Marketing Products Comfort Cakes by Rodney Rodney Smith MKT 500 – Marketing Management Professor Carrie Colbert May 2, 2013 Discuss the type of product the company will offer and identify its primary characteristics. My company Comfort Cakes by Rodney would specialize in making cakes for events such as birthdays, weddings, anniversaries and other special events. The main specialty that it would offer is the wide range of tastes and designs which may be unknown to the local consumers. My company should also adapt to the best quality standards so that maximum consumer satisfaction is guaranteed.
Comfort Cakes by Rodney will experiment with new fusions of flavors along with the regular flavors that it has to offer to its consumers. An example would be a Raspberry/Lemon frosting or a Lemon/Lime cake. The marketing budget for the promotion and advertising of my company would be allotted mainly from its key investors, since it is predicted to face intense competition from many other rivals in the same line of business. My company must adapt to certain strategies in promotion which will give it an edge over the competition.
This can be achieved by publishing consumer satisfaction cases and other pertinent factors which make the product of my company a much better choice for the new consumers. (Missing Citation) “In order to gain customers at the start of business, the firm must focus on the recent trends and fashions in the society and adapt to them” (Hills, 1994). It must also keep in mind that it should focus on a specific age group which can afford to buy more for itself, such as individuals between the age range of 25 and 35.
The idea of experimenting with new flavors is good once you’ve established your core offering. If the core offering isn’t good, most likely they won’t be coming back. Discuss the service component of the product and how it will be used to enhance the product. “The service component is very essential in any business especially in its starting phases” (McCalley, 1996). For Comfort Cakes by Rodney, the cake makers can choose to adapt to better delivery services and buying online so that it will reach a vast amount of consumers.
With online services, in addition to purchasing, it will also help update information on the customer, their likes and dislikes, and they will have an opportunity to place advanced bookings. Each customer could have the opportunity to pay by soft cash via the internet as well. “Throughout the business world it is more often seen that by properly utilizing the facilities of e-commerce the profitability of the business could be increased drastically” (Hardaker, 2001). Utilizing e-commerce for selection, transactions and advertising etc. could make a big difference. Explain how the product could be expanded to a product line, and the depth and breadth of the line. During the start of the business, Comfort Cakes by Rodney will focus only on making cakes which are the finest quality. After it has positioned itself firmly in the market, only then will I focus on expansion. This expansion can come in various different forms such as: * Giving other choice items—drinks, sweets or ice cream * Non-food items such as cards for all occasions, banners, ribbons, balloons, etc.
Partnership with different companies by selling their products, such as breads, spreads, etc. These would be considered separate product lines or expanding its breadth. All of these particulars will range differently in price. At Comfort Cakes by Rodney customers would have the advantage of “one stop shopping. ” What about depth of the product lines? Determine how the core business may change in response to industry or market changes. “The core business of any firm should change as proportional to the market” (Kasper, 1999).
This is a very important factor concerning today’s harsh economic times. Comfort Cakes by Rodney can organize its service development as well as marketing efforts by focusing on different customer segments. (This is standard marketing. ) This would entail a detailed study of which segment to invest in and which is deemed more profitable in the short and long run. “The firm should be flexible enough to adapt to new ideas and innovations regarding all of its operations such as marketing and promotional efforts” (Samli, 1993).
An example in Comfort Cakes by Rodney case would be free samples to customers or an opportunity to win a cake. This would be a great source of marketing for a satisfied customer to go spread the word about the company. The company should also focus on new innovators alongside emerging markets for any future deals, since grim economic times are present, these innovators and emerging markets are known to help any firm greatly in its survival as well as for earning better profits. (Missing Citation) The idea of adapting to changing market conditions is a cornerstone of the marketing concept.
By understanding what the customer market segment wants, you’ll be able to reposition yourself accordingly. You may want to consider, partnering with a restaurant to provide their deserts and other specialized treats for different events etc. References Samli, C. (1993). Counterturbulence Marketing. Connecticut: Quorum Books. Hills, G. (1994). Marketing and Entrepreneurship. Connecticut: Quorum Books. McCalley, R. (1996). Marketing Channel Management. Connecticut: Praeger Hardaker, G. (2001). Wired Marketing. New York. Wiley Kasper, H. (1999). Services Marketing Management. New York: John Wiley & Sons.