The difference in country's economic condition makes Coca Cola to fix difference prices for the same product across different countries.
3.2: Integrating Pricing strategy with branding strategy
ATC will use a unique brand position to ensure that customer accept prices fixed for its product and services, and the company will use differentiation strategy to make customer accept the prices fixed for its product. By creating a strong brand position, ATC will be able fix a convenient price to support its brand. The company will use extensive promotion for its product and services to make consumer understand the high value they will derive from buying the company product. By creating strong brand awareness, ATC will be able to influence customer to accept the price fixed for its product and services. In 2007, Apple was able to create strong band awareness for its product, and when Apple launched iPhone 8G version in 2007 for $599, millions of customer lined up to purchase the product.
3.3: Distribution Plan
Distribution channel describes the chain of business through which firms distribute its goods and services to customer. ATC will use distribution channel such as wholesaler, distributors, retailer and the internet to distribute its goods and services. (See Fig 1). The company will also use indirect distribution channel through which consumer buy product directly from wholesaler and retailer. Typically, the indirect distribution channel will assist consumer to buy the product directly from wholesaler and retailer and indirect distribution strategy will allow the company to reach large number of consumer at a time.
Fig 1: Distribution Channel use by ATC
To reach larger number of consumer, ATC will focus more on retailer than wholesalers will because retailers are closer to consumer. The company will offer its product to large number of retail units across the country and the ATC distribution strategy will allow the company to get access to large number of consumer, increase the overall sales as well as lowering the operating costs.
Moreover, ATC will use the internet technology to distribute its product and services domestically and internationally. Recent development of information technology (it) has made internet technology to become an effective tool to distribute the product and services across the globe rapidly, and efficiently. ATC will take the advantages of the…… [Read More]
The company tried breakfast food with little success, and failed at branching out into music as well. Overall, there is little evidence that Starbucks can be anything other than a coffee company.
Despite the weaknesses, there are a number of great opportunities in the market. The best is the opportunity that Starbucks is already pursuing in emerging markets. There is a strong focus on Asia and the Middle East. The company is weaker in Europe, has a small presence in large markets like Brazil, and is a non-factor in other emerging markets like South Africa. Thus, there is a lot of room for growth internationally.
Another opportunity that has presented itself is for Starbucks to apply its operational excellence to other businesses. Starbucks isn't a success because it brews the world's best coffee, it succeeds because it runs its stores very effectively. This is something that it hopes to apply to other businesses, and to this point the jury is out. However, there is the possibility that other opportunities will emerge in quick service especially that the company can take advantage of.
Beyond these opportunities Starbucks can also set strategy to eliminate any threats that it might. These threats could include the state of the economy. Starbucks is a premium product, something that means that people will trade own in times of economic uncertainty. Whether the company has insulated itself against downturn is not known at this time. There are other threats as well. Around the world, there are many coffee chains that emulate the Starbucks model. Should nay emerge as either a superior performer or with branding superiority, then Starbucks could find it difficult to maintain market share.
Another threat is somewhat more existential in nature, relating to the supply of coffee beans as the result of global warming. Coffee is grown in relatively sensitive bioregions, close to the equator and are subject to pests and erosion issues in addition to climate change. Starbucks has responded in part to this threat already, becoming a major lobbying entity for action to curb climate change (Starbucks, 2013). The best case scenario has 2/3 of suitable coffee-growing habitat unable to support the plant in the future, hence the urgency of action for Starbucks (Fiegl, 2012).
