The Impact of emotional confidence on purchase behavior
The Impact of emotional confidence on purchase behavior among students in UK
Literature Review:
Summarize the literature in the table format:
Title/ Journal Academics
Research Questions
Key findings
Methodology rationale (qualitative)
Area Literature(Services Marketing)
Areas of Future Research
1)Keep tight
2)Consumer behavior Model
3)Has to be related services Marketing
4)identify key word
5)Context contribution to the knowledge
6)Harvard Style
7)Critical technique
8)That you are aware of what is going on in the field
and thus your credentials
9)that there is a theory base for the work you are proposing to do
10)that your work has significance
11)Literature review starts broad and narrows to show how past research relates to your project
12)each table must be accompanied by an analysis that summarizes interprets and synthesizes the literature that you have charted in the table
13)Avoid global Statements
14)Justify Comments such as no studies were found.
15)if the results of previous studies are inconsistent or widely varying cite them separately
16)Cite all relevant references in the review section of thesis or journal article.
17)Issue is Consumer Purchasing
18)Don’t use compulsive buying
19)UK students aged 18-24
20)to attach an appendix a list of the key authors in the field and the area in which they have conducted research.
21)One Overall 3 key objectives
22)Keep very tight
23)Services Marketing ground
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This paper is continuation of 111486 and also 111516 so its critical that the writer reference back to all this other papers to be able to complete this paper. The writer will have to clearly discuss each points in the questions following closely the instructions in the questions. The writer must clearly respond to each point using them as subheadings.
Marketing Audit
Identify an individual in your chosen organization to be interviewed who has knowledge of the questions below and use the responses for the purposes of this week’s assignment or use information gathered through last week’s interview if the person gave information patterning to the questions below. She or he should be an individual who understands the organization’s strategic use of marketing activities to achieve competitive advantage in the marketplace and is willing to meet with you to discuss these initiatives. Complete the marketing function and strategy audit from information gathered in your interview.
Marketing Function and Strategy Audit
each of the following main areas needs to be addressed as a part of this audit; the questions listed are only guidelines to help you gather the essential information to assist in your analysis. It is important to cover each particular topic, but in a way that is most meaningful for the organization that you have selected.
When the questions result in a simple affirmative or negative answer, please elaborate on how you reached your conclusion.
Marketing Function Audit
1. Products
• What are the company’s product line objectives?
• What areas of product and brand strategy need improvement?
2. Price
• What are the company’s pricing objectives, policies, strategies, and procedures?
3. Distribution
• What are the company’s distribution objectives and strategies?
• Is there adequate market coverage and service?
4. Integrated Marketing
Communications
• What are the organization’s advertising objectives?
• Are the advertising media well chosen?
• Is there effective and sufficient use of sales promotion tools such as samples, coupons, displays, and sales contests?
• How is the company using direct, online, and database marketing?
Strategy Audit
1. Business Mission
• Is the business mission clearly stated in market-oriented terms?
• Is it feasible?
2. Marketing Objectives and Goals
• Are the company and marketing objectives and goals stated clearly enough to guide marketing planning and performance measurement?
• Are the marketing objectives appropriate, given the company’s competitive position, resources, and opportunities?
3. Strategy
• Has the management articulated a clear marketing strategy for achieving its marketing objectives?
• Has the company developed an effective positioning and marketing mix for each target segment?
Write a summary (3 minimum pages) of your findings and analysis in the marketing function and strategy audit. Use each numbered item as a heading for your paper. You should also review the scholarly literature so that you are able to include a description of the significance of the marketing audit in your completed Paper. You may also wish to review the scholarly literature to help you gain insights into any of the major issues you identify for your selected organization.
Resources
Course Text
• Marketing Management
o Chapter 6, “Analyzing Consumer Markets”
This chapter focuses on ways to analyze a consumer market and identify factors that influence customer decision-making.
o Chapter 7, “Analyzing Business Markets”
This chapter compares and contrasts business and consumer markets and then elaborates on the different needs that must be taken into consideration for business markets.
Chapter 8, “Identifying Market Segments and Targets”
This chapter describes specific market segments, the different levels of the segments, and the various characteristics that may be analyzed, such as geographical, demographical, and behavioral within a particular consumer group.
Article
• Prahalad, C., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier database.
Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. doi:10.1108/08858620710780154
The authors of this article describe a framework they have developed for creating a strong brand identity.
• Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394. doi:10.1108/07363760710834807
This article describes a new science, that of neuromarketing, which involves trying to determine what is actually occurring in the brain while an individual is making decisions about purchasing a product.
Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. doi:10.1108/09564230510625778
In this paper, the authors describe service value, technical infrastructure, and interactivity as the elements that assist in creating customer bonding in online communities.
SAMPLE ANSWER
Introduction
Nike, Inc is one of the multinational enterprises in the United States of America that designs and also manufactures sports apparels, foot wares, equipments among other accessories. Its major production subsidiary is Converse Inc, a company that specializes in designing and distribution of casual apparels, foot ware, and other personal sports outfits. Hurley International Company, specialiases in designing, marketing and distribution of sports ware and equipment for the youth.
Marketing Function Audit
1. Products
Nike’s product line objective is based on performance oriented strategy that seeks to manufacture foot ware’s and sports apparels that can endure the rigorous training and competition pressures to achieve top most performance for their clients. For clients who purchase the products for casual use, Nike Inc aims at providing the best apparels and foot wares that is based on extensive research on personal performance and comfort.
Nike Inc product and brand overall strategy is mostly based on sports performance where a major of its revenues are derived from. But the overall casual market for its products is far larger than the sports market. More product branding and strategy should be focused on the casual market to achieve higher sales on the emerging market.
2. Price
Nike’s pricing objective are based on the competitive market that also aims at providing the best sporting and casual foot ware and apparel in the market. Nike products are priced slightly higher above its competitors due to its products higher quality and endurance aspects of its products. Its pricing policy is based on value for the price offered but occasional its marketing strategists conducts assessments on the overall market reaction to its prices in various parts of the world using different sampling procedures especially in the US which provides almost 45% of its total revenues.
Distribution
Nike’s Converse Inc specializes in designing and distribution of casual apparels, foot ware, and other personal sports outfits for the general public and sportsmen while Hurley International Company, specialiases in designing, marketing and distribution of sports ware and equipment for the youth, colleges and other sports events for teenagers. Besides the wholesale customers, Nike also sells directly to customers through the Direct Consumer Operations. Nike has a global presence in most of the countries worldwide and its marketing strategy is very effective and adequate. (Beverland, Napoli & Yakimova, 2007) Its product is available to most of its consumers globally besides the normal orders that can be placed under the Direct Consumer operations. (Hauser, 2007)
Integrated Marketing
Nike has won the Emmy Award for best commercial on two occasions in the years 2000 and 2002. (Nike Annual Report, 2003)Its advertising objective is to create a trademark that is associated with excellence performance in the track and field for athletes and other sportsmen and women and also for casual use.
The advertising media for Nike is well chosen and effective. The decision to use sports celebrities to market and promote its products and also to demonstrate the performance of their technology and design is proving to be the best decision. Nike Inc signed in the NBA player Mike Jordan, in the year 1984, and its revenues increased dramatically hence the introduction of the Jordan brand name in one of its foot ware products. (Beverland, Napoli & Yakimova, 2007)Nike adopted the internet and email marketing management technologies since its inception in the early 2000 and it’s currently using the broadcast and narrowcast satellite communication technologies to drive its multimedia marketing campaigns. (Schibrowsky, Peltier & Nill, 2007; Szmigin, Canning & Reppel, 2005)
Strategy Audit
1. Business mission
Nike business mission is clearly stated in market oriented terms and represented wholly by its trademark in all its designs. (Nike Annual Report, 2013) In the year 2010, the value of its brand alone was estimated to be worth more than $10.7 billion. Nike’s brand name is very feasible and it actually leads its sales. Its trademark represents all its mission strategies and accomplishments.
Marketing Objectives and Goals
Nike’s marketing objectives and its goals are well stated, adequately enough to plan its marketing and performance operations to facilitate global expansion and achieve highest returns. Nike’s athletic foot wares for example, are aimed at providing specific athletic use and they have been designed with the same purpose in mind. (Prahalad & Ramaswamy, 2004)
The company’s objective is appropriate given its competitive nature and huge resources and opportunities available. These can be confirmed from its huge revenues that are derived from its sales revenues and the popularity of its products. In the year 2012, Nike posted more than $24.1 billion dollars in its total revenues.
Strategy
The management of Nike Inc has a clear strategy of achieving its marketing objectives. The US forms its target segment with an estimated 45% of its entire revenues coming from the US alone; its major strategies are tailored for the American market. Product positioning refers to the development and marketing of the company’s products brand as the true and real images of the company’s major product. (Kotler & Keller, 2012)To form an impressive strategy, Nike has chosen a communication strategy that is unique and competitive to the nature of its products. The use of sports celebrities as its promotion strategy has created an effective marketing strategy. (Nike, 2014) Most of its customers view the Nike brand as an epitome of success something which influences its pricing policy. (O D’Esopo & Almquist, 2007).It’s a process known as brand equity and it occurs where the company’s loyal customers are even more willing to pay much more to obtain their choice of product mostly because of its positioning in the market.
