Research Articles Base: Briztek Company

Analysing Marketing Opportunities: BrizTek Company

Analysing Marketing Opportunities: BrizTek Company Introduction             Briztek Company is a company that specializes in different electric appliances such as oven toasters, washing machines, dishwashers etc. Recently the company had decided to expand their line of product by developing their very own refrigerator. The said line of product will be launched to the public within this year.             The aim of this paper is to show the different important factors and aspects that can greatly affect the marketing activities of the company towards their newly developed product. It will handle the different issues that pertain to the economic, demographic, cultural, natural, technological and political aspects that will have a great affect to the marketing strategies of the company. The Macro Environment Economic             One of the primary economic factors that might affect the demand for refrigerator is the growing industry of house construction and property development in the said country. The said demand for the said industry has a connection to the growth of the population of the country. New residents adapt into demand for new housing at a rate of about 2.7 persons per house. According to Salt (2006), there are total of 24,000 demands for new house in Melbourne alone. It is also affected with the urge of the people to reside in the in the city or metropolitan.             In Adelaide, there are total of 19,000 new houses that were built. In addition to that, in Brisbane there are total of 19,000. In general, there were about a total of 7.696 million houses and other establishments that are being built in the country, garnering a total number of 125,000 rates per year. The said rates signify the growth of the property industry of the country (Salt 2006).             The said statistics shows that there will be a great demand for new refrigerator due to the fact that the rate for the housing and property development industry in Australia is growing. It also means that the company will be able to target those said percentage of people as their market. That is due to the fact that, that consumer will be the one to pursue to own a new one.             In addition to that, the statistic shows that most of the people prefer to reside in the metropolitan, and shows that most of their target customers will be in the city. It gives the company the idea that they must focus their different marketing strategies such as advertisements and the likes in the city. Demographic             Population or the size or number of the people in a certain place is one of the most important factors that can affect the marketing strategy of companies. Australia is considered as somewhat large country that has an area that is similar to the United States (Harrington & Wilkenfeld 1997).  As of September 30 of the year 2007, the population of the said country had increased to 21, 097, 100 persons. The said statistics had increased by 318,500 persons from the statistics of September 30 of the previous year (Australian Bureau of Statistics 2008) (see appendix A for the complete list of population per area).             The primary concern of the company when it comes to demographic factor is that most of the heavily populated areas in the said country has the climate that is very mild for a large part of the year, that is why few houses are centrally heated or cooled. That is why the company must develop a refrigerator that will operate satisfactory for extended periods for the temperature as low as 10 °C and as high as 35°C, and in some extreme cases as high as 40°C (Harrington & Wilkenfeld 1997).             Another important factor that might affect the demand for refrigerator is the fact that the percentage or the number of married men and women in the said county is declining. The Australian Bureau of Statistics had showed that the marriage rate for those unmarried population had fell during the 2001 to 31 per 1000 of unmarried men and 28 for 1000 unmarried women from 35 and 32 (Australian Bureau of Statistics 2003). In addition to that the number of the unmarried person had risen to 4.9 million in 2001. The divorced person had also increased to 1.12 million in the same year (Australian Bureau of Statistics 2003). The said statistics showed that the company will have to take consideration to their customers who are living alone. It means that they have to release refrigerators in small sizes. This is to meet the demand of their possible and targeted total of 6.02 million markets.             