The Marketing Mix

Now that we have established where Wedowood is in the market, we are going to propose a completely
new marketing mix, to better distinguish their products. The 4(7) key decision areas that marketers must
manage so that they satisfy or exceed the customer needs better than the competition does.
(Jobber, 2022)

Product

The initial step is defining the product, deciding what exactly to offer that we can differentiate ourselves
with and fulfil the needs of the new target group. I will thoroughly describe the new ideas and their
implementation of the new product offering. (Jobber, 2022)

Augmenting The Product

The second step is augmenting the product, a process through which I am going to propose improvements
for the product, to fulfil the target group’s needs and differentiate from the competitors. I am going to go
through six different areas of product augmentation. (Jobber, 2022)

Packaging

For the product's packaging, we are suggesting a cardboard box made entirely of recycled cardboard, with
the wedowood emblem located in the middle and a 2D drawing of the product on the top/face side of the
box.

Service

Wedowood guarantees long-term sustainability and ensures that their products are durable and long-
lasting, so I'm suggesting a better explanation of the assembly instructions because many customers have
complained that it's challenging to put together.

Delivery

Wedowood handles product delivery for its customers, which is an added convenience for the target
market, however given that their items are already expensive, I believe it would be a good idea to
eliminate the delivery fees after a certain price point is achieved. Despite the fact that Norwegian
consumers have strong earnings, free delivery on expensive items is usually appreciated.
Brand name & image

In time, the distinctive approach, creative ideas and sustainable future of wedowood should add to
perceived brand esteem.

Guarantees
Wedowood already has a good return & refund policy put in place for everyone.

Features, Advantages & Benefits

The third step is to inform our target market about our product offering. We need to get past the product's
technical specifications and features. Most people will choose a product based on the advantages and
benefits it provides, since they are highly motivating for the target group.

 Fits into any home

 High quality
thanks to the cultural
materials.
similarities of both
 Made of recycled countries.
wood, keeping  Highly adaptable to
 Not having to worry any environment.
everything 1.1.
about undesired
environmentally
scratches on the floor.  Unique style.
friendly.
 Room for a lot of  Creative freedom for
 Beautiful design.
other accessories in arrangement & style.
the room.

Price

Now that the new product has been launched, we'll talk about the second P of the marketing mix, which is
the price. There are numerous variables that affect the product's price, particularly given the abundance of
alternatives on the furniture market. We would like to charge 2700 DKK for this enhanced product. These
considerations led to our decision:

Factors that influence choice of price

The initial step of the decision-making process is primarily influenced by 2 elements. the inherent
variables that have shaped my suggested price. Locations for product development and production were
considered at the firm-level. Another important factor was the maturity point of the product at its PLC
stage. The market factors were the outside variables. The two main concerns were how customers
perceived you and your ability to pay.

Pricing strategy

This is going to be priced using the Marketing Oriented pricing strategy (Value-based). This is due to the
target group being prioritized over expenses or competition. The target group is not price sensitive
because we have already established that they have good incomes and are willing to pay for products,
which is what the strategy is all about.

New product launch strategy

Rapid Skimming and High Promotion will be the product's launch strategy because of its great price and
high quality.

Promotion

People in Oslo who are between the ages of 25 and 40 make up our new target demographic.
Their attraction to creativity and unique ways of living are actually linked to their emotions and
personal convictions. Their motivation comes from their emotions. I will now outline a brand-
new communication strategy that includes all the essential components of an integrated
marketing campaign. I'm going to use a creative firm to put up an Instagram video campaign that
will particularly target the target demographic (25–40 years old) in Oslo. The product is shown
off in the advertisement together with the campaign's message.

The message

Since the target audience is really resonating with their emotions and creative approach choices,
we are  going to use the emotional messaging strategy for this campaign. A message that
generally appeals to the vast majority of the target audience will make sense given that we are
targeting Oslo. The following will be the message's tone:
"You should always be true to who you are, even if it means standing out. The height of life and
all types of evolution is being unique.

Tools

Oslo will be our objective, thus mass marketing (advertising) will be used as a strategy to
promote the Instagram campaign. First and foremost, this is due to Wedowood's poor brand
recognition. Advertising is particularly effective at raising awareness since it can quickly reach a
large audience, which is how it helps. Additionally, it can be utilized to support the sales effort to
validate a company and its goods. However, one drawback is its restricted capacity to close the
sale.
The media channels

Since the advertisement will be placed on the social media site "Instagram," it makes the most
sense that the campaign's media channel will be digital. The opportunity to analyze consumer
behavior and make notes on the new target demographic are a couple of strong reasons for this.
Given that Wedowood aims to target larger cities, it seems sense that it is a tool with a somewhat
low cost and potential worldwide reach. On the other hand, its complexity is a significant
drawback. Social media users use it for a variety of goals. It is crucial to make sure the message's
tone and content are appropriate for both the target audience and the situation. 

The people

The campaign will be monitored and taken care of by a hired creative agency, who will make sure the
right approach will be followed to achieve the desired results.

The context

This campaign is following a pull positioning strategy, targeted at end consumer. The reason for this is to
bring the customers to the company rather than reaching them trough an intermediary. The profile stragy
is set to change the organization’s image, and in Wedowood’s case, their start-up position is still not a
good look on the company. Once the campaign is up and running, one of the goals is changing the whole
conception of the company.

Goals &objectives

To succeed, goals and objectives must be put into place. In order to do this, I will lay down some KPIs
that will help tracking everything.
ROI: 20%; 60%+ engagement on Instagram stories and posts,