Marketing Principles

Principles of Marketing

Executive Summery

Marketing principles influences largely on the activities of a business firm. The marketing principles focus on the key principles, functions and practices. These help the business firm or a company to compete effectively in the market in the ever changing trend to ensure profitability and growth. Through market research and analysis, the market is being categorized according to the business need. The marketing environment influences the business activities. Market segmentation divides the market to reach the customers properly. How the internal and external factors influence on the business strategies, how to set a positioning map, how to analyse competitors etc. have been discussed in this assignment.

Contents

Principles of Marketing 1

Executive Summery 2

Introduction 4

P1 Explaining the various elements of the marketing process using the key elements from the case 5

P2 Evaluating the benefits and costs of a marketing orientation. 7

P3 Macro and micro environmental factors which influence marketing decisions 8

P4 Proposing segmentation criteria to be used for products in different markets 9

P5 A targeting strategy for a selected product/service. 10

P6 Demonstrating how buyer behaviour affects marketing activities in different buying situations. You may draw your answers from the factors identified in case above. 12

P7 Proposing new positioning for a selected product/service. 13

P8 Explaining how products are developed to sustain competitive advantage 15

P9 Explaining how distribution is arranged to provide customer convenience 16

P10 Explaining how prices are set to reflects an organization’s objectives and market conditions. 17

P11 Illustrating how promotional activity is integrated to achieve marketing objectives using the Motorola case or any other organization 18

P12 Analysing the additional elements of the extended marketing mix. 19

P13 Plan marketing mixes for two different segments in consumer market 20

P14 Illustrating differences in marketing products and services to businesses rather than consumers. 20

P15 Show how and why international marketing differs from domestic marketing. 22

Conclusion 23

References & Bibliography: 23

Introduction

All the marketing plans and the strategies are decided to reach the customers and the make the expected profit. Marketing principles are the key points what effectively help in deciding the marketing plans and strategies. The market is influenced by many macro & micro factors which have a great impact on the changes of customer choices and needs. Concentrated marketing on customers classifies the market to reach the only customers who are the actual consumer of the products and services. It is very important to set an effective marketing plan to plan for providing the products to the end consumers according to the place, price and the promotional activities are also to be done for continuing the business by satisfying thee customers’ needs and demands.

P1 Explaining the various elements of the marketing process using the key elements from the case

The marketing mix is a tool which is used in businesses to help for the determination of a product or brands offering. E. Jerome McCarthy’s the 4 P’s have been associated with the marketing mix since 1960. The 4 P’s marketing strategy is given below:

a) Product: The product should satisfy the demand & need of the customer.

b) Place: The product should be available mostly convenient for the consumer.

c) Price: Price should be set in a moderate rate through an adjustment between the customer and the seller.

d) Promotion: The business firm should promote the business through advertising, developing public relation, sales promotion.

The extended of 7 P’s:

e) People: People are so much important part of business. Having the right people is essential for the product or offered service.

f) Processes: The delivery of the service which is done with the customer present also the part of what the consumer pays for.

g) Physical evidence: All the services including some physical elements even though their customers are paying for are intangible.

The 7 P’s are widely taught from 1980 due to the fundamental logic in the marketing environment and also the marketer abilities.

Three alternatives are available for adopting a marketing orientation. These are:

a) Sales orientation: The main problem of some businesses is to face difficulties in selling product which are already available to them. A sale oriented business pays little attention to customer needs and wants even not trying hard to create suitable product or services.

b) Production orientation: Making as many units as possible is the main concern for the production oriented business. The needs of the consumers are compared secondly to increase output.

c) Product orientation: Actually it is quite obscure to define it from production oriented business. Considering a business which is obsessed with its own product might be even more arrogant. Whatever, failing to consider technological changes might be the cause of losing ground to competitors.

Marketing can be defined as a strategic philosophy by assessing and meeting the needs of the customers with so many complex and multifaceted activities (Author, P. 2014). The various elements of marketing process are described below:

A) Understanding the customer needs: At first there needs to understand the customer's choice, needs, demands. By getting idea from the preference of the customer, the marketing strategy should be pointed according it (Indeed, W. 2015).In Micky- Mouse Plc. case, the holistic approach of this organisation was to determining the demands what the customer want today.

B) Segmenting the market: In the next the market is to be segmented according to the class size, market position.In Micky- Mouse Plc. case, we also see the segmented market to reach the customer properly.

