Free Custom «Marketing Strategy for Products» Essay Paper

Maprick is a fashion clothes that is offered by Fanteck Company. The production is dresses for women and its introduction to the economy was facilitated by the volatility in the fashion industry. New clothing is introduced to the economy; therefore, there is a need to be competitive in the economy. The primary characteristic of Maprick is its existence in different sizes. With respect to the purchasing systems in the economy, Maprick exists in varied sizes in order to cater for the diversified tastes and body sizes of the population. However, designing a unique standard for the sizes depends on the supplier and it can be hectic to devise a unique standard for the sizes.

In addition, the product is manufactured in different colors. Colors mostly change for a new season; due to, for example, international fashion presentations. Existence of different colors and sizes prompts for different cuts on Maprick. Indeed, various individuals have different tastes of cuts on the clothing; therefore, providing a fashion clothes with varied cuts that enhance the consumer to select the desired design increases the consumer base in the economy (Okonkwo, 2007). The other characteristic that differentiates Maprick from other products in Fanteck Company is its seasonality. The demand for the product is attributed to the seasons. Ideally, fashion products are usually classified into summer and winter products. The classification depends entirely on the company’s assortment of the product. Therefore, in this case, Maprick will be highly demanded during the summer, but its demand will be drastically affected in winter.

 

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Competing companies often adopt quite different branding strategies in order to realize their strategic goals. Branding is the most vital decision that the management must consider. A brand is a combination of names, symbols, terms and/or design that identifies a given product in the economy (Hartline, 2010). The brand name should be unique so as to enable consumers to differentiate it from other products. In initiating Maprick’s product brand strategy, the company analyzed the economy to determine the brand name that will be appealing to consumers. As the target consumers were from the United States, the use of Chinese or Japanese names would have had an adverse impact on the product’s success. The branding strategy that was undertaken on Maprick aimed at succinctly capturing the market for the product. It also endeavored in providing quick information to the consumers on the importance of the product in the economy. However, the product brand can be irrelevant when the information on the existence of the product does not reach the targeted consumers; advertising the product is a core factor (Gelder, 2005). In addition, the branding strategy for Maprick was aimed at provided a clear distinction between the other products in the economy. In branding the product, consistency and effectiveness of the product should be easily configured by the consumers.

A product line consists of various products that are related, either by functioning in the same manner, its target consumers are the same, its target market is the same or it falls in the same price range. The decision on each product line needs a marketing strategy. Fanteck Company assigns a person to manage each product line in order to realize its strategic goals. Product line manages to decide on the length and breadth of the product line. A product line that is too short will necessitate the company to increase its profits by adding new products in the economy, while too long line implies that the company can only increase its profits by dropping items (Doyle, 2008). Fanteck Company aims at increasing its profits and this can be achieved by adding new products — Maprick products — in the economy. The company wants to be positioned as one of the full-time companies and seeks to increase its market share and growth. However, addition of Maprick in the system has added several costs: design and engineering, inventory carrying, manufacturing changeover, order processing, transportation and promotional costs. The current company initiative is to overhaul the line piecemeal or in one fell swoop: product line modernization. A piecemeal approach allows the company to see how consumers and dealers take to the new style before changing the whole line. Piecemeal modernization causes minimal drain on the company’s cash flow. However, piecemeal modernization can easily allow competitors to see changes and start redesigning their own product lines.