Marketing Plan Project Research Proposal Example | Topics and Well Written Essays - 2500 words

Marketing Plan Project - Research Proposal Example There is a huge need for this kind of product among the people. The following study will provide some information and will develop a marketing plan for this developed product. Economic Environment and Competitive Environment Analysis US are one of the strongest, leading and developed economies in the world. The recent global recession in the year 2007-08 and the European financial crisis in the year2008-09 have affected the economic situation of the country. Most importantly, this economic downturn has affected the social and economic life cycle of a country. The per capita income of people has gone down due to this recession. Moreover, this unfavorable economic situation of the country has impacted negatively on the economic growth of the country. Currently, it is feasible that, the disposable income of people has gone down comparing to the pre era of global recession. Now-a-days, people are trying to save more rather than consuming. Several economic policies such as high tax rate, limited government expenditure has affected the economic situation of the country very badly. Looking into these factors, it can be said that, the country is still suffering from the impact of economic downturn. In terms of competitive environment, the success of the product depends upon the product attribute, price range of the products and existing rivalry in the operating market place. Depending upon these things, it can be said that, the product has several competitive advantages. First of all, this type of business market is still uncovered and untapped. Therefore, there is a huge opportunity for the brand to capitalize on the potential market opportunity. On the other hand, it can be said that, this kind of product will be very effective in the daily life of people. In terms of pricing, it can be said that, this product is affordable for the people of all kind of income group, such as lower middle, middle, upper middle and upper class. The low price range of the products is ad dressing that; people can afford this product without any hesitation. Lastly, in terms of competitors, it can be said that lack of competitors and due to untapped market the product can achieve huge competitive advantage and market share. It will help them to increase the target customer base. Data on the Market The organization can target a huge area of market place, as it is discussed earlier that, the specific market segment is still untapped. Moreover, according to a survey, it has been found out that, more than 75% people, including all kind of market segment it is feasible that, there has been already a need for this product. According to the respondents, it is feasible that, major of them are unhappy as they could not able to use 100% of a beauty cosmetic product or a tooth paste. Therefore, it has evidenced that, there are huge demand for the product. In terms of age it is feasible that, there is a need for the product among the people aged between 12 and 65. Moreover, in te rms of income group, it has been feasible that, people whose household income is more than 15,000 US dollar are the major target group of this product. In terms of gender of people, the products are seemed to be popular among the household female respondents comparing to other male respondents. The median income of the maximum

Service Marketing Research Paper Example | Topics and Well Written Essays - 2500 words

Service Marketing - Research Paper Example In service industry Customer experience in service industry on the other hand is a very important factor. Service industry directly deals with the customers. Unlike other industries service industry has more exposure towards the customers. The start to end process of the service industry deals with the customers and is dependent on their experience. Service industries mainly position themselves as alternatives to make the life of the customers easier and happy. Their advertisements and promotions are all centered around the customer’s convenience on availing the services. Most services availed by customers are for luxury or leisure purpose and the performance of such services are completely dependent on the experience the customer has throughout the process. Being aware of the customer’s need and providing them with it is a key factor in service industry. Established players like the Hilton group of hotels, The Marriott group and all the privately run hospitals are awar e of the direct impact of customer experience on their business. A single customer having a bad experience with their service can cause them lose many potential customers (Goodman, 2009, p.16). Concept of Customer Experience The level of interaction which an organization develops with its customer profile helps in the development of the concept of customer experience. An enhanced understanding of the concept includes the involvement of several parameters. Parameters studied involve the operational aspects of the companies, the different senses which the company’s operation evokes and the emotional aspect adhered to the products and services produced by the company. Further analysis shows that the level of customer experience developed in an organization depends on the level of interaction of consumers with the elements like people, different processes, cultural parameters, technological and other resources, and other strategies devised by the company in gaining more revenues and market share. The same can be diagrammatically represented as follows. The study of the concept of customer interaction in regards to companies gains importance owing tom certain reasons. Firstly the enhancement of customer interaction helps in the development of a long standing relationship between the people and the organization. Secondly the customers through such enhanced interaction tend to develop a strong liking for the products and services of the company and thereby enhance the parameter of loyalty. Thirdly this process helps the organization in augmenting the value of the offerings rendered in regards to the customers (Shaw, 2005, p.51, 56). Figure 1 (Source: Shaw, 2005, p.51) Customer Experience in Service Organizations The level of customer experience in regards to service organizations can be studied along the following parameters. Customers experience in regards to service organizations involves the direct interaction of the consumers with the pattern of service of ferings rendered by the service industries. From the viewpoint of the service industries it also aims to study the aspect which the service organizations generally take in dealing with its effective customers. The experiences which the customer gains of the organizational service are thereby studied mainly along two sets. Firstly the experience which the custome