Hi Tec Definition Of Marketing

All modern organizations engage in marketing so as to be able to please and win the loyal support of their customers. Gillette engages in marketing to find out about the needs and requirements of shavers, banks engage in marketing research to find out about its customers financial services requirements, and the Inland Revenue engages in market research to find out about the needs and requirements of taxpayers and other clients. The Chartered Institute of Marketing uses the following definition of marketing: ‘Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably’.

For a business to succeed, the product or service it provides must be known to potential buyers. Unless business

In its first year, a company might spend as much as half of its sales on marketing programs. After the first year, a marketing budget can reach as much as 30 percent of the annual sales. A marketing program that gives company the best chance is a healthy mix of different forms of marketing, such as website development, public relations, print and broadcast advertising, design and printing for all print materials, trade shows and other special events. For instance, a key part of Hi-Tec's brand positioning has been the development of a viral marketing campaign called Liquid Mountaineering. This campaign was inspired by the water-repellent qualities of Hi-Tec shoes. At the centre of the campaign is a video commissioned by Hi-Tec which went live on YouTube in May 2010. This video 'documentary' shows three men apparently running on water. They achieve this miraculous feat thanks to their water-repellent shoes. In launching the campaign, Hi-Tec recognised the massive power of the internet. It chose to host the video on YouTube. Til November 2010, the video has attracted more than 7.5 million viewers. As a marketing process, the video has been extremely cost effective. Hi-Tec has received a good return on the investment it put into making the video. The company estimates that the Liquid Mountaineering viral marketing campaign has given a return worth 10 times

Every product launch starts with marketing and an end with marketing where by the department establishes the needs of the consumers and after introducing the product, the department seeks to identify whether the customer’s needs were met. The Frosties qualitative research showed that Tony, while 'cool' was losing relevance for some kids, which resulted in Frosties not having the 'playground credibility' like some other kids' brands e.g Dairylea and Tango. The research showed that the Frosties brand was nearing the end of the growth phase in its life-cycle and was moving towards maturity as more competition entered the market. One effect of newer products from competitors was that children no longer considered Tony to be as 'cool' as other cereal characters. Kellogg's decided to extend the Frosties life-cycle by re-adjusting the marketing mix. Kellogg's hoped that, by investing heavily in the mix and by modernizing Tony, Tony would again become the favorite cereal character of consumers in the targeted age