Different products in the market serve different purposes to a varied clientele. When a product is being introduced in the market, a comprehensive survey by the respective company introducing it is required. The survey entails the kind of target market that the company aims at serving, this may be done through the use of questionnaires so as to have a comprehensive feedback about how people think or perceive your product.
For instance if you are introducing a product such as men’s suit, one will be required to conduct a survey on the type of suit mostly preferred by most men, the frequency of them wearing suits. Such kind of market surveys enables the company to have a clear line specification and a good plot on how to approach the market and win the customers loyalty while still having a competitive edge over the other companies offering similar products.
Similarly, to establish how your product will best suit the market needs, it important to know the market trends of different companies in the industry offering a similar product. For example, the introduction of technology could have rendered certain usages and techniques redundant and all the other organizations may have adapted the newly trends of the technology.
Innovation is very key again to ensure that your company has an advantage over the others. Innovation will entail coming up with unique products serving the same purposes but in a modest manner (Silk, 2006, p. 101).
Comparing and contrasting
In order to compare and two products in the market, we need to look at how the different products serve varied needs in the market, the target group by the organizations selling the two products. We also need to look at the marketing strategy and share that the two products have in the market.
Additionally, other factors that need to be put into consideration includes:- how best the products are advertised to consumers, the costs incurred in the production, distribution and the margin of sales obtained after selling products and the pricing of the different products.
When it comes to the product target market, this entails the appeal that different products have to varied customers (Baker, 2010, p. 186). Some products may basically be manufactured targeting at meeting the needs of a certain age group or certain sex such as toys are meant for kids specifically.
Marketing approach taken for such a product will be different from those of adults. For instance, when it comes to advertising, it will be done in such a way that the kids can easily associate with such the games that kids like to play.
Marketing strategy being one of the basic modes to differentiate how the different products will get their way into the market entails companies concentrating on their limited resources to make the best out of them. That is looking into different opportunities in the market on how the company can increase its sales volumes at the minimum costs possible so that they can maximize on their returns expected.
This is centered on the fact that the customer satisfaction is our key goal and aim (Orchard, 2007, p. 58). If a business is going to thrive in the industry, its life will depend on how the market is going to accept their product. This is the basic reason as to why most businesses will have most of their time and capital spent on making comprehensive market research.
The two products in question are village gold class cinema tickets for two people and an ipod touch. These products are meant to serve different needs in the market to varied target customer groups. Village cinema has established sites across Australia, the United States and Greece (Galbraith, 2005, p 342).
Some of the cinemas operated under village cinemas branding includes:- Westfield Airport West, Century City Walk, Hobart, Crown, Jam Factory, The Mall Athens, Sunshine, Volos, Morwell, Geelong and others.
Gold Class Cinemas are luxurious cinemas with varying locations across USA and Australia. They include butlered refreshments, cloakroom facilities, menu offerings and very comfortable relaxing seats. Bookings can also be made online at cinemas and comfortable seats.
Village gold class cinema have used different and varying approaches to expand, and maintain their dominant market position in spite stiff competition from companies such as multiplex cinema complex, and other external factors such as increasing property prices leading to demographic change of the people living there.
There has been consolidation with the UK market. This is specifically meant to place the cinema village in a better position to meet the different challenges facing the organization. Confining to laws of the land where a firm operates is a necessity for the better operation of an organization. This is enhanced through the follow ups of set regulations in standardizing the product and the necessary process of production.
There have been constant promotions such as free tickets for two. Such special offers enhance and boost the company’s revenues. The locations different locations are meant to reach out to different consumers in the different cities and countries.
Gold class cinema is best suited for two and even more because of their different combinations with bars, sporting events, home cinemas, travel and restraints.
Following the technological advancement, online reputation management has worked to save the various firms. It is usually labor intensive but fast in its effectiveness as it takes a short time of operation. Some of the other strengths may include the obtaining of a liquor license giving the cinema a competitive edge.
An iPod touch is an ipod which has a high-resolution display, HD video recording, Face Time video calling, Game centre (handheld game console), music (portable media player), personal digital assistant. Also, the ipod enables photo printing, email, access of web pages, wireless stream music, video to apple TV and air play enabled speakers or receivers.
Ipod touch has increasingly continued to thrive hard in the industry by its consistent dynamism over the years through coming up with appealing products, which are also highly competitive in the market. For instance, it revolutionized era of mp3 and the biggest or largest computer companies has major interests in the digital music industry.
In spite of the varied challenges that it has faced in the market such imitators and pirates who flood the market with imitation bringing the quality of the products down. The loyal consumers also loose trust in the products since they cannot substantiate or differentiate them.
The newest ipods are unique from what the market offered earlier on. They are both for instance powered by dual ARM processor and a brand new version of portal player, the music player. Their different innovations have enabled the company thrive very well in the market. Other comparisons and contrasts include:-
The most effective mode of advertisement used by both companies is through printing of adverts, use of the internet for posting adverts since they market their products world wide especially an ipod touch. Ipod touch advertises through the use of television since this gives the viewer a vivid picture of how the gadget works and looks like. Village cinema gold touch uses print media as the basic mode of advertisement.
The two companies are focused on the entertainment market. Village gold class cinema is meant for movie and theatre lovers, and the ipod is multipurpose as it can be used as a phone music device and can also down load movies (Miles & Snow, 2003, p. 66).
The ipod has catered for the needs of different target age groups as it has games for the kids, and other special features can be used by both teenagers and adults. Village gold class cinema tickets for two people are mostly meant for couples.
The costs attributed to the products proudly differ. For instance the manufacturing costs, which determines the selling prices of the products differ significantly. The raw materials used have different costs attached to them and hence the differing selling prices.
Baker, M. J. (2010). The Strategic Marketing Plan Audit: a detailed top management review of every aspect of your Company’s marketing strategy. Axminster, Devon: Campridge Strategy Publication..
Galbraith, J. R. (2005). Designing the customer-centric organization: a guide to strategy, structure, and process. San Francisco: Jossey-Bass A Wiley Imprint.
Miles, R. E., & Snow, C. C. (2003). Organizational strategy, structure, and process . Stanford, Calif.: Stanford University Press.
Orchard, T. (2007). A History of the iPod: 2005 to Present. Low End Mac: Worth It!. Retrieved from http://lowendmac.com/2013/ipod-history-2005-present/
Silk, A. J. (2006). What is marketing? Boston, Mass.: Harvard Business School Press.