Overall, the company has a lot of opportunity around that world and that outweighs any pessimism about the…… [Read More]
Marketing Plan for Coca-Cola
Marketing Plan for Coca Cola
Coca-Cola, the most valuable brand in the beverage industry has the largest customer base, the strongest brand image, and a huge supply chain and distribution network all over the world. The Coca-Cola Company formulates effective marketing strategies to present its Coca-Cola drink to its most potential target consumers in the local and international markets. Coca-Cola is widely available in more than 200 countries and 6 operating regions of the world. The daily consumption of Coke is almost 1.8 billion regular servings. With its huge scale of operations and the greatest customer base, Coke has become the best seller soft drink brand in the world. The company's marketing strategies play an important role in strengthening its brand image and relationships with business partners and supply chain members. The company always keeps in view its target market, demographical factors, and market needs so that it may produce and offer the products which can best meet the consumer's requirements. It also keeps an eye on the competitor brands which pose big threats to its sales and profitability. The Coca-Cola Company designs its marketing and promotional mix in the light of its marketing objectives, consumer preferences, and industry patterns. The product, pricing, promotional, advertising, distribution, sales promotions, public relations, personal selling, and direct marketing are the major components of the company's marketing mix for Coca-Cola. The marketing objectives of the Coca-Cola Company for its Coca-Cola soft drink include both quantitative and qualitative aspects. The company not only aims to ensure attractive profit margins and revenues, but also wants to build a strong brand image and loyalty among consumers in the new target markets. The marketing plan for Coca-Cola is spread over one year period according to different strategies and actions that are to be undertaken by the company.
Marketing Plan for Coca-Cola:
This paper presents a complete marketing plan for Coca-Cola soft drink. The opening section gives a brief introduction to the Coca-Cola Company; its history, top brands, and scale of operations, and then introduces its most valuable product Coca-Cola. The marketing plan starts with explaining the target market, market size, and description…… [Read More]
Marketing Sports Drink
In today's current marketplace, there is stiff competition among sports drink manufacturers. Our company has developed a product with an edge on the competition. The product is a sports drink that comes in a container that effectively keeps the drink cold for approximately six hours. In order for sales of this product to succeed in the marketplace, it is necessary for our company to devise effective strategies for marketing the sports drink. The following discussion explores how marketing strategies could be developed in order to maximize profits from sales of the sports drink.
Marketing efforts may effectively begin by the company asking themselves a number of directed questions that help define where and how to direct energy and resources. The answers to these questions provide clarity and direction, ensuring that the product is being marketed in the most effective manner. These questions involve identifying market segments, competition, business growth, and customer loyalty (Kotler and Keller, 2012, p.26).
One important question involves the identification and choice of particular target market segments (. Who should marketing campaigns be aimed at? Naturally, the most obvious market for sports drinks are athletes. The purpose of athletes consuming sports drinks is to rehydrate and recover from exertion both during and after physical activity. This demographic would be the primary target for advertising campaigns. Scientific research has indicated that isotonic and hypotonic sports drinks are effective in offsetting effects of dehydration in order to improve endurance during physically demanding sports activities (Snell et al., 2010; Ballistreri & Corradi-Webster, 2008). Therefore, marketing campaigns targeted at athletes can incorporate hard research findings in order to promote product consumption.
Another important question to ask with regard to marketing involves how the company can differentiate the product being offered from products available from other companies (Kotler and Keller, 2012, p.26). The defining feature that distinguishes the drink offered by our company from those offered by the company is the container the drink comes in. In particular, the container has been scientifically designed to keep the beverage cold for six hours, making it an attractive choice for active individuals who are on the go. Marketing strategies could focus in on this feature and highlight it in advertising in order to appeal to those who could benefit from…… [Read More]
Email marketing is "the use of email in marketing communications." (Brownlow, 2012) Email marketing is reported as a term that "covers every email" that is ever sent to a customer, potential customer or public venue." (Brownlow, 2012) Email marketing refers to the sending of "…direct promotional emails to try and acquire new customers or persuade existing customers to buy again." (Brownlow, 2012) In addition, it is reported that sending emails which are designed in a way that will provide encouragement for customer loyalty and enhance customer relationships. In addition, placing your marketing messages or advertisements "in emails sent by other people." (Brownlow, 2012)
Three Primary Forms of Email Marketing
Email marketing is in three primary forms stated to be the following: (1) direct mail; (2) sending a print newsletter; (3) placing advertisements in subscription magazines and newspapers. (Brownlow, 2012) It is reported that email marketing's popularity is because: (1) sending email is cheaper than most forms of communication; (2) email lets you deliver messages to people unlike website where people have to come to the message; and (3) email marketing has proven very successful for "who do it right." (Brownlow, 2012)
II. Direct Email
Direct email marketing is sending of promotional messages in email such as a special offer or announcement of some sort. It is possible as well to rent email address lists from service companies, which allows for geographical or interest-based targeting of emails.