References
Beverland, M., Napoli, J. & Yakimova, R. (2007) Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. Doi: 10.1108/08858620710780154
Hauser, W. (2007) Marketing analytics: The evolution of marketing research in the twenty-first century, direct Marketing, 1(1), 38–54. Doi: 10.1108/17505930710734125
Kotler, P. & Keller, K. (2012) Marketing management, Upper Saddle River, New Jersey: Pearson Prentice Hall.
Lee, N. & Broderick, A. (2007) The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. Doi: 10.1108/13522750710740790
O D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from Proquest Central database.
Prahalad, C. & Ramaswamy, V. (2004) Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier Data base.
Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. Doi: 10.1108/03090560710752366
Szmigin, I., Canning, L. & Reppel, A. (2005) online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. Doi: 10.1108/09564230510625778
We can write this or a similar paper for you! Simply fill the order form!
It is important to clearly respond to the 3 points mentioned in this assignment , and the resources are at the bottom to use fir this paper. The writer must be more concise when he writer the paper and use examples and indicated to supports the facts
Consumer and Business Markets
Stanley Black & Decker (SWK) is a major player in the portable power tools industry. SWK competes in two different segments targeted at professional users. The tradesmen segment is targeted at electricians, plumbers, carpenters, etc. who work in residential construction. This segment consists of people who buy their own tools and make a living with these tools. The industrial segment is made up primarily of commercial contractors working on large projects. In this industrial segment, tools used by the employees on large projects are typically purchased and owned by the company.
Despite the fact that SWK produces the same tools for both segments and each segment has the same competitors, SWK only leads the market leader in the industrial field. SWK’s sales are disappointingly low in the tradesmen segment. The differences in marketing effectiveness can be traced back to the ways in which these segments differ. The tradesmen segment is a consumer market whereas the industrial segment is a business market.
After reviewing the resources for this week, respond to the following:
• Explain the various ways in which these two markets are dissimilar.
• What should SWK do differently in the tradesmen segment in terms of marketing efforts versus marketing to the industrial segment?
• Give a specific example of a marketing approach that could be used for each segment.
Resources
Article
Prahalad, C., & Ramaswamy, V. (2004). Co-creation experiences: The next practice in value creation. Journal of Interactive Marketing, 18(3), 5–14. Retrieved from Business Source Premier database.
In today’s marketplace there are a great number of items available in a great variety of styles. The authors discuss how this increase has caused companies to change the way they market their goods by seeking to involve the consumer in personalizing designs.
• Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: Exploring brand attributes in business markets. Journal of Business & Industrial Marketing, 22(6), 394–399. doi:10.1108/08858620710780154
The authors of this article describe a framework they have developed for creating a strong brand identity.
• Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394. doi:10.1108/07363760710834807
This article describes a new science, that of neuromarketing, which involves trying to determine what is actually occurring in the brain while an individual is making decisions about purchasing a product.
Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16(5), 480–497. doi:10.1108/09564230510625778
In this paper, the authors describe service value, technical infrastructure, and interactivity as the elements that assist in creating customer bonding in online communities.
• Marketing Management
Chapter 6, “Analyzing Consumer Markets”
This chapter focuses on ways to analyze a consumer market and identify factors that influence customer decision-making
Chapter 7, “Analyzing Business Markets”
This chapter compares and contrasts business and consumer markets and then elaborates on the different needs that must be taken into consideration for business markets.
Chapter 8, “Identifying Market Segments and Targets”
This chapter describes specific market segments, the different levels of the segments, and the various characteristics that may be analyzed, such as geographical, demographical, and behavioral within a particular consumer group.
SAMPLE ANSWER
Marketing
Marketing can be defined as an act of selecting markets that are mainly targeted for a businesses. This is done through segmentation and analysis of markets as well as understanding the behavior of its target consumers and providing a great value to its customers. For the success of the marketing strategy, one has to involve a comprehensive understanding of the types of markets that he or she serves. These markets can be divided into two: the consumer markets and the business markets.
Difference between Consumer and Business Markets
The question of ‘who buys the goods’ and ‘why is the purchase being made’ can clearly bring out the difference between the two markets. For business markets, goods and services are sold and purchased to a variety of businesses, market intermediaries and governments so as to smoothen the progress of the finished product, which is then re-sold to end users. Unlike the business markets, the consumers markets involve purchasing and selling of goods and services for consumers own use but not for resale.
The marketing strategies of these two markets also differ. The development of these strategies bases on the buying processes of the markets in particular, the needs and the wants.
For consumer markets, decisions for buying may be complex for purchases of large products like houses and cars where many people will be involved in decision making. However, purchasing smaller products may be much simpler because only one individual will be involved in decision making and there may not be a high level relationship between the buyer and the seller. A good example of this small purchase is the case of supermarket purchase.
On the other hand, business markets involve a strong decision making in the buying process and will in many cases have many people involved in making the decision. For example, an engineer in charge of the product specification may be involved together with a purchasing manager to negotiate on the price (Szmigin, Canning & Reppel, 2005).
What SWK should do differently in the Tradesmen Segment
Black and Decker have to address the negative issues that the professional tradesmen have. These negative perceptions are that all the tools are for the house shores and that its misuse in the site is taking a charge on the company. The low prices at the same time are also reinforcing the customers’ perception of the low prices and quality correlation.
Black and Decker should then drop the name from the professional tradesmen segment. This will assist in the re-positioning of products with their colour, quality, and even prices. This will help in the differentiation and perception problems that the tradesman segment faces. Apart from that, Black and Decker should replace the tools’ colour to industrial yellow. This will make it easier for customers to access them. Finally, black and Decker should improve on how to relate with their retailers in order to improve the market share (Beverland, Napoli & Yakimova, 2007).
Marketing Approach
Marketing approach is a method of business valuation used to calculate property value for a business that is held closely. A good marketing approach that could be used for the tradesmen segment is to offer free workshops to its intended clients whereas the industrial segment could join the local organizations groups for their business partnerships (Prahaland & Ramaswamy, 2004).
References
Beverland, M., Napoli, J., & Yakimova, R. (2007). Branding the business marketing offer: exploring brand attributes in business markets. Journal Of Business & Industrial Marketing, 22(6), 394-399.
Fugate, D. (2007). Neuromarketing: A layman’s look at neuroscience and its potential application to marketing practice. Journal of Consumer Marketing, 24(7), 385–394.
Herrmann, A., Henneberg, S. C., & Landwehr, J. (2010). Squaring customer demands, brand strength, and production requirements: A case example of an integrated product and branding strategy. Total Quality Management & Business Excellence, 21(10), 1017-1031.
Prahalad, C. K., & Ramaswamy, V. (2004). Co-creation experiences: the next practice in.value creation. Journal Of Interactive Marketing (John Wiley & Sons), 18(3), 5-14.
Szmigin, I., Canning, L., & Reppel, A. (2005). Online community: Enhancing the relationship marketing concept through customer bonding. International Journal of Service Industry Management, 16 (5), 480–497.
We can write this or a similar paper for you! Simply fill the order form!
Just wanted to mentioned that this paper is the continuation of 111486, it will be critical to take into account that this paper will continue from that paper , the writer must reread that paper to be able to write this paper as you will realized below that it requires some information from the previous paper on this topic. It is important that the writer follow the instructions as indicated by using each of the 6 titles as sub headings.
• Marketing Audit
Conduct an interview with the individual you identified in your chosen organization for the purpose of this week’s assignment. She or he should be an individual who understands the organization’s overall strategic use of marketing activities to achieve competitive advantage in the marketplace and is willing to meet with you to discuss these initiatives, but need not be a high-level executive. Complete the task environment audit from information gathered in your interview.
• Note: If this is the only opportunity you will have to meet with this individual, then you should also include the topics presented in Week 3 during your interview. You will not need to turn in that written portion until the end of Week 3, but you should take advantage of the time you spend in your interview to gather all necessary information. Be sure to ask the individual at the conclusion of your interview if you may contact her or him by e-mail if you have follow-up questions.
Task Environment Audit
Each of the following main areas needs to be addressed as part of this audit, but the questions listed are only guidelines as to the type of information that you are interested in gathering. It is important to cover each particular topic, but in a way that is most meaningful for the organization that you have selected. Keep in mind the role of the marketing information system as it relates to record tracking, marketing intelligence, data management, etc. If the company does not utilize a MIS, find out how they are tracking information.
1. Markets
• What is happening to market size, growth, and profits?
2. Customers
• What are the customer segments?
• How do customers rate the company and its competitors on reputation, product quality, and price?
• How do different customer segments make their buying decisions?
3. Competitors
• Who are the major competitors?
• What are their objectives, strategies, strengths, weaknesses, and sizes?
4. Distribution and Dealers
• What are the main trade channels for bringing products to customers?
• What are the efficiency levels and growth potentials of the different trade channels?
5. Suppliers
• What is the outlook for the availability of key resources used in production?
• What trends are occurring among suppliers?
