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Key Topics
Requirement
Marketing Management
Solution
Executive Summary
This report will help in understanding the behavior of the buyers towards the purchasing of products and services. The main motive behind this report is to understand the various strategies and concepts of the marketing. Further, the money making opportunities are being utilized for the appropriate strategies of the marketing. The objective of this study is to collect the money which will be donated to the ‘Margam,' an old folk home for the senior citizens. Being an individual, I have commenced business for online shopping of products and services for the customers of Malaysia in order to collect money for the charity purpose. Further, this report will help in understanding the products and services which we are going to offer, the prices of the products, the place from where the customers will buy the products and the strategies of promotion which we are going to use in order to attract more customers and retain them for a longer period of time. Further, the target market is given which relied on the customer analysis. Then the marketing strategies are given in order to attract more customers, and the analysis is done in order to make the strategies effective. The theory of consumer behavior is given which is being given by the researchers and is relevant for our analysis. Then the profit and loss budget is given for the website in order to generate more profit for our main objective.
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Introduction
This section will help in understanding the various functions and benefits which we are going to offer to our customers according to their expectations (Liberson et al., 2013).
Product
The products which we will be offering is Korean facial mask pack. This can be used on a regular basis and the people can use the sleeping pack and apply it on their face while sleeping. The people can remove the pack by rinsing it with water. We will also provide partial packs to the customers who wants to focus on a particular area of his/her face. The effect of every mask pack will be different for the customers and will be very beneficial for them as the mask packs will be great for nourishing and moisturizing the skin.
Price
The cost in making of the product will be 0.17$, and the selling cost will be 0.71$. The total cost of the single Korean Mask pack will be 1.00$. The customers can also get a pack of 10 mask packs for 8.00$ and the pack of 15 mask packs for 17.00$. The price of the Korean mask pack is not costly as compared to other mask packs which are available in the market. The charges of the delivery of products vary.
Place
We will be selling our products online by designing a Malaysia shopping website for the customers. The customers will be able to look all the products which we are offering and can place an order by selecting the product and placing it in the shopping cart. The customers will also get an option to make payment online or cash on delivery. The customers will get the products delivered to the address which they will give while placing an order. The customers will get the product within 3-4 days after placing the order.
Promotion
We will promote our product and services with the help of social media. Moreover, we will offer various schemes to the customers who will purchase our products like the customer who will be 10 Korean mask packs will get the free delivery of the product and the customer who will purchase our products for the first time will also get the free delivery of the products/services.
Target Market
The target market will help in understanding the purchasing behavior of customers and the segmentation, targeting, and positioning was done on the basis of customer analysis which we have performed in order to find our target market (Venkatesh et al., 2012).
Segmentation
The survey was conducted in order to identify that which segment of the people would like to use Korean mask pack for their skin in order to get rid of acne. The demographic segmentation helped in identifying that the women of 18 years and above would like to use these mask packs for their face. They want the great quality of products as they are very conscious about their skin and also have a purchasing power towards such products. We also used psychographic segmentation in order to make women’s psychology that the beauty integrates into every step of life. We found that women are more interested in such type of products.
Targeting
The target group for the Korean mask packs will be women of 18 years and above. Women are conscious about their skin and are ready to pay more in order to look good. We are basically targeting working women who don't have time to take treatment of their skin, we will provide mask packs of various kinds which will help the customers to look and feel good. Initially, we will be offering products and services at low prices in order to attract more customers and retain them for a longer period of time.
Positioning
The analysis demonstrated that the around 85 percent of the purchase decision are being impacted by women. We will be positioning ourselves through a brand positioning of gender-specific. We have identified that the women don't want to know about the product rather they want to look good and wants to have an acne free skin. We will be providing products to the customers through the online website.
Marketing Strategies
Our marketing strategy will be to promote the high quality of our Korean mask pack and the loyal base of the customers. We will be marketing and advertising our product and services through social media and advertisements in the newspapers and the magazines. We will be offering various schemes to the customers in order to make them engaged and in order to attract new customers. We will be using relationship marketing as we will be focusing more on building positive relation with our customers by providing them products and services according to their expectations and satisfying them completely. We will be targeting the customers of Malaysia, and we will be targeting women of 18 years and above (Galician, M.L., 2013). Further, we will be handling the complaints and grievances of the customers by creating a column of ‘comment' on our website which will help the customers to put their complaints and suggestions in that box and further we will use them and will try to implement them in our business in order to improve our services of products according to the needs and expectations of the customers. Moreover, the consumer behavior theories were being applied by taking the price and quality as the variables while deciding the target market.
Consumer Behavior Theory
The consumer behavior theory which is relevant to our analysis is flow and model theory to the online consumer behavior. According to the researchers (Wedel, M., and Kamakura, W.A., 2012), it has been observed that every customer is the computer user and people are more comfortable in purchasing products online. As it is easy to make purchases as you don’t have to stand in the long queues and make payments. The people prefer online shopping as they save time and they don’t have to go anywhere as they can even place the order by sitting at home. Further, the physical stores have been converted into the virtual stores with the help of information technology (Huang, R., and Sarigöllü, E., 2014). The online purchasers completely rely on the images of the products and the information which is being provided along with that image on the website. As they cannot feel the product, they have to take the risk of making such purchases. It has been observed that the people are more concerned about the quality of products whether they purchase the products offline or online. The main difference between the consumer behavior of online and offline is that the online customers are more demanding, powerful, and utilitarian in the expeditions of the shopping. As an outcome, the loyalty of customers is low as compared to offline. The customers who make online purchases take more risk as compared to offline customers because they are purchasing the product just by looking the picture of it (Oliver, R.L., 2014).
Conclusion
We can clearly understand from this report that our business will generate maximum revenues in order to donate the RM3000.00 for charity. Our business of selling Korean mask packs online to the targeted customers will help in achieving sustainable competitive advantage and we will create a great business value, and the customers will give more preference to our products and services as we will be more concerned in building positive relations with the customers and we will try to retain them by offering various schemes.
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Galician, M.L., 2013. Handbook of product placement in the mass media: New strategies in marketing theory, practice, trends, and ethics. Routledge.
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Huang, R., and Sarigöllü, E., 2014. How brand awareness relates to a market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
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Liberson, J., Sini, J., Oppelt, S. and Trask, E., One Kings Lane, Inc., 2013. Story based selling of products. U.S. Patent Application 13/924,285.
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Oliver, R.L., 2014. Satisfaction: A behavioral perspective on the consumer. Routledge.
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Venkatesh, V., Thong, J.Y. and Xu, X., 2012. Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS quarterly, 36(1), pp.157-178.
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Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
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