Fundamentals of marketing assignment with recommendations for The Good Guys

Question

Task: How can The Good Guysutilize Fundamentals of Marketing assignment research strategies to locate important parameters to develop effective marketing plans?

Answer

Introduction
This Fundamentals of marketing assignment will be performed on The Good guys and propose suitable marketing strategies for their new products. The Good Guys is a famous Australian brand promoting a wide range of electronic companies in which a new product will be introduced named LG 530L French door refrigerator. On these Fundamentals of marketing assignment it is identified that the segmented customer and persona will be the middle-class entrepreneurs who are highly interested in food industries.

Part 1: Target market analysis
The Good Guys is a brand of Melbourne providing different household appliances such as televisions, fridges, cooking appliances, computers, tablets, phones, etc. The company comprises different companies such as Dyson, Samsung, Sony, Dell, LG, and others. The brand has decided to promote a new product, LG 530L French Door Refrigerator, which will be marketed in three segments mentioned below.

First Persona: Henry Jones

Henry is a 22-year-old student at Deakin University pursuing a degree in Law. The money she earns from working at a fast-food restaurant helps her pay her rent and other responsibilities. Henry comes from a lesser socioeconomic background than most people, but she understands the importance of education and a consistent income in the future. Neither Henry nor his father has any prior marketing experience, nor have they ever studied the topic. Consequently, her response is a little lacking in specifics; however, this will likely improve when she delves more into the upcoming marketing unit later in the semester. Henry, on the other hand, makes a direct and concise statement.

Second Persona for Muyly Kea identified on this Fundamentals of marketing assignment
Muyly, a 59-year-old retiree, is at a stage in her life where she prioritizes leisure and pleasure. After 32 years in the marketing profession, she is pleased to be a part of such an essential sector of the corporate world. Muyly's expertise in marketing has resulted in a clear, succinct response. Her industry knowledge has resulted in a comprehensive and trustworthy marketing idea. The former marketing officer is passionate about marketing and believes that the world would cease to exist without it.

Third Persona: Sade Rick
Sade is a twenty-four-year-old university student who likes socializing. He is at ease and genuinely likes his profession. Jade's primary objective is to graduate and gain admission to his chosen institution. He is determined to live up to her parents' expectations. Jade's response is comparable to that of younger members of our community, who lack knowledge of marketing concepts. This is highly probable owing to his youth and lack of familiarity with business principles.

Table 1: Structural attractiveness analysis of persona segmentation
(Source: Created by the learner)

Part 2: Brand extension and product strategy
The Good Guy’s organization has decided to introduce a new product LG 530 little French door refrigerator to the customer segment of persona 3 who have very low knowledge about marketing and business factors. Song (2020) stated that the brand is already existing in a market and decided to expand its business to a new product mentioned which can execute true brand extension strategy. On these Fundamentals of marketing assignment the brand extension has been used. In order to extend the brand, the company has decided to launch the product at an affordable range within some new facilities. Introducing the product with new designs will be beneficial for the customers which will help in attracting them. Wu et al. (2020) mentioned that targeting the customer base associated with the food industry will help the company in launching new features in similar products. Thus, companies can gradually extend the brand. Here some beneficial features will be observed in the refrigerator concerning its competitors which will have a greater customer base in the market. Introducing vertical extensions and company and products will be advantages in this case during brand extension. Promoting the products through social media platforms to target the selected segment will be advantageous in this case to capture a wide number of customers (Arinto and Aprilio, 2021). Providing price discounts and offers on the products will also be located for the customer base in this case.

Application of Three-Level theory
In this case, the chosen product is the LG 530L French door refrigerator which will be analyzed according to the core benefit, actual product, and augmented product description.

Core benefits
Preserving perishable food items is the main objective behind introducing the LG 530 liter refrigerator that manages the fundamental need of the product including the perishing process and reduces the activity of the bacteria (Lg.com, 2022). The appearance and the taste of the food can be maintained by the product so temperature fluctuations and it highly gives freshness for a longer time which is the core benefit of purchasing this product.

Actual product
The product is a premium kind of product including its designs, quality, features, brand name, additional benefits, and packaging. Involving the greater storage benefits for daily essentials within a French door format is a beneficial designing process of eight having sections for freezer baskets and groceries. Sahoo et al. (2020) discussed that it comprises pure-N-fresh air. This specific product also includes the facilities of reducing noise and vibrations and it can be operated through Wi-Fi connections which is another updated feature of it.

Augmented product
The augmented layer of the product includes greater differentiation which can help different stages of customers. It provides 10 years warranty 2 it's a customer-on the linear compressor that can help in reducing the vibration and noise issues. It also provides a 2-year warranty on the product laboring and 3 years of warranty in a system consisting of the compressor (Thegoodguys.com.au, 2022). Five years warranty is provided on the compressor of the product and it can be handled through the LGThin Q application.

