Marketing

Marketing strategy is the exact and detailed plan devised to reach a goal in any organization (Talloo p.147).

For any organisation to succeed or out do the other it must put into consideration the three workable generic marketing tactics to meet its goal in whatever line of business, and these generic marketing strategies are cost leadership, product differentiation and market segmentation (Porter, p.35).

Despite the fact that there is competition in every line of business an organisation has to carry out the generic strategies stated above to meet its aim and goal though depending on the organisations approach on carry out the strategy. For the organisation to broaden their market they must be able to meet the demand of their customers by producing variety of goods to the market for observant customers who are mindful of the choice of products in the market and cautious in their spending pattern. Such customers easily realise any changes in oscillation of price and products being produced to the market (Varley, p.252).

However, for the organisation to satisfy such customers, it has to design a plan of distinguishing its products from that of his competitors and ways of going about it is by reducing the price of the product, providing the customers with a buying target which should be attained within a stipulated time, giving of discount to wholesale buyers depending on the measure of goods bought, (Porter, p.37) and for a manufacturing company the provision of transport for delivering of goods to the wholesale buyers at their respective locations or through courier service company depending on the quantity of goods.

Another way of dominating the competitive market is by putting into consideration the customer needs. If the products in the market does not satisfy the customer then a better quality and increase in volume of the product is required, the designing of a different and distinctive product which is not in the market, unique attractive packaging and neat labelling of the product, choosing unique brand name that is easy to pronounce, memorize and eye-catching to the consumer (Talloo, p.149). All the necessary legal requirements must be followed. This will give the buyer an assurance that the product is of outstanding quality.

For any product to sell, promotion on the product has to be carried out in a better way. For a successful promotion, the group has to be aggressive and straight to the point. It can always be done by organizing road shows and alerting the entire public on the new product or change on a particular product, besides these, some gifts are to go with the products like, T-Shirts, Caps, Pens, shopping bags and inclusion of special offers.

Promotion can also be done through running programmes in the local dailies or Television channels which come along with gift promotions, it is also necessary to include extra package as a gift added to the products. These attract the customers and help improve the sales. If a product is well promoted, made available and consistent, it will become so common in the market hence consumer will be rushing for that particular product in the market. Public transport vehicles can be used as another source of promotion by branding them with the product’s label with the inclusion of an advertising digital television.

Works Cited

1. Porter, Michael E. Competitive strategy: techniques for analyzing industries and competitors: with a new introduction. New York: Simon and Schuster 1988
2. Talloo. Thelma J. Business Organisation and Management (For Delhi University B.Com Hons. Course), New Delhi: Tata McGraw-Hill, 2007.
3. Varley, Rosemary. Retail product management: buying and merchandising. New York : Routledge, 2006.

Introduction

Every company always strives to emerge the best in the competitive business world. Primarily, it is a prerogative for a company to offer quality products and services in order to survive. Products and services offered by a company or business should at all times satisfy the customers. Accordingly, there is a need to evaluate the products and services offered by a company in order to ascertain whether or not they fulfill market needs.

Overview of the articles

It is important that companies evaluate new products and services by conducting qualitative marketing research. According to Hoets, qualitative marketing research is essential as it can assist a business person to make better new products and marketing decisions (Hoets, 2007, p.1). There are nine applications that can be used while carrying out research. These include expert exploratory interviews, exploratory groups. new product screening groups, positioning groups, marketing tactics, competitors customer groups, pre and post quantitative groups and interviews, Diagnostic groups and interviews and finally channel interviews. While developing new products or services, it is important to know the new product ideas, product features, and positioning messages, marketing tactics and how to be successful by reducing risk. In order to achieve this goal, companies need to conduct qualitative marketing research by creating focus groups and depth interviews. Market research is helpful because business people can access new products before they initiate any sales. Market research is normally directed by moderators whose function is to analyze attitudes, beliefs and opinions of customers regarding a product or service.

