Final Project: Marketing Strategy - Target Market Strategy

In designing a successful market strategy, Marketing: An Introduction believes "the marketing manager must answer two important questions: What customers will we serve (what's our target market)? and How can we serve these customers best (what's our value proposition)?" (Marketing: An Introduction, Armstrong & Kolter, Pg. 11) They must also see the marketing strategy as consisting of "specific strategies for target markets, positioning, the marketing mix, and marketing expenditure levels. “  They believe that it “outlines how the company tends to create value for target customers in order to capture value in return.” (Marketing: An Introduction, Armstrong & Kolter, Pg. 33)

For marketing the Wegner "Ibex" Laptop Computer Backpack, the first question can be answered by looking at the target demographic and psychographic.  Demographics are “the most popular bases for segmenting customer groups” and they are considered easier to measure. They are also important because “consumer needs, wants and usage rates often vary closely with demographic variables.”  (Marketing: An Introduction & Kolter, Armstrong, Pg. 33) The psychographic element looks at “different segments based on social class, lifestyle, or personality characteristics”. (Marketing: An Introduction, Armstrong & Kolter, Pg. 11) While people might be in the same demographic, they could have a completely different psychographic makeup.   

The second question could be answered by looking at the product itself. The Wegner “Ibex” laptop Computer Backpack is geared for the man on the run. He’s looking for something sturdy and reliable to carry his things. Whether its books, files, shoes or clothes, it needs to get from point A to point B without breaking. The pockets in the backpack are there to help keep his stuff organized so he can find things easier. The pouch for the laptop is made to carry 17” wide computers and is padded for its protection. It’s a great product, worthy of carrying the Wegner name.  

So in developing the marketing strategy, the answers to the two questions posed above need to be brought together. The Wegner backpack is geared towards men between the ages of 18 and 35. While factors like race, income, or location don’t have any bearing on the target group, education and employment status can be looked at since students and businessmen are the specific group that we would be targeting. They should be students or businessmen on the run who travel and need a sturdy backpack to hold and protect items they need to carry. The strategy will involve creating a page on a website that will show the consumer the features of this backpack and will also show its possible uses. An advertisement done in either After Effects or Photoshop will be the main part of the site. What better place to advertise for a laptop backpack than on the internet?

Whether it’ll be a young man going to school, or a business man travelling to meet up with a client, the Wegner “Ibex” Laptop Computer Backpack will make sure your laptop and everything else you need will get there safe.

Final Project: Situation or SWOT Analysis

A SWOT analysis is a tool used to see where a company is as far as reaching their objectives. SWOT stands for strength (S), weaknesses (W), opportunities (O), and threats (T). In doing this, a company can see what it needs to do to reach their objectives and see what obstacles will keep them from achieving this. Since 1908, Wegner has created quality products with Swiss craftsmanship. In doing a SWOT analysis for the Wegner company, we can assess where it is today and where it could be in the future.

Strengths

• The Wegner name brings tradition and quality that goes back since 1908 after the company was formed after it made its first Swiss Army Knife. Because of the quality of not only their knives, but watches as well, the Wegner name has established itself as creating quality reliable products.
• The branding Wegner has created for itself with this Swiss Cross emblem is recognized worldwide.

Weaknesses

• There are many types or backpacks on the market right now and Wegner must make itself stand out from the rest.
• Currently, there is a lack of advertising for its Wegner backpacks. Right now it seems like the only advertising going for it is through word of mouth.

Opportunities

• Wegner is taking the opportunity to move into the backpack market.
• According to Marketing: An Introduction, online social networks are “online communities where people socialize or exchange information and opinions.” They say that “social networking media range from blogs to social networking Web sites, such as Facebook and YouTube, to entire virtual worlds, such as Second Life and Gaia Online.” (Marketing: An Introduction, Armstrong & Kolter, Pg.  142) They believe that marketers “are working to harness the power of these new social networks to promote their products and build closer customer relationships. Instead of throwing more one-way commercial messages at ad-weary consumers, they hope to use social networks to interact with consumers and become a part of their conversations and lives". (Marketing: An Introduction, Armstrong & Kolter, Pg.  143) Because of their products being advertised by word of mouth, setting up a social media site would help the consumers who like Wegner products not only communicate with each other, but it would also help the company communicate with their customers as well.

