Marketing: Customer Analysis on Equine Industry and Products
Marketing
Customer analysis on equine industry and products
Contents
1.0 Introduction 2.0 Rationale for a new product 3.0 Target Market 4.0 Rationale for Brand Position 5.0 Marketing Mix 6.1 Product 6.2 Price 6.3 Place 6.4 Promotion 6.0 Conclusion 7.0 References
Marketing strategy for a new product 1.0 Introduction
Marketing a new product requires strategic planning and research into the target market. The equestrian market is vast in size and diversity and is often underestimated by businesses (Graham-Suggett, 1999: 31). Due to the range of disciplines and activities covered by this market, targeting just one group could lead to increased sales through word of mouth promotion or competition between sports. Creating a marketing strategy with respect to the product, price, place and promotion (McCarthy, 1960) should maximise sales, brand position and loyalty as well as encouraging repeat sales. It is important to highlight the quality and benefits of the product, as customers will feel more relaxed about a purchasing decision if the risk is reduced (Kalish, 1985: 1569).
2.0Rationale for a new product
The product idea is a trolley with multi-surface wheels used to transport saddles, bridles and tack such as bandages or boots. It is a modification of an existing trolley in circulation which only carries three saddles (Robinsons, 2009b). By attaching bridle hooks and a small basket it creates a more productive design as more equipment can be carried in one journey. The product fulfils a need for all horse owners and those involved in the tacking up process. It allows saddlery and tack to be easily and safely transported and stored. It eliminates health and safety issues of carrying heavy equipment and the risk of damage to equipment through dropping, falling or improper storage. Equipment can remain clean and dry as it elevated, not left on a damp yard or dirty stable floor.
3.0 Target market
Customer analysis on equine industry and products
Contents
1.0 Introduction 2.0 Rationale for a new product 3.0 Target Market 4.0 Rationale for Brand Position 5.0 Marketing Mix 6.1 Product 6.2 Price 6.3 Place 6.4 Promotion 6.0 Conclusion 7.0 References
Marketing strategy for a new product 1.0 Introduction
Marketing a new product requires strategic planning and research into the target market. The equestrian market is vast in size and diversity and is often underestimated by businesses (Graham-Suggett, 1999: 31). Due to the range of disciplines and activities covered by this market, targeting just one group could lead to increased sales through word of mouth promotion or competition between sports. Creating a marketing strategy with respect to the product, price, place and promotion (McCarthy, 1960) should maximise sales, brand position and loyalty as well as encouraging repeat sales. It is important to highlight the quality and benefits of the product, as customers will feel more relaxed about a purchasing decision if the risk is reduced (Kalish, 1985: 1569).
2.0Rationale for a new product
The product idea is a trolley with multi-surface wheels used to transport saddles, bridles and tack such as bandages or boots. It is a modification of an existing trolley in circulation which only carries three saddles (Robinsons, 2009b). By attaching bridle hooks and a small basket it creates a more productive design as more equipment can be carried in one journey. The product fulfils a need for all horse owners and those involved in the tacking up process. It allows saddlery and tack to be easily and safely transported and stored. It eliminates health and safety issues of carrying heavy equipment and the risk of damage to equipment through dropping, falling or improper storage. Equipment can remain clean and dry as it elevated, not left on a damp yard or dirty stable floor.
3.0 Target market
References: 5.1 Product In order to sustain growth of the brand, Ansoffs (1957:114) matrix can be used as a guide for opportunities, threats and resource requirements (see figure 2) Figure 3: Categories of innovation (Roger, 1995) cited by (Baine et al, 2008: 94) Consumers use price as a method of judging a products quality and advantage, there is a positive correlation between price and perceived product quality (Zeithaml, 1988: 10) Baines, P., Fill, C. And Page, K. (2008) Marketing. Oxford. Oxford university press. BETA. (2006) National equestrian survey. United Kingdom. Sportswise Ltd. pp 1-21 Birgelen, M., Ruyter, K., Jong, A and Wetzel, M Brassington, F. And Pettitt, S. (2006). Principles of marketing. Fourth edition. Harlow. Pearsons education limited. Burke, R Countrywide (2010)a About us. [online] Available from: http://www.countrywidefarmers.co.uk/pws/Content.ice?page=CorporateAboutUs&pgForward=businesscontntbasic. [ Accessed on: 4th November 2010]. Countrywide (2010) b. Annual report and accounts [online]. Available from: http://www.countrywidefarmers.co.uk/pws/Content.ice?page=CorporateCompanyReports&pgForward=businesscontentbasic. [Accessed on: 4th November 2010]. DEFRA. (2004). A report of research on the horse industry in Great Britain: The Henley Centre. Derbyhouse Go Outdoors. (2010). About us. Available from: http://www.gooutdoors.co.uk/about-us.[ Accessed on: 27th November 2010]. Graham Suggett, R. (1999) Horses and the rural economy in the United Kingdom Equine veterinary journal [online]. 28.pp 31 – 37. Available at: http://onlinelibrary.wiley.com/doi/10.1111/j.2042-3306.1999.tb05153.x/pdf. [Accessed on: 6th November 2010]. Hooley, G., Saunders, J. And Piercy, N. (2004) Marketing strategy and competitive positioning. Third edition. United Kingdom. Pearson education limited. Jefkins, F. (1995). Advertising. 5th Edition. London. Pitman Publishing. Jobber, D. (2007). Principles and practices of Marketing. 5th Edition. New York. McGraw- Hill Education. Kalish, S Krishnan, T., Bass, F. and Jain, D. (1999). Optimal price strategy for new products. Management science. 45(12). pp 1650 – 1663. Available from: http://www.jstor.org/stable/2634783?seq=8. [Accessed on: 22nd November 2010]. Robinsons. (2009)a. Home of Requisite products. Available from: http://www.robinsons-uk.com/. [Accessed on: 29th November 2010]. Robinsons. (2009)b. Three arm saddle trolley. Available from: http://www.robinsons-uk.com/products/ProductDetail.asp?ProductCode=44001&utm_source=google&utm_medium=basefeed. [Accessed on: 6th November 2010]. Roger, E. (1995). Diffusion of innovation. 4th Edition. New York, The free press. Cited by Baines, P., Fill, C. And Page, K. (2008) Marketing. New York. Oxford university press. Thompson, J. (2010). Profits triple at Go Outdoors. The Independent [online].27th October. Available from: http://www.independent.co.uk/news/business/news/profits-triple-at-go-outdoors-2117305.html. [Accessed on: 27th November 2010].