III. Email Marketing Software
Email marketing software allows for the creation of profitable customer relationships and includes tools such as professional email signup forms and autoresponder services. One such software advertised is AWeber Opt-In Email Marketing Software produced by AWeber Communications. Email marketing software enables management of client accounts from one location and creation of a new revenue stream with competitive wholesale pricing. In addition, simple design tools are included in many email software-marketing packages.
IV. Benefits of Email Marketing
A Business Link report states that product promotion by email is "powerful and flexible" in terms of direct marketing. Email marketing allows communication of messages more rapidly and in a more cost-effective manner that using paper-based marketing. In addition, messages can be tailored to specific types of customers, customer relationship can be built, and new customers acquired "through relevant, well targeted emails that interest recipients." (Brownlow, 2012)
V. Regulation of Marketing Email…… [Read More]
There is also the potential to expand the product line beyond the initial Tablet PC to support more advanced and customized configurations through the build-to-order strategy. There is also a very significant upside potential with accessories as well, which could become very high margin in the future. Finally there are significant threats from Apple and others who also are seeking to create a dominant market position for themselves in the Tablet PC market.
The market position for the Firenze Tablet PC is based on its unique manufacturing strategy that provides every customer the opportunity to customize their tablet to unique requirements, while also being always connected to the Internet through EV-DO technology. As the only device that can support collaboration, communication and content creation in addition to consumption in two languages the Firenze is well-positioned to take advantage of the market dynamics in the Tablet PC market as shown in Figure 3, 2012 Smartphone Five Forces Analysis. The following analysis is based on Porter's five forces model and illustrates how the market is changing rapidly, and the build-to-order model will give Firenze the opportunity to compete more effectively against less agile competitors.
Branding, pricing, and distribution plan
The branding of Firenze Tablet PC will be done in such away that it covers interest of both international and domestic consumers. This is because in most cases global products are design uniquely to meet the need of global market since these products will be offered throughout all regions in the world under different market environment. However, the branding of Firenze Tablet PC will ensure that the brands seize the market and the category opportunities by means of well-defined and coordinated go-to-market strategies. Domestic and global brands have the same name and comparable image worldwide. This to provide the tablet PC with an edge in market concentration especially in the emerging markets such Asia and South America. When Firenze Tablet PC is properly branded, it will execute the strategic focus as a result of creating inspiring product as well as, generating strategies of communication which represents the branding categories (Daye, 2007).
In…… [Read More]
Safety of participants;
2. Welfare of participants; and,
3. Quality of course offerings.
The critical issue facing this enterprise is the need to provide a rigorous and challenging survival course while ensuring that its features are safe and that all participants will be able to complete the training with support and will find the experience empowering, exciting, satisfying and even fun.
The mission of the survival course instructions provided by the company is to provide all participants with the knowledge and tools they will need to improve their chances of surviving a natural or manmade disaster.
The company's marketing objectives for the next year are to reach at least 10% of the target market as described below through low-cost marketing initiatives and campaigns.
The company's financial objectives are to increase cash flow by 50% by the end of 2014.
The survival courses provided by the company are not designed for the frail or handicapped. Although provisions are made for size and physical ability, all participants in the survival course will undergo rigorous training that requires a normal level of physical ability. There will be no "watered down" versions of the survival course training offered.
The company will promote its survival course offerings through trade journal advertisements as well as through a prominent Facebook page as discussed further below.