C) Analysing the competitors: Competitor analysis provides the firm to find out the weakness of the competitors to set the marketing strategies according to the way (Papers, W. 2013).

D) Researching the market distribution: The products and services is to be reached to the end consumers through research.Micky- Mouse plc. also focused a lot on market research.

E) Designing a customer driven marketing mix strategy: The marketing strategy should be designed for the customers (Hearsh, N. 2009).

F) Analysing the financial condition: The business firm must analyse the financial condition before starting the implementation of any marketing decision.The cost effectiveness and the economic condition were also evaluated by Micky mouse Plc.

G) Capturing values from customers thorough reviewing and revising: The business firm or the company should review and revise the marketing strategy for taking the further marketing decision more effectively (South, W. 2010).

P2 Evaluating the benefits and costs of a marketing orientation.

A marketing orientation helps a company to have a strategic focus on understanding and advances of the marketing concept (Hearsh, N. 2009).

Customer centric alignment: All the marketing strategies are aligned as according to customer centric. It helps in decision making level properly what we noticed in Mickey Mouse Plc. case.

Competitive advantages: Through marketing orientation, the strengths and weakness of the competitors can be identified what we noticed in Mickey Mouse case too (South, W. 2010).

Less productive differentiation: The product differentiation decreases by orienting the market.

Costs: Significant costs come to happen in a strong market orientation. In order to respond properly and accurately companies need strong market intelligence (Papers, W. 2013). Thus the investment in researching the market rises to high. Technological infrastructure is also important for using the databases to gather, analyse and proper usage of customer data. To modify constantly, it requires investment in ongoing training. The industries whose are experiencing lower growth and higher competition may provide abysmal return on the investments of market orientation (SayLor, F. 2015).We find the similarities in Mickey Mouse Plc. case.

P3 Macro and micro environmental factors which influence marketing decisions

Marketing environments can be classified micro and macro categories having a great influence over the decisions made for a strategic marketing strategic (Indeed, W. 2015).Mickey-Mouse would also focus on the demographic characteristics of their various customers aimed at understanding better the buying patterns and behaviours influenced by economic and socio-cultural factors across time as well as using new loyalty card scheme as current technology dictates.

Micro environmental factors

A) The suppliers: The suppliers' condition of the same product or service impacts a lot over the business activities (Forbes, M. 2013).

B) The resellers: The trend of the resellers for purchasing and selling of the goods has also an influence on the marketing decision.

C) The customers: The responses from the customers also change the marketing decisions.

D) The competitors: The competitors in the market, their strengths & weaknesses etc. also impact the planning and business environment.

E) The general Public: The psychological belief of the general public over the business firm and on the product or the service influences the business (Hearsh, N. 2009).

Macro environmental factors

A) Demographic trend: Race, religion, location, age etc. have a great impact on the whole market.

B) Economic factors: Financial conditions, inflation rate, employment rate etc. also influence the market to a great extent (SayLor, F. 2015).

C) Natural forces: The climate, geological position, soil, rainfall, seasonal variations etc. actively influence the market.

D) Technological factors: The new and newer forms of technologies are inventing and coming in the market with the passage of time. This technological changes impact the business.

E) Political and legal forces: Political condition impacts on the business activities. Legal forces, moderate political situation etc. impact the business (Quirks, A. 2012).

F) Cultural impact: Culture is varied from country to country, society to Society. The cultural differences make a difference in a customer's demand, choice and product selection.

P4 Proposing segmentation criteria to be used for products in different markets

Market segmentation is the division into closely distinct groups of consumers. It might be targeted for different products and thus it requires different marketing efforts (Author, P. 2014). Selection of criteria is the first step in carrying out the segmentation. Company divides the market into different groups through segmentation (Papers, W. 2013).The focus would involve appraisal of various segments where Mickey Mouse Plc. currently operates. They are currently using more product differentiation in their existing product markets.

According to gender, age, family life cycle, occupation, education, ethnicity, income, market can be segmented into demographic, geography, psychographic and behavioural division.

Geographical segmentation: The spilt of market among different factors like area, density, city size, region etc. are under this type of segmentation. Due to the geographical segmented position, UK has more Diesel stores than those of Japan (Forbes, M. 2013).