6. Facilitators and Marketing Firms
• What is the cost and availability outlook for transportation services, warehousing facilities, and financial resources?
• How effective are the company’s advertising agencies and marketing research firms?
Write a summary (2–3 pages) of your findings and analysis, using each numbered item as a heading for your paper. You should also review the scholarly literature so that you are able to include a description of the significance of the marketing audit in your completed Praxis Paper. You may also wish to review the scholarly literature to help you gain insights into any of the major issues you identify for your selected organization.
Resources
• Marketing Management
o Chapter 3, “Collecting Information and Forecasting Demand”
This chapter describes the components of modern marketing information systems (MIS) designed to assist a marketing manager in gathering necessary company information to be used in decision-making. The chapter also discusses the importance of monitoring outside environmental forces that could potentially affect a business.
o Chapter 4, “Conducting Marketing Research
Article
o D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from ProQuest Central database.
In this article the authors describe how structural equation modeling, historical analyses, and in-market experiments can be used to analyze marketing investment patterns.
• Hauser, W. (2007). Marketing analytics: The evolution of marketing research in the twenty-first century. Direct Marketing, 1(1), 38–54. doi:10.1108/17505930710734125
By using advances in technology, such as data mining, and other marketing analytics, the author argues that companies can be much more effective in researching marketing issues and problems.
• Lee, N., & Broderick, A. (2007). The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. doi:10.1108/13522750710740790
This article reviews the history and philosophical debates surrounding the use of observational research in marketing and then describes how technology has allowed observational research to expand beyond just qualitative research.
• Reppel, A., Szmigin, I., & Gruber, T. (2006). The iPod phenomenon: Identifying a market leader’s secrets through qualitative marketing research. Journal of Product & Brand Management, 15(4), 239–249. doi:10.1108/10610420610679601
A problem with online marketing research is how to account for those individuals who do not use the Internet. The authors in this article present a possible solution to this dilemma.
• Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. doi:10.1108/03090560710752366
After reviewing research studies on Internet marketing research, the authors of this study identify the three most researched areas: consumer behavior, Internet strategy, and Internet communications. They also discuss current trends in online marketing.
Nike, Inc is a multinational enterprise that designs and manufactures foot wares, sports apparels, equipments and other accessories. Its major subsidiary is Converse Inc which mostly designs and also distributes casual foot ware, apparels and other accessories. Hurley International designs markets and distributes sports ware for youth and other action sports.
Markets
The major market segments of Nike Inc are mostly located in North America, Western Europe, Japan, China and other emerging markets. The markets have been expanding globally as well as the volume of sales. In 2013, the operations grew by 11% as a result of the popularity of the Nike brand and all the segments except China registered improved sales in the year 2013. In the same year the total sales turnover were $20.117 billion while the assets and liabilities for the same period were $17.584 and 6.428 billion respectively. The total market capitalization for Nike Inc. amounted to $64.75 billion in 2013. The inventory turnover for the same period was 4.3 compared to the previous year which was 4.3. The total revenue for Nike Inc for the year ended 2013 amounted to $27.8 billion
Customers
North American is the leading market segment in terms of sales volume which is followed by the emerging markets and China. The other markets are Western Europe, Japan and Central and Eastern Europe. Most of the segments make majority of their sales through wholesale outlets. Nike Inc products are highly rated both by its direct competitors like puma, Reebok or Adiddas and its customers. The Nike’s + sports band is a type of shoe that is universally rated as one of the best basketball shoes globally. It records or provides the distance covered when running and also the time taken. Nike brand is also common with the youth culture especially the urban fashions.
Competitors
Nike Inc is the leading company in footwear industry and it controls about 47% of the entire footwear industry while Reebok and Adidas control 16% and 6% respectively. Reebok is the second largest manufacturer of footwear in the US after Nike Inc. Adidas market capitalization for the year 2013 was 15.55 billion while its quarterly growth rate is 2% compared to Nike’s 11% for the same period. The total revenue for Adidas for the year ended 2013 amounted to 18.59 billion as compared to Nike’s $27.8 billion for the same period. Nike’s operating margin was 0.13 compared to 0.07 for Adidas for the same period while the earnings per share were 2.93 and 2.2 for Nike and Adidas respectively. The gross operating margin was 0.45 for Nike compared to 0.49 for Adidas. (Nike, 2014)
Adidas is enjoying one of the fastest growths in brand expansion. Their positive attributes have been shielded from any form of bad publicity by the two largest brands that are Nike and Reebok. (Van de Ven, 2008) They adjusted and expanded their manufacturing operation strategies to specialized outsourced services in the early 60’s from Germany to cheaper economies in Asia. But their greatest weakness is that they still do not have an operation code of conduct for outsourced agencies like Nike and Reebok. (Nike Annual Report, 2013) Adidas is currently considered to the worst employer in footwear industry and it’s largely due to its subcontracted or outsourced work in outsourced factories in Asia. (Van Dusen, 1992)
Distribution and Dealers
The largest earners for Nike Inc are the wholesale distributors which control majority of its sales volume. The inventory turnover or efficiency ratios for the year 2013 was 4.3 compared to the previous year which was 4.3 while the total revenue for the year ended 2013 amounted to $27.8 billion. Nike has outsourced most of its manufacturing business to China and other parts of Asia. Nike Inc also operates thousands of retail outlets in North America and also in other selected countries globally. The future ordering service or program facilitates the retailers to receive advance orders from customers and deliver them when they are due. In 2013, 87% of all the US sales were made under this program. (Kotler & Keller, 2012)
Nike also sells its products through their own Direct to Customer sales operations by utilizing the services of mix independent distributors, sales representatives globally and other licensees. Nike also operates the NIKETOWNS and other outlets for their employee-only stores. (O D’Esopo, & Almquist, 2007)
Suppliers
The suppliers of Nike are mostly located in Asia and other parts of the world. All the footwear for Nike is manufactured outside the US. China and Vietnam manufacture 36% each of Nike’s footwear production while Indonesia and Thailand manufacture 22% and 6% respectively of the total production. (Nike Annual Report, 2013) Other factories that manufacture for their primary markets are located in Argentina, Brazil, Mexico and India. The major suppliers of Nike’s raw materials which are generally canvas, leather, nylon and polyurethane that is used to manufacture the Air-sole components are from China and Thailand. Since the year 1972, Sojitz International Corporation of America and Nissho Iwai Corporation from Japan have handled the bulk of Nike’s raw materials in the form of importing and exporting the requirements of the major production facilities across the world. They also finance the some of the operations and also handle the transporting logistics for the subcontractors.
Facilitators and Marketing Firms
Nike operates its marketing strategy by sponsoring celebrity athletes, college teams and other international professional teams to market its branded apparels and footwear. Nike has an agency known as the Wieden + Kennedy popularly known as the W+K and its responsible for creating its advertisements on most broadcasting stations and features mostly on the New York marathon and other international events. (Lee & Broderick, 2007) Nike has won several accolades in the international scenes due to its effective advertisement including the Emmy advertisement awards and also in the Cannes awards events. Nike pursues an aggressive marketing policy that favors its quality products. (Hauser, 2007) The core competencies of most footwear industries is to provide quality footwear and they concentrate largely on the research and development of their products while they leave the production and manufacturing operations to outsourced contractors. The main companies form the policies that guide the technological expertise, marketing and distribution networks. These companies gain in the form of reduced capital needs and risks, lower wages and management requirements when they outsource their manufacturing operations.
In conclusion, Nike has adopted several communication strategies to market its products and also to track vital information from the internet and also from other broadcasting stations. (Schibrowsky, Peltier & Nill, 2007) Internet marketing and other email technologies are utilized by Nike to reach potential clients throughout the world. The revenues for Nike Inc have continued to rise despite economic challenges that exist globally
References
Hauser, W. (2007) Marketing analytics: The evolution of marketing research in the twenty-first century, direct Marketing, 1(1), 38–54. Doi: 10.1108/17505930710734125
Kotler, P. & Keller, K. (2012) Marketing management, Upper Saddle River, New Jersey: Pearson Prentice Hall.
Lee, N. & Broderick, A. (2007). The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. Doi: 10.1108/13522750710740790
O D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from Proquest Central database.
Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. Doi: 10.1108/03090560710752366
Marketing Research Methods
A debate exists among marketing researchers over the use of research techniques. Some researchers believe that the only way to understand consumers and products is to utilize qualitative research. Critics of qualitative research, however, disapprove of methods such as marketing focus groups or in-depth interviews. These critics contend that qualitative research is prone to bias because of small sample size and the subjectivity of qualitative approaches. They prefer quantitative research methods. Those researchers preferring quantitative research methods point to the use of large sample sizes and rigorous statistical approaches that exemplify the quantitative method and imply greater generalization. Critics of this research method like to cite the Coca-Cola study.
In 1984, Coca-Cola spent millions of dollars on quantitative market research for their New Coke product. Research results led executives to change the formula to a newer, sweeter formula. Sales of New Coke were very disappointing and post-launch research indicated that consumers disliked the new product. Less than three months after the introduction of New Coke, the Coca-Cola Company announced a return to the old formula leading some to question the merits of quantitative research.