Part 3: Competitor and positioning analysis

Table 2: Competitors analysis of the brand
(Source: Created by the learner)

Brand positioning map

Figure 1: Brand positioning map
(Source: Created by the learner)

Positioning strategy
To introduce the product in the selected segmentation of personality the product characteristics will be analyzed according to the requirement of the brand and customer base. The price-quality of the product will be maintained within a medium to high price range to serve the purpose (Fayvishenko, 2018). Cultural symbol, product user approach, and product class approach will be analyzed on these Fundamentals of marketing assignment to determine the competitors to introduce the product in the selected market.

Brand positioning statement
This company's brand positioning statement is to offer preservation guidance to the entrepreneurial purpose in the food industry (Mohd Satar et al. 2019).

Value proposition
The specific brand the good guys has introduced the new product LG 530L French door fridge which will mainly target middle-class entrepreneurs in their business activities. The company highly promotes the young industrialist to get better support in the refrigeration process with the high-class features in its French door refrigerators (da Costa Fernandes et al. 2020). Besides the company also offers discounts and EMI options to the customers which will be beneficial for the entrepreneurs to purchase the products.

Brand equity building
Keller’s brand equity model describes how a company needs to create brand value for the sake of positioning the new product in the market (Bahcecik et al. 2019). The steps for brand equity building are provided below:

The Good Guys needs to first create brand awareness
The performance of the products along with its imagery must be determined
Brand response must be created by ensuring quality and credibility of the product
Brand resonance is the fourth step where the behavioral loyalty and active engagement are monitored

Figure 2: Keller’s brand equity model
(Source: Bahcecik et al. 2019)

Brand relationships
On these Fundamentals of marketing assignment Brand relationship spectrum is useful to determine the strategies to maintain brand relationships. From the below figure, it can be seen that there are four domains that drive the purchase decision and user experience of the customers.

Figure 3: Brand Relationship Spectrum
(Source: Fayvishenko, 2018)

Part 4: Marketing mix
Here an analysis is going to be done on the place of promotion, product, and price in the strategy of the organization by the marketing mix theory.

Figure 4: Marketing mix theory
(Source: Nelson et al. 2020)

Place: This product will be offered to the market through some retailers who are already connected with different food industries and can help in introducing the products to the vendors (Nelson et al. 2020).

Promotion:
The new product will be advertised on the popular social media platforms such as Facebook, Instagram, Youtube and many others to share knowledge about the advanced features of the refrigerator to the target audience. Besides, the customers will get a communication opportunity with the retailers of the organization by which the features and specifications of the product will be delivered to them. In this case emails, and messages will be given from the side of the company (Othman et al. 2021).

Price:
The buying power of the segment is medium in the case of purchasing French door refrigerators but the brand will provide EMI options to its customers so that the entrepreneurs can hope for purchasing expensive and good products for the commercial purpose (Dewa Rucika et al. 2021). There are several pricing strategies such as value-based pricing, competitive pricing, but in that case, price skimming can be a beneficial pricing strategy for the company as the target segment has the ability to pay higher price for the new product.

Product:
To make the product acceptable to the segmented customers at least features will be added to the product. The company must follow the three levels of product marketing which are the Core benefit, Actual product and Augmented product. In the first two levels, the fundamental needs for customer satisfaction and product features must be defined properly and in the last level the non-physical parts must be determined (Chatchawanchanchanakij and Arphonpisan, 2018).

Conclusion
This Fundamentals of marketing assignment has been focused on the implementation of a new product named LG 530L French door refrigerator by the specific company The Good Guys. A list of unique features can be observed in the devices for targeting the middle-class people having a lower interest in marketing and business four marketing purposes.

Reference list
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Eprints.qut.edu.au, 2022. Eprints.qut.edu.au. Available at:
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Lg.com, 2022. Lg.com. Available at: https://www.lg.com/au/fridges/lg-GF-B590PL[Accessed on: 26.05.2022] Mohd Satar, N.S., Dastane, O. and Ma’arif, M.Y., 2019. Customer value proposition for E-Commerce: A case study approach. International Journal of Advanced Computer Science and Applications (IJACSA), 10(2), pp.454-458. Nelson, N., Kuswarak, K. and Renopka, R., 2020. Analisis Marketing Mix Terhadap Keputusan Pembelian Konsumen PT. LG Elektonik Di Bandar Lampung. Jurnal Manajemen Mandiri Saburai (JMMS), 4(4), pp.55-62. Othman, B., He, W., Huang, Z., Xi, J. and Ramsey, T., 2021. The effects on service value and customer retention by integrating after sale service into the traditional marketing mix model of clothing store brands in China. Environmental Technology & Innovation, 23, p.101784.

Sahoo, B., Routray, S.K. and Rout, P.K., 2020. Hybrid generalised power theory for power quality enhancement. IET Energy Systems Integration, 2(4), pp.404-414.
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Thegoodguys.com.au, 2022. Thegoodguys.com.au. Available at: https://www.thegoodguys.com.au/ [Accessed on: 26.05.2022] Wu, X.X., Choi, W.J. and Park, J., 2020. “I” see Samsung, but “we” see Samsung and LG: The moderating role of consumers’ self-construals and perceived similarity in spillover effect of product-harm crisis. International Journal of Market Research, Fundamentals of marketing assignment 62(1), pp.79-94.