Consumers are bound to have mixed reactions whenever a new product is introduced in the market. Qualitative market research should therefore be used to evaluate new products and services considering the views and opinions of consumers (Hoets, 2007, p.10).In the article ‘Develop Effective Financial Models’, financial models should be developed as they assist in evaluating new products and services in the market (Seasholtz, 2003, par. 3). These financial models are substantially planed to evaluate anything related to finance. Financial models are designed by teams of people who are normally faced with different challenges. The challenges may include ideology differences within the teams, lack of historical information and assumptions which may mislead the financial models. For an effective model to be achieved, one should understand the basic decisions that are applied in a model. Alongside this factor, a person should build a central structure of the model, perform a scenario examination and make the model insightful (Seasholtz, 2003, par. 3).

Conclusion

Ultimately, company owners need to know how new products and services are received in the market by consumers. Before launching a new product, it is important to carry out qualitative market research for the purpose of evaluation. This is effective as it can help prevent future losses as a result of products that have been rejected by consumers. The financial model can also be applied as they are designed to help managers in their decision-making. The financial tools can be used in the evaluation and planning of future performance (Seasholtz, 2003, par3).

Reference

Hoets, H. (2007).Developing new products and services with qualitative Marketing Research. Nine Applications You can Apply. Web.

Seasholtz, J. (2003). Developing effective financial models to evaluate new products. Web.

Customer value has been one of the marketing strategies that have played a great role in enhancing the field of marketing. Customer value is termed as the perspective in which a business recognises customers and how the customers see the worth of a business products and services. Customer value in marketing is proven to be among the important aspect in an organization for its merits overcome the demerits.

Customer value is termed as a significant factor in an organization’s aggressive policy and as the next source of aggressive benefit. Mounting a detailed perceptive of all customer collection permits an organization to come up with contributions that are modified to customer requirements and necessities. Companies which adopt enhanced value to customers can perhaps attain superior directorial concert and later shareholder cost. To give out the best value to customers, administrators need to wholly recognise how the formation of value is handled. (Presetiya mulya, 2007)

Although customer value is important in organizations, it cannot stand by its own. There are three step models, which enable an organization to have firm customer value incentive. One of this is finding out the measure of needs. This is a step put to ensure that the cost of every commodity appeals to customers. Because of the different needs, it is important to put a standard value that pleases every one. This will make everyone to feel that they are a part of the organization.

Putting the force to the customers is another step model for creating customer value. This practice ensures that the customers are given the first priority and enables them to understand that they are well recognised. This is a key secret used by major organizations to retain their customers. For any company willing to form a meaningful clientele, they should take this model seriously. Forming meaningful and reasonable customer worth is another way of creating customer value. The use of all these models in customer value has ensured that all anticipations are met at present and in the future. (Presetiya mulya, 2007)

Since customer value is important in every organization, there are tactics that one is supposed to use in order to win customers. This includes things like considering and efficiently responding to their wants. For a long time, organizations thought that convincing customers was the only way to attain great sales. Although this strategy works and also recognized in the modern world, there are also other methods for effective marketing of products. The excellent customer service starts with the first approach and taking time in knowing the customer, his ambition, his ideas, his aggravations and his objectives. After knowing all the likes of the customer, it is usually easy to handle, satisfy and attract him. (Baker Communications Inc, 2010)

Over the years, customer value has been hit by some barriers, which have made marketing in many organization face hard time. Lack of trust is one of the barriers; this has negatively affected the world of marketing. People have lost trust with each other and by so doing customers fear to invest much in organizations.

Denial is another barrier, which has also hit most organizations. Many customers feel that they are rejected and by so doing, they end up slowing the growth of an organization. Inertia is also a barrier hindering growth in organizations. Many customers feel disinterested with the services they are offered by organizations making it hard for the organization to enjoy in their firms. All these among others like communication and financial myopia have played a great role in retarding the growth of many firms. (Donald, 1992)

Many organizations have learnt the value of building up customer value. These are the effectual ways of enabling customers to attain their ambitions or needs. In this skill, many companies put up customer value through a number of dissimilar actions such as added value services and consumer approval dimension agendas. On the other hand, since these actions are carried out separately from the other, there is no assurance of reliable release of superior value that is required to hit the struggle. “Good examples of companies that have adopted consumer value in their ranks include Virgin Atlantic, Cisco, and Toyota”. (Billings, Berg, &De wart, 2008)

First, these companies do the best to ensure the progress of competitiveness of their present rate offer. Secondly, this enlarges the cost intention to the limits by varying the regulations of appointment. Finally, these companies make completely original and sustainable basis of cost to support their lengthy phrase to better position with their clientele.