Substantial:

Psychographic segmentation: It is based on attitudes, interests, values and personality traits or lifestyle.

Accessible:

Demographic segmentation: This segmentation is based on such variables like gender, family size, age, income, religion. Reaction of the customers to an oriented product is influenced by the demographic variables. Diesel specially produce products their products for the early aged people and old aged people (Hearsh, N. 2009).

Distinguishable:

Feasible:

Behavioural segmentation: divides the market based on the behavioural response from the population, how much people use or know about a product. In marketing management, consumer behaviour is a deeply studied context (South, W. 2010).

P5 A targeting strategy for a selected product/service.

There needs to follow the market targeting strategies after the segmentation of the market into different classes and groups (SayLor, F. 2015). The targeting strategies can be classified into three categories. For Mickey- Mouse as a multi-product/service organisation, the success will depend on the ability to meet the needs of the customers. They can do it through offering the right product/service at the right price as well as the place using appropriate promotional strategy. The targeting strategies can be classified into three categories. These are explained below:

A) Undifferentiated marketing or mass marketing: The market is thought as one group without any individual segment. For the business or product facing lower competition, this strategy is mostly suitable as this strategy means for the production of one product for the whole market. There is no need to market research in this Type of strategy (Hearsh, N. 2009). For the largest segment of the market, firms usually use undifferentiated marketing for the creation of a product design.

B) Differentiated marketing or targeted marketing: This strategy is opposite to the differentiated marketing. The company decides for each individual proposal and acts on different market segments in this case. At present, differentiated marketing practice is used by increasing number of firms (Quirks, A. 2012).

C) Concentrated target marketing: A particular market niche selection is focused by this approach. While focusing on a single segment, the company can easily concentrate on understanding the wants and needs of particular market intimately (Indeed, W. 2015).

Concentrated marketing basically followed by the small business firms as focusing on single segment which fuels them to compete against the larger firms effectively.

For Mcdonald, the targeting marketing strategies can be varied like that:

a) Kids: The kids and the product they are offering to them are focused by the strategy. This strategy is the first targeting strategy of involving young kids between the age of three to seven. In order to gain more market, they offer THE HAPPY MEAL which comes with chips, a burger and a soda. But the strategy is to provide a toy with the food items. McDonalds also install playground in some of their restaurants so kids after eating can go there.

b) Teens and students: Those who want to have some tasty food with friends on a relaxing time after school, college or university and just have a chill chat, McDonald offers it’s the McCofe and McDonald breakfast to the students who are in a rush. Students just need to show their ID to get a discount from McDonald.

P6 Demonstrating how buyer behaviour affects marketing activities in different buying situations. You may draw your answers from the factors identified in case above.

If the products can be created for the customer wants, the products will influence the buyer. But there are some factors what actively effect the buying situations what we also noticed in Motorola case.

According to Jim Riley (2012) "Research suggests that customers go through active stage decision making process in any purchase (South, W. 2010).

These are explained below:

A) At the first stage, a customer identifies a problem or need. It can also be responds to a marketing stimulus like while passing a bakery or getting attracted by the aroma of breads and cakes (Author, P. 2014).

B) Searching information is the next stage which affects marketing activities. At this stage, a customer starts to find out more information about the service or product. The customers start gathering information and reviews. There are many wages to gather information.

Public sources: Friends, neighbours etc.

Commercial sources: Retailers, dealers, POS displays, packaging, sales people etc.

Personal sources: different public media like TV, newspaper, radio and specialist magazines.

Experimental sources: examining, using the product (Papers, W. 2013).

C) In the third stage a customer evaluates the alternatives. In this way, customers make a comparison between alternative brands, goods or services.

D) I purchase decision step, a customer stop choosing and also stop the comparison of goods (services), manufacturers. Finally the customer purchases the product (Sales, L. 2011).

E) At the last step which is post purchasing evaluation, the customer asses their choices. These assessment can be implicitly & explicitly both.

The action of buyers for the demand of goods and services, consumer preferences, consumption etc. is characterized and influenced by the buyer and consumer behaviour (SayLor, F. 2015). In Motorola case, the attractive design, exceptional qualities etc. are also influential enough. Customer behaviour can be divided into these three groups:

A) Habitual: These customers usually buy the same products from the same store in the same way.

B) Variety seeking: This type of consumers often switches brands according their own evaluation.