• On the Internet, research the quantitative marketing research undertaken by Coca-Cola. How did they design the research? In hindsight, what were seen as the shortcomings that resulted in such faulty data?
• Do you believe that the best marketing research approach is qualitative or quantitative? Justify your response. Are there particular situations where one approach is clearly preferable?
• What are the advantages and disadvantages of each method as a tool for marketing research? Provide specific examples to illustrate your response.
Resources
• Article
o D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from ProQuest Central database.
In this article the authors describe how structural equation modeling, historical analyses, and in-market experiments can be used to analyze marketing investment patterns.
• Hauser, W. (2007). Marketing analytics: The evolution of marketing research in the twenty-first century. Direct Marketing, 1(1), 38–54. doi:10.1108/17505930710734125
By using advances in technology, such as data mining, and other marketing analytics, the author argues that companies can be much more effective in researching marketing issues and problems.
• Lee, N., & Broderick, A. (2007). The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. doi:10.1108/13522750710740790
This article reviews the history and philosophical debates surrounding the use of observational research in marketing and then describes how technology has allowed observational research to expand beyond just qualitative research.
• Reppel, A., Szmigin, I., & Gruber, T. (2006). The iPod phenomenon: Identifying a market leader’s secrets through qualitative marketing research. Journal of Product & Brand Management, 15(4), 239–249. doi:10.1108/10610420610679601
A problem with online marketing research is how to account for those individuals who do not use the Internet. The authors in this article present a possible solution to this dilemma.
• Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. doi:10.1108/03090560710752366
After reviewing research studies on Internet marketing research, the authors of this study identify the three most researched areas: consumer behavior, Internet strategy, and Internet communications. They also discuss current trends in online marketing.
Marketing Research Methods
A debate exists among marketing researchers over the use of research techniques. Some researchers believe that the only way to understand consumers and products is to utilize qualitative research. Critics of qualitative research, however, disapprove of methods such as marketing focus groups or in-depth interviews. These critics contend that qualitative research is prone to bias because of small sample size and the subjectivity of qualitative approaches. They prefer quantitative research methods. Those researchers preferring quantitative research methods point to the use of large sample sizes and rigorous statistical approaches that exemplify the quantitative method and imply greater generalization. Critics of this research method like to cite the Coca-Cola study.
In 1984, Coca-Cola spent millions of dollars on quantitative market research for their New Coke product. Research results led executives to change the formula to a newer, sweeter formula. Sales of New Coke were very disappointing and post-launch research indicated that consumers disliked the new product. Less than three months after the introduction of New Coke, the Coca-Cola Company announced a return to the old formula leading some to question the merits of quantitative research.
• On the Internet, research the quantitative marketing research undertaken by Coca-Cola. How did they design the research? In hindsight, what were seen as the shortcomings that resulted in such faulty data?
• Do you believe that the best marketing research approach is qualitative or quantitative? Justify your response. Are there particular situations where one approach is clearly preferable?
• What are the advantages and disadvantages of each method as a tool for marketing research? Provide specific examples to illustrate your response.
Resources
• Article
o D’Esopo, M., & Almquist, E. (2007). An approach to mastering the marketing mix. Business Strategy Series, 8(2), 122–131. Retrieved from ProQuest Central database.
In this article the authors describe how structural equation modeling, historical analyses, and in-market experiments can be used to analyze marketing investment patterns.
• Hauser, W. (2007). Marketing analytics: The evolution of marketing research in the twenty-first century. Direct Marketing, 1(1), 38–54. doi:10.1108/17505930710734125
By using advances in technology, such as data mining, and other marketing analytics, the author argues that companies can be much more effective in researching marketing issues and problems.
• Lee, N., & Broderick, A. (2007). The past, present, and future of observational research in marketing. Qualitative Market Research, 10(2), 121–129. doi:10.1108/13522750710740790
This article reviews the history and philosophical debates surrounding the use of observational research in marketing and then describes how technology has allowed observational research to expand beyond just qualitative research.
• Reppel, A., Szmigin, I., & Gruber, T. (2006). The iPod phenomenon: Identifying a market leader’s secrets through qualitative marketing research. Journal of Product & Brand Management, 15(4), 239–249. doi:10.1108/10610420610679601
A problem with online marketing research is how to account for those individuals who do not use the Internet. The authors in this article present a possible solution to this dilemma.
• Schibrowsky, J., Peltier, J., & Nill, A. (2007). The state of Internet marketing research: A review of the literature and future research directions. European Journal of Marketing, 41(7/8), 722–733. doi:10.1108/03090560710752366
After reviewing research studies on Internet marketing research, the authors of this study identify the three most researched areas: consumer behavior, Internet strategy, and Internet communications. They also discuss current trends in online marketing.
Trusted Supply Chains- Client Report: Sanken Power Systems (UK) Product
Order Instructions:
A3 Report Structure
Client Requirements
To undertake a study to create a Strategic Evaluation of the market structure for Sanken BR200 device in the European Telecommunication Market.
This study shall strengthen the projects potential to:
• Establish a target market in the European telecommunication industry.
• Approach nearest potential customers.
• Identify if the BR200 fits in the telecommunication industry.
• Identify the companies tier position in relation to the telecommunication market.
Deliverables
• Examine the tools that are required to enter the telecommunication market and establish a target market to approach the nearest potential customers, by looking at:
• Market Research
• Market Segmentation
• Evaluating the company’s BR200 device and their current position in the market, by looking at:
• Porters Five Forces
• PESTEL analysis
• SWOT analysis
• Determine the supply Chain tiering through mapping the process, by looking at:
• Value Chain Mapping
• Supply Chain Segmentation
• Supporting Theory
• Objective Based:
• Market Research Hague, Paul (2004) –Market Research is used in business models and frameworks to gather information that can be either qualitative or quantitative, to draw a clear picture of the current market structure. Such as surveys provide vital information to assess the market size and competition.
• Market Segmentation Malcolm McDonald (2012) Market Segmentation is dividing the target market into segments in which each customer in the segment share common interests. Therefore, a more narrow focused strategy can be designed and dedicated towards achieving customer’s needs. This method is used to identify the potential customers in the market.
• PESTEL Analysis Jim Downey (2007)–Is assessing the Political, Economic, Social, Technological,Environmental and legal variations in the business environment. This method can be used to provide important information for Sanken to look for new potential opportunities in Europe and take into consideration any possible limitations.
• Porters Five Forces Tony Grundy (2006) – This model can be used by Sanken to set up strategies to explore opportunities that lie within the Telecommunication market, such as mapping the competition and market attractiveness. This model includes threats of new entrants, the threats of substitute products or service, the bargaining power of suppliers, and the intensity of competitive rivalry.
• Value Chain Mapping Mike Morris (2001)–To examine all the value addedactivities that take a product from the beginning process until it finally reaches the customer. It is also used to look deeply into refining the process to make it more efficient.
• Supply Chain Segmentation Douglas Thomas (1996)–Segmentation analysis enables Sanken to focus on specific key sectors to create a tier, as well as build supply chain resources, knowledge and competencies in any division to successfully meet customers’ demands in the market.
• SWOT Analysis Andrews et al (1969) – This tool is used to summarize and analyse the overall strengths, weaknesses, opportunities and threats of the project. To draw a clear picture for the decision makers to consider different aspects of the project as well as organize their thought process.
Table of Content
1.0 Client Aim and Objectives
2.0 Supporting Theory
2.1 Objective 1
2.1.1 Market Research
2.1.2 Market Segmentation
2.2 Objective 2
2.2.1 Porters Five Forces
2.2.2 PESTEL Analysis
2.2.3 SWOT Analysis
2.3 Objective 3
2.3.1 Value Chain Mapping
2.3.2 Supply Chain Segmentation
3.0 Gantt Chart
3.1 Gant Chart Methodology
4.0 Contribution
4.1 Market Analysis
4.2 Shakeholder analysis
4.3 (Add+ )
4.4 ( Add+)
5.0 Reflection
6.0 References
What is the aim of the Client Project?
Client: Sanken Power Systems (UK) Products, Bridgend South Wales
• The purpose of the report is to show the client Why you would use the methods identified.
• What is the (strategic) reason/rationale/motivation for this project? i.e. what is the range of problem(s) or issues involved?
• Consultants(ME) need to submit a report that clearly shows and explains How? they would do the study.
• A Client wants to do something new and needs a study to identify whether it is possible and or desirable e.g. Launch Sanken’s BR200 into a new market.
• For example when talking about the analysis tools i.e. PESTEL analysis discuss only why this tool is relevant to the study and why it needs to be used. Do not explain each and every Stage!
• Create a Gantt Chart and dicuss its methodlogy
Deliverable:
Consultants need to produce a 6,000 word report outlining the main objectives of the study and the methods that would be employed – following the A3 report structure provided.
