This sample essay on Polaroid Marketing reveals arguments and important aspects of this topic. Read this essay’s introduction, body paragraphs and the conclusion below.
1-People – Target market Polaroid digital-imaging products are targeted to mostly middle and upper income bracket consumers, mostly young adults regardless of age or cultural background that invest in these product for personal use. They are also geared to attract photojournalist, professional photographers and business such as; real estates and advertising agencies.
2-Product: Digital-imaging products market exploded in 1994 and the demand was rapidly expanding to include various models of individual product.
Some digital-imaging include, digital camera where photos can be stored on a hard disk and process and retrieve through computers and software, the film camera and scanner which comprise of a magnetic disk that is use to print photos from a computer. There is also the video camera and frame grabber that works with a compact flash, memory stick and magnetic diskette which allows photos to be transmitted via internet, in addition, this product has an optical disk to show images through projectors.
However, the product that seemed to attract more attention and demand is the digital-camera also refers to as the filmless camera. Although Polaroid had begun investing in research and development in digital-imaging in the 80s, it wasn’t until early 1990s that their first product called Helios Medical Imaging entered the market but started fading by 1996 mainly due to poor marketing strategies. With new entrants by competitors, such as: Kodak and Fuji, Polaroid was forced to reinvent its marketing strategies to maintain its presents in the digital-imaging market.
Polaroid has always been successful in positioning its products in the market due to the following strategies:
These are as follows:
Polaroid digital-imaging products entered the Decline Product Life Cycle during late 1996 and early 1997, where sales dropping rapidly which led to an additional overall decline in profit and market share. Efforts to revive its image in this rapidly growing and highly competitive market proved futile.
The digital-imaging marketplace currently has considerable competition in providing various products to the target population, but there are opportunities to promote broader competition by lower prices and higher quality services. This is the approach adopted by Polaroid in positioning price whenever possible.
In setting on new products Polaroid took into consideration prices currently offered by competitors while ensuring that the company maintains its major quantitative goal of profit maximization. An affordable price offered to customers would lead to increased sales and hence increased cash flow.
Pricing method is based on uniqueness of product. If similar product is unavailable on the market, pricing is set based on product cost and consumer perception of value. Otherwise, pricing is set taking into account the current market price offered by major competitors for similar product and pixel (image size). For instance, the PCD-2000/40 with 1,200 x 1,600 pixels digital camera was priced at $3,700 in 1996, a relatively good price compared to similar products from other companies.
Polaroid distribution channel is at O level, where the products come from its warehouse and shipped to the retailers, they go through a packaging process and then delivered to the relevant distributors on a timely manner.
Physical Flow- All products move from the warehouse to retail distributors, such as Wal-Mart, Kmart, food stores and pharmacies among others.
Title Flow – Once the product is bought it becomes the property of the buyer.
Payment Flow – Once retailers received payment from customers, the agreed amount after commission is deducted and sent to Polaroid through their bank.
Information Flow – Initial information on the products flows from Polaroid to target customers via advertisements or sponsored promotional events.
Promotion Flow – The demand for a particular product is created by the customer due to his/her needs but it is management of Polaroid that decide if, how and when to make such product available to the market. In most cases, the company’s decision is highly influenced by the status of the market pertaining to the products.
Polaroid invests mainly in advertisement through promotional magazines on electronics, and direct marketing campaign targeting customers while they shop at the retail stores that carry their products. Public relations promotional tools via internet/ websites, sponsored trade shows are also used in marketing their products. Personal sales flyers/ letters sent directing to potential customers are not common with Polaroid.
Critical Issues:
Need to create three main working groups/ task force:
Polaroid Market Analysis and Recommendations. (2019, Dec 07). Retrieved from https://paperap.com/polaroid-market-analysis-and-recommendations/