In addition to the said statistics, in the number of the households in Australia, the lone person household is considered as the fast growing. In connection to that, the ageing of the population is one of the most important factor, that is due to the fact that more particularly, older women are more expected to live alone than other. The Australian Bureau of Statistics had projected that in 2026, the number of the lone person household will increase by 57% up to 105% or between 2.8 million up to 3.7 million households (Australian Bureau of Statistics 2004) Cultural             Due to the effect of the hot weather, most of the families in Australia are spending their time together, outside their houses. Particularly, families are spending their time in their verandas and barbecue. This can be helpful for the company in creating small sizes of their refrigerator that will be useful and adaptive to outdoor environment. The company must also make their type or refrigerator that is good or appropriate for drinks and the like containers that will be a great help for those family who wants to celebrate and drinks in their verandas as well as outside their houses.             In addition to that, the company can also engage or sponsor different celebrated event in the country such as the Boxing Day that is celebrated after the Christmas day. Boxing Day symbolizes the foundation of Sydney by the use of Hobart Yacht race. In addition to that, tens of the thousands of the Sydney-siders will gather in order to see the Yachts begin their 628 naval mile drive to the Apple Isle (convictcreations.com n.d.).             Another important aspect is that the company can use the different thinking of the Australian to their preliminary advertisement. It is to use the history of the inventions skills and knowledge of the Australians. By connecting the history of James Harrison, when he first introduced his refrigerator by using the principle of the vapour compression to the current product of the company, it will create a dramatic effect to the Australian by boosting their egos and patriotism (convictcreations.com n.d.). Natural             Australia is just like any countries that are located in the southern hemisphere that follows the four seasons: summer, autumn, winter and spring (Australian Government Culture and Recreation Portal 2008) (see appendix C for the details).  Due to the fact that the country is a large nation, the weather varies from different part of the country. The north is considered as the tropical regions where in the people suffer from high humidity as well as high temperature and mostly distinct wet and dry season. On the other hand, the people in the center of the country are experiencing dry, desert with high temperatures as well as low amount of rain. Lastly, in the south region, the people are experiencing moderate rainfall and temperature that ranges from hot to cold. Generally, Australia can be considered as hot country. As a matter of fact, the Australian Christmas is celebrated in the middle of summer (Australian Government Culture and Recreation Portal 2008).             The said weather condition of the country shows that it is feasible for the company to sell their new line of product due to the fact that the hot weather will lead or push the customers to buy their own refrigerator in order for them to have cold drinks. In addition to that, the fact that the people are celebrating their Christmas during the midst of summer, it is important for them to stock different foods and raw food that they will be using for different celebration.             In addition to that, the company can use the theme of hot weather for their different marketing strategies such as television, radio, internet as well as billboard advertisements. Technological             The use of the Internet will be the most helpful technology that will help to improve the market value of the product. According to the ITU or International Telecommunication Union, the number of the Internet users in Australia has reached 15,300,000 as of December of the year 2007. The said statistics is equivalent to 74.3% of the overall population (Internet World Stats 2007). In addition to that, according to the Organization for Economic Co-operation and Development, there are about 4,700,200 broadband subscribers as of September of the year 2007, taking the 22.8% of the entire population (Internet World Stats 2007).             The said statistics shows that more and more Australian are into the advent of the Internet, it means that e-advertisements is one of the most helpful marketing strategy or method that can be used in order to communicate with their customers. Advertisements in different popular or famous search engine such as Google, yahoo, msn, etc will be helpful for the company to let their target market to know more about their product. Political Australia had implemented their labeling standard. Energy labeling for refrigerators as well as freezers became mandatory during the late 1986 (Harrington & Wilkenfeld 1997). The energy labeling program of the said country focuses on own standard of Australia. The said standard is use in order to test different procedures that will help to