Target Market and Positioning Statement
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Target Market: |
The target market segment for the product Idpet is the pet lovers of Australia (Idpet.com.au. 2018). The main target market customers can be divided into three parts:- Pet care professional Pet care consumer Health Conscious consumers Apart from this, the target market audience can be further divided into Demographic, Psychographic and Geographic. The main target geographic audience will be the Urban people as most of them will prefer and have the capability of pets at their home. In addition to this, according to Huang and Sarigöllü (2014), the target audience will be the older people as most of the older people spend many amounts over pets at their respective households. In addition to this, it can be also inferred that Urban areas spend more on pets in comparison to rural areas due to the differences in income level. In terms of income level, the product Idpet needs to target the middle and upper classes of people as these classes can only fulfill the main aims and objectives of the given product of pet care (Singh 2012). In addition to this, it can be also inferred that the organization needs to target the customers who are health conscious in nature. This is mainly because; they need to take care about their own health and also the health of their pets. On the contrary, it can be also inferred that the product will target the high end customers who mainly focus on quality and best health supplements for their own pets. |
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Positioning Statement: |
The Pet store sells different kind of pets, which includes dogs, cats and all types of pet products. Idpet will position itself as a high end health conscious brand of their pets. The organization has positioned itself as a niche product in the industry. According to the theories of Strauss and Frost (2016), the product will be mainly available in the urban areas due to popularity of pet products in urban areas in comparison to the rural areas. In addition to this, it can be also inferred that the product will be positioned as a quality and niche product which is extremely useful for the health of the household pets. Due to this reason, quality plays a major role while developing the ingredient of the product. |
There are different market strategies that can be recommended for the organization Idpet in order to meet the requirements of the customers and to attain their respective aims and objectives. These marketing strategies can be in the form of pricing strategies, promotion strategies and place of promotion and launch of their respective products. These strategies can be further evaluated with the help of the following points:-
Marketing Mix Element Pricing Strategy.
According to Gordon (2012), pricing strategy plays a key role in marketing for every product as modern day business has competitive and it is very difficult to survive in the long run. There are different forms of pricing strategies that an organization can follow. These are premium pricing strategy, skimming pricing strategy, market penetration pricing strategy, psychology pricing strategy, bundle pricing strategy and economic pricing strategy. In case of the organization Idpet, it will target the high end rural customers who have pets at their home and who are health conscious. The pricing of pet foods will be competitive and the organization will follow a skimming pricing strategy of pet products (pet foods and pet needs) in order to attract their customers in the initial stages. This will also help the organization to nullify all its competitors from the market (Khan 2014). However, the organization also provides puppy school and grooming facilities and the pricing strategy of such services will be on the higher side as it is purely targeted for high end customers. According to Londhe (2014), this kind of pricing strategy will help the organization Idpet to create a positive image among the minds of the customers and also help them to build up their own brand. In this way, the organization Idpet will set up their respective pricing strategies in order to meet their respective aims and objectives for both short and long run.
Marketing Mix Element Promotion Strategy.
In modern business times, promotional strategies play a pivotal role for the success of the business organizations due to intense competition in the market. There are various forms of modern promotional strategies that the organization can adopt in order to create an awareness of their products among the customers (Gordon 2012). There are five main promotional strategies that an organization can adopt. These are in the form of advertising, direct marketing, public relations, sales promotion and personal selling. The modern day business organizations can adopt different kinds of promotional strategies which are suitable for them in order to create awareness of their products (Khan 2014). New marketing products can also opt for Guerilla marketing strategies or any unconventional marketing strategies to capture the market with lesser amount of budget.
Marketing Strategy Recommendations
In case of the organization Idpet, it needs to make proper use of social media to promote its products via viral marketing promotional strategy. It has been seen that the popularity of social media plays a key role in promotion of products for the marketers. Therefore, this tool needs to be used in an effective manner by the firm.
In addition to this, it can be inferred that, the organization can promote its products through various promotional events, print media and electronic media. The viral marketing can be done via giving exclusive discounts to various customers. The discounts can be in the form of buy 1 get 1 free or offers like 60 percent to 70 percent off (Bernhardt, Mays and Hall 2012). This can attract the new customers and the organization will be successful to break through the market. In addition to this, the organization can use promotional events to distribute its sample products and identify its potential customers. The organization needs to do a proper market survey regarding what areas the highest numbers of pet lovers are available. According to Strauss and Frost (2016), after proper market survey, the organization can also adopt direct selling promotional strategy for its customers. Apart from this, the organization Idpet can also implement Guerilla marketing strategies or any unconventional marketing strategies to create an awareness of their pet products. According to Zahorsky (2012), this will further help them to capture a higher portion of the market via less budgeting costs. This can be done via business to business (B2B) marketing as well. These are the various marketing strategies that the organization Idpet can adopt in order to promote their products.
Marketing Mix Element Place Strategy
Another important element of marketing mix is the place where the organization will implement and launch its products. In case of the organization Idpet, the main target place will be the urban areas of Australia. Since, it is a high end brand; therefore, the main customers will be the high end customers who are pet lovers along with health conscious in nature. The organization can promote its products in various business events, so that they can capture the require target audience (Khan 2014). In addition to this, if the organization adopts personal selling promotional strategies, then the organization can adopt door to door selling to the urban audiences. The main target audience will be the retired people, therefore, they can organize different road shows or promotional events in crowded areas of Sydney, Melbourne or any other cities of Australia. In this manner, the organization Idpet can determine the respective place in order to promote its products in an effective manner.
Conclusion.
From the above analysis, it can be concluded that the organization Idpet will mainly target the urban audience in order to promote their products. They will identify health conscious pet lovers in the urban areas of Australia. Apart from this, the organization will follow a skimming pricing strategy in order to attract the attention of the customers. However, the prices of puppy school and grooming facilities will be on the higher side as these are exclusive products of the firm and it’s mainly targeted for the high end customers. Therefore, it can be inferred that the organization will also segment its products through Demographic, Psychographic and Geographic market segmentation in order to identify their target audiences. In this way, the firm can attain all its required business goals in the long run.
Reference List
Bernhardt, J.M., Mays, D. and Hall, A.K., 2012. Social marketing at the right place and right time with new media. Journal of Social Marketing, 2(2), pp.130-137.
Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix. Australasian Marketing Journal (AMJ), 20(2), pp.122-126.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY.
Idpet.com.au. (2018). IDPET, Personalised Pet Products for Dogs. [online] Available at: https://idpet.com.au/ [Accessed 9 Sep. 2018].
Khan, M.T., 2014. The concept of’marketing mix’and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p.95.
Londhe, B.R., 2014. Marketing mix for next generation marketing. Procedia Economics and Finance, 11, pp.335-340.
Ottman, J., 2017. The new rules of green marketing: Strategies, tools, and inspiration for sustainable branding. Routledge.
Singh, M., 2012. Marketing mix of 4P’s for competitive advantage. IOSR Journal of Business and Management, 3(6), pp.40-45.
Strauss, J. and Frost, R.D., 2016. E-marketing: Instructor’s Review Copy. Routledge.
Zahorsky, D., 2012. Low-budget high-impact marketing plan.
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