SAMPLE ANSWER
Trusted Supply Chains
Trusted Supply Chains— Client Report: Sanken Power Systems (UK) Product
The rise in amount of information transmitted and received has promoted the rapid proliferation of ICT services and gadgets such as cloud services and smartphones (Walkenhorst et al., 2009, n.p). In response to these emerging trends, the devices used in control power supply for the DSPs, MCUs, and FPGAs that constitute the core elements of these emerging ICT gadgets must equally be able to support much higher output currents and lower voltages (Hilmersson and Jansson, 2012, n.p). Therefore, the DC/DC converters commonly used in control power supply should have high current and low voltage specifications as well as a fast response to the rapidly changing loads. The non-isolated step down converter module which is the new BR200 series produced by Sanken features a line-up of seven products all with an output current of either 20 A or 10 A perfectly fits this specification.
Client Aim and Objectives
Aim:
To undertake a study to create a Strategic Evaluation of the market structure for Sanken BR200 device in the European Telecommunication Market.
Objectives:
To Examine the tools that are required to enter the telecommunication market and establish a target market to approach the nearest potential customers
To evaluating the company’s BR200 device and their current position in the market
To determine the supply Chain tiering through mapping the process
2.0 Supporting Theory
Sanken is a top global supplier of semiconductor products with their core business being that of semiconductor power devices. Although most of their power devises are widely used in the Automobile industry, the company eyes an opportunity in the Telecommunication industry especially for its BR200 device. The reason for this kind of inclination is motivated by the fact that optical communication is becoming increasingly popular and as such, Sanken needs to engage deeper into the optical systems (Dolnicar and Lazarevski, 2009, p. 360). Moreover, Sanken’s BR200 device is a key component in the telecommunication industry and thus the need for the company to establish the type of component required within the network loop (Hilmersson and Jansson, 2012, n.p). Sanken must establish if their BR200 equipment is appropriate in the telecommunications sector and consequently identify a target market for it within the European market.
Apparently, Sanken postulates that the telecommunications market opportunities largely lie in the major European market players such as Ericsson and Fujitsu. However, the company still beliefs that there is potential for expansion through identification and entry into new markets. The success of venturing into new markets will greatly depend on the capacity of the company to access and acting upon reliable market information (Fabling and Sanderson, 2013, p. 428). Information is particularly needed to narrow down on potential customers, understand their position within the telecommunications market for the purpose of positioning themselves in the supply, and as a basis for approaching their nearest customer to engage with within the supply chain in telecommunication.
Sanken Power Systems (UK) Ltd seeks for the services of a reputable and reliable supply chain company. The PackIT Logistics limited is a leading supply chain based in Cardiff, South Wales and providing efficient services in warehousing, order fulfilment, storage, sock management and distribution, E-Commerce Fulfilment customer service, back office systems, account management, data management services, contract packing, and response management in a range of businesses and industries across UK and internationally.
In the case of Sanken, it is necessary that appropriate information is provided to enable the company master the complexities of the telecommunications market. Market information will focus on investment, customer base, competitiveness, and market entry strategies (Baldwin and Yan, 2012, n.p). Telecommunication market in Europe is characterised by high dynamism in terms of technological innovation cycles, product differentiation, quality improvement, and high capital intensity (Haveman, 2013, p. 602).
The BR200 series consists of a line-up of non-isolated step-down converters that can offer a fast response to any changing loads making it easy to mount. These types of converters offers a stable supply of power output to the MCU, DSP, and FPGA components, whose loads have rapid fluctuates. It also allows high-intensity mounting and in turn facilitating the development of more compact equipment (Wright and Larsen, 2014, p. 171). As such it presents as a competitive alternative to most of the current devises that lacks these essential aspects.
2.1 Objective 1
To examine the tools that are required to enter the telecommunication market and establish a target market to approach the nearest potential customers2.1.1
Market Research
Market research is a key consideration when evaluating a new market or product. Research is essential in providing Sanken with the data and information that will enable the company make viable decisions about venturing into the new market. Indeed, the company requires a combination of both primary and secondary research in order to obtain the required data (Rudež et al., 2013, p. 131). The principle aim of the market research is to identify a competitive landscape for the BR200 device in terms of the understanding competitors marketing approaches, pricing structure, as well as strengths and weaknesses.
As Quinn, (2009, p. 272) notes, one of the areas that require market research before venturing into the new market is on market trends. According to Jae Young et al., (2013, p. 290) an analysis of the industry trends is very necessary as a basis for forecasting postulated levels of sales in the potential market. Market trends offer a comprehensive guide to potential market size growth prospects. This offers a strategic market analysis of factors influencing the market, demand, and companies including distribution and supply chain factors, pricing, new product development and introduction, and economic issues.
Regarding trade regulations Sanken must be aware of all the legislative requirements that they need to comply with for smooth running of the business (Dibb and Simkin, 2009, p. 376). Additionally, other considerations when venturing into the new market are technical standards desired in the new market and product safety as well as any rules or regulation in exercise in these markets or countries. Again, it is very crucial that tariffs and duties for the particular electronic devices be considered. A wide range of laws and guidelines within the country or market of destination must be first met before the BR200 device can enter the new market. To ensure market success, the design and usability of the device must satisfy the end user’s desires and expectations. Telecommunications industry is largely driven and characterized by innovation (Min et al., 2008, p. 16). Consumer needs, expectations, and behaviour are constantly evolving. Market research is therefore, very necessary to determine exactly what is required in the market and how best to deliver it. This entails reviewing of designs and market information about the product being introduced. This must include product viability and usability in the potential market as well as the safety of the electrical device to ensure that they are ready for the market.
2.1.2 Market Segmentation
In order to compete successfully in today’s’ competitive and volatile business markets, companies must attack niche markets exhibiting unique wants and needs. Battisti (2013, p. 41) defines market segmentation as a process of grouping customers into homogeneous groups or categories in order to optimize on the use of resources and to increase efficiency in terms of distribution, pricing, product adoption, branding, and communication. The principle purpose of market segmentation For Sanken is to reflect on some aspects that are being faced by the telecom industry. This is necessary since venturing into new telecom markets requires proper consideration of huge amounts of data from various sources such as banks, online shops, and insurance about potential customers.
`Market segmentation is the foundation upon which the other activities in analysing of the potential market are based (Schlager and Maas, 2013, p. 45). It requires major commitment on the part of the management to facilitate customer-oriented research, planning, and implementation and control. By and large, the use of the market segmentation information is bound to improve the company’s competitive advantage putting it in a better position to serve the needs of their customers.
Market segmentation analysis entails segment identification, market selection, and strategic positioning (Juan, 2014, p. 88). Segment identification involves establishing based on selected segmentation criteria and variables a given number of similar market segments say in terms of justifiable size, accountable, profitability, and customer-focused segments. To specify on market opportunities, it is crucial to make strategic choices concerning corporate objectives, financial and technical resources available, competitive opportunities, and customer needs. Positioning is a key factor in ensuring that the company carves out on a market niche. This involves searching out unique advantages, seeking new market segment not being cultivated by competitors, and then develop new approaches to these old problems. Positioning should be based on both real sources such as quality and superiority and intangible factors like reputation to gain competitive advantage for the company (Kuen-Hung et al., 2013, p. 722).
Market segmentation analysis has the capacity to enhance responsiveness of products so as to meet the needs and conditions of the marketplace (James and Raee, 2013 p. 32). The process facilitates the developing cost-efficient and effective promotional tactics and campaigns. Through market segmentation analysis, it will be possible to gauge the company’s market position in the potential markets and customers in relation to the competition. In this context, the company is able to plan for its business strategies in the entry of the new market. When launching the new venture it is very critical for Sanken to identify and understand the type of companies they are targeting and how well to reach them. Therefore, conducting a market segment analysis is necessary for focusing the new product to the most promising segment.
2.2 Objective 2
To evaluate the company’s BR200 device and their current position in the market 2.2.1 Porters Five Forces
The Porter’s five forces model is a framework used for the analysis of the business strategy development. It describes five forces that highlight the competitive intensity and attractiveness of the market as; bargaining power of customers, threats of new entrants, threats of substitute products, bargaining power of the suppliers, and competitive rivalry within the industry. These factors are referred to as the micro-environment and have direct impacts its ability to make profits and serve its customers (Lamore et al., 2013, p. 701). Any changes in these factors require that the company reassesses its marketplace. The model will be used to analyse the attractiveness of the European telecommunications industry.
The five forces analysis will facilitate the understanding of a factors impacting profitability in the telecommunication industry in terms of developing competitive strategies and to increase capacity in the market. It is specifically ideal for the EU market since there are more than three competitors (Al-Araki, 2013, p. p. 230). As Lorca-Susino (2014, p. 33) argues, it is effective in several other ways including establishing the impact of the government on the industry and considering the lifecycle stage of the industry as well as considering the dynamic characteristics of the specific industry. It is an effective tool for identifying and analysing the competitive position and strength of the company within the particular market.
The theory is based on the perspective that there are five basic drivers that determine the competitive attractiveness and intensity of a market (Kaufmann and Roesch, 2012, p. 9). The model helps to identify areas where power lies within a given business situation in this case the case being that of the position of the Sanken Power Systems within the European market for their BR200 device. This is a significant step since it will help in understanding the strength of the company’s current competitive position as well as the strength of a new business opportunity that it may look to move into. The model in this case will help to understand if the introduction of a new product in a new market is potentially viable and profitable. The theory is also effective in identifying and understanding where power lies and areas of strength as a basis for the strategic move in a new market.
