Happy Children Enterprise Marketing Strategies

Conclusion

The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. In term of traditional, the marketing mix consist of just 4p’s  but that another 3p’s are add in order to make sure the productivity of the marketing mix itself which is now consist of product, place, price, promotion, people, process and also physical evidence.

Getting the mix of these elements right enables the organization to meet its marketing objectives and to fulfill customer satisfaction. The additional Ps have been added because nowadays marketing because the service sector of the economy has come to conquered the economic activity in this country. These 3 extra Ps are definitely relevant to this new extended service mix.

In addition, marketing mix including the extra 3 Ps are a crucial thing that need to be discuss for every company including ours so that the advantages or the disadvantages and even challenges of the product can be seen clearly and thus giving the marketing department an overview of the overall products in order to make a good investment in it.

Introduction

First of all, Happy Children Enterprise is a company that produce an educational product and this company is one of the most popular in the Asia country. Happy Children Enterprise is operating for more than two years which is now at Seri Iskandar and this company is under Bumiputera Company.

The objective of this company is constantly seeking a publisher of high quality yet affordable children’s educational toys in Malaysia. In order to achieve this aim or target, Happy Children Enterprise build a new product which go with prototype at first. This product named was HCE Xnew 100. And this product is aimed for the children with average age at 3-6 years old which will be clearly defined on the target market as well.

Briefly explain, 7p’s is a very important things that had to be considered in making a product as it can show the company future whether it will gain profit, loss or even breakeven.

Target Market

In any business, they always have their target market. This target market drive the aim or target of the company to achieve their goals. As our company want to build a new product, that targeted for the children which average age 3-6 years old. Mostly, this range of kids usually is more focusing on learning, learning new things and testing.

In term of consideration of the children`s parent. In addition, we have to ensure that they are satisfied with our product in terms of quality, appearance and also the benefits itself. Without their confidence in the product, we cannot gain profit and this will lead to our company to face the disadvantages. So we have to satisfy both parties which is children and parents, to ensure the successfulness of the product itself.

In addition, we have to make sure we have place our product correctly by using the 7 Ps method which is the most important thing in developing and maintaining a product. To ensure profits and good reputation of our company, we have to satisfy our target market which is the children range 3-6 years old but on first of all, we also have to fulfil their parents believe in this products to make sure things goes well as planned.

Product strategy

In this product strategy will tell the public or the people about which type of product or which type of element in product decision that our company applied in order to produce the prototype. Therefore, our company is applied an actual product. Actual product can be defined as the unique of our product compare to others product. The uniqueness here can be seen by our packaging, our labeling, branding, features at the product itself.

First of all, our product is focusing on the educational product which is suitable for 3-6 years old product. In order want to expand our businesses, we need to compete with other competitor, but we trust in our new product which can be a good competitors with others thus it may led to generate the income of our company.

Besides, our product is multi-language product and also have a sound. Children would love to learn in a fun way so our customer try to fulfill the children needs and wants indirectly fulfill customer satisfaction. With a sound on our product, it may increase the memory of the children when they learn something new with our product such as animal, fruit, alphabet, and number. When children get our product, they can learn multi-language and this may drive the children to know more about the language that they learn.

As competing in the business world, we also have to give benefits to our customer so that they can give good feedback to their members and thus increasing the respect and profit for the company. For example, our company provide a free gift and a warranty for the customer that buy our product they provide services and warranty for their customers if there are problems or any damages to the items they bought.

Pricing Strategy

Pricing strategy is one of the elements in 4p’s strategy which this elements leads the manager to make a price decision. In addition, price of a product is an important thing to any company because with the price of the product the company can generate their income. As our company think the price decision is an important thing, we use a skimming pricing and price adjustment which this factor leads to generate the income.

Our company applied the skimming pricing strategy, because we can set the high price in order to generate the income quickly in the first three months when the product have been launch later. In addition, as our company using a skimming pricing, public will assume that our product is a high-quality product.

Public will take the comparison of a price as a serious matter. In term of pricing adjustment, our company use a psychological factor to attract more customer or consumer. For an example, the total price for our product is RM 129.89, so the customer will think that our product is affordable to buy rather than a product with a price RM 130. This is what we called as a left-digit effect.

Place Strategy

Place is also one of the 4p’s strategy in marketing and this elements are conclude in the 7p’s strategy also. For the place strategy our company use three market intermediaries in order to delegate our product to the customer which is whole seller, internet, and agent. In addition, with this way a customer easy to buy our product.

First of all, we use whole seller as our intermediaries for example Tesco and Mydin.Whole seller such as them could make a great profit for the company as they can promote our product to public. Besides, these whole seller always tried to improve their service so that the customers will fell satisfied with them.