New Product to the Market (Timed Drink Dispenser) Essay

New Product to the Market (Timed Drink Dispenser) - Essay Example It is also cheap and hence affordable to most people all over the nation. Market segmentation involves marketing strategies that are used for classifying a broad market into subsets of consumers with similar needs for the product (Kotler 68). The specific characteristics of the product are divided into different categories of age, location and family size. The marketing strategies are designed to target specific customers. Segmenting helps in measurability, which is determining whether a particular segment is fit enough to be pursued. Accessibility is also a criteria in segmenting which entails reaching a given target group, where a region where people pay less attention is inaccessible. Demographic segmentation is also used to classify the market by dividing it into the variables of age, location and even family size. Demographic segmentation is great for segmenting customers into different groups, where customers are linked to the variables and segmented accordingly. Segmenting of the market involves dividing it into groups of consumers with similar wants. Consumer based market segmentation is performed on a specific product basis so as to create a close relationship between the consumers and the product. This demographic segmentation helps in identifying groups of similar consumers and the potential ones. ... The target market is mainly young people in the mid years since they may use the dispenser a lot in carrying alcohol and some types of beverages. Most youngsters prefer carrying beverages around and this dispenser is efficient for them since its pocket friendly, portable and can hold a lot of drinks. Most consumers’ preferences vary with age, in this case very young children may not see the essence of this dispenser but a bit older youngsters will know its importance. Psychographic segmentation is also essential since it helps to understand the consumers’ lifestyle. Product positioning is the next step in product introduction after the target market has been identified. Positioning entails ascertaining a product and how the potential consumers view it. Segmenting helps in matching the consumer’s needs, reduces expenses, improves cash flows and improves productivity. To reach this group of customers, a lot of advertising is involved. Using demographic segmentation we target the young and also large families. With a family of six the dispenser can hold drinks to keep them going all day since the dispensers vary in size and one can get the required one. When considering the potential market for a new product, the size of the market is important since it determines the profit margins that will be gained from the product (Kotler 212). The target group should be stable since the product should be in the market long enough to break even. The potential customers should be easy to reach, that is promotions and distribution channels should reach them. The product can also be reached cost efficiently by the market intervention. The product has many benefits to the consumers since its cheap and readily available; it is portable by those going for picnics and

Corporate Social responsibility assignment Example | Topics and Well Written Essays - 1000 words

Corporate Social responsibility - Assignment Example Nowadays unethical activities can no longer be hidden, as every activity against ethical CSR is investigated, communicated and broadcasted through internet by the media (Kakabadse, Rozuel, & Lee-Davies, 2005). However, if the other side of the coin is analyzed, it can be seen that that due to recent scandals, many reforms in business environment have been noticed. Firstly, the financial performance of the organization has improved (Galbreath, 2009). It has be analyzed by DePaul University that after the financial crisis and economic downturn, companies are engaging themselves into ethical business, which is revealing better financial performance as stated by S&P 500 Index (Silberhorn, & Warren, 2007). The operating cost has reduced due to CSR initiatives because companies are more concern about reducing their rate of emission, cutting down waste and by selling the recycled materials. To enforce ethical CSR activities and corporate governance in companies after the Enron scandal the A merican government also introduced Sarbanes-Oxley Legislation (Cromb, 2008). Answer 2 Stakeholders are the people or groups of people who have major interest in the growth and profitability of the organization. However, the interest of every stakeholder towards the organization is not the same. So based on the level of interest the stakeholders are segregated as primary and secondary stakeholder. The primary stakeholders are those who get the most affected by the positive or negative outcome or performance of the company. However, this differentiation is done for ethical decision-making. According to Figure 1, Freeman depicted a view of the primary and secondary stakeholders (Brockett, & Rezaee, 2012). Figure 1: Freeman's Structure for Primary and Secondary Stakeholders Source: (Colle, 2005) The segregation is done on the basis of fiduciary duties, legitimate interest towards the firm, invested capital and efforts. As can be seen in Figure 1, the primary stakeholders are shareholder s, suppliers, customers, employees and government. All these individuals and groups have financial and personal interest associated with the organization. They have direct contribution towards the positive or negative growth of the company, so they are the stakeholders who should be ethically receiving first priority in profits and decision-making. The secondary stakeholders are the competitors, society, local and global communities, etc (Colle, 2005). They are not indirectly related to the organization, but neither do they contribute towards the profitability of the organization nor they receive a share of the profit of the company (Ayuso, Rodriguez, Garcia, & Arino, 2007). Answer 3 The sets of rules, polices, principles and processes set by the company to monitor and control the company and its functions is known as corporate governance. The corporate governance also helps the company by providing guidelines for fulfilling the goals and objectives of the company. It is also respon sible for safeguarding the stakeholder's interest. Corporate governance assists the companies to lay down the foundation for planning our CSR activities for the company because unless and until the operational functions are ethically conducted, CSR will reap no result. However, stakeholders of the company have significant role to play in this case, as it has been discussed further in this section of the study. There are approaches around the world based on which the role of the shareholders in corporate