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Marketing: Consumer and Industrial Products
Introduction
Consumer goods are defined as movable commodities that are created and sold to fulfill the requirements of a buyer. This is why these commodities are sometimes known as finished goods or end items in some circles. They are items that customers can frequently discover placed on the shelves of retail establishments. As a result, a shopper can buy them for use in the workplace, at school, or in residence, as well as for entertainment or private purposes (Hawkins and Mothersbaugh, 2020). The market for consumer products, which industrial merchandise helps to manufacture, determines the need for the industrial goods themselves.
Industrial goods are factory products and can be divided into production and support items. Productivity goods are utilized in the manufacturing process of an end consumer good or commodity. In contrast, support goods assist in manufacturing consumer goods such as equipment or machinery (Hawkins and Mothersbaugh, 2020). From the above difference in explanation of consumer versus industrial commodities, the Converse Chuck Taylor All-Star Sneaker can be classified as a customer product. The justification for the selection is that it is a high-value product manufactured and acquired to meet a purchasers desires. In addition, its demand is elastic, meaning that if its price hikes, its consumption may decrease, and the consumer may switch to a competitor.
The Five Product Levels Model
The Five product levels framework offers a means to illustrate buyers multiple levels of commodity need. These requirements vary from fundamental to mental, and at each component level, more value is included for the client (Cant, 2011). The key benefit is the necessity and desire satisfied by purchasing the goods. Converse sneakers, for instance, have a thin, non-cushioned sole that places individuals nearer to the ground so that when they nudge through their heel in, assume, a workout. They utilize their energy more effectively to move the poundage rather than wasting it competing through the strands of cushioning.
The Converse Chuck Taylor All-Star Sneakers physical layer consists of the item characteristics that the client will employ to determine and make selections. They encompass the products features, performance, trademark, design, and marketing. Converse Chuck Taylor All Stars must be constructed using heat-resistant components, such as suede, leather, cotton fabric, and metallic equipment. The Converse Chuck Taylor All-Star Sneakers merchandise picture is the model of the item, including only the traits or qualities essential to its functionality. For example, the product contains two holes that permit air to flow and prevent customers feet from becoming excessively sweaty.
Converse Chuck Taylor Product Life Cycle
The Converse Chuck Taylor All-Star sneakers are in the growth stage of the product life cycle. The justification for the above answer is that during this phase, buyers have acknowledged the items presence in the industry, and purchasers are commencing to purchase the product in earnest. The consumption and profitability of the product have been increasing, preferably at a steady rate. Moreover, the commodity market has grown, and rivals have emerged by mimicking the items design. The products promotional activities have frequently changed from gaining consumers buy-in to creating a brand presence so that consumers will prefer Nike Inc. over rivals in development. Finally, with its high demand, Nike has expanded by establishing new distribution networks for the good through adding extra functionality and support programs.
Price Elasticity
The price elasticity of demand determines the fluctuation in a products utilization in response to an alteration in its price. If the consumption of sneakers fluctuates significantly in reaction to price movements, it is elastic. Price elasticity of demand captures variations along a demand curve since it demonstrates the sensitivity of quantity needed to a shift in price, supposing that other variables that impact demand stay constant (Mateer and Coppock, 2021). The cost and amount required move in a reverse direction along a demand curve with a decreasing slope; hence the price elasticity of demand is always negative. A positive proportion alteration in price corresponds to a negative percentage variation in need, and vice versa. This signifies that the item must have a near equivalent on the marketplace for the interest in sneakers to be elastic (Mateer and Coppock, 2021). For instance, if the price of sneakers significantly increases, their demand will fall as consumers seek cheaper alternatives. Therefore, if its costs are lower than its competitors, its demand will expand substantially.
On the other hand, the price elasticity of the supply of sneakers assesses the adaptability of supply to an alteration in the price of a commodity or service. According to the fundamental economic concept, a goods supply will grow as its cost increases (Cant, 2011). In contrast, when the cost of a product drops, its production will fall. As per the supply principle, there is a direct correlation between the quantity supplied and the value of an item. Therefore, Nike Inc. would be willing to supply more sneakers when its prices are higher and vice versa.
