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Key Topics
Requirement
Marketing Strategy and Plan
Solution
INTRODUCTION:-
The Catholic monks of the New Camaldoli Hermitage have lived the world apart in the inspirational majesty of Big Sur for half a century. They are all aware of the power of prayer and contemplation. The big problem arises in their life which is a lack of proper management of the money. They always face a deficit in their budget. In this assignment, we will study the different strategies for promoting their business of fruitcakes. Making appropriate strategies will help them in living their life without any trouble. Following different strategies can be adopted by the Catholic Monks for effective positioning of their fruitcake in the market:-
Target market for new Camaldoli Hermitage product:-
Identify the potential target market is very necessary. The choice should be correct because the whole success depends on their selection of target market. Our choices are influenced by different factors: how our competitors served to the existing segments of the market. Fruitcake is liked by every individual. Promotion of the fruitcake helps in increasing its sale. So, it is necessary to promote our product. (Frascaroli, 2013) Fruitcake is specially made for the children and young teenagers who are mostly like to use fruitcakes in their celebrations. As per the research conducted in past women are 52% of the whole population and consume 5% more fruitcakes in comparison to men.
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Following elements help us in commercial attractiveness of each segment which effectively targeting our product in the market:-
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1. Criteria size: - It is considered necessary for effective targeting that size of the segment should be large so that we can serve to more consumers at a single time.
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2. Money: - Selected segment should be profitable for the organization. Profits of an organization should exceed than the cost of the organization.
All this will help the Camaldoli Hermitage in creating an effective target market for their product which helps them in maximizing their sales.
Positioning strategy and branding for Camaldoli Hermitage product:-
Positioning is the procedure of implementing our targeting. Effective positioning strategies should be established by the organization; this helps the organization in building their brand image in the eyes of potential customers. Following positioning and branding strategies can be used by Camaldoli Hermitage to position their fruitcakes in the market:-
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Using characteristics of the product or customer benefits as a positioning strategy: - The main focus of this strategy is the characteristics of the product. It illustrates different varieties of the product. This impacts the customers, and they would like to prefer more varieties of fruitcakes as per their taste.
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Positioning based on Use or Application: - we can understand this strategy with the example of Nescafe Coffee, which has positioned itself in the market as a product of winter. Such type of positioning strategy is utilized more for expanding the brand market.
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Positioning strategy based on cultural Symbols: - In a recent trend, most of the organization introduced itself by using cultural symbols, this helps them in differentiate their products from the existing customers.
By using all these positioning strategies to their products, Camaldoli Hermitage positions its fruitcakes different from other competitors who maintain its growth in future by enhancing the sale of the fruitcakes.
Product strategy:-
Product strategy is considered the life cycle of a product and the execution plan for its further development. Product strategy helps the organization to draw its focus towards the product or consumer attributes. The product helps the organization in strategic planning and marketing of the product is done for identifying target potential consumers. Product strategy consists of following elements:-
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Product or service: - In this, we decide the product which we will offer to our potential customers. For example - Camaldoli Hermitage produces the fruitcakes, they are engaged in this product by identifying the demands of the consumers.
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Customer value: - It is necessary for the organization to deliver the best customer services to their potential buyers. Customer value proves very beneficial for the organization. If organization produces fruitcakes of the best quality and provides the customer values to their potential buyers, this will lead the overall growth of an organization. (Yuan,2012)
It is necessary for Camaldoli organization to focus more on their product strategy which will ultimately improve the quality of their offerings. This enhances its market growth and builds a good image in the market.
Pricing strategy:-
Pricing strategy should be such that it enables a business organization in maximizing their profits by selling their products and services. When Camaldoli Organization is setting its pricing strategies, it should consider all factors like - competitors offering, target customer base or production and distribution costs. Along with promotion the product, place or price also have a profound effect on the success of the organization. (Smith, 2015) Some pricing strategies which enables the organization to earn more and more profit are following:-
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Pricing at a premium: - By using, this strategy Camaldoli can sets higher cost of their product in comparison to their competitors. This strategy proves very successful in the early days of a product cycle, suitable for the small business houses which engage in dealing with unique goods.
