Case study of Fifth Estate Co
INTRODUCTION
Fifth Estate Co. is Tasmania's effective hairstyle product. This is a men's hairstyle product and used for many different reasons such as for the adventurer, the Overland. For the low-key legend, the Bicerin. For the slick city folk, the Oxford. This report will include the market segmentation and positioning of the company's product. This report will also highlight the marketing mix such as product, price, place or distribution and promotion element.
MAIN BODY
The market segmentation of Fifth Estate Co.
Fifth Estate Co.'s hair care product market is strategically segmented to target diverse consumer needs effectively. The market is divided based on application, gender, distribution channels, and end-user industries, ensuring a comprehensive approach to cater to various customer segments. The hair care market is further bifurcated into categories such as hair styling, shampoo, hair color, conditioners, and hair oil. By segmenting according to application, the company aligns its products with customer preferences, choices, and usage patterns, allowing for a more personalized marketing strategy. This targeted segmentation not only identifies potential customers but also enhances customer satisfaction. For those seeking accounting assignment help, it’s clear how vital understanding these market dynamics can be in analyzing business strategies. Additionally, based on gender, the market is divided into male and female segments, allowing the company to cater to specific needs. Regarding distribution channels, the hair care market is classified into hypermarkets, pharmacies, and e-commerce, each offering unique advantages in reaching different customer bases.
Positioning of Fifth Estate Co.'s hair care product
Positioning is a main tool for a great product marketing. Positioning helps the company's product to develops an effective brand image. Company should have to make sure that the customer will believes, embraces and understand the product's value and brand. The effective market positioning of Fifth estate co.'s hair care product means product has great position and recognition in the market. Positioning is a effective marketing strategy that assists in creating attractive product image in customer's mind. Positioning helps in differentiate the product and another competitors products. The great product positioning strategy assist the company to achieve great market share and enhance profit and sales. There are various strategies that can be used by company for successful product positioning such as First mover strategy, multi brand strategy and targeting demographics strategy. The perfect brand positioning of the hair care product of Fifth estate co. gain the customer's attention. It also helps in immense growth of sales and profitability.
Product element of marketing mix
product is the main element of marketing mix. The whole functions of the company is totally dependent upon the product and its quality. The Fifth estate co. has various hair care products like Classic pomade, Matte clay pomade, Sculpting wax, Beard balm, Beard oil etc (Thieu and et.al., 2017). The product's effectiveness and attractiveness encourage the customers towards the purchasing company's products. They will be attracted by the product quality, packaging, name, support and design. The customer's buying behaviours is totally influenced by their purchasing experiences. The company needs to ensure about the customer's desire and expectation about products.
Price Element of the marketing mix
Price is the another most effective mix of the marketing that directly affect the customer perception. In hair care products customers are very conscious and concern about the product outcomes (RowleyE., 2017). So for Fifth Estate Co marketing mix company should make this product with high quality ingredients by fixing the high prices tag. High price always showing brand quality and premium quality services. In order to promote this product company should have to try or adopt premium price strategy instead of cheap pricing strategies. Otherwise, low prices has always set for cheap or low quality products. Besides, that prices are the foremost element in marketing mix which can help to attract buyers towards the product or services and gain the high advantage results and making the things more influencing and long lasting in different manner. Also, premium prices represent the company premium image in front of the other marketers.
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Place/Distribution element of marketing mix
Place/Distribution is the another significant element under which customers get the final product or services. Place relate the location where buyer exchange the goods and services in the consideration of particular amount (Fan, Lau and Zhao., 2015). In present time, companies major deals through online sites. Also they tried to make the the things more influencing and more energetic mind of way. Place of selling product is online. This is the best option for the customers to buy a product from anywhere and from anytime. E-commerce is the most significant platform where the national or international buyers interact with the multiple brands and also they tried to get the the things more frequent and in speedy manner. Besides, that it tries to form a result more far and also provides the fast services. So the place of distribution also might be play a very important role in marketing mix to get the customer attraction.
Integration of marketing theory by discussing the function of the promotion element of marketing mix
Promotional element and function is not an individual activity as it is a combination of several activities and methods of communication which are being used by the company to attract wider range of customers. The activity and process of influencing people and introducing them about the company's products is called promotion. Marketing mix has mainly 7 elements in which promotional element plays a vital role because it is responsible for increasing sales of the company.
Integrated marketing is an approach that try to create a seamless experience for customers to interact with the company (Stead and Hastings., 2018). For providing health care services to people in an effective manner. Some roles and functions of promotion give several benefits such as it provides appropriate informations, build sales, increase brand awareness and increase customers traffic as well. For making this element more successful, it is important for the company to select the right tool as promotional strategies.
CONCLUSION
From the above study it has been summarized that marketing mix and its all elements played a vital role for increasing sales and attracting customers. Further, this study has also shown increasing importance of segmentation and positioning by which company know that who is their potential customers and their position in the market as well.
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