Marketing Strategy - Essay Example

Olympic Games are hugely important sports events that are highly regarded. As such, the products that highlight its special characteristics serve as souvenirs for spectators or collectors who cherish memories of Olympic Games. The uniquely shaped water bottles serve dual purpose: as drink; and souvenir of Olympic Games 2012. Kotler et al (2007) assert that marketing is critical business process that promotes and fulfills the need of the customers through desired products and services. Thus, it opens huge opportunities for businesses and customers for creating needs and satisfying them by the promised good.

Hence, uniquely shaped bottle or USB, therefore need to be marketed as multipurpose product with strong souvenir value. The strategic market plans would focus on 4Ps (product, price, promotion and place). USB’s key objective would be to exploit the personal preferences of the target segmentation and influence their purchase behavior. It would be using mixed market segmentation so that it could target wider segment of the market. Shultz (2001) claims that end users or people control the market and not the markers.

Hence, USB must ensure that its market strategy is people centric and is able to satisfy the changing demands of the people. It would therefore target people who are strongly interested in Olympic Games and would be cherishing its memories. Using 4Ps, it would emphasize the product as major souvenir which has great practical use. As a multipurpose product, the price of the USB would be slightly higher than other water bottles. It is assumed that its souvenir value would be the major factor that would attract customers.

Prolific advertising of the product on various media, including adaptation of viral marketing techniques would help create a niche position and create a unique brand entity. This would help develop credibility and help overcome the challenge of higher price as compared to other products from different companies. The USB would be sold through hotels catering to people from different market segment. While the bottles would be put in check-in desk in the budget hotels (1 or 2 star hotels), B&B and hostels, it would be kept in the rooms of the luxury hotels where it would be included within the room tariff.

In the higher end hotels, it would therefore come as complementary gifts. USB has huge competition within the industry as pure drinking water but as important souvenir, its value has significantly increased. Consequently, it has relatively less competition and therefore is expected to become greatly popular amongst the target group. The USB would also be sold through souvenir shops where it would juxtaposed with other souvenir items like t-shirt, books or artifacts which highlight Olympics. But due to its utility as a drink, it is considerably placed higher in the hierarchy of souvenir products.

It would also use other retail channels like general merchandize shops, fast food joints and transport hubs to sell it. Mixed market is very popular as it provides the firms with wide scope of exploiting the preferences of people. Doyle (2008) believes that market plans become effective if it can develop strong communication with customers. The firm plans to use effective communication through creative advertising and using important avenues like hotels, souvenir shops and fast food centers to sell it.

Thus, it would not only be creating needs and awareness of the products by appealing to the socio psychological requirements of the people but also would be satisfying those needs through chosen outlets. (words: 272) Reference Doyle, P. (2008) Value-based marketing: Marketing strategies for corporate growth and shareholder value, Hoboken: John Wiley and Sons. Kotler, P., et al. (2007) Marketing, 7th edition, Australia: Pearson Education Australia. Shultz, Don E. (2001) ‘Bid Farewell Strategy based on old 4Ps’.

Marketing news, vol. 35, no. 4, February 12, pp 7.