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Business Paper

1321 words - 6 pages

Developing a strong marketing strategy is key to the success of any product, especially in new product development. Identifying your target market. In this case the main target will be pre-teens girls, aged between 7 and 12. Pre-teenagers, also known as tweens or pre-teens, are an especially tricky market to understand due to the conflict between sometimes exhibiting characteristics of teenagers and other times demonstrating attributes of younger children (Toomey & Francis, 2013).
While it may seem like tweens have the purchasing power, parents are the real drivers in tween purchasing. In fact, 72 percent of all tween purchase decisions are made jointly by parent and child, and 19 percent are made by the parent on the child’s behalf. Only 8 percent of tween purchase decisions are actually made by children themselves (Smith, 2013). With parents becoming more and more conscious of what their child is exposed to, consideration must be taken of this when marketing the product. Parents are inclined to look into the culture and people associated with a certain product, before buying it for their young child or allowing it to be bought. For example, if a young boy wants a Galway football jersey. They understand that their child is interested in gaelic football. The parents consider this a positive influence, as the sport encourages physical activity, discipline, team work and a hard work ethic. Parents will find that their child will often imitate an idol they have, suggesting that they have a big influence on product and brand choice (Bush, Craig, & Bush, 2004). A young girl might want a certain piece of clothing because Miley Cyrus wore it. Being aware of the current behaviour and activities of Miley Cyrus, parents are less likely to buy the product as they do not want their child to be influenced negatively. Celebrity idols aren’t the only role models that have an effect on tweens. Peers affect tween’s consumer behaviour by influencing knowledge through pressures to conform (Clarke, Martin, & Bush, 2001). It has been found that 81% of girls use their friends and peers as a source to find the latest trends (Statistic Brain, 2012). Therefore, if product placement is utilized, the choice of modelling agents requires deliberate consideration of the cultural and character associations, in order to appeal not only to tweens, but also to parents. For this the 4 P’s of marketing – price, product, placement and promotion – will be focused on.
Price
The pricing of the product is one of the most critical variables that drive product success. It is often the difference between consumers choosing a competitor’s product over yours. For this, the competition must be analyzed. What price is Boots selling the product? A SWOT analysis will be useful here. The consumer must be analyzed. What are costumers willing to pay for the product? Blush’s innovation process must be analyzed. Can we make a quality product at a competitive price? The retailers must be analyzed....

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