Brand Positioning Assignment: Heating Boots for Cold Places by Comfeet Corporation
Question
Task:
Write a brand positioning assignment critically discussing about the marketing planning of Heating Boots for Cold Places by Comfeet Corporation.
Answer
Introduction
The current brand positioning assignment is based on the marketing planning that refers to the idea and approach which an organization attains to maintain the business values and performance in a concise manner. This could be analyzed as the prime necessity to attain the idea about different approaches and values which helps to attract the large market place and business entities. While analyzing the market values of product the most effectual factor which needs to be processed is brand positioning as this approach provides better engagement over the values necessary to be accessed and managed. This particular report will discuss the brand positioning of Heating Boots for Cold Places. To analyze several aspects in the broader manner the competitive analysis will be encountered. Apart from that, the briefer information about environmental perspectives and demand forecasting will also be introduced. The effective market segmentation and positioning statement will also be discussed to grant a concise idea about business performance management.
Product overview
The product is manufacturing by the Comfeet Corporation which is looking forward to introducing the boots which provides heat in the cold places. The product is named as heating boots. This could be defining as the innovation and necessary product for the customers to keep themselves protected from the cold season. The company is mainly focusing on to provide customers with the advantages of attaining the efficient and valuable services. This product mainly focuses on to deals with those requirements of the customers which help them to be protected in the cola season.
Competitive analysis
The competitive analysis includes the information about those enterprises which may affect the business process of Comfeet Corporation. Major competitors of Comfeet Corporation include local brands and authorities. To analyse and manage the competition which may occur while establishing the product value porter’s five forces will be used.
Porters’ Five Forces helps to analyse the values and approaches which are necessary to be analysed and managed while thinking of resolving the threat of competition. There are five different factors which help to analyse the competition values (Dobbs, 2014).
Threat of New Entrance needs to be managed by attaining the changes and management in the quality as Comfeet Corporation needs to attain the changes which will provides with the management over customer’s stability.
Threat of Competitioncould be avoided by the help of attaining the idea of quality management which ensures to attain the advantages of resolving service threats of competition.
Bargaining Power of Suppliers could be avoided or managed by having the good number of suppliers which could be used to attain the raw material.
Bargaining Power of Buyers needs to be managed by delivering good quality on effective process which helps to attain the change management efficiently (Burlton, 2015).
Threat of Substitute could not have avoided but can be managed by attaining the values and quality in the product which helps to access over the uniqueness which could not be copied.
Demand forecasting
Demand forecasting is the approach of analysing previous sales to determine about the estimated growth which could be attained by the future time frame. That can be analysed that the demand of heating boots gets extended in the previous years. By the year 2025 this growth rate is looking to be increased effectually as the marketplace will become much interested towards attaining the products necessary for the management health and wellbeing (Ferreira, et. al., 2016). This can be analysed as the beneficiary aspects in terms of attaining the economic stability in specific business approach.
Environmental scanning
In order to identify the growth and success rates of the products in the market, it is essential that the company would effectively scan its external and internal business environments which make it easy to identify the positive and negative factors for the company so far. Pestel analysis will be helpful to evaluate the external market and its impact on the growth opportunities of the heating boots as well.
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Factors |
Analysis |
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Political |
Political stable conditions and easy business regulations including liberal import export legislations will be helpful to increase the possibilities for the growth of heating boots. |
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Economical |
Since economic stability such as less economic slowdown, effective currency rates and higher economy so far are the few conditions which helps to identify effective working and growth conditions for the Comfeet corporations |
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Social |
In social factors, the demographics as well as the cultural values, diversity has been included. The climate play big role as to increase the demand of the heating boots as well. The living standards and the income criteria won’t be affect to the company as product is basic necessity in winter and easy to afford for each income group as well which helps to understand that the socially, the growth opportunities are high for the company in future so far. |
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Technological |
The more the customers are getting smart about the avail options, the more it increases the possibilities for including new advancements of the technology, as heating boots is an innovative product since it will be helpful if the company to fulfil the demand of the customers as well. |
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Environmental |
Since the company has been using the advance technology, it makes it easy to understand that the product will not make any damage to the environment so far. Since the government and the customers are nowadays getting highly smarter, it will surely increase the possibilities for the Comfeet to run the heating boots company with higher profitability in near future so far (Ho, 2014). |
|
Legal |
In order to become successful, one of the key factors is that the company must have been following all the legislations and rules so that the reputation of the company will be increased in domestic and international market. It is very essential that for making the product successful, company must carry a clean, clear image so rules should be followed as well. |
Specific market segmentation
In order to become successful, it is an essential factor that the company first identifies the target market of the company, as it will make it easy to understand the requirements of that population group which helps to make the proper strategies for product growth as well. As the heating boots are considered as a basic necessity for the all age group people however, it is important that the specific target market will be identified as well.
