Product and brand development Question 1 How would you monitor the marketing environment for launching a product in a target market ? Answer While talking about marketing environment, The marketing environment consists of all the factors and forces outside marketing that affect the marketing management’s ability to develop and maintain successful relationships with its target customers. Broadly classifying, we can divide marketing environments into two major categories namely •Internal environment •External environment Internal environment The internal environment refers to the company and its existing products, marketing strategies. It also includes the strengths of the company with regard to manufacturing abilities, distribution capacities, and marketing abilities. Internal resources should also be considered while formulating a marketing strategy. External environment External environment includes the competition, other rivals, the market conditions, customer’s tastes and preferences. The list goes bigger than that. Anything can be included under competition. The existing rivals, the possible rivals, the product group rivals, and alterantive products to satisfy that particular need also come under external environment. The government policies including trade policies, restrictions, foreign trade policies also come under this. Availability of raw materials and even the customer mindset at that particular period of time can also be considered a part of the external environment. Further, external environment is sub divided into 1. Micro environment 2. Macro environment For most companies, the micro environmental components are: ? ompany suppliers ?marketing channel firms (intermediaries) ?customer markets ?competitors and ?Publics. The macro environmental components are thought to be: ?demographic ?economic ?natural ?technological ?political and ?cultural forces My product of study for this research is Reebok “easy tone shoe” Talking about reebok easy tone shoe, this shoe is being promoted in world market with a message that if u looking for a weight loss shoe then you need to consider the Reebok Easytone as part of your shopping list. Primarily this shoe is designed to target the fairer sex. With women going more health conscious these days and every lady wants to be in perfect shape, easy tone is designed to work more of your calf, thigh, and core muscles by giving you the feeling that you are walking on sand. This shoes focuses on working out the calves, gluteus maximus, and the hamstrings to enable to burn calories, tone muscles, and lose weight. This is the idea behind the Easytone. The designers of Reebok have engineered a shoe that gives the feeling that you are walking on a dry sandy beach. That is a nice idea, but there is some solid science behind this. Think about the last time you walked on a soft sandy beach, it was hard to keep your balance and you had to move around quite a bit to keep your balance. Reebok has developed their own proprietary technology to take advantage of the benefits of instability training here with this shoe. The Easytone features built in balance pods near the top of the sole and heel to give you a natural instability as you walk. This forces you to use all the muscles in your legs and abdomen and forces them to use more energy and to tone.
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