C) Dissonance reducing: This type of customers is aware enough about their needs. They have knowledge enough about services and products. They are in search of finding out the same product at a lowest range of price (Forbes, M. 2013). They always find out products cheap in price but highly in quality. Brand is ignored by these customers.

P7 Proposing new positioning for a selected product/service.

Positioning denotes the owning of a piece of customer's mind. Actually it is not that the product does. It is what a customer does to the mind of respect (Author, P. 2014). Thus positioning is the set of measures by which the targeted customer's mind in their product has a definite place in relation to other same type products.From Motorola Case, many people like to buy phones from independent retailers such as Car phone Warehouse. These can offer a variety of different phones. They also can suggest the one that is best suited to the customer needs through determining the positioning.

The company RS Rocket Skates Inc. follows easy current positioning strategy. So look on the aspect as a marketing person, company needs to change its strategy to confirm position in the market in Vietnam.

There are two major product lines. RS company can assert own position in the market through price, product and quality of the product. RS company segmented the product in both the mid range segment and luxury segment. The quality and the price of luxury products are high in price. The mid range segmented product costs lower than the luxury products. The RS Company can fully assert own position on the Vietnam market from the provision of adequate information combined with the suitable marketing. For the company’s products, this approach can make a difference. For the RS Company, that is the best positioning strategy.

A positioning strategy can be classified into three steps. First one is to reveal the possible competitive advantages in order to create a positioning. Second one is to select the proper

competitive advantages and the last one is to select a comprehensive positioning strategy. For the selected position, effective communication and distribution should be provided by the company (Hearsh, N. 2009). But the positioning should not be arbitrary. The new positioning should be decided before starting production. The product is to be designed with a planned position in mind. The LG brand positioned at the higher end of segmentation. It competes with so many brands in the market.

P8 Explaining how products are developed to sustain competitive advantage

Due to the rapid progressive change in technology, trends and new state of competition, any firm or company can't rely on only the currently existing products.From the Motorola case, the company meets the completion through developing the products quality and also developing the promotional activities. Promotion includes all of the techniques that a company uses to communicate with other individuals and organisations. Communications are done through Motorola and consumers receive them. An important avenue for communication is advertising.

Consumers are in search of new and improved products. The competitors in the market always try their utmost to provide goods with newer form of innovations (Papers, W. 2013). To ensure the proper implementation of plan, every company must have a program to develop the new products.

Marketing strategy and development: At product development trend to happen in different stages. These stages depend on the company. The most important stages are described below:

A) Idea generation: After the search for new products, the development of a new product is begun (SayLor, F. 2015). A clear strategy should be created for the development of new products. SWOT research can provide a lot for generating an idea in a positive way.

B) Development of concept and testing: The generated idea needs to be taken to the target audience. At this step, price, distribution, promotion, place are being determined according to the strategies. The company must select strategy which attracts the customers more than the competitors (Sales, L. 2011).

C) Test marketing: At this stage, the product is primarily launched in small area for testing the market.

D) Product commercialization: The product is finally selected for commercial purpose in the market to among the customers (Indeed, W. 2015). How, when and where the products will be distributed is defined at this stage.

P9 Explaining how distribution is arranged to provide customer convenience

There are several ways in which businesses organise distribution to provide customer convenience. Based on what sort of business is being operated, the methods used may slightly vary. For example, for e-commerce business, there are different techniques than the real world

business. Different techniques of different real world businesses are dependent on the size of the business and where they may be dealing with customers.

For e-commerce business, Amazon.com is a great example. To make things more convenient for customers, how distribution can be arranged easily understood from the website. Amazon mostly offer free shipping charges for items that are advertised through them. They can do it as they have so many distributions centre located all over places.

Next, there are stores from where one can easily walk to them and place order from their display inventory. The item is then sent to the customer from a local distribution centre that is found in another part of the city. This method allows cutting down the transportation costs as the items doesn’t need to be shipped in large quantities towards the customers. The company saves from the transportation cost, warehousing, labour and other costs translate to savings in final prices for customers. They also usually mean that fulfilment processes are more reliable as well as the network for handling the distribution is not complex and prone to problems of challenges.

The products and services of a company must be promoted to all members of the channel. Now-a-days, online distribution is so much popular. It doesn't need to spend money on heating, resting, lighting and others (Quirks, A. 2012).