The marketing strategies to be used by the company will focus on the two core target markets: (a) private consumers and (b) corporate clients. For private consumers, marketing strategies will include appeals to homeowners and college students who may feel vulnerable and feel they need the self-confidence that survival course training provides. For corporate clients, the focus of the marketing strategies will be on the improved morale and employee satisfaction that can result from participation in survival course training.
The company's marketing program will use the following approaches for pricing, distribution, advertising, and customer service.
Pricing. The pricing for the survival course will be based on an analysis of like offerings by competitors with a goal of providing more…… [Read More]
Part of the marketing program is to broaden the customer base to be more reflective of LA's total demographics. Such basic information can be collected by the intake staff, and can then be compared against data from prior to the marketing effort. If there is a specialized campaign -- say taking out ads in an ethnic newspaper -- we can track to see if there was a bump in the demographics of that group among our customers. Such direct studies can also help understand how best to reach specific target markets, especially the larger ones that can be segmented.
The major evaluative categories are profitability, productivity and efficiency. All three derive from targeting certain customer types that will help improve each of these things. Efforts in these areas can indicate successful execution of the marketing plan. That said, successful conception of the marketing plan will be measured more on whether there is correlation between observed changes in patient trends vs. observed outcomes in the major evaluative categories.
Because of the wide range data that can have value, the evaluation of the marketing plan will be more comprehensive than simply measuring a few outcomes. The data will show us whether we met those basic targets, but we also want to see what else the marketing plan accomplished, and gain insight that will tell us why the reported performance was as it was. This way, we can make adjustments to our efforts in the future, to improve our marketing. If we can keep the cost of collecting marketing data down, there is certainly no limit on how much data would be useful, and the more we have for evaluation purposes the better.… [Read More]
Description of the Product
The product is coffee, or specifically it is high end coffee, expertly roasted and made available to coffee shops, institutional customers and retail customers over the Internet. There are several elements to the product. The first is the beans, which are sourced from equatorial regions around the world. There are different breeds and cultivars of coffee available on the market. Coffee, like wine grapes, picks up significant characteristics from its terroir as well. The result is that there can be tremendous differences in beans from different parts of the world, or even from different farms within the same part of the world. For all of the world's major coffee companies, beans from all over the world are blended together and roasted with the objective of creating a uniform taste that can be replicated all over the world. All major competitors, from Nestle to Kraft to Starbucks, utilize this basic formula.
High end coffee, however, is highly differentiated from this formula. Ultra-premium coffee is roasted in small batches with beans from individual regions and farms. The specific roast is designed specially to bring out the unique characteristics of the beans from that farm, and for the means of production (espresso or filter). Ultra-premium coffee therefore aims for a character that is anything but uniform -- each batch and indeed each cup could and should be entirely different from its predecessor. The appeal for consumers of ultra-premium coffee lies specifically in these differences. These are the same customers who spend hundreds of dollars seeking unique wines, beers and spirits, or unique dining experiences. Such tastes typically extend to other products as well, from clothes to entertainment to automobiles and vacations.
The Internet is the perfect vehicle for this type of business. There are two reasons for this. The first is that these consumers are diffused. While the nation is filled with millions of coffee addicts, those who take it seriously enough to pursue ultra-premium coffee tend…… [Read More]
CIC is a cardiac imaging center that has just opened, trying to win business from the established competitors in town with better equipment and service. The focus in terms of building market share is to oriented the marketing reps to build strong relationships with the physicians and the payers, both of whom are key drivers of business. This will help CIC to take advantage of the favorable social conditions of an aging population to build revenue and become profitable.
The challenge is to successfully market Cardiac Imaging Center. This is a new business, so there needs to be an emphasis on gaining exposure and gaining referrals in order to build the business. Key goals will be associated with revenue, market share, number of patients, number of partner physicians and profit.
Cardiac Imaging Center (CIC) is a new business that has just been completed. The service is a small imaging center with the most technologically -- advanced equipment. The business currently has very few customers, but it has costs, and so it needs to build its business up quickly. The new business has a technological competitive advantage, as the other cardiac imaging centers in the area are using older technology that is nowhere near as good. However, CIC charges a premium price. In this business, there is a reliance of physicians to refer patients to the imaging center, so one of the key critical success factors for this business is to build partnerships with local physicians to increase referrals. The first objective is to gain 50 area physicians for referrals, and from there to take 40% market share within the first year, of the local market.
