Lecture Notes on Marketing Objectives | EMK 3601 | Study notes Principles of Marketing

MARVIN BROWN

Part 3: Marketing Objectives

A. What are the corporate marketing objectives of the company?

Dorel industries has invested in marketing with new advertising, media, and public relations agency

partners and a multi-million dollar campaign planned this year to support their portfolio of brand all

while maintaining the focus on ROI. This, combined with their focus on developing even stronger retailer

partnerships on both the Mass and IBD sides, will produce new initiatives aimed at enhancing

consumers’ shopping experience. Dorel believes that awareness and education are the keys to helping

consumers find the right products to fit their needs. They strive to inform their target audience about

features and benefits of their products and its competitive advantage.

B. What are the specific marketing objectives of the product/service under evaluation?

Dorel Industries’ products are well-recognized brands that have gained wide consumer acceptance for

their high quality, safety and innovative designs that incorporate state-of-the-art features and up-to-

date fashion. The Safety 1st segment makes products such as: infant bath tubs & bathing accessories,

bed rails, feeding & potty trainers, infant/children's car seats, booster seats, strollers, play yards, high

chairs, walkers, bouncers & bassinets, infant health care products, nursery monitors, security gates and

other safety aids. Since Dorel is the largest juvenile products distributor in its categories in the world

their specific marketing objectives are to continue to promote their product as the safest and most

effective. They consistently strive to decrease or remove potential customers' resistance to buying their

products. For years Safety 1st has had a tremendous amount of passion for the need to establish

themselves as experts. These means being quoted in major trade press, speaking at industry events, and

continue to gain more and more recognition. Their measurable and specific objective is to remain

dominant in juvenile products and to be introduced and or recognized as established experts in the field

of safety.

C. Are the objectives of the marketing plan compatible with the overall marketing objectives of the

company and/or business unit?

The objectives of the marketing plan go hand in hand with the overall marketing objectives of the whole

organization. Dorel takes the trust that parents and caregivers place in Safety 1st and other brands very

seriously. Dorel is fully committed to quality and safety; they spend millions annually in North America

and abroad in quality control and to operate world class testing equipment.

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MARVIN BROWN

Part 3: Marketing Objectives A. What are the corporate marketing objectives of the company? Dorel industries has invested in marketing with new advertising, media, and public relations agency partners and a multi-million dollar campaign planned this year to support their portfolio of brand all while maintaining the focus on ROI. This, combined with their focus on developing even stronger retailer partnerships on both the Mass and IBD sides, will produce new initiatives aimed at enhancing consumers’ shopping experience. Dorel believes that awareness and education are the keys to helping consumers find the right products to fit their needs. They strive to inform their target audience about features and benefits of their products and its competitive advantage. B. What are the specific marketing objectives of the product/service under evaluation? Dorel Industries’ products are well-recognized brands that have gained wide consumer acceptance for their high quality, safety and innovative designs that incorporate state-of-the-art features and up-to- date fashion. The Safety 1st^ segment makes products such as: infant bath tubs & bathing accessories, bed rails, feeding & potty trainers, infant/children's car seats, booster seats, strollers, play yards, high chairs, walkers, bouncers & bassinets, infant health care products, nursery monitors, security gates and other safety aids. Since Dorel is the largest juvenile products distributor in its categories in the world their specific marketing objectives are to continue to promote their product as the safest and most effective. They consistently strive to decrease or remove potential customers' resistance to buying their products. For years Safety 1st^ has had a tremendous amount of passion for the need to establish themselves as experts. These means being quoted in major trade press, speaking at industry events, and continue to gain more and more recognition. Their measurable and specific objective is to remain dominant in juvenile products and to be introduced and or recognized as established experts in the field of safety. C. Are the objectives of the marketing plan compatible with the overall marketing objectives of the company and/or business unit? The objectives of the marketing plan go hand in hand with the overall marketing objectives of the whole organization. Dorel takes the trust that parents and caregivers place in Safety 1st^ and other brands very seriously. Dorel is fully committed to quality and safety; they spend millions annually in North America and abroad in quality control and to operate world class testing equipment.