According to Virgin Atlantic CEO Richard Branson, the company has “a strategy of using the credibility of its brand to challenge the dominant players in a range of industries where we believe the consumer is not getting value for the money” (Billings, Berg, &De wart, 2008). Toyota is another organization that has generated customer value within its ranks. Over the past years, the company has benefited from the rising technologies that generated new foundation of cost for the consumers and businesses alike.

Toyota has a strategy that seeks to manufacture cars fitting everyone’s taste and preference. This can be seen in the manufacture of the Prius, which is the first electric car in the automotive industry. This has redefined the value of customers in the company. The Prius is a car that even appeals to environmentalists since it is ozone friendly. This clear customer value has seen the relationship between Toyota and its customers increasing over the years. This has also brought about a tremendous growth to the company in the face of a rapidly declining market. (Billings, Berg, &De wart, 2008)

Finally, Cisco is another organization that has adopted the concept of customer value. Over the years, Cisco has had a strategy for ensuring that its customers are valued. The company has come up with numerous design products that are meant to appeal to individual customers. Cisco now focuses on new products that are meant to appeal to people across the age divide. This strategy has borne fruit making Cisco one of the most profitable companies in the UK. (Billings, Berg, &De wart, 2008)

Conclusion

Customer value is something that is widely regarded in the marketing world for it enhances the growth of organizations. The success following it has proven that customer value is among strategies that lead to the growing of an organization. Customer value has made the organizations to broaden their thoughts and by so doing they have fully established themselves. Customer value has also brought about competition which has ensured that customers get the quality products. Finally, customers should adhere to customer value to enhance growth in their organizations.

References List

Baker Communications Inc. (2010). Customer Service Skills. Web.

Billings, D, Berg, R, &De wart, D. (2008).Building customer value. Web.

Debonis, N, Balinski, E, & Allen, P. (n.d.). Value Based marketing-Creating customer value. Web.

Donald, J. (1992). In quest of the grail: breaking the barriers to customer valuation. Web.

Presetiya mulya. (2007). Customer value: Definitions, Importance, and Strategy. Web.

Introduction

Customer satisfaction is critical in the travel industry because it helps companies to overcome competition and retain customers. For travel agents, achieving excellent customer satisfaction is particularly important because more and more customers today can book trips via the Internet without the support of a travel agent. However, in order to achieve customer satisfaction, travel agents need to understand its determinants and use focused efforts to improve relationships with customers. The literature review highlights some of the factors that influence customer satisfaction with travel agencies and their willingness to use their services again.

Main body

The first study is a quantitative study of customer satisfaction with and their loyalty to travel agencies providing services in Indonesia (Setiawan & Sayuti, 2017). The researchers selected 200 participants based on purposive sampling and created surveys that considered five variables: service quality, customer trust, corporate image, customer loyalty, and customer satisfaction. Correlation analysis was used to identify the relationship between the pairs of variables and their strength.

The research showed that service quality and customer trust had the strongest impact on customer satisfaction, with service quality also influencing customer loyalty (Setiawan & Sayuti, 2017). There was no correlation between the corporate image and satisfaction or loyalty, meaning that improving the quality of service and gaining customer trust is the primary way for small and big travel agencies to enhance satisfaction.

The second study focuses on customer loyalty while also connecting it to customer satisfaction, which makes it relevant to the topic (Silva & Gonçalves, 2016). Similar to the first study, researchers used a quantitative methodology with a survey as the primary data collection method. The survey was completed by nearly 3000 online and offline travel agency customers and focused on the relationship between loyalty, satisfaction, trust, perceived value, and perceived quality (Silva & Gonçalves, 2016). Contrary to the previous research, this survey found that in the offline context, customer trust influences loyalty (Silva & Gonçalves, 2016).

The authors also consider perceived value, stating that it is particularly crucial for online customers’ satisfaction. Other than that, the results of the two studies are similar, because they both show that perceived quality impacts satisfaction and loyalty.

Conclusion

The articles appear to support the chosen hypothesis that customer-centric support and responsiveness to the individual needs of customers improve their satisfaction. This is because both of these features are related to service quality, which proved to be necessary for customer satisfaction (Setiawan & Sayuti, 2017; Silva & Gonçalves, 2016). Additionally, responsiveness can assist travel agencies in gaining customer trust, which has a positive effect on loyalty through satisfaction (Silva & Gonçalves, 2016).

