Dyson Marketing Mix Strategy

Document Type:Research Paper

Subject Area:Business

Document 1

The marketing department is the most crucial department whose failure can impact the whole operations of a business (Cadogan,2009). Marketing strategy should be smartly developed in collaboration with all member of development team. The Dyson company strategy would target the vacuum cleaners to company’s customers or potential buyers. I would apply the following steps while developing Dyson marketing strategy. The first step is to identify the goals of Dyson company at large. So that I can set marketing goals that are converge toward overall of the company. The primary goals of Dyson company are to increase awareness of a new vacuum cleaner that can store more charge and work for more than an hour in one charge and attract more customers to purchase the products. The set goals should be smart in that they are specific, measurable, achievable, realistic and time-bound. The second step is to set the marketing goals that I want to achieve the marketing strategy. Some of the goals that I would include is market penetration or increasing the market penetration (Hamann et al. I would ensure that the goals are in line with the overall goals of Dyson company, measurable and practical. Moreover, I would ensure that my goals are flexible to cater for unforeseen changes that result from the dynamic business environment. After setting the marketing goals, I will conduct market research to gather real-time information about the market. The market research will study things likes social trends, growth, demographic statistics among others (Lean Marketing, 2014).

Sign up to view the full document!

This will ensure that my strategy remains relevant besides being targeted. After the research, I will develop a profile of my targeted customer who will buy the cordless vacuum cleaner. The profile will outline the customers buying pattern such as where they buy, how they buy, and at how much. Nevertheless, I will guarantee that the marketing strategy also strengthens the relationship with existing customers. In addition, I will develop a profile for competitors in this case Hoover, Bissell, and Shark who are the primary competitors of Dyson company (Dyson Company, 2014). The profile will outline their pricing, marketing tactic, products and supply chains. Positioning Strategy The fist factor to consider is the target market. This includes analyzing the social, demographic, economic and nature of the buyers (Wirtz & Lovelock, 2016). Dyson customers are economically stable, and they have already adopted the vacuum cleaners.

Sign up to view the full document!

The company needs to analyze the buying pattern of the customers to position itself strategically. The other factor is promotion. The company should go a step further and create customers’ platform where they can provide feedback and experiences on the new product. Product and Branding Strategy A strong brand strategy aims at differentiating the company’s product with the competitor’s product (Uhlig, 2011). Dyson company should have a strategy that distinguishes its product from Hoover’s, Shark’s and Bissell’s vacuum cleaners. The best way Dyson company can achieve this is by aligning the brand with the new feature of wireless and extended life battery. Then Dyson company should use a convenient marketing strategy to ensure that customer note this competitive advantage of the new vacuum cleaner (Hoover Company, 2014). This will provide a competitive advantage to the Dyson company.

Sign up to view the full document!

Pricing Strategy One of the factor to consider is the price. Dyson company need to decide which pricing strategy to use. Before selecting the price, you need to know the ability of the customer to buy, the product segmentation, profit margin, cost of raw materials and the competitor actions: in this case Hoover, Shark and Bissell (Shark Company, 2018). I will apply the price penetration strategy on the new vacuum cleaners. I will conduct breakeven analysis of Dyson company to determine how long the new product will take to break even. As well as the perceived value of the product as you determine your final price point. Perceived value is the worth of a commodity that consumer have in their mind. Typically, consumer does not know how much it cost Dyson company to produce the new vacuum cleaners.

Sign up to view the full document!

Therefore, to obtain high perceived value of their vacuum cleaners the company I recommend use of marketing strategy to build on the value of the new vacuum cleaners. What channels and intermediaries will you use? Since Dyson company will note use intermediaries, the channel of selling will be online. In the current business environment, online selling is doing well as many part of the world has advanced technologically. Will you use exclusive, selective, or intensive distribution? Are you going to promote and sell the vacuum cleaners online? I will recommend we use online selling and promotion as our core since it will rhyme with our pricing strategy. In other instances, we will use exclusive distribution to cater for physical distribution customers. Distribution decisions focus on marketing channels as well as the physical distribution of the vacuum cleaner.

Sign up to view the full document!

Communication is key element in marketing. Business communicates to its customers influences their decision. Typically, our company will use both online and in-house publication to create awareness to the customers of our new customized and convenient vacuum cleaner. Other Promotion strategies that we will apply will include advertisement both online and in mass media, sales promotion and personal selling. References Cadogan, J. Emerald Group Publishing. Hoover Company. Vacuum Cleaners | Carpet Cleaners | Hard Floor Cleaners | Hoover. Retrieved from https://www. hoover.  Strategic Integrated Marketing Communications. Routledge. Peter, J. Olson, J.  Consumer Behavior & Marketing Strategy. com/four-types-pricing-objectives-33873. html. Wirtz, Jochen, and Christopher Lovelock. APPLYING THE 4 Ps OF MARKETING TO SERVICES.  Services Marketing,.

Sign up to view the full document!

From $10 to earn access

Only on Studyloop

Original template