measure the energy consumption as well as to set the minimum performance criteria that a certain appliance must meet before it will be able to qualify for the labeling. The said law will affect the development of the product due to the fact that the refrigerator of the Briztek Company must comply with the standard that has been set by the standard giving body (see appendix B for the Performance Requirements). In the case of the product of the BizTek Company, they must make sure that their developed refrigerator must meet the performance requirement that had been set, and that is to be a operate in pull down manner. In addition to that, it must also reach the specified internal temperature or 43 °C ambient within 6 hours. Furthermore it must also maintain the specified internal temperature under the wide range of the external temperatures (Harrington & Wilkenfeld 1997). Another important thing is the Minimum Energy Performance or the MEPS. MEPS is somewhat connected to the energy labeling, the primary focus of the said standard is to ensure that each and every appliances will follow to the specific amount of consumption of energy. With accordance to that law or standard, the new product line of the company must make sure that it will follow the given or the allocated energy consumption rate. Conclusion             According to the analysis of the different macro-environmental aspects of the new product of the company, there are different features and issues that Briztek Company must focus in order to ensure that they will be able to launch their product in effective way, as well as they will meet the demand and the tastes of their customers. With accordance to the economic aspect, the main advantage of the company is the growing demand for housing and asset development industry. In terms of demographic, the statistics about the growing numbers of the loner household size indicates that most of the Australian will demand for a smaller or more personal refrigerator. The growing number of the unmarried Australian also shows that it will be appropriate if the company’s marketing mix will also focus to those bachelors and bachelorette of the said country. In terms of cultural, the hot weather of the country will serve as a motivator for the customers to have refrigerator. On the other hand, a special type of refrigerator, which is for bottled drinks alone, will also be a great help for the customers who wants to spend their time outside their houses with their family. Another thing is that the company must also focus in sponsoring or engaging in different events or festivals in the said country in order to inform the public about their product.             The hot weather of the country can be used by BrizTek as their primary theme for their different marketing activities. In terms of technological, the use of the Internet will be helpful in order to spread the information about the product in more convenient way. It will also help if the company will engage into direct online selling. In terms of political, the company must be able to obey the rules as well as the standards and protocols of the country with regards to energy issues and the likes.   Reference   Australian Demographic Statistics, Sep 2007 2007, Australian Bureau of Statistics, viewed 27, March 2008, from http://www.abs.gov.au/AUSSTATS/abs@.nsf/ProductsbyCatalogue /6949409DC8B 8FB92C A256BC60001B3D1?OpenDocument   Australia: Internet Usage Stats and Telecommunications Market Report 2007, Internet World Stats, viewed 27, March 2008, from http://www.internetworldstats.com/sp/au.htm   Australian Traditions, convictcreations.com, viewed 27, March 2008, from http://www.convict creations.com/culture/traditions.htm   Australian Weather and the Seasons 2008, Australian Government Culture and Recreation Portal, viewed 27 March 2008, from http://www.cultureandrecreation.gov. au/articles/weather/   Harrington, L & Wilkenfeld, G 1997, Appliance Efficiency Programs in Australia: Labelling and Standards, Energy & Buildings, vol. 26, no. 1, pp. 81-88   Household and Family Projections, Australia, 2001 to 2006 2004, Australian Bureau of Statistics, viewed 27, March 2008, from http://www.abs.gov.au/AUSSTATS/abs@.nsf /ProductsbyCatalogue /0AAC8 BFAE9DD3241CA2568A90013942A?OpenDocument   Marriages and Divorces, Australia, 2002 2003, Australian Bureau of Statistics, viewed 27, March 2008, from http://www.abs.gov.au/AUSSTATS/abs@.nsf/ProductsbyCatalogue/8 93C1288678FD232C A2568A90013939C?OpenDocument   Salt, B 2006, Fridge Outlets Mark Hidden Growth Areas, The Australian Business, viewed 27, March 2008, from http://www.theaustralian.news.com.au/story/0,20867,20604390-25658,00.html                                           Credit:ivythesis.typepad.com

Analysing Marketing Opportunities: BrizTek Company

Analysing Marketing Opportunities: BrizTek Company Introduction Briztek Company is a company that specializes in different ...