2.2.2 PESTEL Analysis
The PEST analysis of Sanken will be used as a strategic tool to analyse the external environment in which it operates (Global Semiconductor Industry, 2013, n.p). It is an acronym for political, economic, social, and technological factors. These factors play a very crucial role in the value creation opportunities of the company’s strategy. However, these factors are usually outside the company’s control and must be considered as either opportunities or threats.
PESTEL analysis helps to show the big picture of a company’s external environment especially ones related foreign markets (Ghazinoory et al., 2011, p. 24). It helps gain a better understanding of the potential opportunities and threats likely to be faced when venturing into new markets. It aids in building a better vision of the development or expansion of business and ways in which the company can compete profitably. It analyzes for market growth or decline and as such the potential, position, and direction for the business. These factors are particularly important when the company is planning into entering into a new market as is the case with Sanken. This is achieved through creating insight into market status of key flatness of the market, both in terms of the future and present trends.
The first step in making the most out of the PESTEL analysis is to consider the relevance of each of the six factors in the analysis to the business context (Briciu et al., 2012, p. 147). The second step involves identifying and categorizing the information applicable in these factors. Finally, the data should be analyzed in order to draw conclusions (Nunan and Di Domenico, 2013, p. 7). 2.2.3 SWOT Analysis
When launching a new product it is very critical that the company evaluates the four pillars related to marketing; place of sale, promotion, product, and price of sale (Millson, 2013, p. 1). For successful analysis of these factors it is necessary to analyze the external and internal factors of the company which will in turn help in maximize the opportunities and strengths while minimizing on the threats and weaknesses. New products ought to be developed around two concepts of satisfying the demand or need of a specific target market and with a selling benefit (Simoneaux and Stroud, 2011, p. 75). A weakness related to launching a new product may not necessarily mean that something is wrong with the product, it might instead be signalling the advantage that the competition has over the company. Developing a new product implies an opportunity for the company in the market (Quinn and Dibb, 2010, p. 1244). As such early influencers and adopters are companies who like to try the hottest new product and to tell others their experience with it. This will allow the company to set prices appropriately. Once the new product has been introduced in the market, the competitors will likely react. In this case Sanken is likely to face a great threat after launching their BR200 by competitors changing the playing field. In this regard, it is critical that Sanken has a backup plan for the promotion, distribution channels, and pricing of the product in readiness to respond to competitor changes.
Harwood and Ward, (2013, p. 252) postulate that the SWOT analysis examines the business’ strengths and weakness, as well as threats and opportunities in the potential market. By focusing on these key factors that are likely to affect the business in the new market, the analysis provides a clear basis for establishing the business performance and prospects. The reviewing of the potential business performance will motivate action (Dobbs, 2014, p. 32). The analysis is an effective step towards identifying how successful the new market or product can do through the analysis of the favourable and unfavourable conditions in the potential market. SWOT analysis is a strong basis for planning when undertaking a major business venture (Min et al., 2008, p. 22). The system combines environmental analysis information and separates it into two components. This level of analysis facilitates the company to determine the factors likely to aid in the achievement of some specific objectives or on the obstacles to be overcome before the company can achieve the desired outcome.
2.3 Objective 3:
To determine the supply Chain tiering through mapping the process
2.3.1. Value Chain Mapping
It requires a great deal of resources in terms of finances and time to launch a new product effectively, quickly, and ahead of the competition. An efficient launching of the BR device requires coordination and integration along the chain for the purpose of product design, planning, and manufacturing, procurement, sales and marketing. A value chain strategy in this case is the crucial collaboration of the various functions of the business, primary and support activities with the aim of meeting a certain business objective (Ereaut, 2002, n.p). Value chains are a leading-edge business strategy that guides every participant to contribute to creating value for consumers (Kahn and Kahn, 2010, n.p).
Value chain mapping describes activities that take place within a business and relates them to an analysis of its competitive strength (Competitive Market Analysis, 2009, n.p). The primary activities are those that concern directly with creating and delivering a product while support activities are those that are not involved in the production directly although they may increase efficiency and effectiveness.
By conducting a value chain analysis the Sanken will be able to introduce the BR200 device through involving the management in creating value, deciding the way communication is to be handled, ensuring volatile supply and demand, and chain efficiencies and risks (Market Selection, 2013, n.p). Value chain mapping is an effective means of developing a differentiated product, whole chain marketing, and ensuring consistency of supply.
2.3.2 Supply Chain Segmentation
Proctor (2010, p. 86) postulates that supply chain segmentation is the designing and operating distinctly the different end-to-end value chains form suppliers to customers and optimized through a combination of unique product attribute, business value considerations, customer value, and manufacturing and supply capabilities. It is the dynamic alignment and integration of customer channel supply and demand response capabilities that are optimized for net profitability for each segment (John 2014, n.p). The prevailing fierce completion in the telecommunication industry coupled with the economic downturn across Europe has necessitated the need for businesses to tackle some of the most conflicting challenges of reducing costs and driving growth through innovation (Presutti and Mawhinney, 2013, n.p). Traditionally, the aspect of sales has always been assigned to the marketing function while that of cost reduction is directed towards supply chain. Business alignment is geared towards developing congruence between the supply chain, marketing, and product strategy.
Supply chain segmentation is an effective approach towards mapping the end-to-end supply chain in order to provide visibility within the different segments of the business. Segmentation helps to identify the scope of integration for active management by the supply chain organization (De Backer and Miroudot, 2014, n.p). It is an easy way of identifying the primary customer for the supply chain organization. Segmentation in this case will serve a strategic purpose by reflecting what is important to the growth and profitability of the new product. This approach also gains the much needed internal support to drive the new venture. Sectoring the supply chain is strategic in that it facilitates support for company plans as well as maximizing growth and returns for the new business. In this way, resources are aligned where they are most needed.
According to (Yeates et al., (2010, n.p) value-based approach segments customers on the basis of economic value. The segmenting highlights characteristics in each of the segments. For instance, the company can look at areas where customers in each of the segments differ from others in terms supply chain service. This information can then be used as a basis for strategizing on the entry approach. A needs-based segmentation matches well with the management of supply chain (Lymbersky, 2008, n.p). In this case segmentation is done on the basis of driver that clients have for a specific supply chain service. Clients are categorized in terms of the common set of needs they share. The purpose is to match each sector needs with the current supply chain service. This would guide in enabling the company deliver services in each sector better than the competitors does and as such earn a competitive advantage. Segmentation is, therefore, a very effective approach to understanding Sanken’s supply chain for the purpose of venturing in to the new market. It will enable the company to focus attention and attention in segments where they can create value and provide strategic support.
Gantt Chart
3.1 Gant Chart Methodology
Gantt charts provide clear illustrations of the status of a project. To complete the venture successfully, Sanken will need to control a large number of activities in order to ensure that they are completed within schedule. This is to avoid knock-on effects on other activities in case some of the tasks in instances where deadlines are missed or tasks are finished out of sequence causing late delivery of products and more costs for the company (Market Entry Strategies, 2013, n.p). Gantt charts will convey this information visually and effectively by outlining all the tasks involved in the venture, and their order which are shown against a timescale. This clearly highlights overview of the venture as well as its associated tasks and when these tasks need to be accomplished.
Glowik (2009, n.p) notes that a Gantt chart helps to work out practical aspects of the venture in terms of the minimum time required for covering a given task and which activity needs to be completed before others can start. This information will then be used to determine the critical path; the sequence of activities that must first be individually completed on time if the whole venture is to deliver on time. Additionally, the Gantt chart will be used to inform the relevant teams informed of the progress. 4.0 Contribution
4.1 Market Analysis
Market analysis is the evaluation of the dynamics and attractiveness of a given market within a particular industry (Cayla and Paloza, 2012, p. 44). In the case of Sanken, a market analysis will form the basis for planning pertaining to the introduction of their new product in the telecommunications industry. Market analysis can be done in various dimensions such as market size, trends, growth rate, profitability, or industry cost structure, distribution channels, and key success factors. The goal of conducting the market analysis is to gain an understanding of the potential opportunities and threats and then relating them to the company’s strengths and weaknesses. Sanken will use the findings of the analysis guide their investment decision and in turn advance their success. The findings can also motivate the changing of certain aspects of its investment strategy.
In terms of the market size, the market volume presents the totality of the realized volume of sales within a given market (Wilkie et al., 2012, p. 957). This is dependent on the quantity of consumers as well as their consequent ordinary demand. Notably, the market potential is also a crucial factor for consideration which will provide the information concerning the potential for growth of the telecommunication industry. Examples of information that are key in determining market size are trade association data, company surveys, government data, and financial data from major players. Market trends entail evaluation of the upward and downward movement in a given market which offers information about new opportunities and threats. One of the ways of forecasting market growth for Sanken is through extrapolating the historical data into the future or through the study of market trends in complementary products. Analysis done through the Porter’s five forces will be important at this point in evaluating the attractiveness or profitability of the telecommunications market.
