businesses also need to keep an eye on competitors. In doing so they must investigate the marketing objectives and strategies of major competitors and assess how successful their operations are. This is called a competitor analysis. It helps a business to catch up in area where competitors may be seen as stronger. In the case of OrotonGroup its competitor analysis linked directly with its product analysis. OrotonGroup during the 1990’s failed to identify trends and therefore struggled to compete with businesses that attracted a younger …show more content…
Identifying market objectives is very crucial in the future success of a business. Setting goals and objectives helps to encourage and motivate everyone involved as it sets an overall aim and focus. They use the SMART principal to construct these objectives. For example Kellogg’s objectives are: increase the association between Kellogg and physical activity and another being encourage and support physical activity among all sectors of the population. (Kellogg’s 2000) These all being clear, specific and measurable were set to be complete in a three year period. These objectives generated success as they gave the company a specific and positive direction to move …show more content…
These are market strategies or methods that are used to achieve the previous component; market objectives. The main strategies adopted by business are the marketing mix. This consists of the four P’s, product, prices, promotion and place. An ideal way to demonstrate how these are crucial in success is the expansion on the Imax case study. Elaborating on the Imax target markets are the strategies it uses to achieve its objectives. Its strategy in relation to the product side of things is a release 6-8 new film in each market over a year period. It pricing strategies target the schools and function groups in offer sales for large groups. The promotion is the most crucial part of Imax’s marketing campaign. This includes advertising new upcoming films, providing leaflets, giving snippets of new movies before the one they about to watch and finally premiere nights in which receives a lot of
Businesses also need to keep an eye on competitors. In doing so they must investigate the marketing objectives and strategies of major competitors and assess how successful their operations are. This is called a competitor analysis. It helps a business to catch up in area where competitors may be seen as stronger. In the case of OrotonGroup its competitor analysis linked directly with its product analysis. OrotonGroup during the 1990’s failed to identify trends and therefore struggled to compete with businesses that attracted a younger …show more content…
Identifying market objectives is very crucial in the future success of a business. Setting goals and objectives helps to encourage and motivate everyone involved as it sets an overall aim and focus. They use the SMART principal to construct these objectives. For example Kellogg’s objectives are: increase the association between Kellogg and physical activity and another being encourage and support physical activity among all sectors of the population. (Kellogg’s 2000) These all being clear, specific and measurable were set to be complete in a three year period. These objectives generated success as they gave the company a specific and positive direction to move …show more content…
These are market strategies or methods that are used to achieve the previous component; market objectives. The main strategies adopted by business are the marketing mix. This consists of the four P’s, product, prices, promotion and place. An ideal way to demonstrate how these are crucial in success is the expansion on the Imax case study. Elaborating on the Imax target markets are the strategies it uses to achieve its objectives. Its strategy in relation to the product side of things is a release 6-8 new film in each market over a year period. It pricing strategies target the schools and function groups in offer sales for large groups. The promotion is the most crucial part of Imax’s marketing campaign. This includes advertising new upcoming films, providing leaflets, giving snippets of new movies before the one they about to watch and finally premiere nights in which receives a lot of