Marketing Assignment

Marketing Assignment Words: 3043

As of 2007, the Hairier Group has established a total of 64 trading companies (19 located overseas), 29 manufacturing plants (24 overseas), 8 design centers (5 overseas) and 16 industrial parks (4 overseas). Consistent with Harrier’s position as a global brand, the company employs over 50,000 people around the world. It is the one of China’s Top 100 IT Companies. The business scope of Hairier: technology research, product development and manufacturing, trade and financial services.

The key products that Hairier Group produce: refrigerators, commercial air-conditioners, microwave ovens, washing machines, dishwashers, televisions, mobile phones, and computers, etc. There are 240 subsidiary companies and 30 design centers in Hairier Group. The brand value of Hairier was $ 11. 8 billion in 2008 and it is the top 4 in China. It can influence all over the world. (Hairier Group Homepage, 2012) Hairier Culture: Innovation is our soul. Its Enterprise Culture is “the base for sustainable development”.

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Hairier Spirit is dedication and pursuing excellence. Hairier Style is rapid reaction. The soul of Hairier Culture is innovation spirit. There are five globalization strategies in Hairier Group: globalization design, globalization of manufacture, globalization of marketing, globalization of purchase and globalization of capital operation. 2 The Micro and Macro environment A micro and macro environment has two separate meanings in business. In economics, the micro environment is the study of issues at an individual level.

Known as microeconomics, this field focuses on the choices made by individuals, as opposed to the whole market group. Micro in terms of business indicates the items a company can control, often internal processes. Macroeconomics (the opposite of microeconomics) is the study of large-scale theories relating to consumer spending, inflation and money supply. In business, the macro represents items outside of the company’s control. When studying economic information, economists look at ceremonious because individuals often behave differently under alternate economic conditions.

A major difference between the study of a micro and macro environment is opportunity cost. Opportunity cost represents the potential return lost when an individual selects one choice over another. This is important in microeconomics because individuals often have limited income when making decisions. By studying the individual choices and movements of a consumer, economists can then make determinations for an entire group. This results in the study of macroeconomics, which looks at overarching issues that affect all consumers n each group defined by economists.

Businesses separate issues in the micro and macro environment to aid owners and managers with completing tasks and earning the highest profit available in the market. Micro issues can be the amount of skilled labor within the company, production processes used to manufacture goods, facilities owned by the company, internal policies that dictate employee actions and other related issues. All these issues fall under the direct control of the firm. The management team can therefore change these items, issues or policies to improve the operating environment of the company.

Companies may study the differences between micro and macro environments in order to determine which items they can change to maximize productivity and profit. Macro issues in business can represent any item or issue not directly controlled by the company. Availability of raw materials, government laws and regulations, number of eligible employees available to hire and the threat of competition can be Just a few major forces that separate the micro and macro environment.

Companies will often identify these factors and create policies that help them cope with the potential problems that may arise with each one. Studying the macro environment may also require the help of outside consultants more in tune with the changes of this environment. (Geoff L, 2012) The micro- environment analysis of Hairier Group: a) Market size and market demand: Household market in Finland experienced value sales increases slowly in recent years. Consumers’ lifestyles are becoming more hectic as the demands of the workplace increase.

There are alternatives to making clothes and household textiles. B) Investment situation in Finland: Fenland’s economic policy has been to keep a high standard of living during the last decades. Foreigners are permitted to own real estates as well as shares in Finnish companies. Tax benefits for the development areas and the benefit is restricted to qualifying industries. C) Market Segmentation and buying behavior: End users of 18 -??25 years old; End users of 26-??40 years old; End users of 40-??60 years old; End users over 60 years old.

The macro-environment analysis of Hairier Group: a) Social and culture factors: Finns pay high taxes but get a lot in return for their money. The Finns are generally very honest and quiet. In Finland, there is a good balance between family and working life. ) Technology factors: Finnish largest industries are electronics, machinery, vehicles, and other engineered metal products, forest industry and chemicals. Finnish technology industries are small in size, as are the country’s population base and overall economy. ) Economic factors: Lower commodity prices and growing slack in the economy should bring down inflation from the current high rate. There are a lot of opportunities of Finnish economy to be benefited into the globalization such as the opening international trade policy and foreign direct investment. D) Political factors: Fenland’s general trade policy emphasized: dismantling barriers to trade and investment and participation in an open world economy. Government also reduces the amount of starting money for limited companies from 8000 Euros to 2500 Euros. 3 The importance of marketing research 3. Importance of marketing research Market research is an objective, systematic way of learning about the market, your customers, the competitors, the risks you might have and any other information you need for making a decision. For example, you make a market research in order to know the people who buy or might buy your products; the requirements of your customers; what prices they can pay; their requirements for shipping; the places for buying; their age, gender and income level; their attitudes and perceptions; your advantages and disadvantages; major legal requirements needed to get the name or label information for your products etc.