Part 4: Market Selection and Target Markets A. Describe the firm’s possible market segments. Dorel Industries operates in three segments: Juvenile products, Ready-to-Assemble furniture and Home Furnishings. The Juvenile products segment designs and manufactures children's furniture and accessories including infant car seats, strollers, toddler beds and infant health and safety aids. The Recreational/Leisure segment comprises three distinct operating divisions: The Cycling Sports Group (CSG) division which deals specifically with the Independent Bicycle Dealers (IBD) channel; the Pacific Cycle division which deals with the mass merchant and sporting goods channel; and the Apparel Footwear Group (AFG) which incorporates the SUGOI, Cannondale, GT, Schwinn, IronHorse and Mongoose apparel lines. The Home Furnishings/Ready-to-Assemble Furniture segment designs and manufactures furniture which includes office and bedroom furniture, storage solutions and entertainment and home theatre units. This segment manufactures metal folding furniture, step stools, ladders and other imported furniture items. The Home Furnishings also produces metal folding furniture, futons, step stools, ladders and other imported furniture items. This segment capitalizes on the distribution channels established by Dorel's other business.

What are the characteristics (age, geography, income, lifestyles, etc.) of each of the market segments? The Juvenile products segment has the following characteristics: Parents, Caregivers, and Guardians of young children. Full Nest I (youngest child under 6 -- spend on baby food, toys; buy home and furniture) Dorel can and will effectively reach consumers from all over the United Stated and Canada. The income level of the consumers has a very wide range since the product is very affordable. As far as the lifestyle it will focus on consumers who are safety conscious and seeking great quality in life. The Recreational/Leisure segment has the following characteristics: Full Nest III (older children, -- major expense is college; may travel and replace furniture) Parents, Caregivers, and/or Guardians who have older children in the house or on their way out of the house and are health conscious. They have a very active lifestyle. They show their consumers loads of information like advice on choosing the perfect bike, maintenance tips, and even a little about how your bike can help you become healthier. The Home Furnishings/Ready-to-Assemble Furniture segment has the following characteristics: Full Nest II (youngest child is older than 6 -- spending money on children). As they focus on the future, Home Furnishings/Ready-to-Assemble Products will continue to lead the industry by listening to their valued customers while incorporating innovative concepts into quality, value-added new products. They focus on money conscious consumers located all around the nation.
Assess the potential of each market segment.

Beginning with the total population, various terms are used to describe the market based on the level of narrowing. Total Population. Potential market – those in the total population who have interest in acquiring the product. Available market – those in the potential market who have enough money to buy the product. Qualified available market – those in the available markets who legally are permitted to buy the product. Target market – the segment of qualified available market that the firm has decided to serve (the served market). Penetrated market – those in the target market who have purchased the product.

Why was this target market selected?

Two important factors to consider when selecting a target market segment are the attractiveness of the segment and the fit between the segment and the organizations objectives, resources, and capabilities. For Dorel Industries, in a sense, their products have the ability to reach the whole population in one form or another. There is proven history of the target market paying for the products or services Dorel Industries offers. This speaks directly to the viability of their business.

How does the product or service meet the needs of the target market? The product meets the needs of the target market by listening to the needs of the consumer and delivering exactly what the consumer needs. Safety 1st^ has valuable expertise and experience that it offers. Their target market will want to buy from an organization who are experts in their field. Their target market wants the problem of safety solved. The impact and cost of the problem is big enough that the consumer they will act to solve it and they will rely on the expertise of Safety 1st^ to solve it. C. Describe the purchase decision behavior of the target marker(s). (Who, why, when, how should he answered.) Psychographic Segmentation: In this category the attitudes and lifestyle of the consumers are considered. Also known as the Interests, Activities and Opinions model, it plays a major part in devising successful marketing strategies. The general personality traits of the customers are kept in mind, the values of the people and the attitudes that they have towards Dorel’s products are crucial pieces of information for a marketer, and the hobbies and the perception of the selling company are also necessary to be obtained. Behavioral Segmentation: Here Dorel Industries takes into account the general behavioral patterns of the customers and tries to forecast what reactions they would possibly have to the adopted marketing strategies. The benefits that the customers are looking for, and the value they seek and derive, the degree of brand loyalty and brand satisfaction, the willingness to buy a product, and also the rate of its usage, the profitability of marketing there and also the income level of the targeted customer base. D. What is the general sales forecast for the target market of the product/service?

Lecture Notes on Marketing Objectives | EMK 3601, Study notes of Principles of Marketing

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Download Lecture Notes on Marketing Objectives | EMK 3601 and more Study notes Principles of Marketing in PDF only on Docsity!

MARVIN BROWN