P10 Explaining how prices are set to reflects an organization’s objectives and market conditions.

The amount of money which is paid by the buyers for goods or services is defined as price (Author, P. 2014). The core element of the marketing mix is pricing. It creates sales revenue while all the others are costs. For companies like Motorola, price is a key element in the marketing mix for the Motorola Company. Price is the monetary expression of value of goods, services and products (Forbes, M. 2013). Price is an important marketing tool. The reasons are given below:

A) The sales are affected greatly by the price.

B) Price changing without having any other marketing components has the fastest effect.

C) A potential customer reacts fast to the changes in price rather than changes to the products or services. Pricing of good or service can be put differently.

The pricing strategy varies due to the objectives of the company, fixed and variable costs, competition in a similitude section (SayLor, F. 2015).'Getting the price right' is a vital part for Motorola company of building relationships with customers.

A marketer needs to follow these steps in setting price:

a) Examining company and marketing objectives: At the very beginning, a marketer needs to examine the market and also defining well the marketing objectives.

b) Determining an initial price: From examining the company and the marketing objectives, it requires to determine an estimated price.

c) Setting standard price adjustments: After doing that, the marketer should set a standard price for the product or provided service.

d) Determining promotional pricing: For the promotion of the business, the marketer needs to market research and also do something for the adjustments.

e) Stating payment options: Finally the marketer has to set the payment method from the customers for providing the service or any product. The payment option should be convenient for the customer.

These factors need to be considered while setting the price for the products or services:

a) Costs: Businesses are bound to set price more than what they spend for it. The cost of the product for the end consumers should be according to their income. Any price setting lack of market research is enough to discrease the market.

b) Competing products: The competing products of the same product and service should be kept in research. Any development of competing product can have bad influence over company product.

c) Consumer demand: The market demand of the product should be considered properly by the marketer.

d) Product positioning: The product which is going to be satisfied the customer needs should be positioned according to the macro and micro factors.

P11 Illustrating how promotional activity is integrated to achieve marketing objectives using the Motorola case or any other organization

In attracting customer interest and persuading customers to buy company product over competitors, promotional activities are crucial. For the Motorola Company, advertising is an important avenue and they refer it as 'above the line' promotion. Others and discounts are referred to as being 'below the line'.

These are explained below:

A) Consistency: For building up a brand, persuading the customers, there needs to present consistent messages. The messages must consistently depict the core benefits like product quality or service (Papers, W. 2013). The Motorola Company should maintain the consistency in the business activities.

B) Sales promotion: In promotional integration, the Motorola Company can offer a coupon with the products to raise the interest of the customers towards the products.

C) Advertising: It needs to consider reaching the target market in developing a promotional plan. The Motorola Company should increase its advertising activities for attracting the customers. This will increase the demand of Motorola products.

D) Repetition: Each targeted customer along with reach should come again to get the product or service again (Indeed, W. 2015). The Motorola Company should maintain consistency and repetition in nice business performance.

E) Public Relations: The Motorola Company can promote the business through developing teh platform with public relationship. For example, the Motorola can advertise the upcoming selling through sharing a profit in a charity fund.

P12 Analysing the additional elements of the extended marketing mix.

Marketing mix is a system, a set of tactical marketing tool through which the company implement the marketing strategy (Quirks, A. 2012). The four main components which make the marketing mix are price, place, promotion, and product. There are additional three 'P' described below:

• People: In the provisions of services, all the people are involved directly or indirectly.

• Process: Mechanism of actions, procedures, working operations that make up the essence of services is a significant element of the marketing strategy.

• Physical evidence: Environment can be an example in which services are provided. Material things help promote and provide services.

4P is being replaced gradually by 7P by extended marketing as it corresponds better features of services (Hearsh, N. 2009).

P13 Plan marketing mixes for two different segments in consumer market

Marketing is the group to everyone is exposed to the marketing daily even when they do not know it and billboards enclosed the nation (Forbes, M. 2013). The marketing is a concept that it is developing the new marketing. They are also known as four “P’s”. The important for an association to have a good understanding and every element is main developing a marketing plan. In the marketing mix there are four elements that build up the marketing process.

Marketing mixes are vital in marketing a product. Sony sound system is popular among the customers though satisfying the customers need and demand.

