Fundamentalsof Marketing in Business
Fundamentalsof Marketing in Business
Babiesneed to sleep often in a focal point of a room. In this sense, thereis a necessity to have a variety of choices to accommodate the needof a baby’s comfort. A good cot needs to occupy small space in theroom and enable the child to seem comfortable as well. In thisregard, the baby cot becomes an important aspect of child developmentthrough the stages of growth. A dealer in baby cots needs toidentify the basic strategic planning processes to market theproduct. In this regards, baby cots are the products to be introducedin the market and a strategic plan will help in determining thestrategies to cultivate as well as the factors to consider. Thebusiness will be incorporated as Babycot in Fairbanks, Alaska.
Babycot dealers promote the development of a child through the provisionof a comfortable place of sleep for the baby. In this regard, theproduct guards the same values of parenting. As Bhalerao and Kamble(2015) and Clarke (2013) contend, parents need to provide better carefor their children hence the purchase of a quality baby cot isnecessary. The business will be set up near a hospital establishmentand residential area. In this way, there would be potential buyersfrom the hospital’s maternity wing. In dealing with baby cots, anindividual has to include animation pictures and baby desiredproducts. In the market planning strategy, owners of a business needto be realistic in setting their goals (Catulli, 2012). As such, thebusiness will endeavor to provide quality and comfortable cots forbabies. To achieve the desired step in production, the owners willsource for enough capital and assess the market for opportunities.
Substantial availability of capital
Diminished awareness of the firm to clients
Family planning strategies
Enhanced supply chains
High dependence on product variation
Varied economic dynamics
Thebusiness will take advantage of cheap labor in the area. Fairbankshas an availability of cheap labor, which the business will utilizein developing the product. In addition, the business will takeadvantage of the availability of capital, sourced from relatives andloans. Goouch and Powell (2013) assert that capital and labor are animportant factor in ensuring the development of any product. In thisregards, the availability of labor and capital will aid in designingquality cots, as the business has the technical know-how in designingquality products.
Inthe firm, there are potential weaknesses that might affect the babycot production. In this relation, family planning strategies arechallenges to the manufacture of the cot dealing. The durability of ababy cot is a challenge to the production since most families do notpurchase a baby cot for each child. Perhaps, the main weakness willbe low awareness of the needs of the clients.
Potentialbusiness opportunity linked to the baby cot production is many. Thebusiness has potential of development and possibility of creatingmore beds as the child grows. Once the business is established theavailability of other firms to collaborate with, are enabled. In thisregard, the baby cot production can link with a baby care center formarket expansion. Moreover, knowledge of the market will enhancesupply processes as well as allow the promotion of the productelsewhere.
Competitionis a constant threat to most businesses. Therefore, producers such asIkea, who make similar products, will characterize competition to thebaby cot production. Varied economic dynamics will also affect theoperations. Finally, high dependence on product differentiation willaffect the operations of the business since the company will need tocultivate strong strategies to compete with the rivals effectively.There is a difficulty in finding highly qualified individuals withadvanced skills required by the market.
Inmarket segmentation, the baby cots will be divided according to theages of the babies. This strategy will ensure that each section ofcustomers is satisfied by the production. Selection of differentcolors associated with different people will help in ensuring that atleast the products marketed satisfy each group. Customers havedifferent preferences and reasons for purchases. The inclusion of thediverse reasons and associated belief of a client will sell the babycots.
Targetmarketing mostly focuses on a particular group of customers. In thisregard, the target marketing strategy will be effective if the babycot products are associated with different people’s preferences.Accommodating a customer’s preference in production ensures thatcustomers find their desired type of a baby cot (Catulli, 2012). Insome cases, a target market can be a class of people in the society.In this regard, making quality baby cots and pricing them about thetarget market becomes an important marketing strategy.
Regardingthe positioning of a cot, the sales should be made in an environmentthat resembles a baby’s room. In this way, it offers the customersan idea of how they should take care of the cot and the baby.Regarding the baby cot production, the cots sold to the consumersshould be recommended (Bhalerao & Kamble, 2015 Clarke, 2013). Inthis regard, to attract more customers, the business will introduceprograms that teach them to position their baby in the baby cot. Teaching a couple how to lay the baby on the cot to avoid the risk ofdeath or back pain is important.
Offeringsprice and services
Ingood baby cot dealing, the producers should be able to offer theircustomers different services apart from selling the cot. In thisregard, advising the couple on how to handle the cot after purchaseand informing them about the risks of poor management of the cot isimportant. This form of dealing will make more customers prefer ababy cot dealer to another. Moreover, the business will offercompetitive prices for the cots with the most expensive cot tradingat $350.
Conceptsof product assessment
Inmaking purchases of a baby cot, a customer is presented with thevariety of options to choose. The customer’s choice depends on theresources available to both the producer and the customer. Baby cotsproducers need to use the variety of input into their production toenable different customers to satisfy their needs. Baby cots can bemade of woven material, metal and wood to allow customers to choosefrom the variety. In business, which is oriented in production, thebaby cot production and choice should be a secondary need since thereis the need to increase the output. The approach becomes effectivein that baby cot business will operate in high growing markets, andpotential of an economy is significantly rising.
Digitalinformation and marketing
Regardingthe privacy and ethical as well as the legal issue of information andtechnology in marketing, the producers of a product are at risk ofcounterfeit products. In this relation, the digital means ofadvertising for a product makes it available online for potentialbuyers. Hence, the counterfeit producers might copy then producesub-standard goods. This practice violates the privacy of individualsand hence making they lose customers to the counterfeit producers whomay sell the product cheaply.
Bhalerao,D., & Kamble, B. V. (2015). Online Marketing Strategy of Lady nBaby Retail-A Case Study. ChanakyaInternational Journal of Business Research, 1(1),19-27.
Catulli,M. (2012). What uncertainty? Further insight into why consumers mightbe distrustful of product service systems. Journalof Manufacturing Technology Management, 23(6),780-793.
Clarke,A. J. (2013). 4 Designing mothers and the market. Motherhoods,Markets and Consumption: The Making of Mothers in ContemporaryWestern Cultures, 18,43.
Goouch,K., & Powell, S. (2013). TheBaby Room.McGraw-Hill Education (UK).