Critical Evaluation on Marketing Theories-Free-Samples-Myassignment

Question: Using relevant statistics describe the type of visitors who come to the region in which your selected advertised Business is located. Answer: Marekt segnmentation, visitor, target market and business location: Watermark Pointe is one of the most prestigeous as well as luxurious condominiums occupyig a predominent place in the realm of hotel industry. Thiss particular condominium is located in Westchester, only 35 minutes away from Manhattan. Parks, Clubls, restaurants, Historic sites are easily available from this particilar condominium (watermarkpointe.com 2017). With magificently crafted interior having resort style of settingn this particular residence is primarily affordable for premium cost of customers. Custoemer service providers of Watermark Pointe are flexible enough in dealing with the people of different geographical boudaries and attitudes. The personnels are having management dehwell training on cutsoemer management. In order to use the facilities and benefits of Watermark Pointe the customers should have high rate of income status. This particular luxurious condominum is primarily for premium cost of custoemrs. Seabeach is in the front of Watermark Pointe. Therefore, the visitors would have the scope of getting a serene environemnt at the insside of condominium (Simovska-Jarevska et al. 2012). Service providers are flexibe enough in giving necessary services and facilities to the vissitors so that they do not get any scope of making complaints. However, while making a proper market segmentation for selecting the target customers of Watermark Pointe, the managerting managers have focused on three key factors including geographic, demographic and psychographic (Jiang et al. 2015). New york is not the only geographic location that the business experts of Watermark Pointe have targeted. The bsuienss executives are willing to spread their entire business wings all over the World. Therefore, global custoemrs having high rate of income status have been selecetd as the target customers. On the other hand, as per the psychological market segmentation the service providers are flexible to provide their necessary services to the people oof different cultural and religious atitudes. Their service and product facilities are not restricted within a specific group of people. Critical evaluation on marketing theories: In order to promote the brand in different geographical boundaries the marketing mangers of Watermark Pointe have focused to follow three major maketing theories. These are as follows: 4Ps of marketing mix theory: Product: Providing luxurious accommodation with the help of excellent inteerior design and the execellent professional behavior from the service providers of Watermark Pointe is the unique selling point of this particular condominiums (Simovska-Jarevska et al. 2012). Price: Watermark Pointe has targeted those customers who are having high rate of income status. Watermark Pointe is out an out a luxurious condominiums belonging to the city of Weschester. The product and service price of this particular residence is high that is not very much affordable for the low cost customers (Mzumara 2012). Place: Weschester is the proper destination based on which the business process of Watermark Pointe has been established (Mzumara 2012). This particular location is very much convenient for both the regional customers as well as international customers. Promotion: Social media is the primary platform based on which the products and the services of Watermark Pointe has been circulated all over the world. With the help of social media platform people belonging to different geographical backgorudns can get an in-depth idea and knowledge about the products as well as services (Hui et al. 2013). At the same time, Watermark Pointe has focused to maintain their promotional activities through online magazines as well. Travel and Leisure is one of the most recognizable travel magazines having a prestige and recognizition all over the World. Therefore, Watermark Pointe has decided to give a display advertisement on Travel and Leisure in order to promote their products as well as service all over the World. Ansof matrix: Ansof Matrix established by H. Igor Ansoff is constituted with four major factors which are primarily essential for promoting a specific brand in the international market. This particular framework is constituted with four major factors including market development, product development, market penetration and diversification. Market development is the systematic procedure of promoting the brand as per current needs and demands of custoemrs (Jarevska et al. 2012). Based on the current market trend the busienss managers intend to develop their products as well as services. Market penetration is the systematic procedure of expading the sales growth of organziation by rendering product development as well as devlopment in the market. In addition, diversification ensures that rendering diversification on product as well as service quality. As per the current needs and demands of customers Watermark Pointe has decided to render some of the additional services within their condominiums (Hui et al. 2013). There is no time constraints in entering into the residence. Customers are flexible enough to enjoy till night. AIDA framework: AIDA is a systematic framework based on which a purchaser get attracted towards the service as well as products. The four primary stages of AIDA includes: Awareess: In order to make a brand awareness the condominiums like Watermark Pointe intends to utilize the popularity of media vehicles with the help of which customers belonging to different geographiical boundaries would be aware of product benefits and service facilities (Mzumara 2012). Interest: Interest is the after effect of brand promotion. Custoemrs would like to show their intersat in purchasing produccts and services only when they have interst after having the product promotion (Jiang et al. 2015). Desire: After getting an in-depth knowledge and idea about the brand the customers get desired of using this products and services (Kerr et al. 2013). Watermark Pointe has renderd an excellect service process to the customers by making excellent team performances. Action: However, in order to maintain an effective promotion the organiiztaion like Watermark Pointe can take some of the major initiatives such as publication of newsletter, pressrealease, brochure (Hui et al. 2013). This particular framework is one of the most effective ways of drawing the attention of customers from different geographical corners. Reference List: Hui, S.K., Inman, J.J., Huang, Y. and Suher, J., 2013. The effect of in-store travel distance on unplanned spending: Applications to mobile promotion strategies.Journal of Marketing,77(2), pp.1-16. Jiang, Y., Shang, J., Liu, Y. and May, J., 2015. Redesigning promotion strategy for e-commerce competitiveness through pricing and recommendation.International Journal of Production Economics,167, pp.257-270. Kerr, J., Marshall, S.J., Godbole, S., Chen, J., Legge, A., Doherty, A.R., Kelly, P., Oliver, M., Badland, H.M. and Foster, C., 2013. Using the SenseCam to improve classifications of sedentary behavior in free-living settings.American journal of preventive medicine,44(3), pp.290-296. Mzumara, M., 2012.Developing an export promotion strategy for the postconflict reconstruction of Zimbabwe(Doctoral dissertation, North-West University). Simovska-Jarevska, V., Damjanovski, D., Pavlova, V., Martinovski, S. and Vidin, M., 2012. Evaluation of dietary habits and physical activity level monitoring as basis for a new health promotion strategy in Republic of Macedonia.Procedia-Social and Behavioral Sciences,44, pp.370-374. travelandleisure.com 2017.Travel + Leisure. [online] Available at: https://www.travelandleisure.com/ [Accessed 10 Aug. 2017].Travel + Leisure. (2017).Travel + Leisure. [online] Available at: https://www.travelandleisure.com/ [Accessed 10 Aug. 2017]. watermarkpointe.com 2017. [online] Available at: https://Watermark Pointe [Accessed 10 Aug. 2017].