Future Recommendations: Learning
Lessons we can learn from our future decisions include considering the product itself. Each product has its own life-cycle and the market is constantly changing. Just because a product is currently successful, it does not mean that it will continue to be successful as consumer preferences may change. Another aspect we can learn from targeting the shoppers is that their demand for a product is elastic and their preferences can be changed just from slight adjustments in price or product design. This was definitely something we did not consider previously and should consider for any future decisions. Moreover, we can also learn about different trends that are growing in the market. Our team was very successful in the initial cycles, however, due to the lack of adaptation of our products, we were unable to compete with the growing trends. For future reference, if we are able to adapt alongside the growing trends, our products will potentially be more successful.
Marketing concepts that we should apply differently include the positioning strategy for the brands. In the future, instead of switching target markets, which in turn confuses the customers, we would release products that specifically target the particular segment, instead of targeting a broad range of segments. This provides each segment with a new design that is specifically catered to them.