However, the second study also adds more meaningful information that can be used to enhance the discussion in the proposed research project. The mentioned differences between online and offline customers are essential in the contemporary context, and thus can be used to identify useful strategies for online travel agents. Hence, both articles will be useful for the study and can be applied to support the hypothesis and enhance analysis.

References

Setiawan, H., & Sayuti, A. J. (2017). Effects of service quality, customer trust and corporate image on customer satisfaction and loyalty: An assessment of travel agencies customer in South Sumatra Indonesia. IOSR Journal of Business and Management, 19(5), 31-40.

Silva, G. M., & Goncalves, H. M. (2016). Causal recipes for customer loyalty to travel agencies: Differences between online and offline customers. Journal of Business Research, 69(11), 5512-5518.

Introduction

A market strategy is a process that allows an organization to focus its inadequate funds on the greatest opportunities to boost sales and create a competitive advantage. A marketing strategy defines objectives and the course to follow so as to satisfy customer needs in desired markets. It is most effective when it is a fundamental part of firm strategy which elaborates the way the organization will effectively connect with their current and prospect customers and competitors in the market. (Hooley,J.G.,Saunders,A.J,2004 ).

Tesco is runs about 2,300 supermarkets, hypermarkets, and convenience stores in the UK, Ireland, Central Europe, and Asia. Its operations include gasoline retailing, financial services, grocery, legal services, clothing, pharmacy, electrical goods, books, music and telephony. Tesco is now expanding its services to a retail based education institution and a TV channel. (Hart, J.S., 2003).

Tesco’s marketing strategies

According to Hooley, et al, (2004) Tesco has employed the SWOT analysis to help them in finding out the company’s strengths, weaknesses, opportunities and threats therefore maximizing them in order to ensure that their market share is not affected. In considering its strengths, it has strong financial resources and its brand is widely known which has helped them to venture into new markets and products. The company’s weaknesses of being a foreign brand in new countries and lack of a local knowledge of these markets was countered by partnering with leading companies in foreign markets they wish to venture in so as to win customer’s trust and to make their brand known in the new market.

Tesco now has its brand awareness growing globally meaning they can easily to venture into new markets and with the new innovation on the range of products and services being offered through alliances with various leading service providers, it has an opportunity of increasing their market share(Lord, et al,). They are countering the threat posed by their competitors by providing efficient customer service and using loyalty scheme called club card which allows members to collect points whenever they shop in the Tesco group of companies which later translates to discounts.(Hart, S. 2003))

According to Ranchhod, et al,(2007)Tesco has segmented its market according to the demographic, geographic and geo-demographic information which is gathered from the club card data thus allowing them to plan for the future. This information has helped them to analysed its customer’s needs, buyer behaviour and expectations of its customers and grocery shoppers. This analysis is done by looking at shopping habits and spending patterns. Tesco’s target market is the rising number of affluent consumers looking for good quality goods in a customer friendly in-store environment. It achieved this by employing more qualified staff to promote efficient service delivery, providing a wide range of services and a new brand positioning.(Hart, S. 2003)

A PESTLE analysis is taken to examine local, national and international effects of social, political, economic, technological, legislative and environmental factors so as to understand threats and opportunities which the business is exposed to.(Baker, M. J., 2003)

Social analysis-Involves examining the changes in the society such as cultural practices, demographic changes, consumerism, attitudes and opinions. This information helps to counter market differentiation and keeping abreast with customer’s needs and preferences.

Technological analysis-Tesco considers technological developments taking place and how they affect the organization and their customers. Changes in mode of payment, using of electronic pay cards to beat queues, offering on-line customer service and orders.

Economic analysis-This looks at financial matters of consumers, suppliers and competitors. Tesco has moved to new markets in other countries and other sectors apart from grocery.

Educational analysis: – The education level of consumers impact on consumerism. Tesco has used this information to determine the purchasing power of its market

Political-Political factors determine the stability of the government, recognised foreign policy and competition protectionism policy. This has helped Tesco to venture into foreign markets.

Legislative factors-All organizations need to work within the trade laws, health and trade union legislation. Tesco operates within these laws.