Marketing Strategies of Briztek Company Australia – New Refrigerator

Introduction             The company given focus was Briztek Company in Australia, which specializes in different electric appliances, such as oven toasters, washing machines, dishwashers, etc. and decided to expand their product line by developing their own refrigerator. Major trends include analysis of the economic, demographic, cultural, technological, and political aspects affecting the company. Economically, its advantage is the growing demand for housing and asset development industry. Demographically, the growing numbers of loner household size and unmarried Australians increase the demand for the product. Culturally, the hot weather serves as a motivator for the customers to buy the product. Technologically, the use of the Internet will be helpful to disseminate the information regarding the new product, and politically, it must comply with the standards and protocols regarding production.   Target Market             In order for the company to satisfy and provide for the needs of its consumers, it must be able to identify their different characteristics and needs. This is because customers look for convenience, cost and quality of a commodity, thus, organizations must be able to concentrate on their technology and capabilities in order to provide and deliver customer satisfaction, which would be essential for the success of the organization in the market and in its industry. Analysis of the target market of the Briztek Company and its new refrigerator involves taking note of its target market through segmentation variables, such as Demographic variables, Geographic variables, Psychographic variables, and Behavioristic variables. In terms of demography, the target market of the company includes the lone person household, such as the unmarried, single, and divorced men and women in the country, which continually increases. In terms of geography, the target market of the production includes the heavily populated areas in Australia, as the climate in the country ranges from very mild for a large part of the year, leading to few houses that are centrally heated or cooled. Such individuals experiencing the climate may typically need a refrigerator that can help them get through a 40°C temperature. In addition, psychographic variables are also important to take note of, which involves the personality and lifestyles of the target market (‘Chapter 9 Class Notes’ 2008). The warm climate in Australia makes many families and individuals spend their time together in verandas and barbecue, thus, the need to for an outdoor exposure may mean that the product is needed. This is because drinks and other cold beverages are essential in a hot weather. The product can also target the individuals who are conscious of their status in the community, given the powerful influence of advertising media. This can be connected to the history of James Harrison, when he first introduced his refrigerator to the public. Thus, as individuals perceive the need and the convenience of the product through advertising, the product would easily be sold and introduced. The last segmentation variable is the Behavioristic variable, which focuses on the benefits that can be obtained through using the product rather than on its features (‘Chapter 9 Class Notes’ 2008). In this sense, it can be perceived that the target market of the company and its product include the individuals or families who recognize that using a refrigerator would make their lives easier and more convenient. Because the behaviors of consumers are given emphasis, it is important to take note of how they see the product as essential, convenient, and beneficial to use in their everyday and practical lives, rather than giving importance to the status quo owning a refrigerator means. In this sense, using Behavioristic variables means that the target market of the company are the individuals that perceive the use of its product as practical, convenient, and beneficial, particularly those individuals that spend most of their time out of town, who like to invite friends over their apartments, and those who need to store food for whatever reason.   Setting Marketing Objectives             Setting the marketing objectives for a particular company is very important. This is because marketing objectives help set the direction or goal for the organization. Objectives help the company determine the appropriate strategies that can be used in order to sustain or maintain its competitive positioning and reputation in the market. Such objectives also help the company satisfy the needs and satisfaction of its customers.   1. Promotional objectives – It has been indicated that promotional objectives aim to provide information, to increase demand, to differentiate the product, to accentuate the value of the product, and to stabilize sales (Hofstrand 2005). Through such promotional objectives, the company would be able to provide information to their consumers, which can be done through using different types of promotion, such as advertising, direct marketing, and public relations. 2. Building customer database or resource – Part of the marketing of the new refrigerator involves building the company’s customer database, which would include the new individuals serving to be the target market of the company, such as those individuals that qualify for the different segmentation variables mentioned previously. 3. Customer loyalty – Consumer will be provided with the highest quality of products, which would entail a good profit for the growth of the company and for the company’s shareholders. 