Marketing Intelligence, Customers Buying Behavior, As Well As Marketing Strategies and Processes for Implementing and Monitoring and Appropriate Customer Value-Driven Marketing Mix Program

Marketing Intelligence, Customers Buying Behavior, As Well As Marketing Strategies and Processes for Implementing and Monitoring and Appropriate Customer Value-Driven Marketing Mix Program

Requirement 1: Forecasting Techniques

Introduction

The world is continuously changing, and forecasting the market changes is becoming a complex issue, especially for new products. There is fierce competition in most industries, and forecasting the market trends for news products is made complex by the fact that lacks data along with uncertainty on how the emerging technologies will affect the new product. Managing a new product is a complicated task due to the lack of practical and accurate information in the market. That means a firm can only rely on forecasting.

In this case, Organic Solutions has recently been introduced into the market by a large firm in the FGCG sector. The product expects to face fierce competition from major competitors in the future even though it is limited at present. More so, the mother company expects to increase the product line, which is dependent on the performance of Organic Solutions Among the significant forecasting techniques available for Organic Solutions include judgmental, cause-effect, artificial intelligence, and consumer/market research. Therefore, it is essential to consider these forecasting techniques and come up with an ideal strategy for organic Solutions.

Forecasting Techniques

Judgmental methods

This method of forecasting sales is founded in the opinion of experts and scholars in forecasting sales. Although popular among some managers who prefer it rather than using quantitative methods, the criterion is highly criticized when forecasting sales since it depends on personal experience, which in most cases is inaccurate. Among the popular judgmental forecasting techniques used include Delphi, expert judgment, scenario writing, product life-cycle analogy, decision trees, assumption base modeling, salesforce option, and subject approach. Notably, some approaches such as scenario writing and expert judgment are likely to be inaccurate since the forecast is biased in most cases, especially in the highly innovative products like Organic Solutions.

Delphi method entails engaging a group through structural communication processes in efforts to address a complex issue. The structured communication involves feedback from members of the group, which is assorted to assess the judgment made. Some members of the group are allowed to review the judgment. The information collected in this method include forecast and its justification.

Product life-cycle analogy can be an ideal process for Organic Solutions since the large firm will need to compare it with other existing products. It can offer useful information on new products, but it may not necessarily make a breakthrough. This technique requires market research to increase its accuracy. The introduction of new products should mainly use forecasting approaches that use quantitative data, and expert judgment should be used to complement them.

Consumer and Market Research

Consumer and market research is among the popular forecasting tool that begins before the product is launched. It starts from the early stages of the product design until the product enters the market. This is essential to reduce the chances of product failure. The step by step process begins with the idea being screened, testing the idea by clients, pre-test, testing the market, and lastly, the launch of the new product. In most cases, the software is used to run the consumer and market strategy to forecast future market performance. It is imperative to note that diverse applications and models are used at a different stage of product development.

The consumer and market research requires a firm to develop innovative ideas that are considered to the benchmarks. The concept test involves testing the consumer response to the Organic Solutions idea. The pre-test market assessment is essential since it avoids costly decisions. The pre-test market involves the collection of data by presenting the new product to possible clients and assessing their willingness to purchase. Data can also be collected by presenting the new product in a mock store and assessing the purchases. The test market stage entails launching the product in a market that is controlled. The controlled market could be a few shops or a small region. Then the product is launched nationwide, regionally, or worldwide. Although there are many software for testing market sales, the management should limit itself to those linked to the forecasting the new products in the market.

Cause-Effect Methods

The cause-effect methods include numerous forecasting methods such as time series methods and explanatory methods, among others. There is a postulation that time series methods are more accurate in the short-term, while the explanatory methods offer extensive information about factors that impact the forecast. Time-series methods involve using known past sales figures to foretell future sales figures. The time series methods are quantitative approaches that include exponential smoothing, moving average, and walk model. The explanatory methods include econometric models and regression analysis. The explanatory methods and time series methods are considered less accurate since there is limited, accurate data about the past performance of new products like Organic Solutions.

