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Strategic planning is essential for ensuring that a business entity meets its objectives and remains competitive in the market. Marketing processes should be designed to enable ongoing connection between the manufacturer and the market (Hanssens et al., 2014). I will implement a user-innovation strategy in which individual end-users will be involved in the design of new producers as well as the modification of existing ones. The initial step will be to identify the market. Because shoes are both a want and a necessity, their demand is price inelastic. This means that the firm will have a share of the market that is proportional to its effort to get ahead of the competitors in terms of responding to the consumer wants. Therefore, the second step is creating online platforms where consumers can give their suggestions on the kind of products that they want. The company will also identify areas and events where the target market frequents. Stands will then be set occasionally where production representatives will meet consumers. They will receive views ion what should be modified or the new products that can be introduced in the market. The company will segment the market according to age and purpose of the shoes. This will facilitate efficient sorting of the feedback. Market segmentation will be followed by creation of consumer value. The products will be tried at different venues and markets. The trials will allow the team in charge of pricing to reevaluate the value and the prices charged before the final price can be set. Once the product is released into the market, the entity will remain in touch with the customers through the social media platforms and physical stands and collect their feedback. This will help us ensure that we maintain customer satisfaction. This constant contact with the market will help the entity address marketing myopia because it will balance between the needs to make profits and the needs of the market.
Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550.
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