TrapEase: Case Synopsis
TrapEase Case Synopsis:
Statement of Problem: * At the present time, the immediate surface problem TrapEase is facing is that they not selling their product as fast or in the quantities forecasted to be profitable.
* The more important and underlying problem facing TrapEase is (1) whether their identified target market is the most profitable market segment to target their efforts, and (2) if their marketing mix strategies are effective in communicating and delivering value to the target customer.
Decision:
* To improve her marketing efforts to her identified consumer segment or to reposition the company to target a new market segment.
Analysis of the Causes of the Problem(s): * Lack of target market research * Lack of market research * Limited resources for delivering and managing the product/value created
Alternatives: Criteria * Profit * ROI * Ease of Implementation
Alternatives: Options (1) Adjust marketing mix to fit target market of women by conducting extensive target market research (Low Profit, Medium ROI, High Ease) (2) Reposition marketing mix and strategy to be a mass marketed product (Medium Profit, Medium ROI, Medium Ease) (3) Reposition company strategy and marketing mix to primarily serve business customers (High Profit, Low ROI short term, Low Ease)
Recommended Solution: * Reposition marketing mix and strategy to be a mass marketed product * Long-term profitability, short-term feasibility
Implementation Plan: * Hire a marketing firm to conduct marketing research * Conduct research on mousetrap market * Adjust marketing mix given research to increase distribution and communication * Focus communications to consumers on increasing awareness and providing information in stores where they look for mousetraps * Hire a sales team to deliver and manage both value and relationships
Risks & Alternative * Costs will be greater than profits in
Statement of Problem: * At the present time, the immediate surface problem TrapEase is facing is that they not selling their product as fast or in the quantities forecasted to be profitable.
* The more important and underlying problem facing TrapEase is (1) whether their identified target market is the most profitable market segment to target their efforts, and (2) if their marketing mix strategies are effective in communicating and delivering value to the target customer.
Decision:
* To improve her marketing efforts to her identified consumer segment or to reposition the company to target a new market segment.
Analysis of the Causes of the Problem(s): * Lack of target market research * Lack of market research * Limited resources for delivering and managing the product/value created
Alternatives: Criteria * Profit * ROI * Ease of Implementation
Alternatives: Options (1) Adjust marketing mix to fit target market of women by conducting extensive target market research (Low Profit, Medium ROI, High Ease) (2) Reposition marketing mix and strategy to be a mass marketed product (Medium Profit, Medium ROI, Medium Ease) (3) Reposition company strategy and marketing mix to primarily serve business customers (High Profit, Low ROI short term, Low Ease)
Recommended Solution: * Reposition marketing mix and strategy to be a mass marketed product * Long-term profitability, short-term feasibility
Implementation Plan: * Hire a marketing firm to conduct marketing research * Conduct research on mousetrap market * Adjust marketing mix given research to increase distribution and communication * Focus communications to consumers on increasing awareness and providing information in stores where they look for mousetraps * Hire a sales team to deliver and manage both value and relationships
Risks & Alternative * Costs will be greater than profits in