The strength of the center lies with its modern technology, which is superior to the technology of any other clinic within a 50-mile radius. This technology is the primary source of competitive advantage. A…… [Read More]
Programs is another element of the new four Ps. The company needs to have two programs. The first is that the launch program. The company needs a strategy to bring this product to market, and it needs to have a program that will allow it to gain exposure, build a brand quickly, and get the distribution it needs to compete. The second program needs to follow up the first one quickly, and take the product through the growth stage of the life cycle. This program has to continue to expand on the brand building, and get a strong follow-through on the launch. The key here is that the company needs to convince customers to drink the product regularly, and not just in a hiking context. That means that the company needs to keep the interest level high in the product. This is why the company needs to have the best people, so that all the ideas and energy are not expended on the launch, that the second program in terms of growing the brand is just as strong as the first one.
Performance is critical, and is another reason why the people element is so important. Performance reflects the measures of success that the team has for the product. The metrics need to be finely detailed, so that the marketing team knows everything there is to know about the product's performance, and the details of the people who are -- and are not -- buying the product.
Measurement is an essential part of this plan. Everything needs to be measure for a product launch like this. The target market needs to be understood intimately, so that the rest of the promotional program is on point. The performance measures needs to include target market measures, market share and penetration measures, store by store and region by…… [Read More]
Starbucks can be left without profits if it markets its products in the wrong locations. Place is the sites at which the company avails its products. This includes channels of distribution from the distribution point to the end customer. Starbucks attempts to minimize the distance customers have to move to the point where the product is sold. This is followed by targeting the appropriate target market before making decisions on how the products will be availed to them. For instance, because Starbucks is selling trendy food products, opening stores in rural areas will not bring any profits. They must take their products to locations where youthful people tend to hangout such as malls and multiplexes. This is the only way for them to gain maximum attention from the target market (Haberer, 2010).
Moreover, Starbucks must develop a pattern of being alert to offer the ease of shopping. When Starbucks diagnosed their customer based, they realized that they are serving the busy working class. These are financially stable people but lack the time to buy Starbucks products. Therefore, the product cost involves bot the price and time invested in purchasing the products. This means that if Starbucks reduces the price for their products, it will not make any significant changes. Instead, it would be advisable for the company to consider reducing the time involved in purchasing their products. This has been successful; the firm has introduced virtual outlets in bus stands and subway stations where customers can pick items on their way home. This strategy managed to increase their sales rapidly (Lamb, Hair & McDaniel, 2012).
Starbucks engages promotional tools that take products closer to the target market. In addition, promotional strategies have enabled the company increase awareness in the market. They achieve this through internet and TV advertisements. Their prices are not driven by optimum sales but their ability to promote products. They produce products meant for customers…… [Read More]
In terms of a company's 'marketing mix,' 'place' refers to where the product is sold. 'Distribution' is another word for 'place' ("Marketing mix," The Times Business Case Studies, 2012). In the case of the Nike polar pedometer 'Nikecount,' the most obvious initial 'place' to sell the product is through major retail sporting good chains such as Sports Authority and Dick's Sporting Goods. These stores attract a wide range of consumers of different fitness levels. The Nike pedometer is likely to be most popular amongst individuals beginning a fitness program, and offering it at a general sports merchandise retailer would enable a consumer buying walking shoes and other types of fitness gear (like small hand weights to carry while walking) to purchase the pedometer at the same time.
