Product and placement assignment (1)

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Feb 20, 2024

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Keice Gakima Student ID: 041097473 Product and Placement Assignment The Kardish shop 1. Identify where your market plan product is on the product lifecycle. Explain why you have placed it there. What are the implications for your team’s marketing plan? Kardish is a boutique located here in Ottawa that sells health and wellness products. It is in the mature phase as it has been in business for more than 40 years and it has 8 stores in various locations. According to Robert's (the company's owner) interview with Dave, he stated that they are growing and are focused on improving their product portfolio (Burgess, 2016). The implication of our team's marketing plan is to focus on retaining existing customers by improving the company's marketing strategy. This can be done by promoting the company's products on social media (Instagram, Facebook, etc.) and notifying customers about new products via email or SMS. 2. How might you extend the products' lifecycle? What are the implications for your team’s marketing plan? Since there are many health and wellness products currently available on the market from various companies, the Kardish store can extend the life cycle of its products by: - Improving product functionality: This involves getting feedback from existing users of the product, analyzing it using different metrics, and identifying whether the product solves the customer's problems by validating their ideas before developing it. - Redesigning the product because some customers may not buy the product thinking it is a luxury product or a commodity depending on how it is packaged. - Expanding the business by creating new products or introducing the current product in new geographic locations - Promoting the product At this stage, our involvement should be based on differentiating the company's product from its competitors. For example, the company can enter a new market by creating new products, to be able to grow its business. They can also update the label with a picture of the product and the company name. In addition, they can modify the content of the product by making it more visual and detailed, so that the customer can read it easily and solve their problem. 3. Is the product using a push or pull strategy? Do you feel the current distribution is appropriate or would you change it? Explain your answer. According to Waida, a push strategy is a strategy that is used by managers of firms to promote products that are already familiar to people, whereas a pull strategy is a strategy that is used by

managers to promote a product that people may have never heard before or that is less familiar to them (Waida, 2023). Based on that difference, the Kardish store uses the pull strategy because it promotes the product directly to the end user. This distribution model is appropriate because even though the company is 40 years old, it is not yet known by many people in the city of Ottawa. In addition, the company needs to expand its market by keeping its existing customers first and second by attracting new customers. Therefore, using the pull strategy helps them create demand in the market and increase product recognition and profits.

References Burgess, A. (2017, September 2). Improving health, wellness, and efficiency - made in ott. - medium. Medium . https://medium.com/made-in-ott/improving-health-wellness-and- efficiency-50b579d2e0c3 Waida, M. (2023, May 23). Push vs. Pull Marketing: What You Need to Know . Blog Wrike. https://www.wrike.com/blog/what-to-know-push-pull-marketing/

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