Threats

• There is always competitive pricing a company has to deal with when it comes to their products.
• Because of the lack of advertising done for their backpacks, there is always the fear that it won’t do well in this market.

Final Project: Objectives

The target market that Wegner is reaching out to are men who are either students or businessmen. According to Marketing: An Introduction, the U.S. population is not only becoming better educated, but the workforce is becoming more white-collar as well.  The demographics for education say that “in 2007, 84 percent of the U.S. population over age 25 had completed high school and 27 percent had completed college, compared with 69 percent and 17 percent in 1980.” (Marketing: An Introduction, Armstrong & Kolter, Pg. 76) More and more high school graduates enroll in college which increases the demand for “quality products, books, magazines, travel, personal computers, and Internet services”. (Marketing: An Introduction, Armstrong & Kolter, Pg. 76) The workforce has also shown growth being strongest for professional workers and weakest for manufacturing workers.  According to the author of Marketing: An Introduction, “between 2006 and 2016, the number of professional workers is expected to increase 23 percent, while manufacturing workers are expected to decline more than 10 percent". (Marketing: An Introduction, Armstrong & Kolter, Pg. 76). In creating an objective for Wegner Laptop Computer Backpacks, they got to keep this in mind because this is who they want their product to go to.

Wegner has several objectives when it comes to the products that they carry. Their objectives for their products for the customers are:

•  To create a quality, reliable and sturdy backpack that will fit a 17” laptop.
• To create a backpack with a waterproof laptop pouch that will keep your computer dry.
•  To create a backpack with zippers that are easy to use and don’t break easily.
• To create a backpack that is easy to carry (on the shoulders and by the handle), and has a lot of storage space.

As far as the company objectives, Wenger looks for the following:

• To create a backpack comparable/better than their competitors.
• To create a backpack that will continue to show the quality of the products that Wegner has on the market.

Final Project: Business Mission Statement

Business mission statements define the company and are a representation of why it exists. According to the book Marketing: An Introduction, mission statements “should be market oriented and defined in terms of satisfying basic customer needs”.  They should be “meaningful and specific yet motivating” and ”emphasize the company’s strengths in the marketplace”. (Marketing: An Introduction, Armstrong & Kolter, Pg.40) The book also states that "a company's mission should not be stated as making more sales or profits-Profits are only a reward for creating value for customers. Instead, the mission should focus on customers and the customer experience the company seeks to create." (Marketing: An Introduction, Armstrong & Kolter, Pg. 41) While Wenger, the company famous for making the Swiss Army Knife, has a mission statement that shows the company’s strong tradition in bringing quality products to the marketplace. Their mission is to put precision, skill and craftsmanship into their work and to continue to put this reputation into every product they create. It’s their Swiss pride that is your guarantee that every product will live up to this reputation. Peter Hug, CEO of Wenger, believes this to be true of Wenger products saying:

“The Wenger brand empowers adventurers with multi-functional equipment possessing a unique pedigree. We also seek to reflect the more humble attitudes and the true spirit of active dynamic individuals who appreciate the beauty of the great outdoors through human and natural-powered activities”. (http://www.wengerwatches.co.uk/about-wenger)

Wegner Computer Bags are crafted for everyday life and are designed to be innovative, versatile, sports-minded and can be used for home, travel, and outdoor activities. Just like the famous Swiss Army Knives that have made them known world-wide for their quality, their computer backpacks are designed to be multi-purpose and can withstand not only the stress of travelling but also anything else that you go through on a day to day basis. With the work and craftsmanship that goes into every Wenger product, you’ll know that when you use a Wenger computer backpack, you’ll be using a quality product.