Of course, Nike has its own network of brand-specific stores across the nation and also offers its merchandise for sale online. These 'places' can and should be used to sell the pedometer. However, the target demographic for these stores tends to be youthful, serious athletes. Nike's motto of 'just do it,' while inspiring, might intimidate individuals for whom walking is their primary exercise. The target market of the pedometer includes baby boomers (including mall walkers); people who are trying to get, rather than simply stay fit; and family members of all ages. While some runners do use pedometers, many use GPS and heart rate monitors to track optimal heart rate, distance, and pace during exercise, while walkers focusing simply on the number of steps they take per day will use a pedometer. Thus focusing the distribution strategy upon more general sporting retailers would be optimal.
Given its 'healthy' rather than its 'sporty' focus, the pedometer could also be distributed through venues where individuals go shopping for health-related products. Pharmacies where diabetics fill their prescriptions such…… [Read More]
Case #8: Global Strategies
Critically evaluate Dolce & Gabbana's decision to launch 15 new stores in China
Dolce & Gabbana's decision to launch 15 new stores in China is a smart one. First, the U.S. Visa process is making it difficult for Chinese tourists to shop here, so D&G will have to take business there in order to get to those Chinese consumers who cannot buy here. Secondly, sales of luxury goods in mainland China were expected to reach $16.9 Billion dollars in 2011, which is a huge market, so G&B is going after some of those Billions. Third, G&B already has 26 stores there, so they are already known in China and G&B already know they can successfully sell in China. Fourth, they can sell a lifestyle of D&G, just as Ralph Lauren did, so that people will buy new products that support that imagined lifestyle.
As we saw in class and in our reading, there are some risks. First, they already have 26 stores and 15 stores might be too many to support; they have to compete with other competitors who might know the Chinese market even better. It does seem, though, that the possible benefits of putting even more stores into mainland China outweigh these risks.
b. What marketing strategies would you recommend that Dolce & Gabbana use to support the successful launch of its new stores in China?
D&G should stress the fact that they are going to the Chinese because the Chinese are having a difficult time with U.S. Visa process. Also, D&G should stress that they already have 26 stores there and are established there. Third, D&G should continue to learn about Chinese culture and honor their culture in order to attract their business. Fourth, D&G should hire Chinese people for every aspect or nearly every aspect of their business in China, so D&G has a Chinese culture within their corporate interests in China.
c. What do you think Dolce & Gabbana could do to leverage the increasing trend of wealthy Chinese travelers shopping for luxury goods in Europe and the U.S.
D&G can leverage the increasing trend of wealthy Chinese travelers shopping for luxury goods in Europe and the U.S. In several ways. First, they can open more stores in Europe and the U.S. To take advantage of that trend. Second, D&G can use the expertise…… [Read More]
Marketing Effectiveness Memo:
Marketing is an important aspect of every business, especially hospitality establishments because they operate in an increasingly competitive market. Every business should develop effective marketing strategies that are geared towards attracting customers. When developing marketing strategies, the focus of the initiatives should be ensuring that the product and/or service meets the demands of customers. These marketing initiatives should also act as the foundation for developing and sustaining long-term relationships with customers. One of the major establishments in the hospitality industry that has benefited from comprehensive marketing strategies and initiatives is McDonalds Corporation in fast food operation.
McDonalds Marketing Efforts and Target Audience:
As previously mentioned, McDonalds Corporation is one of the establishments in the hospitality industry that has profited significantly from comprehensive marketing strategies and initiatives. The essence of the firm's marketing efforts is emphasis on becoming the best fast-food restaurant rather than becoming the biggest fast-food chain through an initiative called a plan to win. As a result, the corporation has continually focused on building its brand through listening to its customers in its various stages in the marketing process. McDonalds develops its marketing strategy after analyzing detailed information regarding its customers in order to create the correct marketing mix.
Under its product and service strategy, McDonalds Corporation has deliberately maintained a limited depth and width of its products and services ("Marketing Strategy of McDonalds," 2007). Generally, McDonalds Corporation develops its products based on the ever changing customers' desires and tastes. In relation to place, the corporation offers its products and services in distribution outlets and channel to ensure that they are available and accessible to customers. Since pricing strategy is an important aspect of marketing efforts, the corporation provides its products and services at reasonable prices. The firm has specific value pricing and bundling strategy that is geared towards enhancing the total sales of products and services. Promotion strategies for McDonalds include endorsement activities and advertisement that help in effective communication with probable customers.