4. Enhancing employee commitment and improving performance and productivity – The organization can propose trainings, employee and systems development programs in order to provide the appropriate Information Systems and good leaders for achieving excellent business results.   Marketing Mix a. Product Strategy In general, the invention and the use of the refrigerator has allowed the modern individual to purchase, store, freeze, prepare and preserve food products in a fresh state for much longer periods of time than before. It can be argued that the advent of the refrigerator along with the flourishing of the modern supermarket led to more varied diet and improved health due to improved nutrition. Food products, such as dairy products, meat, fish, poultry and vegetables can all be kept refrigerated in the same space within the kitchen through using the refrigerator. It also allows more individuals and families to consume healthier foods, such as salads, fresh fruits, and vegetables during their meals without having to own a garden or orchard. In addition, exotic foodstuffs from other countries can also be bought, stored, preserved, and enjoyed inside the refrigerator. The luxury of freezing also allowed many households to buy more foodstuffs in bulk that can be eaten at leisure while the bulk purchase provides cost savings (‘Refrigerator’ 2008). Aside from such features, the new refrigerators of the company also follows Australia’s energy labeling program, wherein the products are operated in a pull down manner, with an internal temperature of 43°C ambient 6 hours. It also maintains the specified internal temperature under the wide range of the external temperatures (Harrington and Wilkenfield 1997). The new refrigerator is considered a shopping item because it is now deemed as a commodity in every household. This is because refrigerators are classified as home appliances or home products that have great advantages to its users. However, the use and the purchase of consumers with the new product of the company are still based on their attitude towards the product. It has been reported that consumers who had high (versus low) attitudes and strong behavioral intentions towards buying sustainable products were more involved with sustainable consumption, thus, such consumers believed that they can make a difference for the environment and general society (Verbeke and Vermeir 2006). In this regard, purchasing the new refrigerator of the company involves high consumer and purchasing decision because the product is considered a sustainable product and contributes to sustainable consumption when purchased by consumers. The product positioning of the new refrigerator must depend upon a number of product decisions that have to made by the consumers, namely, Brand Name, Functionality, Styling, Quality, Safety, Packaging, Repairs and Support, Warranty, and Accessories and Services (‘The Marketing Mix (The 4 P’s of Marketing)’ 2007). Most of such product decisions must be made in terms of purchasing a new refrigerator. This is because its purchase depends on the need of the consumers, convenience, quality, reputation of the brand, packaging, labeling, styling, and safety. As such, given the warm climate in Australia, the preservation of food and the storage of drinks are essential. Convenience of the new refrigerator lies on its energy consumption and friendly features. The quality of the product depends on the materials used for its manufacturing, while the reputation of the brand depends upon customer loyalty and consumption. Packaging, labeling, and styling of the new refrigerator depend on the perceived need of the consumers, while its safety depends on the materials used and manufacturing process.   b. Price Strategy Pricing methods enable an organization to set the specific price level that achieves their pricing objectives. Methods of pricing include cost-plus pricing, target return pricing, value-based pricing, and psychological pricing. In definition, cost-plus pricing sets the price at the production cost in addition to a certain profit margin; target return pricing sets the price to achieve a target return-on-investment; value-based pricing bases the price on the effective value to the customer relative to alternative products; and psychological pricing bases the price on factors such as signals of product quality, popular price points, and what the consumer perceives to be fair (‘Pricing Strategy’ 2007). Based on such pricing methods, it can be perceived that the company uses value-based pricing. This is because the new refrigerator purchase of consumers depends on they perceive the product to be valuable, useful, and relevant to their lifestyle. Because the product and the target market have already been defined and given emphasis by the company, the primary plan in terms of pricing must already involve the estimation of the demand curve. Estimation of the demand curve involves understanding how quantity of the products demanded varies with its prices. Through demand estimation, the company would be able to determine the cost of production and manufacture of the product. Another approach is to calculate the costs involved in the process. This includes identifying the fixed and variable costs associated with the product. With this approach, the company would able to determine the amount of costs it would use and still require. The third approach is to understand the environmental factors involved in the production process, such as competitor actions and legal constraints. The fourth approach is setting the pricing objectives, such as current profit maximization, current revenue maximization, maximize quantity, maximize profit margin, quality leadership, partial cost recovery, survival, and status quo (‘Pricing Strategy’ 2007). Such objectives would direct the company’s product and marketing development, thus, determining how they would use market strategies. Lastly, the company can opt to apply pricing discounts to consumers, along with pricing promos, which would help introduce the new product to the market and to attract new and existing consumers of the brand.             