Marketing Considerations for Quaker oats
The art of marketing starts when a product is produced, and stops when the product is transferred to the open market. Marketing strategy determines how a product is sold. A well-planned marketing strategy influences the sale and profit of products. For product such as Quaker oats, the market is a homogenous one and the chance for a close substitute is slim.
Quaker oats is a seasonal product, and that means it sells better at varying times. The presence and sustainability of the product can guarantee its sale for a very long time (Chris & Dale, 1997). Thus, a good marketing strategy defines how such a product will thrive against all the odds in a competitive market. The marketing mix for Quaker oats includes the product, time, place, customer, convenience shopping, and specialty.
The Customer’s Importance
The most important variable for a product to sell is the customer. Market demographics divide the population size of the market into subgroups. For Oatmeal Company, the market demographics cut across all ages. Children and the aged are the major targets for the product. Remember, that the best way to sell a product is to have a customer friendly product. The appeal a product can give to the customer can influence the market value of the product.
Market segmentation is considered when products are homogenous. The market is divided into various segments such as the standard of living of the population, the location of the customer and the satisfaction that the customer derives from consuming Quaker oats. One key market consideration for Oatmeal Company is that the product must be designed specifically for a target group. A customer, who is aware that a product is made for him, will be convinced to buy the product (Chris & Dale, 1997).
Product Differentiation
A well package product can influence the customer’s appeal. The price and the content color contribute to what is referred to as a well-packaged product. The customer is willing to buy a product that has a perfect market mix, or that is packaged with the essential characteristics of a high quality product.
Thus, a good market executive will consider a combination of variables to get a perfect product characteristic that will meet the customer’s need and satisfaction. The availability of Quaker oats at all times will influence a customer’s desire to patronize the product.
The price of the commodity determines how much sales and profits are made on the product. This variable is critical in selling any product. The customer is motivated by the price of Quaker oats and that influences his willingness to buy, and forget other close substitutes. If the price of Quaker oats is high, it will drive away customers and that will reduce sales. The price variation is a difficult aspect to consider, because it is the quickest way to either lose a customer or make a profit (Chris & Dale, 1997).
Product promotion
A promotion of products is as important as adverts for the product. Customers are vulnerable to aggressive marketing. Therefore, telling your customers that you have the right product for their satisfaction and that you can give them pleasure can influence the sale of Quaker oats. The location of your products is a tool in a marketing mix. The environment where the products are sold can also influence the sale of the products. Thus, in market consideration, the location should be a priority task.
A good marketing strategy is one that is recent and effective. Information influences both the customer and the producer. The packaging, branding, labeling, and product differentiation can be fully harnessed if recent market information’s are collected (Chris & Dale, 1997). The market demographics must be updated on a regular basis, thus making it the most efficient tool in marketing.
Reference
Chris, B & Dale, M. (1997). Niche Marketing Considerations. Web.