Marketing principles Essay Example | Topics and Well Written Essays - 2500 words

Marketing principles - Essay Example In order to target the market successfully, the marketing department will have to compare the abilities of the company with those of its competitors, which include Global Toy plc and Fun Kids plc. This report highlights the importance of understanding market segmentation and this will improve the sales volume of Toga Toys Company. In order for Toga Toys to improve its sales volume, it will be necessary to divide the market into two separate segments, which as individual consumers and wholesale purchaser. Individual consumers are the grandparents or parents who are buying the toys for their children while wholesale purchasers may include schools and day-care centres among many other wholesale purchasers such as commercial businesses, which buy the toy products for their customers to use (Barletta 2003, p. 56). It will be good for the company to sell the toys direct to the customers instead of using the traditional methods that involves the system of distributing products to wholesalers who would sell to the retailers. Although this marketing strategy will create more work for Toga Toys, in terms of sales generation, it will yield better margins. In addition, this selling process will make the company incur extra costs in the first few years, but after developing the relationship with individual customers and wholesale purchasers, the cost of marketing per sale will decrease dramatically since the customers will be aware where to get the toys products. Understanding market segmentation is an essential aspect since it will aid in understanding the customers (p. 58). In order to sell to the customer, it will be necessary to understand first why the customers will want to purchase the toys. Market segmentation will allow for the creation of profiles off a number of different customer categories who purchase the toys. Since you are the business entrepreneur, this information will be helpful in creation of better marketing

M&M chocolate candy Essay Example | Topics and Well Written Essays - 3250 words

M&M chocolate candy - Essay Example The organization is well known for its confectionary brands like Mars bars, M&M’s, Milky Way bars, Snickers, Skittles, and Twix. Currently, the M&M’s chocolate candy is sold in over 100 countries worldwide. The most catching feature of this product is that its unique taste is appealable to people belonging to all age groups. The corporate principle of manufacturing chocolate products in domestic markets reduces the operational efficiency of the organization. In addition, the company is exposed to FDA regulations as it operates in the consumer foods industry. The strong global presence and high brand recognition are the major strengths of the company whereas expensive marketing campaigns seem to be a weakness of the business. Currently, M&M’s adopts a competitive pricing strategy because the product has been on the market for decades and there are numerous close substitutes for this product. Global market expansion, increased focus on social media promotion, and effective brand establishment are some of the marketing objectives identified for the M&M’s over the coming years. The organization is advised to rely mainly on direct and retail marketing channels to accomplish the marketing objectives proposed. The direct marketing channel strategy can benefit the organization to generate more sales through its website and to offer cheaper rates to end consumers. However, the business concern may also depend on other marketing channel strategies like advertising, sales promotion, and e-mail marketing that can increase its sales vol ume and meet marketing objectives.