H & R Block Tax Services
The product is “Tax Advice, Bookkeeping, and Payroll, Services to small businesses”. The product is designed to meet the needs of the small enterprises that would want their tax returns to be filled, and their books of accounts to be made and verified by a practicing accountant. Additionally, the business is deemed to offer the payroll management for various parties concern. In this prospect, the products brought forward will help build a formidable payroll information system that would help these businesses have a better and well-stratified remuneration stance (Ferrell, & Hartline, 2014). The product in question is service oriented. The intangibility is seen where the company has to explain to the clients various procedures in which they can collect the financial information for better analysis of the business. Additionally, the principal benefit sought in this stance is the inception of a well thought out payroll and accountancy management that would help the business to track and manage its vital aspects of monetary system (Hoyer, MacInnis, & Pieters, 2013). The costs of these services are affordable as compared to our competitors in the market.
Type of Consumer Offering
The best offering for our product is convenience offering. It is important to note that there is a petite difference in the product we sell and those of the competitors. The main strategic advantage that we have now is to bring these accounting and tax services at the convenience of the customers. To do this, the company has a stratified strategy of reaching out to the clients in their areas of residence (Shankar, & Carpenter, 2012). This move will help the company to have a high clientele base at every point in time. The company is expected to change its target market to medium enterprise customers. This chance will improve the offering to be shopping offering. The changes are due to the fact the company will be meeting the new competitors who have established their brands. The best market penetration strategy is to exhibit high-quality services to the existing clientele base which will, in turn, make sure that the company has a strong stance of sales in the long end (Lanier, 2008).
Product Line Extensions or New Product Development
The existing product will not be modified because the same product is universal to all other competitors in all areas. The best strategy that would be used to balance the target market change is through offering of a more qualified tax advisory and accounts service. This notion is achievable through the inception of a well-stratified management system that would be used in making sure that the company is indeed having a high stance of service delivery (Shankar, & Carpenter, 2012). We would also carry out the price differentiation to enhance affordability of the product. The perception of “awareness of tax laws” and “tax savings” will still be maintained by the company.
The Product Life Cycle
The product we are offering is at its growth stage. At this juncture, the firm’s sales are growing at an increasing rate and the profits are escalating at a high incidence. The inception of the changes for target market is deemed to make the product go back to the introduction stage. The target market is still new to us, and we need to give much attention to marketing aspects, which would take much of our resources at the initial stages (Ferrell, & Hartline, 2014). As it stands now, the best marketing strategy now would be media based marketing for the product awareness to reach as many people as possible.
Ferrell, O. C., & Hartline, M. D. (2014). Marketing strategy. Mason, Ohio: South-Western Cengage Learning.
Hoyer, W. D., MacInnis, D. J., & Pieters, R. (2013). Consumer behavior. Australia: South Western Cengage Learning.
Lanier, C. D. (2008). Experiential marketing: Exploring the dimensions, characteristics, and logic of firm-driven experiences.
Shankar, V., & Carpenter, G. S. (2012). Handbook of marketing strategy. Cheltenham, UK: Edward Elgar Pub.