Through these efforts, McDonalds use demographic segmentation strategy with age as the main parameter for developing effective initiatives for its target audience. Generally, the company seeks to provide a friendly and happy environment for all its customers to enjoy its products and services. Notably, the corporation seeks to appeal to a broad range of people including families, workers, and children. Based on analysis of its products and service offering and marketing…… [Read More]
This report will be a thorough analysis of a chosen marketing management problems. In this report, the approach taken will include thorough analysis of a total of five recent studies. The thematic marketing management problem studied here will be the impact that the ethical standards can have on the entire marketing management structure. The studies chosen will be studies from five different perspectives i.e. The background of the studies will be provided followed by the research issues that the papers identified, the theories used in the papers, the primary findings of the papers and the implications that they for the current marketers. The report will end with a comprehensive and analytical conclusion.
Background of the Papers
There is a growing trend of hiring African-American graduates in the marketing sectors within the United States. In a recent study conducted by Malinowski and Berger (2010) we see that there is clearly ethic-oriented reason for this trend; the researchers conduct a thorough analysis of the students (black and white) of marketing and assert that the African-American students are far more ethical in their approach and application when compared to the white students (Malinowski and Berger, 2010).
Another study similarly focused on the various growing ethical problems that surface in running a business. The study asserts that organizations are trying to find progressively applicable strategies to consider measures that preserve and develop their ethical status, because corporate status is viewed as an intangible resource that produces an aggressive advantage for that enterprise and its global performance (Iwu-Egwuonwu, 2011; Amine et al., 2012).
In a related recent study, the researchers highlight the more powerful marketing methods that are now being used to penetrate the marketplace. This research specifically analyzed the attitudes of practicing dental surgeons' on the overall responsibility of ethics for marketing (Verma et al., 2012). In another relatively recent and similar paper, the researchers use the closeness of two separated…… [Read More]
This he can do by engaging in extensive advertising, public relations, sales promotion, personal selling, internet marketing, and sponsorship. Depending on the resources available, the client can use any form of mass media that is within his means. He can also go for the services of public relation companies to obtain favorable publicity within the media. The client can also make use of money off coupons or special offers to increase sales volumes in short-term. Internet marketing techniques like social media and videos on demand can also come in handy (Chaffey, 2007). Message strategy should be well thought out. The message should reinforce the benefit of that product (Schultz & Dev, 2005).
2.1.4 Place Strategy
This stands for ways by which goods are transported from the client to the end users. The client has to ensure that goods reach the market when they are still in good condition failure to which quality may be compromised (Schultz & Dev, 2005).
2.2 Market Targeting
If the client is keen on venturing into other markets his products must dominate over other competitors. In selecting a market segment, the client has to engage in market targeting by ascertaining the demands of customers. After all these, the client must create a good picture in the minds of his customers of the product he sells. This will enhance loyalty and satisfaction among his customers (Schultz & Dev, 2005).
Success of any business relies on whether it has competitive organizational and marketing strategy or not. Marketing strategy development largely depends on organization strategy.… [Read More]
Marketing Activities of Monster Energy
Market Activities of Monster Energy
Monster Energy is an energy drink produced and launched in 2002 by the Monster Beverage Company through an affiliation of another company the Sacks and Schlosberg (Gitman & McDaniel 2007). The beverage was produced after the demand increment of the drink to the customers. Its most target consumers are the university students, truckers and much of the sport fanatics. The company works under a slogan "Unleashing the beast" that has attracted the much clientele; enhancing the brand's successful marketing. It has enabled its marketing operations through micro and macro environment as depicted in the research below.