The most important factor for any company that plans on introducing a product in a new market is the pilot study. This clearly outlines the market situation in the new market or country, a picture of what to expect while venturing in. However, most ventures still fail for some reasons. In most cases, companies will fail due to failure to do objective research, or to follow the guidelines outlined in the same. Failure may also emanate from the use of wrong communication, advertising, and advertising channels. To achieve a successful launching in a new market, therefore, a proper set of processes that are based on research is a key factor to consider.
4.2 Stakeholder Analysis
Stakeholder analysis is the technique of identifying the key people that require to be won over. It involves working out stakeholder’s power, interest, and influence, in order to identify what to focus on (Alternative Market Entry Strategies, 2012, n.p). It is critical that Sanken develops a good understanding of the most important of the stakeholders. This will enable the company to establish how they are likely to respond and plan on how to win their support. By identifying the key people to work in the venture, Sanken will be able to make use of the powerful opinions that most of the stakeholders are likely to bring over to shape the venture at an early stage.
Apart from the possible support that stakeholders are likely to bring on board, their input is equally crucial since it can enhance the quality of the venture. Winning the support of stakeholders is an important consideration in the venture since it helps in anticipating people’s reaction towards the venture which is crucial to building into the company’s plan of action to win people’s support. Effective communication with stakeholders is essential in ensuring that they fully understand the significance of the venture and as such they will be willing to support when necessary.
4.3 Pricing in a New Market
The major objective of entering in to a new market is to increase profits. Pricing has huge impacts on the profitability of a product (Jolly, 2008, n.p). For this reason, the pricing strategy needs to be evaluated methodically before a final price can be reached. The four pricing strategies available for Sanken are the value-based pricing, market based pricing, cash-plus pricing, and the negotiation pricing (Murray et al., 2012, p. 56). In developing a pricing strategy it is very important to have a basic understanding of competitors as well as the level of competition. This enables the company to create value for themselves and for the customers. Choosing the right pricing strategy will, therefore, largely depend on how well Sanken understands the potential market they are venturing into.
Pricing in a new market is highly dependent on the market dynamics and prospects that exist in the host country (Halliburton et al., 2011, p. 95). As such, it is crucial that Sanken makes a deep market analysis through proper consideration of the pricing framework. Sales offices emerge as the most profitable for a Sanken to venture in to a new market. The company will have the opportunity to use the local knowledge and experience of sales teams and in turn reduce on contribution costs of the new product.
Pricing strategies will play a crucial role in determining the number of customers that are going to buy BR200 device. The pricing strategy adopted should be in a position to cover costs, grow market share, and earn reasonable profits for Sanken (Piercy, 2009, n.p). To grow the market share for instance will require that the company offers product selections at a price that will take the market away from the competitors. Cost based pricing entails adding up the total costs incurred to manufacture the product and then adding up the mark-up (Phan and Markman, 2011, n.p). Competitive pricing on the other hand entails matching prices of competitors for similar products. The other option is for the company to set high prices for the new product on the rationale that the attributes of the BR200 device are unmatched in the market.
4.4 Market Entry Strategy
Market entry strategy is an important factor when entering a new market. It is the planned method of delivering the company’s products to a target or potential market and distributing them there. It is very critical for Sanken to understand the preferences of the new customers as well as the management and business culture as a basis for identifying the best talent in driving new business in the new market. Morley (2014, n.p) contends that the different market entry models that are available for the company are upsala model, eclectic paradigm, industrial networks, business strategy, the agency approach, the bargaining power approach, or the transactional cost analysis theory.
Entering into new markets offers great opportunities to companies to increase their sales and enhance their brand awareness. The process of entering a new market requires proper analysis of the existing competitors and potential customers (Donadelli and Persha, 2014).
According to Allen et al., (2012, p. 212) entry plans involves a set of procedures that needs to be considered. First, is the process of selecting the market. In this stage, comparison is done of the different alternatives available in terms of market size, competitors, prices, technology available, as well as the consumer profiling (Collis, 2014 n.p). Secondly, consider the Go-to market strategy. At this stage once the market has been identified a strategy to get into the actual market has to be developed. Models that can be use include the direct model, in-direct model, or the acquisition model (Using Business Analyses, 2014, n.p).
Markets that are much developed calls for the use of the direct model and requires more investment in terms of money and resources. The indirect approach entails partnering with a player who will support the growth and establishment of the business in that market. In this model, it is important to start with one or two partners as you familiarize with challenges and other factors in that market (Greenblatt, 2013, n.p). Acquisition approach is applicable for medium sized firms with stable firms, assets and management teams to enable them develop long-term decisions (Thomas et al., M 2012, n.p). This stage is crucial in facilitating the budget process for the whole process of market entry.
The fourth stage involves identifying the key customers for the BR200 device, prospecting as well as lead generation (Plötner, 2012, n.p). This is achieved by preparing a list of targeted decision makers and a marketing plan. A crucial consideration to make when planning at this point is the available revenue. Market entry mode is a fundamental decision for Sanken as it plans on entering into a new market. Sanken can choose between the exporting, agent, dealer, or sales office mode of entry. Entry timing is also very important for the company which is dependent on the type of the product, competition levels in the particular market, and the prevailing market factors. The market entry strategy for Sanken will map out the approach to follow in selling, delivering, and distributing the BR200 device in the new market.
5.0 Reflection
It is important to note that a company’s entry into new markets provides an opportunity to increase their sales and gain a wide view of the market dynamics as presented by the diversity. Several factors need to be factored in the process to start a business in a new market. First, the organization has to conduct a survey on the market and employ key models such as the PESTEL analysis tool and SWOT. Information gathered through these models gives an insight into the overview of what to expect in terms of competitors, customers, costs, and technology. For instance, in this case the introduction of BR200 device would be informed by vast market, stakeholder, and industry information gathered through market research, market analysis, and stakeholder analysis of the telecommunication industry within Europe.
Once information has been gathered on the opportunities, threats, and potential of the new market it is time to come up with an entry strategy. The plan is to maximize on the potential and opportunities while minimizing the threats. Sanken will then be able to come up with a budget and guidelines into which approach of entry to employ. The company should avoid at all costs misconceptions concerning any factors when implementing the plan. Lack of proper survey and implementation plans could result to failing of the business. In this study, it was evident that the success of the plan to venture in to a new market with the new product for Sanken is dependent on the viability of the analysis of the telecommunication market.
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Collis, DJ 2014, International Strategy : Context, Concepts And Implications, West Sussex: John Wiley and Sons, Inc.
De Backer, K, & Miroudot, S 2014, Mapping Global Value Chains, n.p.: Frankfurt am Main.
Dibb, S, & Simkin, L 2009, ‘Implementation rules to bridge the theory/practice divide in market segmentation’, Journal Of Marketing Management, 25, 3/4, pp. 375-396.
Dobbs, ME 2014, ‘Guidelines for applying Porter’s five forces framework: a set of industry analysis templates’, Competitiveness Review, 1, p. 32
Dolnicar, S, & Lazarevski, K 2009, ‘Methodological reasons for the theory/practice divide in market segmentation’, Journal Of Marketing Management, 25, 3/4, pp. 357-373.
Dolnicar, S, & Leisch, F 2014, ‘Using graphical statistics to better understand market segmentation solutions’, International Journal Of Market Research, 56, 2, pp. 207-230.
Ereaut, G 2002, Analysis And Interpretation In Qualitative Market Research, London: Sage.
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Drawing on your understanding of international marketing topics, you are required to produce a report of no more than 3000 words to fulfill the following brief.
Prepare an outline marketing plan for a foreign food or drink product or brand for entry to the UK market (100% of marks)
The foreign food or drink product or brand must not be currently available in the UK. The onus is on the student to ensure that the selected item is not available.
Please note:
The selected product or brand must be suitable for stocking in a supermarket or similar outlet.
Products or brands which is available via direct retail outlets are excluded (eg Dicos)
Assessment Guidelines:
1. Reasons for choosing selected product 5%
2. Justification and evaluation of selected target country 15%
3. Justification and evaluation of selected target market 15%
4. Suitability of proposals including market entry method and marketing mix recommendations 40%
5. Appearance and layout of report 10%
6. Overall impression especially understanding of international marketing concepts and techniques
15%
1 The choice of product must be agreed in advance with me. Any such agreement does not absolve students of the responsibility to ensure that the product is not available in the UK market. For the resit coursework, you must select a new product.
