Jodco Company Marketing Programs Plan Essay
Marketing Programs Plan
Market-Product Focus This section will describe the marketing and product objectives for Jodco Company. It will include a description of the target markets and product differentiation and positioning strategies in electronic and book market .Marketing and product objectives Jodco electronic and book Company has been in existence in the last five years in the market. The company aims at becoming the best in the market by maintaining the brand image in the market. Jodco Company will have both financial and non-financial goals in the market.
Financial goals Generate at least $5 million in profits in one year. To increase the growth in revenues by more than 20% for the next two consecutive years. To improve in sales by at least $10 million in two years. Non-Financial Goals Increase the market share in the electronic market by at least 5% and the book market by 10%.Venture in global markets by entering the European market to expand the market. Creating additional outlets in America. Product life cycle Jodco has been under tough times during the introduction stage, where the company made consistent losses in the market but has persevered in the market.
The company has already undergone the introduction stage in the product life cycle. The products brand has previously been known to the customers and has already secured a market segment. Growth stage in a product cycle is a very sensitive stage in determining the establishing of a brand (Kerin & Hartley, 2018). The consumers are already aware of the existence of the company products. The product concept has already been proven, and it is becoming popular. The company has been experiencing increased sales in the market.
The competitors are already aware of the existing products, and they are also aggressive to maintain their position in the market. The company will focus on market development to ensure the company gains a competitive advantage in the market. Jodco is determined to continue with the growth in the market to become the best brand in the market. Jodco has the best platform to grow in the market. The company has prioritized the quality of the products that are offered in the market.
The company has been rising in the market and committed to ensuring that the speed of growth in the market remains on an upward trend to ensure the company will become the leading company in the market.
The target market for a product is an essential aspect of the success of a product. Target market refers to the specific group of people of consumers of which a product or service is aimed (Leverick, 2015). Identifying the target market for a product is very effective in ensuring the success of a product. The target market for Jodco products will be males and females who are between 10 and 25 years. The youths are the primary target for the products. The teenagers are the major users who prioritize on electronics because they are in the growth and development stage. The youths between 10 and 25 years are in schools and use books and stationaries to help them in their studies. Youths are in the age that follows the electronic innovations and are in a trend to ensure they achieve the best from the market. Youths are conscious of the evolution of products in the market will always shift to take the best in the market, and Jodco will be the best place to go for the products. The target customers are individuals who aggressive on the internet to determine the best quality of products that exist in the market. The company will take the responsibility of investing in research to ensure they are in a position to always remain relevant in the market. Product positioning Product positioning is very fundamental in defining the success or failure of an organization product. Product position refers to the process of how a company best communicates the product attributes to the target customers while considering customer preferences (Cantamessa & Montagna, 2015). Jodco Company is committed to ensuring that the products are unique in the market.
The company will use customization to position the products in the market. Customization involves recognizing the needs and preferences of customers are unique, and it is essential to fulfilling customer preferences in the market. The youth who are the target market for Jodco prefers to be unique amid other youths in the society.Jodco will invest in market research to identify the customer needs of the focus group in the market.
The company will position itself in terms of high-quality products as compared to its competitors. Market research will involve both primary and market research to ensure the information from the market research is adequate to help in providing the customers with the specific products that they require in the market. Research and development will ensure that the products will always be able to adapt to the ever-changing market.
The company will also ensure the product sold in the company are from well-known companies in the market such as LG, Apple, Samsung, while the books will also be of high quality from the best publishers in the United States.The company will also rely on pricing as a critical positioning factor in the market. Pricing influences customer’s decisions in the market in an excellent manner (Hinterhuber & Liozu, 2017). Jodco will ensure a direct link with the manufacturers in the market rather than relying on the middlemen in the market.
The youths are mainly students, and they are always economical while making their pricing decisions. It will help to sensitize more customers to the company products. References Cantamessa, M., & Montagna, F. (2015). From Market Research to Product Positioning. Management of Innovation and Product Development, 247-288. doi:10.1007/978-1-4471-6723-5_13Hinterhuber, A., & Liozu, S. M. (2017). Is innovation in pricing your next source of competitive advantage? 1. Innovation in Pricing, 11-27. doi:10.4324/9781315184845-2Kerin, R. A., & Hartley S. W. (2018) Marketing The Core 7e. New York, NY: McGraw-HillEducationLeverick, F. (2015). Target Market. Wiley Encyclopedia of Management, 1-1. doi:10.1002/9781118785317.weom090680