Relationship between Flexibility, Inventory, and Customer Satisfaction
Flexibility in customer relations entails the ability to adapt to circumstances, as each consumer has specific requirements, and versatility capabilities refer to the capacity to manage the characteristics of each client interaction efficiently. It enables businesses to meet demand as it arises instead of anticipating sales and responding to future requests. For instance, logistics flexibility encompasses numerous tasks, such as coordinating incoming and outgoing deliveries, offering production support, and coordinating these efforts by providing pertinent data (Cant, 2011). With logistics flexibility, Converse managers could postpone commitments, implement change, and fine-tune distribution to suit specific consumer requirements.
Inventory management frameworks are created to track product availability, establish acquisition timetables, and eliminate outdated or unsold stock. Merchandise availability is only one method that an inventory administration system strives to increase customer satisfaction (Cant, 2011). Effective inventory management reduces the time required for Converse managers to meet demand. If the companys inventory is used to monitor sales volume, increasingly noticeable items can be stocked and available to satisfy any order information immediately. In addition, Converse executives will be able to maintain client satisfaction with returned goods thanks to inventory management. When a good is returned because it was defective or dead upon receipt and is still under warranty, the company can negotiate with the producer for an immediate exchange to satisfy the clients (Cant, 2011). To preserve customer loyalty, Converse management should maintain stock levels that track their return levels.
Marketing Communication Tools
The following marketing communication tools would be essential for Converse managers to boost their sneakers sales. Social networking is vital to maintaining a profitable business and communicating with clients. It is a potent communication, marketing, and sales tool that Converse managers can use to obtain consumer insights and establish great partnerships. They can employ a few platforms or have a footprint on them according to their company requirements. Social media is also a paradigm for customer service, allowing them to publish news and announcements about footwear, conduct promotions, polls, and sweepstakes, share their blog pieces, and distribute relevant content to their audience.
Moreover, advertising, whether commercials, radio, television, posters, or paid media platforms advertisements, remains one of the most effective advertising strategies. Managers of Converse will market their sneakers to prospective customers through this communication style. This marketing applications premise is that it serves two primary functions: brand recognition and sales. Using internet advertising, Converse will receive instant responses, engagements, and purchases, as well as comprehensive statistics. Lastly, if Converse managers wish to develop face-to-face interactions with their consumers, direct marketing is an essential promotional communication method. Trade exhibitions, booths, distributing flyers, door-to-door buying, and in-store selling are the most effective methods for personal selling. Converse can persuade prospective clients, collect feedback, discuss their requirements and concerns, and provide immediate solutions regardless of whether they sell actual products.
Marketing Communication Trends
Personalization is a prominent trend in marketing and e-commerce communications globally. This method enables managers of Converse to reach consumers with personalized content and promotions. As a result, shoppers who visit their online marketplace will get product suggestions based on their preferences and past purchases. Video marketing is universally recognized to be the future of the promotion sector. No firm can use video as an afterthought in their strategy. It offers a tremendous opportunity to interact with a larger audience and establish credibility. It aids in providing clients with a better understanding of a firms brand and endears it.
In addition, virtual conferences are a cost-effective approach for companies to expand their audience and raise brand recognition. Virtual event performance is intimately connected to the quality of a companys video content and the availability of adequate funds to compete in this channel. Finally, augmented reality and virtual reality are ideal for allowing customers to become more familiar with the items they intend to purchase. Converse management could employ augmented reality capabilities to assist clients in determining if a particular sneaker meets their demands.
References List
Cant, M.C. ed. (2011) Marketing management: a South African perspective. Juta and Company Ltd.
Hawkins, D. I. and Mothersbaugh, D. L. (2020) Consumer behavior: building marketing strategy. New York, NY, USA: McGraw-Hill Education.
Mateer, D. and Coppock, L. (2021) Principles of microeconomics: COVID-19 update with registration card. WW Norton & Company.
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