As the company's marketing consultant, I have conducted a quasi-analysis through secondary data collection methodologies. A number of resources have been used alongside the brand's website to get proper and appealing qualitative and qualitative leads on Monster's Energy marketing activities. The main objective of the analysis is to effectuate and oversee how Monster Energy is marketed all globally and how to acquire necessary weaknesses that hamper better marketing actions. The data analysis is a comprehensive outlook of the company external organization and a SWOT analysis and how these two affect the marketing of the brand.
An external organization is the outside entity that significantly affects the development and survival of the products and services offered by the respective companies. It is necessitated for a company to investigate this notion since the externalized environment of the company is under no control of the latter (Gupta 2009). These outside entities, mainly the environs, interact with the organization, as well as their brands, and in this case, Monster Energy. The main external entities that immensely affect marketing functionalities of monster Energy are competition, law, socio-culture, ecology, economy and technique. It composes of both the macro and micro environment
a) Law environment
Though the notion of following…… [Read More]
Marketing in the Contemporary Organizations
The contemporary society is very dynamic and things change each passing day particularly propelled by the new inventions and technological improvements. There is provision for information to travel faster than it used to, hence posing a cut edge competitive environment for each organization. Each company that wants to remain relevant in the market must embrace techniques and trends that will enable it remain afloat and relevant, such as marketing.
The modern organizations has so many functions going on like production, resource development, finance departments, the human resource departments all in tandem. In order to align these functions within the organization with the needs and wants and expectations of the customers, there is need to involve a marketing strategy that will deliberately guide these functions towards that direction (Rama Rao, 2005). The key to success in the current organizations do not rest on marketing or any function independently, but on a joint pursuit of success.
Marketing can be said therefore to play an integrative purpose of the market so that the required synergy can be realized for the success of a given organization. This means then that the responsibility to increase the market share of the organization as they market the company products rests on each member of the organization and not a few selected people from given or selected departments.
Role of marketing to manufacturers/firms
Even the biggest players in any market are still seen to engage extensively in the marketing process. Marketing enables organizations to maintain the positions that they have already acquired over a long period of time, it helps maintain the status quo or even increase the market position of those organizations, a thing that all organizations love to have.
The marketing strategies such as obtaining new clients, (re)branding, repackaging and influencing behavior are al directed at encouraging or boosting the sales of any given firm. All these activities are carried out by the respective manufacturers with the aim of having the consumer society targeted buy the products. The marketing costs are usually met by the consumers anyway hence every firm will strive to be as vigorous as they can in marketing, with the compensation of the marketing cost at the tail end of the pricing of the products.
The era when the demand would outstrip the…… [Read More]
Marketing and the Competitive Environment
Marketing objectives and approaches
Marketing focuses on the identification of the needs of the customers and working towards meeting these needs. Marketing activities involves primarily looking out for the customers needs and ensure that they convince the customers the business offers what will meet their particular needs and wants. The main objective of marketing is to ensure that the company promoters the idea that it offers the right product at an appropriate price, where they are needed and with the use of appropriate promotions. Marketing ensures that the benefits of the product are made known and not just the particular feature of what is being sold. For instance, a company can use an advertisement in the media to showcase the prices of the items they are offering. Another aim of marketing is to ensure that there is a barrier of entry by competitors.
Marketing objectives are for the company to be a leader in the market and to be recognized as the trusted and most recognized brand in a particular industry (Samuels, 2010).There are various marketing approaches these can be consumer marketing which is aimed for the general public who will be the final users of the product being marketed. This approach ensures that the products meet the needs of a buyer on a personal level. The other marketing approach is business to business marketing. This marketing is aimed for businesses that buy products to re-sell them. This approach contains a small number of customers. This makes it easy for direct communication with the customers so as to establish market trends .this can be achieved through offering free samples to the customers alongside what they buy so as to make them aware of what their products. If an organization has its marketing objectives in place it will determine the most appropriate marketing tools to realize these objectives.
Portfolio analysis and globalization in marketing
Portfolio analysis involves a comparison between the portfolios goods and services a company intends to produce so as to determine the most investment that is promising and well deserving. It also aims to make a decision on the particular investment that will be discontinued. There are companies that have strategic business units in…… [Read More]