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Pricing for market penetration: - Camaldoli uses this strategy to increase its sale. In this strategy, customers are attracted by offering lower price goods. This strategy makes an initial loss of income to the organization.
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Price skimming: - This strategy is designed to maximize the level of profit on new products and services. Through price skimming strategy, the organizations set high prices of their goods at the introductory stage. If Camaldoli organization uses this strategy, then it cannot attract more customers and the firms dealing with low price earn good profit.
DISTRIBUTION STRATEGIES:-
In today’s world distribution plays an important role in the success of the organization. It can be the better source of attaining competitive advantage in the market. Companies target their customers far and wide, and effective supply of goods is necessary for organizations. For customers, an organization should develop right distribution strategies in place. (Beltramini, 2016) If Camaldoli serves the far reach customers than it is necessary to focus on its distribution strategies, which can be following:-
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Intensive distribution strategy: - If the Camaldoli organization produces the fruitcakes in mass quantity than the intensive distribution strategy can prove useful for it. The main focus of this strategy is on covering the whole market. FMCG organizations can be the best example of it.
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Selective distribution strategy: - If the company produces goods in a limited manner than the selective distribution strategy can be used. All organizations which are using this strategy have very limited outlets.
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Exclusive distribution strategy: - If an organization wants to give a big region to a particular distributor then it is known as an exclusive distribution strategy. Using this strategy in Camaldoli organization cannot prove successful because it wants to expand its customers widely.
PROMOTION STRATEGY:-
Promotion is an important strategy which helps the organizations in getting their brand in front of public and attracting new customers. There are many strategies related to the promotion which helps the organization to enhance its brand image. Some of the promotion strategies are following:-
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Contests: - contest is a strategy which is frequently used for promotion purpose. Through this Camaldoli put their logo in front of public instead of making money by a hard-sell campaign. Sponsorship contest helps Camaldoli to bring the attention of the public towards their products.
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Social Media: - Today the scenario is completely based on smart networks. Social media has been proven as the biggest source of promoting the products rather than another. This is known as the direct marketing. Social media network connects with a large level of potential customers that can view organization in different perspectives. (Hang, 2015) Using social media can help the Camaldoli organization enhance its potential customers.
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Customer referral incentive program: - Using this program can prove to be very beneficial for the Camaldoli organization. This program is a way to encourage their old customers to refer new customers to the organization. In exchange for this free product and various other benefits are provided to the current customers.
CONCLUSION:-
By focusing all these things, Camaldoli Organization can enhance their potential customers. This will also enhance the level of profit with which they can easily spend their life without any hurdles. As a consultant, we always guide the Camaldoli organization to follow all necessary procedures in a very efficient and productive manner, this helps the organization in delivering a good quality service to their potential customers. This will attract the new customers towards their product.
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Frascaroli, F., 2013. Catholicism and conservation: The potential of sacred natural sites for biodiversity management in Central Italy. Human ecology,41(4), pp.587-601.
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Beltramini, E., 2016. Christian Sa?ny?sis and the Enduring Influence of Bede Griffiths in California. Entangled Religions, 3.
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Dizik, A., 2013. Questions to Ask Before Determining Your Target Market.
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Jiménez-Zarco, A.I., González-González, I. and González-Rodrigo, E., 2016. Old Strategies for Positioning in a New Market Segment: Co-Branding and Celebrity Endorsement in the.
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Yuan, X. and Wang, J., 2012. Torque distribution strategy for a front-end rear-wheel-driven electric vehicle. IEEE Transactions on Vehicular Technology, 61(8), pp.3365-3374.
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Hang, P.T., Hang, T.T.T., Anh, D.P.P., Zingg, W. and Pittet, D., 2015. Effectiveness after 5 years of the who hand hygiene promotion strategy to reduce health-care-associated infections at Hung Vuong Hospital, Vietnam.Antimicrobial Resistance and Infection Control, 4(1), p.1.
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Smith, M., Mateo, K.F., Morita, H., Hutchinson, C. and Cohall, A.T., 2015. The effectiveness of a Multifaceted Community-Based Promotion Strategy on Use of GetHealthyHarlem. org, a Local Community Health Education Website. Health promotion practice, 16(4), pp.480-491.
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