Artificial Intelligence Methods

The artificial intelligence methods involve the use of mathematical algorithms and commercial software to foretell the future. The main artificial intelligence methods are neural networks and expert systems. The expert systems the expert systems incorporates all the software used in forecasting market performance for new products. An example of an expert system is rule-based forecasting that uses expert knowledge to establish extrapolations and rules, meaning it a qualitative approach to forecasting. Nonetheless, the quantitative expert systems uses mathematical modelling software to forecast the sales.

Conclusion and Recommendations

Forecasting the future sales and revenue for a new product is a taxing concept despite the presence of many forecasting techniques. The task is made complicated by lack of past data on the new product. Among the main options available for Organic Solution includes artificial intelligence methods, cause-effect methods, judgmental methods, and consumer and market research. Among these options, the most applicable for Organic Solutions is consumer and market research. Even though other methods can be used to forecast, consumer and market research is most applicable because it is detailed on how data is collected and analyzed using a software. This is an ideal forecasting tool since it takes into considered the product from its inception until its launch. Therefore, through this method, Organic Solutions will make the most accurate forecast.

Requirement 2: Changes in Marketing mix

In present era, firms need to embrace effective marketing strategy that are relevant in the digital era other than the traditional marketing approaches. In this case, Organic Solutions has to implement strategic marketing options which are applicable to the present market needs rather than focus on the product life-cycle in implementing marketing strategies. There are many marketing mix changes that the management should adopt, and will ensure that it becomes successful in the market.

The marketing strategy being used by Organic Solutions mainly focuses the market and how the product will reach the target market; however, the business should adopt a go-to-market strategy to launch the new product. The go-to-market strategy is more fixed in regards to marketing mix compared to the typical marketing mix which is ongoing and fluid. Below are the are the main marketing mix changes founded on a go-to-market strategy that Organic Solutions should embrace.

Defining the Market

The Organic Solutions should determine the target market for its detergents. This makes marketing segmentation very important because there are few products that can suit all potential clients considering their diversity. Besides the demographic factors, the business needs to evaluate the buyer traits, their location, their incomes and their spending power, among other factors. Since a large firm supports Organic Solutions, its marketing manager should consider whether it will focuses on the large firm clients or find new clients. If the firm is targeting new clients, then it should focus on lead generation strategies. While doing so, it needs to evaluate the competitors’ actions.

Determination of the Product’s Value Proposition

Organic Solutions should pay attention to the value proposition, also referred to as unique selling points. The business should assess its top benefits to its clients. These benefits are the solutions and challenges that the business is offering to its clients. Through that, Organic Solutions will remain focused on marketing its products by aligning its marketing efforts accordingly. The value proposition should offer a guideline on how to establish the prices. The pricing strategy is dependent on the market penetration objectives along with the potential client niche. Among the pricing strategy that Organic Solutions should use include price scheming, subscription based pricing, and value based pricing.

Definition of the Product Strategy

The business needs to determine how it will position its brand. In this case, the detergents are a unique product that demands a unique product strategy to the identified target market. This will entail establishment of promotions strategies that will be unique and reach the target market. The marketing product strategy should differentiate the product from its competitors. the success of the marketing strategy should evaluated closely through new technological applications such as the social media websites. More so, the social media can be used to assess the client reactions to the product.

Discussion of the Marketing Channels

It does not matter the greatness of the product if it does not reach the potential clients. The ideal marketing channels determines where Organic Solutions will sell and promote the detergents. Among the popular marketing channel available for the business, include trade shows, e-marketing, and retail stores. Notably, the marketing channels are mainly dependent on the target market. The marketing channels are important in adding value to the brand, and there should be consistent. The clients pay critical prefer having a consistent experience irrespective of the when and where they buy the goods.

Creation of an External Marketing Strategy

External marketing plan entails making the clients to acknowledge the presence of Organic Solutions within the market. The business would use online or traditional marketing options. The external marketing strategy requires a firm to consider its success in reaching clients and costs. Thus, this strategy entails ideal promotional strategies that will make the product earn a competitive advantage. While promoting the product, Organic Solutions should consider the appropriate language and wording.

These changes in the marketing mix are likely ensure that Organic Solutions becomes a force to reckon with in the market. The changes are relevant in the 21^st century; however, the business will need to evaluate the best changes since all come at a cost.

Requirement 3: Increasing Market Share