Marketing home work Essay Example | Topics and Well Written Essays - 500 words

Marketing home work - Essay Example In a highly competitive environment of cut throat business, creating and keeping customers therefore becomes vital ingredient of the market strategy of the firms. Saxonville Sausages is a prime example of how brand strategies were used to position their product in the market. They had targeted family and homemakers who relished home cooked food. The advertisements showed women using Saxonville sausages to make different dishes and enjoying it with family. Thus it was able to create a niche market position. Through right positioning, it was able to revive its declining profits (Mullins & Walker, 2009). Mountain Man brewery case, on the other hand emphasizes the need for new product to meet the challenges of time. Mountain Man is established brand of lager with regional specialty that primarily caters to the niche market of coal miners. Its brand equity is associated with long history of coal mining and has a loyal customer base which now is elderly populace. The new light beer would meet the tastes of young generation but fears that it could threaten its brand equity. But this is a risk which the firm must take to maintain its competitive advantage in the industry. Market research is intrinsic part of business strategy that is used to identify and analyze changing customers’ requirements which the firms meet through new product development or value addition (Vandermerwe, 2004; McKenna, 1991). The buying behavior and surveys are important tools for qualitative and quantitative analysis that help deintify the changing trend of the consumers. For example, qualitative study would show that coke is a favorite drink but diet coke is preferred more because of its low calorie. On the other hand, quantitative research would indicate that coke is more popular than Pepsi. Various firms like Redbull, Reebok, Nike have used market research to identify their requirement that was used for new product