Besides information about the target market, your customers, your competitor and your products, you also need information about customer analysis, choice modeling, competitor analysis, risk analysis, product research, and advertising research. (Harrier’s marketing analysis, 2012) As a business owner, you can not afford to make errors in Judgment. Your savings, your family, your future and your business reputations are all at stake. Market research is a critical step and the methods can be used to help you answer the related questions and are essential to the contemporary business.

Some research seeks information related to how to expand sales while other methods are designed to help decide whether a new product should be introduced or not. A good market survey has to include a list of specific questions to answer. The answers will provide information to use in making a decision how to proceed to reach your company’s objectives. As the purpose of any racket research project is to achieve an increased understanding of the subject matter. With markets throughout the world becoming increasingly more competitive, market research is now on the agenda of many organizations, whether they are large or small.

As market research require s a systematic, objective collection and analysis of data, methods for gathering information may include questionnaires, how to form questions to ask, whether to ask face to face or by handing out written forms, and how to be sure questions get the response your company needs-??poorly formed questions may result in information that is useless. Other methods include offering customers a chance to see, use or taste the product, and to respond by offering their opinions. Comparing two different placements of products to see if where the product is displayed affects sales, is common.

Various methods of market research can be used to find out such information. (Hairier group marketing channel strategy analysis, 2010) 3. 2 Example and explanation of qualitative and quantitative techniques Qualitative: Qualitative research concerns the gathering of information which can be interpreted in a number of ways,for example people’s views and attitudes to Hairier Group’s products. With this type of research the goal is not to simply look at statistics,This type of research cannot be quantified in numerical terms and this is not the objective of it anyway—but to analyses opinion,beliefs and attitudes of individuals.

This main qualitative research techniques used are: Group Discussions, Focus Groups and In-Depth Interviews. This form of research is often called “soft” research. It is characterized by ‘open ended’ questions, What, Who, When, Where, Why, How. This form of research is good for the depth the researcher can go into with follow up questions. Focus groups and interviews are the most common gathering mechanisms of qualitative data. In terms of qualitative methods, Hairier Group usually uses several methods such as face to face interviews, free phone and online discussion forums.

For example, Hairier delegates some small teams to interview the customers in order to know their satisfaction with service and goods. Besides, Hairier sets up a chat on line to communicate with customers. (Report about analyzing the customer care strategy of Hairier, 2011 a) Quantitative: Quantitative research on the other hand seeks to establish statistical information about the object matter. This type of research tends to require a larger amount of research to be undertaken in order to be deemed as valid. The main research techniques include:observation, Experimental Research and Surveys.

This is known as ‘hard’ research. This form of data uses structure so that you can get numbers out of it, percentages, averages and so on. For this reason, questions are ‘close ended’ questions. Yes/No, once a week, 4 out of 5. The idea is to be able to load large amounts of data in computers, coded numerically to produce a statistical output. The manner in which respondents is chosen can be random or planned. In most cases, a sample is chosen to represent the general population. This sample can be random or stratified.

Which form is better depends on the size and type of target market you are researching. On the basis of quantitative methods, Hairier always use questionnaires, telephone surveys and online surveys. For example, in Harrier’s websites, it mainly shows an item named 24 hours Live Help. They always keep online and connect conveniently for customers, whatever in electronics, mobiles or any other products. Importantly, they set up a system which can help customers repair online. So long as o register your product and some repair needs of products. The company will connect with the repair sites immediately. Report about analyzing the customer care strategy of Hairier, 2011 b) 4 The importance of market segmentation and the process that Hairier Group may use to segment and target the market Market segmentation is the process of identifying your target demographics and then determining the best advertising mediums to reach that audience. Developing a focused marketing approach can increase your revenue and raise your marketing return on investment, according to the Center for Business Planning website. When you understand the importance of market segmentation, you begin to appreciate the value of precise marketing campaigns. Marl C, 2012) The importance and benefits of the market segmentation: (Market Segmentation & Targeting and Positioning, 2011) A. Understand Customers: To sell to your customers, you first must understand why they would want to buy your product. Market segmentation allows for the development of profiles of the many different kinds of customer groups who buy your products. You can use this information to create better marketing programs. It also can be used to develop products for your target audience. B. Maximize Product Potential: Segmenting your market helps you understand how your product is being used by various customer groups.

