The market tools would be…………………….. Advertisements (TV) and salesperson? According to the SOOT analysis and market segmentation, a lack of communication with people and the awareness of brand and product were the key problem to Tremor LTD. Only of people know well about Mono Foam and 5% of people are loyal to the brand. However, there are 40% of people don’t know the product before but would willing to purchase it. So Tremor LTD should work on making more people know about the brand and product to increase the potential customers.
Also, Tremor LTD already got the exclusive rights of strutting product from Foam-o. It did not incur any new product development costs like cost for inventory. It saved lots of money for company so that Tremor can use this money to advertise and hire some salesperson. Implement this marketing strategy have mixed results. On one hand, the market share of Mono Foam might be increased. Because advertisements will introduce the function of Mono Foam clearly and make people aware the brand. When people come into the hardware stores, Tremor’s salesperson could recommend Tremor’s products even Mono Foam to customers.
Need essay sample on Market tools ?We will write a custom essay sample specifically for you for only $12.90/pageorder now
It will make more people know this brand and Mono Foam and the sales f Mono Foam and other products of Tremor LTD might be increased. On the other hand, the total cost should be increased because company need to pay for the advertisements and the salary of extra salesperson. It could be a large cost, if the sales of products do not increase much and caused cannot break-even, the company would suffer great losses. The second marketing strategy is selling Mono Foam on line. With this strategy, the product, place and price do not change.
But this strategy extends the sale place, so Tremor could not only sale Mono Foam in physical hardware stores but also on official website and other shopping website. The market target is the people who need insulating spray foam and like shopping on line. Market tools? Official website and shopping websites According to the SOOT analysis and market segmentation, Tremor had an excellent warehousing and distribution system. Also, Tremor had extensive Canadian distribution network. So that Tremor can deliver products to customer easily and timely.
Selling Mono Foam on line has both of advantages and disadvantages. On one hand, Selling Mono Foam on line provides a convenience service to people who need the products and like shopping on line. Customers could purchase the products at home rather than going to physical hardware stores. Also, selling product on shopping websites is a kind of advertisements with low relative price. ) It might extend the customer group and increase the sale volume, because people who like shopping on line could see the products at Amazon, they would know the brand and products and might purchase products if they need.
On the other hand, company need to hire more employees like on-line customer service staffs and workers who are response for delivering, storing and after-sale services. Also, company need to pay to shopping Bessie. So selling on line would increase the total cost of Tremor LTD. Http://semiarid. Ca/articles/what-professional-design-services-cost/ http://smelliness’s. Chronic. Com/much-television-advertising-really-cost-58718. HTML Local television stations typically charge from $200 to $1 ,500 to create a 3()-second commercial.
Hourly Rate http://serve Salary $5. 6 per hour ours per day work days per month work 3 month Total salary for 20 salesperson= Strategy: Mono Foam was positioned as the quality leader. “Mono” was a reputable and established brand name which represented high quality products to customers. High-quality products help the company to keep existing customers, and attract more customers. The company is able to charge premium price from customers. High- quality products help the company to build brand awareness, and brand loyalty as well.
The second strategy is Tremor LTD need to get into Canadian Tire and this strategy will affect the place and price of Mono Foam. It will add a new sale place which is Canadian Tire, and the price need to decrease slightly because Canadian Tire thought the price of Mono Foam was relatively high. The target market of this tragedy is the loyal customers of Canadian Tire and the market tool According to the SOOT analysis and market segmentation, there is was a strong competition in hardware stores and Canadian Tire accounted for 25% to 30% of all hardware sales to consumers in Canada.
If Tremor was able to get shelving exposure through Canadian Tire, this would bring more customers to Tremor LTD. So getting into Canadian Tire would be a good strategy to Tremor. Getting into Canadian Tire has both of advantages and disadvantages. On one hand, this strategy helps to increase the number of customers and sale volume because it added a new target arrest and would attract potential customers who loyal to Canadian Tire to buy Mono Foam.
In addition, if Canadian Tire interested on private labeling Mono Foam, it would help to the promotion of Mono Foam because the customers of Canadian Tire would see the Mono Foam and know about the brand. On the other hand, the price of Mono Foam should decrease to get into Canadian Tire and it means that Tremor must to sale more products than original to break even. What’s more, if Tremor got into Canadian Tire, Tremor would directly compete with two existing brand which were “Assist” and “Great Stuff.