From the analysis, it can be perceived that the company will be using Penetration Pricing scheme, which is most appropriate when customers are price sensitive, when the quantity demanded will increase significantly as price declines, and there is threat of impending competition (‘Pricing Strategy’ 2007). This pricing scheme is perceived to be used by the company because the company must be able to assign a low price on the new product in order to attract customers, both new and existing. In addition, this pricing scheme would also be used by the company in order to effectively introduce the product to the market, because more consumers would be attracted and willing to try the product given lower price of the commodity.             Generally, the company will be competing with non-price factors, such as customer loyalty, brand competition, convenience of use, and need of consumers that are being targeted by the company. The company will be competing with customer loyalty because there are a lot of brands in the market, thus, if the customers have already managed to use the company’s brand, then they are more likely to purchase the new product, which same goes also for brand competition. The company also competes with the convenience of use of the product and the need of the consumers based on their personal needs and preferences.   c. Place Strategy             It has been indicated that place refers to the process of making products available in the right quantities and locations when customers want them. It encompasses many different concepts and ideas, such as physical distribution, inventory or stock levels, location, transport, and channels. In terms of location decisions, the company decided to strategically place its manufacturing plant near natural sources of raw materials. This is because this saves the resources of the company in terms of obtaining the materials and resources needed to sustain the production of its products. However, although the company is able to save in one sense, it also somehow involves higher transport costs in terms of delivery of the finished goods to the consumers. The company manages the placement of products by focusing on physical distribution. It chooses a set of warehouse and transportation carriers that would deliver goods to resellers on time and at the lowest cost. However, management focus has moved from physical distribution to the logistics of making and distributing products, which is termed as supply-chain management.             Owning warehouses is an alternative to the use of a public warehouse. This is because through owning warehouses, the company can specialize and provide other functions including inspection, packaging, shipping and invoicing. The company also offers a variety of locations that can quicken delivery times, thus, reducing the costs and effectively reaching its target consumers. However, using public warehouses cuts the costs of the company by 10 to 15%, thus, saving the company from other distractions, allowing the company to focus on its core business and leaving a specialist to look after the increasing complexity of logistics.              In order to reduce cycle time in terms of distribution and being accessed by consumers, new technologies and systems have been developed. Such new technologies and systems include JIT or Just-in-Time inventory, Quick Response Retail Technology such as electronic barcodes and EFTPOS, and Quick Response Service Technology such as ATM’s, telemarketing, and the Internet. Through such systems, manufacturing time is being reduced, including inventory levels, defects, and costs.             In order to reach the company’s and the new product’s target consumers, it must be able to have channel alternatives or marketing channels. Such channel is a network of interdependent intermediaries involved in the process of making a product or service available for use or consumption by the consumer industrial user. Three types of intermediaries can be used by a company, namely, Intensive, Selective, and Exclusive distribution strategy. In terms of the distribution strategy of the company, it can be perceived that the company uses the Selective distribution strategy, which is used for shopping goods. This type of distribution lies between both intensive and exclusive distribution and shares the characteristics of both. Intermediaries are being used by companies in order to reduce costs, to focus on its core business or expertise, and to have greater efficiency in making the products of the company available. Through the Selective distribution strategy, the company would also be able to achieve important functions, such as obtaining market information, promotion, and contact with prospective consumers, physical distribution, and risk taking.      d. Promotion Strategy             The methods of communication and persuasion used by the company in order to reach its target customers include advertising, promotions, direct marketing, public relations, and package design. Through using such methods of communication and persuasion, the company is able to convey relevant information regarding the new product, persuade consumers to purchase the new product, keep the company under the watchful eyes of its market (Hancock et al 2002). It also contributes to the reduction of costs, credibility, the use of new technologies, such as web cameras and convergence, have access to feedback from consumers, and develop the capability to provide detailed, needed, and relevant information about the product.             