Companies have implemented marketing into their business to achieve organizational goals while obtaining profits for goods or services by strategically planning concepts, prices, and promotions in exchange to satisfy their targeted customer’s needs. Due to the advancement of technology, the internet and globalization many companies are now able to market their business to customers all over the world. Some activities of a marketing department are to create, communicate, deliver and exchange valuable offerings to their current clients, potential customers, and society. “Value is the fundamental concept on which marketing is based. Value is the perceived trade-off between benefits and the sacrifice required to take possession of those benefits—a relationship that changes constantly based on shifting circumstances. All the activities of marketers are essentially carried out to convince would-be buyers that they have found a good value—a satisfactory trade-off—and so should exchange their money for that value” (White, 2012). As a Marketing Manager, I have chosen Olive Oil as the product of choice to be sold in a foreign market. Customers usually purchase a product for its value, known as the customer value equation in exchange for its benefits to satisfy their wants or needs. According to Marketers, when consumers purchase a product it can be categorized in terms of the four utilities of customer value. Basically, “the four utilities of form, time, place, and ease of possession represent what the consumer hopes to get out of purchasing a particular
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offering” (White, 2012). In the first utility of form, olive oil is a product that offers health benefits based on consumers health awareness. Recent studies have shown that olive oil has various uses that can be integrated into a person’s diet on a daily basis to prevent the following illnesses: protection of Heart disease by lowering bad cholesterol, various Cancers (e.g. breast, colon), High blood pressure, Diabetes, Rheumatoid Arthritis, Obesity, Osteoporosis, Alzheimer’s, and Depression. Some of these illnesses are the leading deaths of millions of people worldwide. In the second and third utilities, which are time and place olive oil can be purchased by consumers via distribution headquarters located in California and production facilities in other states. In the fourth utility of ease in possession, we offer different payment plans for example wire transfers, credit cards, and net terms for qualifying wholesale buyers. Most importantly is our 100% back money guarantee, for which we firmly stand behind the quality of our product. In marketing, “campaign development demands a marketing mix based on what a company is selling to a particular target market and how the company plans to reach it. Each campaign strategy will specify a message channel and a value proposition chosen to reach a specific target market and move individuals in that niche to action” (White, 2012). Our strategy of how to promote our product will be through various means of communications. By creating a health awareness of the properties and benefits of olive oil we are not only exposing the product to the health conscious consumers but all consumers in general. This one
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to one message will be transmitted by a mass market campaign as a form of electronic media, such as internet, website, emails, television, radio broadcasting, printed ads on bill boards, catalogs, brochures, and mailing lists (post cards). With all these forms of communications our campaign of advertising and marketing should be clear to all prospect distributors and consumers. The STP approach is essential in marketing because it allows segmentation to identify a potential group of customers, targeting those specific customers through marketing advertisements, and positioning your product to differentiate from competitors. “A market segment consists of a group of people who share a similar set of needs and