Process: it is the meaning of achieving the outcome. How the products or services will go in order to reach a specific person or particular destination. Process can be for how a person buys an ipod. A customer needs to go a particular website, then enter the specifications and finally purchase it by providing delivery details.

Physical evidence: The physical evidence of a product is the total product itself. There should be physical evidence to identify a product for packaging, structure of the organization. It helps to determine the products better from the other similitude products in the market. So it is so important to differentiate the product from the competitors. For example, there are so many types of ipod are available in the market like Sony, Sharp, Panasonic etc.. So it’s important to differentiate the products from the competitors.

P14 Illustrating differences in marketing products and services to businesses rather than consumers.

Two consumer market which are UK market and India market for the mobile phone as a product are discussed below:

Product: The product which is going to be served the customers is crucial. For mobile, the business strategies will be varied from the UK market to India market. For Uk people, they expects many features in mobile phone while the people of India don’t know so much about it.

Price: Price is very crucial factor for attracting the customers. But all the customers are not the same. The users of mobile phone of UK are value based customers while the users from India are cost based customers. So price plays an important role in capturing the attraction of the customers.

Place: After determining the price, the products need to deliver to the customers. Uk is more developed than the India. An UK customer will seek an easier way for getting the product which can be like home delivery of the product. COD (Cash on delivery) system will be surely more popular for the customers from India due the market place determination and customer choice.

Promotion: For the promotion of the business, the marketing strategy can be quite different in India than that of UK. The UK people are more used to internet than those of India. So, for advertising of the product, the marketing strategy should be focused on online based for the UK customers. For the customers from India, it needs to focus on television media for the advertisement in the local market.

There are some major differences exist between the basic principles of marketing products for business and consumer (Hearsh, N. 2009). These are also noticed in Kensington case. These are explained below:

Purchase: In contrast to the ordinary consumer, businessmen do not buy goods sell at retail purchases. They buy large is number like dozens, hundreds or thousands of units. But the seller must continue the buyer that product is really necessary for his business in order to purchase took place.

Risks: There are two types of buyer; one is businessman and another is customer. The businessmen take higher risks than the customers. All the uncertain risks are carried by the businessmen (Papers, W. 2013).

More technically complex products:

There are not like bricks, screws or nails which can be sold hundreds of tons without special promotion. More technically complex products denote the all complex products that require business like construction machinery, sophisticated communications equipment, machinery tools, with numeral control (SayLor, F. 2015).

Payment: Business to business (B2B) transactions requires an increasing complex business system. In general customer selection, products are sold. Then place an order and arrange the delivery through an agreed logistics channel. At the time of order customers don't pay, but receive an invoice which they settle within agreed Payment term. In B2B, price may vary by customer. Payment mechanism also differs (Forbes, M. 2013).

P15 Show how and why international marketing differs from domestic marketing.

Although having the same goals, domestic marketing and international marketing differs. Increasing the sale, profit and revenue are the same for both goals. Due to global financial crises and sets of logistics constraints sales are slowing down of Kensington case. The company is facing in its new China operations as it is difficult due to language and other social-cultural factors which the group’s new operation is currently confronting. Also, complex exporting regulations make it difficult for consigned auto parts to go through custom checks in China.Domestic marketing are the marketing strategies to attract and influence customers within the political boundaries of a country (Hearsh, N. 2009).

The gleaming dissimilarity between the two:

Scope: The international marketing has endless opportunities and scopes which are limited and will eventually dry up in domestic marketing.

Benefits: International marketing benefits are higher than the domestic market.

Sharing of technology:

Domestic marketing is limited in the use of modern technology whereas international marketing provides the greater use and sharing of latest technologies (Author, P. 2014).

Political relations: In domestic marketing, there is almost nothing to do on political turmoil whereas international marketing leads to improvement between countries in good political relation and also increased level of cooperation as a result.

Barriers: Although domestic marketing do not face so much barriers, international marketing face many barriers like cross cultural differences, language, traditions, ethnicity and customs (Papers, W. 2013).

Conclusion

The future is always uncertain. All the marketing plans and strategies should be taken with having an adjustment with the uncertain future. Marketing authorities are done for selling to satisfy the needs of people. The marketing activities refer to channelling the gap between service and product providers to service and product serves which is also known as a way of satisfying need. A new product may fail for many reasons. But by segmenting the market to the targeted customers, set a positioning map, reviewing the activities etc. ensures a better future.

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