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Marketing Management
Case:
M/s Toys & Joys is a retail
store chain selling different types of toys for kids less than 13 years of age.
They have 100 stores across major cities in India. They sell the largest
variety of toys at a discounted price this is because the company enjoys
economies of scale on their purchase. The company is very well focused on
quality products at low prices. All the retail stores are placed in busy
markets and generate huge footfalls because of their strategic location and
low-cost pricing. The salesmen are dressed formally but their faces are
coloured like a clown and everyone wears a cone cap on their head. The customer
enjoys shopping inside their store because the environment is very lively and
happening for the kids. The kids have a play area so that the parents can do
shopping carefree. The store has a large number of loyal customers. M/s Toys
and Joys don't have any marketing team neither do they have any social media
presence. The company wants to expand its operations and increase the no of
stores to 500 in the next three years' time. The company wants to do things
more systematically with a proper marketing team. They hire you as a Marketing
head to handle their marketing activities.
1. The management has asked you to explain various types of
segmentation for M/s Toys and Joys.
Introduction
Many
business settlements invest their money and time to a large extent, to reach
their target customers efficiently. However, most of them fail to achieve
before their target customer despite offering quality products and services.
The main reason behind their failure to reach the target customer is their lack
of knowledge over the market segmentation. The market segmentation is an
operation that classifies the target market into smaller groups to facilitate
the company to focus more on each group. The company will be able to craft more
unique marketing campaigns by identifying the characteristics of the customers
of each segment. The marketing segmentation makes the marketing process more
comfortable as
2.
You came up with a new idea of
manufacturing and selling stationery products in the store. The management has
appreciated your idea and has asked to explain various steps that will be
involved in the development of new products.
Introduction
The
management body of the company should well appreciate the new idea of
manufacturing any products as it can give a competitive advantage to the
company. The product manufacturing process is very crucial for the company as
it will help the company to diversify its product ranges and attracts more
customer to its products. The main aim of product manufacturing is to generate,
maintain, and augment the market share of the company by meeting the needs and
demands of the customer holistically. There are many steps involved in the
process of the manufacturing of new products such as idea generation, idea
screening, concept development, and testing,
3.
a. Explain various promotion mix
techniques that you will use to promote M/s Toys and Joys.
Introduction
The
promotion mix is the amalgamation of specific tools, techniques, and channels
used by businesses to offer the products to the customer. The promotion mix is
a significant way to showcase the outcomes of any company in front of a vast
customer base. The promotion mix helps the company to augment the sales and
stand out in the competitive market place. There is the immense importance of
the marketing mix in boosting the development process of any company. The five critical
elements of the promotional mix will be used to promote M/s Toys and Joys. The
evaluation of such features is mentioned below:
Concept and Application
The
practical promotion mix techniques are
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