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Our Approach for Case Study Marketing Research
Yummy cupcake has seen steady growth in last few years. So it is now planning to improve its growth through effective marketing strategy. Hence, our main aim is to develop a marketing strategy to court its main customer to try cupcake more and more. It is clear from the problem statements, that the aim of Marketing is to study customer perceptions about Yummy cupcake products and thus to develop new strategies for Marketing to improve its sales further. So the major objectives is to do research using 6 P.
Analysis for Case Study Marketing Research using 7P’s tools
Targeting marketing is an important factor in the business. It is the collection of all the facts obtained from efficient marketing mix and with the help of this the company tries to understand the need and preferences of customers. There are 7 tools of marketing known as 6P’s, which are People, product, promotion, packaging, positioning and price. And thus marketing mix is an important factor which should be analyzed before all the planning and execution of YC aims and objectives as described below:-
People
The requirements and preferences vary from customer to customer and thus their choice. It is necessary for a company to develop it should understand every customer and for this purpose segmentation is used. Examining this has its own advantages and will help the company to understand the demands and provocations which is currently there in the market. It is profitable to notice customers’ reaction to various changes made by the company. Every company tries to analyze the needs of their customers and information they get from different sources, which generally consists of quantitative and qualitative methods. The YC must tries to allure Children in its potential customers to improve its sales.
Product
Customer Satisfaction plays a very important role in YC’s growth so it is necessary that the YC should satisfy customers by their products and services. Before making any alterations in the products or services company needs to analyze the requirements of the customers. And before launching a new product into the market or upgrading the current one it should be careful in order to fulfill the expectations of its customers. In between company should start some offers to attract customers like for example if customers prefer full talk time than company should provide them for some period? Such things will help to build a long lasting relationship with the clients.
Promotional Strategy for Marketing Research Case Study
Advertisement of a product, service or a company plays a very important part in publicizing them in different parts of world. So to increment sales the management of the YC should come up with some unique idea of advertisements of their products and services. For this the first thing required is to choose the best channel through which publicities can be done without much increasing the functional prices. The activities done for publicity should be such that it can reach to a huge crowd in a very short span of time. For this, YC uses a method in which following factors must be considered-
Branding– with this company builds a unique status of their products and services for customers. This is done to make the customers recognize the differences in the specifications of the products from other products that are available to the customers. YC must do this to improve brand image amongst its target customer.
Advertising– this is the way in which a company promotes or publicizes its product and services through various mediums with the aim to introduce their products to their clients for business.
Customer Relationship- In this, the company strengthens its bonding with the clients by meeting their expectations and taking care of their requirements to maintain a healthy relationship.
The entire communication plan using above strategy will be discussed later in the section.
Pricing Strategy
The cost of the products should be selected in such a manner that maximum customers can buy it. These costs are decided by the management of the company after proper examining the other company’s costs. If the costs are high in comparison to competitors then the company may suffer loss. Therefore various factors should be taken into consideration before deciding the cost and for YC it must be kept within the range of children for all its product range.
Packaging Strategy
The packaging is one of the important components affecting the sales of Cupcake. YC must make its packaging in such a way so that children and youth can easily attract towards it. It will help the company to create brands in the mind of potential customers.
Positioning Strategy
Next is positioning strategy. After examining the above factors YC should also take care of their impression in the minds through its taste, quality, packaging and price. The positioning of customer especially amongst children for cupcake must be properly done in order to leave a powerful impact and be ahead of competitors in these parameters.
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