Advertising refers to the rapid promotion of goods and services through a sponsoring organization or company. It is paid communication through which relevant information about the product is being conveyed to potential customers (Allen and Gale 2001). The use of advertising or advertisements presents specific advantages through the existence and efficiency of the Internet and the continued revolution in the world of Information Technology. Personal selling pertains to a systematic process of continuous yet measurable methods in which the person selling describes his/her offered products or services in such a way that the buyer will be able to visualize how to benefit from the offered products or services in an economic way (Berger et al 2003). Direct marketing strategies involve the use of direct mails or emails for new product information and promotion, thus, directly targeting and communicating with the potential consumers. With the advent of technology and communication, online promotional and communication strategies can be effectively used more easily and more accessibly.             Synchronized integrated marketing involves all aspects of marketing communications that includes advertising, sales promotion, public relations, and direct marketing working together as a unified force, rather than permitting each to work in isolation. The reason for the growth of this concept depends on the changes in the marketplace, consumers, communication and organizational structure. It is also a process of using promotional tools in a unified way so that a systematic communications effect is created. In terms of the company’s promotional strategy, it uses the “push” promotional strategy, which makes use of the company’s sales force and trade promotion activities to create consumer demand for a product. In essence, it gives the company the opportunity to “press on” the products to their consumers by the use of promotion. As such, this is the promotional strategy being used by Briztek, being able to do the upper hand in terms of the promotion of the new refrigerator to its consumers.             The primary objective of the IMC mix budget strategy is to take note of the affordability of the strategies to be used by the company, thus, it must be able to consider the budget and the perceived cost of the promotion. Another objective is to determine the different tasks or activities involved in the promotion of the new product, such as through using advertising media, personal selling, and other forms of marketing. In addition, an objective would be comparing the budget or spending of competitors for collective industry wisdom and prevention of promotion wars.        Conclusion             Analysis of the marketing strategies involved in the promotion and marketing of the new refrigerator entails description and identification of the different aspects essential in the process. The target market of the new product was discussed and specified by using segmentation variables. Main target of the new refrigerator includes the loner household members, the individuals who enjoy life through outdoor activities, and the individuals who change their lifestyle according to the influence of media and advertising. Marketing objectives were also identified, which include promotional objectives, building customer database, customer loyalty, and enhancing employee commitment. The main focus of the discussion is the marketing mix in relation to the production and introduction of the new product of the company. The Product Strategy described and classified the new refrigerator; Price Strategy identified the pricing methods used by the company; Place Strategy involves discussing and specifying the distribution channels involved; and Promotional Strategy identified the means of communication and persuasion used. In conclusion, the marketing mix and the strategies involved must be used and take note of by the company in order to effectively and efficiently introduce the new product to the market and to its consumers.      References Allen, F and Gale, D 2001, ‘Financial Markets, Intermediaries, and Intertemporal Smoothing’, Journal of Political Economy, vol. 105, pp. 523-546. Berger, A, Demsetz, R and Strahan, P 2003, ‘The Consolidation of the Financial Services Industry: Cause, Consequence and Implications for the Future’, Journal of Banking and Finance, vol. 23, pp. 135-194. ‘Chapter 9 Class Notes’ 2008, UDEL, viewed 21 May 2008, <http://www.udel.edu/alex/chapt9.html#market>. Hancock, D, Humphrey, D and Wilcox, J 2002, ‘Cost Reductions in Electronic Payments: The Roles of Consolidation, Economies of Scale and Technical Change’, Journal of Banking and Finance, vol. 23, pp. 391-421. Harrington, L and Wilkenfield, G 1997, ‘Appliance Efficiency Programs in Australia: Labelling and Standards, Energy & Buildings, vol. 26, no. 1, pp. 81-88. Hofstrand, D 2005, Promoting Your Business, viewed 21 May 2008, <http://www.extension.iastate.edu/AgDM/wholefarm/html/c5-43.html>.     ‘Pricing Strategy’ 2007, NetMBA, viewed 21 May 2008, <http://www.netmba.com/marketing/pricing/>. ‘Refrigerator’ 2008, Wikipedia, the Free Encyclopedia, viewed 21 May 2008, <http://en.wikipedia.org/wiki/Refrigerator>. ‘The Marketing Mix (The 4 P’s of Marketing)’ 2007, NetMBA, viewed 21 May 2008, <http://www.netmba.com/marketing/mix/>. Verbeke, W and Vermeir, I 2006, ‘Determinants of the Consumer Attitude – Behaviour Gap in Sustainable Consumption Decisions’, pp. 1-8. Credit:ivythesis.typepad.com

Marketing Strategies of Briztek Company Australia – New Refrigerator

Introduction The company given focus was Briztek Company in Australia, which specializes in different electric appliances...

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