During the course of your market segmentation, you may come across an alternate use for your product that had not been previously discussed. You may discover a new market for your product. C. Improve Distribution Network: Market segmentation assists companies in developing more efficient distribution networks. By studying the buying behaviors of various target customer groups, you can determine the way that customers prefer to buy your product. If customers prefer to buy online, you will ant to focus on your online presence and reduce the resources you put into retail stores.

Market segmentation also helps you identify geographic areas where your products are popular. D. Gain New Clients: A comprehensive market segmentation analysis includes reasons why consumers are not buying your products. By understanding why the various market segments do not buy your products, you can alter your marketing or change your product development to try to gain new customers. It is important to have a balance when trying to gain new clients as you do not want to alienate and lose your existing customer base.

Arnold A, 2012) Based on the information above, I made a table to show the detail about the use of Hairier Group: Market Segmentation & Targeting (Hairier Group) Segments consumers Ta regret Age All the age, especially young couple Gender Male & female, especially female Income At least middle income Benefits Quality, service, convenience 5 An explanation of marketing theory supported by examples Marketing is defined as the activity of presenting the products a company produces to potential customers in the best possible way in order to make sales. Huh Z, 2012) The 4 Up’s of marketing are: product, price, place and promotion. . 1 Product Means product design and packaging that will attract customers. Making product lines that are different from other companies (product differentiation) to meet the needs of well-defined market segments is essential. Every product is subject to a life- cycle including a growth phase followed by an eventual period of decline as the product approaches market saturation. To retain its competitiveness in the market, product differentiation is required and is one of the strategy to differentiate from its competitors.

Harrier’s strategy: Decent, fashionable, and graceful looking; Convenient ND special function; High quality; Excellent service; Leading life trend. Reasons: The price should match with Harrier’s marketing and brand position; Only products like this can compete with global giants. 5. 2 Place Means finding a suitable price for the product which depends on the company’s market share and how competitive the market is. Luxury goods often sell at a premium far above cost, while stocks of less popular products are often liquidated at heavy discounts in sales. Harrier’s strategy: Online shops; Local electrical operators and retailers.

Reasons: Online shopping is the most popular, fast and efficient way; Retailer is still the most effective way because of the sales network they have. 5. 3 Price Includes distribution or logistics which means getting the product from the factory to the customer through various channels, usually through stores (retailing) or direct sales to customers in their home and increasingly through websites (e-commerce). It can include any physical store as well as virtual stores on the Internet. Harrier’s strategy: The price adapts to the public; The same level with the global giants.

Reasons: Home-appliance is a public industry, everyone needs it; Lower price than monitors will lower Harrier’s brand value. 5. 4 Promotion Includes all communications to customers. Developing brand awareness among potential customers is critical. Advertising can be on broadcast media such as TV or the radio, or in print media such as newspapers or magazines, as well as roadside billboards. Public relations departments in companies prepare press releases which are sent to the media in an attempt to get free news coverage for new products.

Sponsorship deals, exhibitions, conferences, conventions, seminars or trade fairs and other events with presenters as well as plain old word of mouth advertising are also used to promote products. Harrier’s strategy: TV, Billboard; newspaper advertising; Sponsorship; Sales promotion; Public relations; Trade show. Reasons: Advertising and sales promotion are the most traditional way but effective and efficient; Public relations like sponsorship, social activities are a good way to improve brand image in public; Trade show-the best way to communicate with retailers. . 5 People, Process and Physical Evidence People: People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the individual needs of the person consuming it. Process: There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example – to achieve a 30% market share, a company implements a marketing planning process.

However in reality it is more about the customer interface between the business and consumer and how they deal with each other in a series of steps in stages, I. E. Throughout the process. Physical evidence: Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following buildings, equipment, signs and logos, annual accounts and business reports, brochures, your website, and even your business cards. Services Marketing Mix, 2012) Harrier’s strategy: Hairier University, built on December 12, 2010, is presented in the chain-linked business process reengineering background, in the information age new economy bandwagon to meet Hairier Group internationalization strategy. The ranges is set up to train employees of Hairier Group management methods and innovative base. It is the bridge which sends Hairier to the international market. 6 How the Hairier Group’s marketing mix responds to changing market conditions Hairier enters into European through a well designed marketing mix.

Hairier manufactures home appliances in over 1 5,100 different specifications under 96 categories, and sold in over 100 countries around globe. There are four kinds of products that are selling in the European countries, which are refrigerators, washing machines, flat-panel TV and media players. Hairier is promoting their products through advertisement and newspapers. From the view of place, Hairier target markets which are based on the potential customers. For the European market, Hairier entered into Germany first in 19 June, 1991, and then entered Italy, Russia and Netherlands.

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