Environmental factors:-Environmental implications of the organization’s activities. Tesco has been sensitive to the environment in its packaging and recyclable material.

Tesco has used the marketing mix as a market strategy. (Ranchhod et al, 2007)The marketing mix constitutes the 4p’s which are product, place, promotion and price. In addition the extended marketing mix makes them seven elements. The other three elements are process, physical evidence and participants. The kinds of products offered by Tesco are designed to meet customer’s needs and expectations. They are of high quality just matching the status of the brand. The prices of their products are reasonable and are available in their stores or their group of companies for quick accessibility. Tesco has used promotion activities to educate as well as inform their customers about their products, their qualified and ready staff and the ambience of their stores. (Peck, H., 1999)

Products have a life cycle from introduction, growth, maturity and decline. In monitoring their products, Tesco promotes their products to make them known and ensure their growth and finally maturity. To counter decreasing sales due to changing tastes and preference, consumer income and competition Tesco uses product reinvention to match their current tastes. (Hart, S, 2003)

Tesco conduct market research from time to time to get ideas on the current needs in various market segments, creating the need for new product development to match this needs. New product development undergoes stages. This includes objectives statement of the new strategy, idea generation about the product, initial screening of generated ideas, concept testing, development of marketing strategies, business analysis, product testing, market testing and commercialization of the product in the markets. (Baker.J.M, 2003)

Conclusion

In conclusion, Tesco has employed a number of marketing strategies which include the marketing mix, SWOT analysis, PESTLE analysis, new product development, product life cycle, market segmentation, targeting and positioning. These strategies have helped Tesco to be the leading brand in six of the thirteen countries it is operating in.

References

Lord, D et al. (1989) Retailing on three continents. The discount food store operations of Albert Gubay. The International Journal of Retailing.

Hooley, J. G., Saunders, A. J, (2004), Marketing strategy and competitive positioning, Nigel Piercy.

Baker, J. (2003), The marketing book. Butterworth-Heinemann.

Peck, H. (1999) Relationship marketing: Strategy and implementation. Chartered institute of marketing, Butterworth-Heinemann.

Ranchhod, A., Gurau, C. (2007), Marketing strategies: A contemporary approach. Finance times, Prentice hall.

Hart, J. S. (2003), Marketing changes. Engage Learning, EMEA.

Abstract

According to the American Marketing Association, marketing is the process whereby the organization plans and implements the different prices, various ways of promoting and distributing its products to satisfy the customers and be able to meet the objectives of the organization. (Bobette K.2008). When a company is doing marketing for its products there are a number of issues that have to be taken into account. Some of these issues from a wider perspective are the legal issues, ethical issues, and the ones this paper will be looking at are communications in marketing, the planning and strategy to be used in marketing, the targeting and segmentation of the market, the structure of the market and the marketing environment.

The structure of the market and the marketing environment.

When a company launches a product in the market it has to look at some factors which will enable it to understand the market it is operating in, its targeted customers, and the competitors in that market. A company has to find out and know the kind of markets which have the need for their manufactured goods and services, and also to know for what purpose their product is needed. A firm should also find out how large the market is, for how long they have been working, if they have expanded their working areas in a country or in the other neighboring countries. It is also important for a company to know the effect of the competitor’s product or the service they offer to the company’s product. A company may need to understand the level and nature of competition: for how long they have been in the market, how do they market their products and how do the consumers take their products. The company needs to understand how rampant the competition is to the product it is producing. That is if they want to succeed then they have to produce better and outstanding products that the consumers will love.

For a company to know how suitable their marketing ability is, they need to scrutinize their marketing environment, that is the external factors that may affect their markets. This can be effectively done by the use of a certain tool known as the PEST analysis which studies Political, Economic, Social, and Technological issues that may affect the business’s product.

The targeting and segmentation of the market

The best and favorable markets should be identified. Markets can be divided in ways like Industry type, and based on how the company offers a standard product to the chosen markets. This makes it necessary to define the product/services offered. In conclusion, markets should be quantifiable, reachable, significant, and actionable. (KnowThis.com, 2008) A useful tool for examining the fit between the company and a particular market is the SWOT analysis which stands for Strengths Weaknesses, Opportunities, and Threats.

The planning and strategy to be used in marketing.