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Target groups |
Demographics |
Geographic |
psychographic |
Behavioral |
|
Young working adults |
Age group 20 years to 45 years including married working couples |
Urban areas |
Educated, high income groups, priority to the looks and comfort of shoes. Mainly they follow urban lifestyles. |
Regular shopping, prefer online shopping platforms, give importance to the customer reviews as well. |
|
Older/retired age group |
Age group 50 to 80 years, mainly includes males females who lives in nursing care homes |
Urban and semi urban areas |
Limited income sources and gives priority to the comfort level as well. |
Only shops when needed, less preferences to the online payment modes, give priority to their own choices. |
|
School/college going population |
Age group 10 to 20 years who goes to college or school everyday |
Urban areas |
Very limited sources of income or dependability for income on others, give priority to only looks of shoes |
Online shoppers but not very regular, looks will be the first priority so far (Venter, et. al., 2014). |
As per the analysis of the market segmentation, young working adult belongs to 20 to 45 years lives in urban areas who prefer online shopping will be considered as the best specific target market so far.
Targeting
In order to target to the young working adults, it is very important that the company increase its promotions strategy; company includes digital promotions as 20 to 45 years are the prime users of the digital and social media platforms. If the Comfeet chooses these mediums from traditional to advance, for advertisements, it will surely increase their customers reach which brings the customers closer to the companies as well. It will be helpful to increase the demands of the customers which develop more growth opportunities so far (Jalkala and Keränen, 2014).
Positioning statement
The positioning statement provides with the information about an expression which is giving by an organization to maintain the demands of customers. Comfeet Corporation is looking forward to delivering the values and services which provides efficient quality management. The company deals to provide with The Credible Promise of Business to Deliver Effective Quality. Company is looking forward to attaining the changes and innovations which provides with better engagement over the process necessary to involved and managed effectively. This helps to attain the idea about a proposition which helps to attain the changes and innovations which ensures to gain the development and progression.
Conclusion
Effective marketing plan can be defining as the key necessity to maintain the business values and brand positioning in significant manner. in the above study the discussion was related the new introduction of Comfeet Corporation which is heating boots. The study helped to analyse that brand positioning and access over the market needs and values helps to determine about the changes necessary to maintain the process effectually. There was the concise discussion about competitive and environmental analysis of company which helps to access over the business demands in certain aspects. There was also the discussion about demand forecasting and targeted market which helps to attain the idea about marketing values associated with the business management and development.
References
Burlton, R.T., 2015. Delivering business strategy through process management. In Handbook on Business Process Management 2 (pp. 45-78). Springer, Berlin, Heidelberg.
Dobbs, M.E., 2014. Guidelines for applying Porter's five forces framework: a set of industry analysis templates. Competitiveness Review.
Ferreira, K.J., Lee, B.H.A. and Simchi-Levi, D., 2016. Analytics for an online retailer: Demand forecasting and price optimization. Brand positioning assignment Manufacturing & Service Operations Management, 18(1), pp.69-88.
Ho, J.K.K., 2014. Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), pp.6478-6492.
Jalkala, A.M. and Keränen, J., 2014. Brand positioning strategies for industrial firms providing customer solutions. Journal of Business & Industrial Marketing.
Venter, P., Wright, A. and Dibb, S., 2015. Performing market segmentation: a performative perspective. Journal of Marketing Management, 31(1-2), pp.62-83.
