Most companies or organization of today are driven by the concept of making a profit in order to be a dominant player in their prescribe trade of business. There are varying objectives and strategies in attaining such goal of profitability and stability. Firstly marketing objectives as according to Business Dictionary (2016) “The group of goals set by a business when promoting its product or services.” Such variables most are clearly establish identifying the strengths and weakness.
Marketing objectives for New Product Pioneers will no doubt include an apt approach to increasing market shares, increasing sales, capitalizing on potentially large market demands, focusing on the creation or improving present product or service as customers or clients need change. It is also a key objective of the firm to secure adequate funding and resources for the expansion and growth. The acquiring of a strong personnel team with qualified knowledge and experience, as to the marketing and design of new products. Designing and manufacturing a core product or service that is patentable and resonates a unique feature that will be hard for the competition to replicate.
A great example of New Product Pioneers, with an astute marketing plan and objective, would be that of a company called Foiled Cupcakes founded by Mari Luangrath. They clearly targeted a particular market, designed a specific product and offered a well-demanded service; therefore creating a customer based that spoke for itself. An article by Power (2012). “We followed people in our demographic and began to converse with them about the things they were interested in”. A positive spin on this marketing objective at the time was that this particular venture had no competition and relatively saw the customers gravitating, to the product and
service offered, therefore, shortening the adaptation period. The components that would strive this venture would be readily available items such as flour, sugar, vanilla, frosting from a given wholesaler.
Marketing strategies are of a dramatic importance in the survival of a business as its products and services are conducive to the needs of customers, while establishing a solid customer base. Definition of Market Strategies according to Easy business strategies (2014). “A process or model to allow a company or organization to focus limited resources on the best opportunities to increase sales.”
New Product Pioneers will implement strategies that will maximize the number of customers in a particular segment, focusing on their specific needs through, detailed prudent marketing research and once a market share is attained maintaining it must be of priority. Foiled cupcakes captured and held their market share because they capitalized on the use of twitter through effective research, all happened when their website failed to launch which addressed the needs and wants of a targeted group. Foiled Cupcakes (2016) “Customer service through online ordering and personal deliveries.” When initiating a new product or service it’s with the intent of developing a new concept or improving on an existing one, which will be targeting particular niche products through magnified marketing strategies and achieving positive results with whatever given resources.
Foiled Cupcake, knew what they wanted, the approached the market with a new idea unaware of the possible effects the business venture would have, however, their cupcake savvy
Idea went well with a targeted market as lovers of cupcakes now had them delivered right to them at home or work. The impeding factor of competitors was not in the equation as they alone capitalize on their demographic location Naperville Chicago to be exact, thus, profit margin at initiation was relatively solid. Through, thoroughly researched marketing objectives and strategies a simple idea can become a multi-million dollar organization.
References
Marketing Objectives. (2016). Business dictionary.com. Retrieved March 6, 2016, from
http://www.businessdictionary.com/definition/marketing-objectives.html
Power, Don.,(2012). Twitter Success Story: Foiled Cupcakes made from scratch.
Easy Marketing Strategies. (2014). Definition: Marketing Strategies.
Retrieved March 6, 2016 from http://www.easy-marketing-strategies.com/definition-marketing-strategy.html
Foiled Cupcakes (2016). Cupcakes delivered by the dozen. Retrieved March 6, 2016 from
http://www.foiledcupcakes.com/naperville-cupcake-delivery-by-the-dozen/