**The Wenger name and their products are used for the purpose of this school project. 

Week 7 EOC: Final Project: Pitch

Looking for a reliable backpack that take care of your laptop and other belongings? Do you want a backpack that can handle the wear and tear of your everyday activities? Take a look at the SwissGear backpack! The same company that brought you the Swiss Army Knife created the SwissGear ‘Ibex’ Laptop Computer Backpack. Have you ever had a backpack fall apart because it couldn’t hold all the books you needed to put in there? Ever have to take out your stuff to try and find your laptop for class? Was your last backpack uncomfortable to wear? Well, with the ‘Ibex’ Laptop Computer Backpack by SwissGear, you could avoid all the trouble you had and carry your stuff with style. The ‘Ibex’ has a built in pocket that’s 19” high and 15” wide and is able to carry most 17” laptops and notebook computers as well as keep it separated from the rest of the contents within the backpack. Continuous triple layers foam will also help with shock absorption from being dropped and will protect the computer from damage from all sides. The two zipper front compartment comes with an organizer and has plenty of room for files, documents, books, or anything you want to carry. The two side mesh pockets are ideal for holding water bottles or other bottled drinks and are easily accessible. For your carrying ease, the reinforced ergonomic handle and comfort-fit shoulder straps can be adjusted for your convenience. So whether you’re going to school, travelling, going to the gym, or going hiking, the SwissGear ‘Ibex’ Laptop Computer Backpack will keep the stuff in your bag safe and organized.

*Image and product is used for school purposes - Product can be found at NextdayPC.com

Week 5 EOC: Best & Worst of the 2011 Superbowl Commercials

The past week had one of the biggest advertising days of the year for an event that many consider a holiday, even though it’s not listed officially as one. Superbowl Sunday has been looked at in years past as the one day where companies are willing to spend loads of money to advertise during one of the most watched games of the year. It’s become such a big deal that there are many out there that tend to watch the game, not for the game itself, but for the commercials. While this year didn’t have the standout commercials that the past years have had, there had been a few noteable ones. One of the ones that fans seemed to like the most was done by Volkswagon in a commercial called “The Force”. In this commercial, a kid, who’s face we never get to see, is trying to use the force to move objects. Being a Star Wars fan, this commercial brought me back to my childhood. I’ve always wanted to do something like that. In trying to use the force, he tries over and over again to make it work, but fails, till his father gets home with the car. With the help of his father, he manages to make the car beep. This commercial was likable and funny and I felt was the best.

 

The worst of the 2011 Superbowl commercials had to have been the GoDaddy commercial called “The Contract”. GoDaddy has always had commercials that have tried to sell based on sex appeal, which has nothing to really do with websites and domains. They seem to be cheesy and really make no sense. If they had made a commercial saying how good the company actually is, their commercials might be more likable.

Week 4 EOC: Business to Business vs. Consumer Marketing

General Electric is a supplier of many products and services to both the consumer and businesses, but as much as advertising as one might see in the various forms of media we see every day, consumer sales only account for less than a third of the company’s profits.  What is the difference?  It could be summed up in one quote:

 “Whereas it might be disappointing when a refrigerator buyer chooses a competing brand, losing a single sale to a large business customer can mean the loss of hundreds of millions of dollars in business.”(Pg. 39, Marketing an Introduction, Armstrong and Kolter )

The company known that started out bringing light to almost every household in the world has opened itself to bigger markets, from entertainment to creating companies such as Boeing the means to transport both people and cargo from point A to point B. While a decision to buy a refrigerator might way on how big it is or how much food it might hold, or even the look or style, companies that buy GE made engines might have to look at things like environmental impact, fuel consumption, reliability, and serviceability. While a buying a GE made microwave, dishwasher, washer and dryer, and refrigerator might seem like a lot of money for us to spend, contracts for Boeing to buy 20 engines to fit on 5 747’s would be worth more money than we could even imagine having.

Why does GE do really well in its business sales? It’s because GE develops a working relationship with its customers. While there are many consumer products that might fall in to our needs, GE works with the business customer to make sure their products will fit their special needs, like working around international economics and politics in its deal with Kazakhstan National Railway to supply them with 310 Evolution Locomotives.  In working with it customers, in both the business and consumer arenas, it’s no wonder GE has become a household name all over the world.