Factors Affecting Marketing Strategy Essay Example | Topics and Well Written Essays - 1500 words

Factors Affecting Marketing Strategy - Essay Example The product type dealt with in this study for the development of advertising campaign is â€Å"Off-Brand Cereal,† which has a low involvement. Low involvement products refer to a set of products wherein the consumer takes the decision to purchase or consume it based on less information, as the products are used on a regular basis and have a relatively low price as compared to other products. Low involvement is when the need for the product is recognized and a purchase is made without much knowledge. Consumers normally involve in the routine response behavior which is immediate purchase and also deal with impulse purchase which is buying of products without planning while making low involvement decisions. The price involved is for off brand cereal is low as compared to other products such as cars. Moreover, the low involvement products have less advertisement as these are the products that are used on a regular basis by nearly every individual. The quality of the product has no thing to do with the price or the advertisement as the new product launch requires a clear focus on promotion to reach the public even if it is of low involvement. The marketing strategy used for the off brand cereal selected will be the mimicking an existing campaign of a famous cereal brand. The reason for using the option of mimicking of the existing brand’s strategy is because of the success story of the brand. The way branded product influences the consumers to select it along with meeting the requirements of the target market segment would be keenly considered while developing action plan for off brand cereal (Tanner & Raymond, 2012). Market Segment of Cereals Users Focused The target market for the cereal based products such as cornflakes are usually children from the age group between 6-14 years. The market size of the consumer of the morning cereal as per the United States census of 2012 is 37,022,425 children (American Path Finder, 2012). In this regard, the target consumers are the children. In order to make the product aware and increase the sales, advisements must be generated keeping in mind the population targeted. As per data, it is evident that in the earlier years, the marketing strategy was not as important as the current situation. According to the data of 2003, the target segment was nearly 26,251,000 children, which is much lower than the current market size (Fields, 2004). The advertisement campaigns at that point of were less aggressive as the level of competition was less. Today, in order to place the non-branded products, a lot of promotion and advertisement is required to meet the growing demand of present and future. Moreover, with the growing trend of the prospects by 2025, the projected target market is expected to grow further to 114,052,000 (United States Census Bureau, 2012). The factors that affect the market segment of the cereal consumption include the price of the product which is strategized to meet the requirement. The quality of the product which is of significance for the health issues of the target segment. And, establishing a brand awareness of the product in the mind of the parents is crucial as they make the purchases based on their income and status. The purchasing behavior of the product depends on various factors, such as the price of the branded products and the quality of the food as it is largely consumed by