The company has to decide on where the product /services will be situated, whether they will use distributors or deal directly with customers, the ways they will do their pricing, and also try to find out factors that will make the company maintain their customers. A company has to consider the product/service positioning, the number of distributors will also affect the pricing thus the more of them the higher the price.

The company should identify the unique selling points which will help differentiate the companies products. For example, the product’s competitive advantage and its sustainability, focus on improved additional products/services will all help to safeguard the company and keep it ahead of the competition.

Communications in marketing

The company has to know how the customer will locate (directors, business development directors, technical manager) using the best means. It is essential that the company identifies the decision-makers and know if they are within their target for the purpose of marketing communication. This also enhances communication efforts so that the information can reach the person who recognizes the need for a product/service and has the authority to order.

Conclusion

Though from an ethical point of view, the company should ensure that the adverts made for its products are suitable for viewing by people of the age brackets it is targeting and should not be offensive in any way to the family setting. The times for airing the adverts should also be considered, the violent content of the adverts that can be viewed by children. I have witnessed advertisements for some condoms with suggestive dialogue and actions being aired at early times in the evenings. (Federal Trade Commission, 2007) This should be discouraged for the sake of the children who may still be awake.

All in all, these issues in marketing have to be given careful consideration by the company. This is because any complacency can lead to mistakes which may cost the company dearly in terms of litigations from rights groups and even offended individuals. They may also tarnish the company’s name and ruin its public relations.

References

1. Bobette K. 2008. Website Marketing Plan.com. The Definition of Marketing. Has It Changed?
2. Federal Trade Commission. 2007. FTC Issues Report on Marketing Violent Entertainment to Children.
3. Know This.com. Distribution Decisions.

Introduction

E-mail marketing is one of the most effective tools for communicating with customers and mapping their journey through the sales funnel. It offers an immediate avenue for direct response, allows for automation, and ensures greater personalization to meet the needs of the target audience (Frost & Strauss, 2016). An e-mail open rate and response rate can be affected by multiple factors. In this particular case, a company chose to analyze e-mail heading (generic or detailed) and e-mail body (HTML or text). Different combinations of variables were tested twice. This paper will analyze e-mail marketing campaign data provided by the case study, illustrate findings using the chosen graphical display tool, and provide strategic recommendations for improving e-mail response rates.

Design of Experiment (DOE)

In this design experiment, there will be analyzed the data gathered from the two replicated e-mail campaigns. Based on the case, the length of an e-mail heading and the type of e-mail body are the most important factors in determining the efficiency of an e-mail as they directly affect open rates and response rates. The results of the DOE illustrating the cause-and-effect relationships between the factors mentioned above will be presented in the series of Scatter Charts below.

The e-mail open rate was excluded from the analysis since this variable is reflected in the e-mail response rate (an e-mail cannot be answered unless it is opened). Based on the two sets of data, it is clear that plain text results in a higher response rate compared with embedded HTML. It could be due to an overall e-mail size since plain text body generally loads faster than HTML embedded one. Also, it has been found that the detailed header demonstrates higher response rates compared to the generic one.

Recommendations for Increasing the Response Rate

Based on the provided data, the company under discussion should adjust its e-mail strategy by combining detailed heading and plain text in their e-mails. It will ensure higher open and response rates. Also, they should incorporate personalization since it is known as a factor that can boost response by creating a sense of ownership (Chaffey & Smith, 2017). In doing so, the company could test various ways of addressing their customers and prospects (e.g., “John” or “Mr. Smith”) since this factor might potentially affect the answer rate.

General Strategy Recommendations

In the current digital environment, it can be challenging to cut through the noise and get the attention of prospects or customers. Therefore, e-mail marketers should be strategic in their e-mail marketing efforts and plan the frequency and content of e-mail communication to deliver the best results (Chaffey & Smith, 2017). To increase the response rate and improve the efficiency of business processes, the company under discussion should implement the aforementioned strategic changes into their working processes. Also, they might want to track the right time for sending their marketing e-mails. By paying close attention to these factors, the company will be able to reach more people.

References

Chaffey, D., & Smith, PR. (2017). Digital marketing excellence: Planning, optimizing and integrating online marketing. Abingdon, UK: Taylor & Francis.

Frost, R. D., & Strauss, J. (2016). E-marketing. Abingdon, UK: Routledge.