2 It is anticipated that the assignment can be completed from public sources information (eg databases, annual reports, press reports, websites, and promotional literature). If you wish to contact any organisation, then my explicit prior permission must be obtained.
please make sure food product should not be available in UK and not even company available in UK
SAMPLE ANSWER
International Marketing
Company Profile
Arcadie is a renowned fair-trade retail chain of stores founded in France and specializing in production of aromatic and medicinal plants and species. It was established in 1950 by a French homophile organization. They offer an ever-increasing amount of classic and emerging brands that cover a broad range of product categories including organic, biodynamic and fair-trade products. Currently, it is one of the leading chains of aromatic and medicinal plants and species in France and other countries around the world offering organically produced and packaged spices and herbs. More people currently prefer organic products as compared to conventional brands of enhancing beauty and reducing the ageing effects (Renfrow, 2009, p. 24). Currently, Arcadie does not have an outlet store within London or UK. Customers willing to buy Arcadie products can only do so online which may be time consuming since it involves shipping of the products. Arcadie as a renowned cosmetics products company in the world has a substantial client base within UK. Customers have been ordering products online, and the demand has been on the rise in the recent past. This has necessitated plans for the opening of a Arcadie Store in London to serve the UK customers more effectively. The London store will also act as a basis for further expansion within the UK market in the near future.
Marketing Objectives
To design market penetration strategies for Arcadie products in London
To increase awareness of Arcadie products by 40 percent by the end of the first year of market entry
To establish a substantial customer base by 40 percent by the end of the first year of market entry
To build capacity and capitalize on brand equity for differentiation
To promote customer engagement and develop a strong relationship to enhance customer loyalty by 20 percent
Market Analysis
Despite the ongoing economic downturn and gloom that has adversely hit most households in the UK in the recent years, survey reports indicate that spending on health and cosmetics have continued to observe a year-on-year increase since 2008. The total market value in the past five years has consequently risen by about 26 percent (Research, 2013, n.p). Another interesting fact is that many consumers now consider cosmetic products to be essential, everyday items. This has in turn boosted the spending within this market in UK in the recent years and analysts project that the trend is likely to continue in coming years. Moreover, the market is also noted to have remained noticeably unaffected by trends towards the discount and value items, one that has impacted other market sectors like clothing by eroding market value to extreme extent, with buyers increasingly on the watch out to obtain products for the cheapest cost possible due to looming financial constraints. Additionally, the interest in natural and ethical cosmetics, luxury brands have played a crucial role in the striving market. In this regard, development and introduction of new products has remained a key feature within the industry, with companies and retailers continuously vying to tempt consumers through new introductions and variants (Research, 2013, n.p).
Recently, as Cervellon and Shammas (2013, p. 90) note the trends have focused on skincare with a considerable marketing activities and media attention undertaken to highlight the need of maintaining healthy skin and complexion as well as prolonging the youthful appearance. Again, premium anti-aging items and organic skincare remedies have equally continued to enjoy growth in recent years. About 60 percent of 25 to 39 years olds are buying a mixture of organic and premium products (Research, 2013, n.p). This reflects the rising disposable income that this bracket are earning and are willing to spend on their health and cosmetics products.
Major Competitors and Market Trends
The conventional cosmetics brands that enjoy the highest penetration are also supported heavily with advertising. These include Rimmel, Boots No 7, Maybelline, L’Oreal Paris, and Avon. Another reason for the high penetration of these brands is the high availability and the fact that they are used by women across all ages. Most other cosmetics brands such as Collection 2000, Revlon, Lancome and Clarins are skewed towards a particular age group and as such fail to connect with ladies across the board (Research, 2013, n.p). Women under 24 years are more inclined to go for the cheaper brands such as Collection 20000, Barry M, and Rimmel. The low-price points allow this group to indulge a love of fashion shade without pressure on their pockets (Cervellon and Shammas, 2013, p. 91). Women over 55 women more likely buy premium brands such as Lancome, Clarins, and Estee lauder, which has a strong foundation around the anti-aging products. Most ladies choose cosmetic that is designed to enhance their natural colouring, rather than one that are meant to be fashionable. Majority prefer to trend in the middle ground just like in fashion and clothing rather than draw attention everywhere. Most 25-39 year olds will look for staying power, and good coverage most probably reflecting their busy lives with careers and lack of time to keep applying make-up throughout the day.
Another emerging trend is on anti-aging skincare products, which continue to enjoy increased investment through product innovation. With the UK’s aging population and the increased preference of organic products, the demand for organic beauty products segment will continue to enjoy increased demand especially on premium and preventative products. Market reports show that the growth in premium anti-ageing consumption is responsible for the overall boost in sales within the sector with a 6 percent year-on-year increase across the anti-ageing category over the past year (Cervellon and Shammas, 2013, p. 92). This is also linked to the view that the aging population is also a category with the largest disposable income and the rise in media attention directed towards the significance of maintaining the youthful appearance for as long as it is possible. Within the anti-ageing sector, there has been another growing trend, the preventative treatments. The preventative products are targeting younger age groups especially younger adults aged 25 to 34 years and the pre-mid-lifers between ages 35 and 44 years (Research, 2013, n.p). This growing proportion is seeking preventive skincare products to avoid premature ageing. Consumer behaviour when purchasing health and cosmetics products depend generally on what they want or need to buy at the time. With organic products, the idea is that they are able to give a good outcome without risks of any health risks posed by most conventional products. Market reports have also revealed that very few will go for conventional products when organic options are available and have the potential for the same outcome.
Target Audience
The marketing will target women of ages from 18 to 65 years and men ages 18 to 65 years. The two groups constitute the largest proportion of customers for health and cosmetics products.
Target Products
The Arcadie products that are to be introduced are to be introduced are organic, biodynamic, and fair-trade products including species, dried mushrooms, teas, herbs, and natural aromas. The spice category consist of garlic, saffron, pepper, tomato, cloves, different mixtures of pizzas, and stinging nettle while mushroom categories consist of chanterelles, morels, and trompette de la mort (Renfrow, 2009, p. 22). These products are currently only available in the UK through online channels, which involve shipping (Research, 2013, n.p). This may take time and considering the high competition with other recognized brands in the market customers might not be willing to undergo the process of online buying. The UK market is dominated by several other brands that are available in many retail outlets (Cervellon and Shammas, 2013, p. 95). Customers willing to buy Arcadie products have to wait for shipment arrangements, which may take time. With an outlet or more within UK, the customers of Arcadie who have been experiencing challenges will be pleased to start buying from the stores.
Surveys have shown that more people currently prefer organic products as compared to conventional brands. In addition, Arcadie products are quite competitive since it is a renowned brand across the globe and recognized for high quality and other benefits that the company offers to their customers. Unlike other brands in the UK market that are not very generous with their customers even in terms of discounts, Arcadie customers can enjoy a wide range of benefits and discounts by buying the products or being loyal to the company through their loyalty program. This program offers clients with special products, all-access pass to personalized products, and exclusive information. The Cosmetics Insider program in Arcadie stores offers clients with exclusive gifts, early access to selected products, and event invitations (Renfrow, 2009, p. 24).
PEST Analysis of the UK market
Political Factors
The major political factors affecting the cosmetics business is the one on Regulation on cosmetic intervention. That seeks to promote high-quality care and empowered public through information. It also provides for an ethical framework within which cosmetic companies should operate (Research, 2013, n.p). These regulations directly affect the company’s UK operations and are likely to shape the way business is conducted.
Economic Factors
The global economic meltdown has equally put the economy in the UK into a deep recession. The deficit ratio on the GDP has, for instance, reached 13 percent in the UK arousing increasingly more fear on the policy makers and investors. Numerous jobs have also been lost in turn jeopardizing people’s purchasing power. The changing trends in the buying behaviour of consumers, where people are not willing to spend on the less essential goods, has a negative impact on the overall purchasing power of customers (Research, 2013, n.p). However, the cosmetics industry is not adversely affected by this trend although effective measures should be put in place to cushion the company of any potential changes in market trends.
Social Factors
Various cultural studies have demonstrated that culture directly impacts the buying habits of consumers. The emergence of the social networking platforms like Twitter has provided the young generation with another medium of interaction. With the UK’s aging population, anti-ageing cosmetic products continue to experience increased demand especially on premium and preventative products. Market reports show that the growth in premium anti-ageing consumption is responsible for the overall boost in sales within the sector with a 6 percent year-on-year increase across the anti-ageing category over the past year appearance for as long as it is possible (Research, 2013, n.p). This implies a business opportunity for the company.
Technological Factors
The nature of the cosmetics industry is in such a way that technology is the major determinant of any company’s competitive edge. As such, Arcadie has strategically placed itself as an innovation hub through continuous innovation and development of new organic products (Research, 2013, n.p). The company has an investment substantially in research and development in commitment to continue developing new innovative services and products to the competitive market.
Market Penetration Strategies
A market penetration strategy is designed to enter into new markets in this case with existing products; Arcadie cosmetics products (Luke, 2013, p. 20). This will be achieved with frequent messages conveying incentives and reaching out to the best potential new customers within London. This will entail diversification of the market on the basis of the market research within London. Gaps identified within the market such as high prices and lack of discounts and other benefits for customers will be used against the existing companies to win the confidence of customers to our products. By introduction of Arcadie stores in London, products will be made available at a much cheaper price than when shipped through customer online requests. Customers will be glad to acquire the same products, but a much lower cost and in most cases get some other benefits in addition. The stores will stock all the products that Arcadie has to offer ensuring customers of the convenience of not having to wait for products to be shipped.
Marketing Strategy
Understand Consumers
This helps the company to identify the unmet needs of consumers and hence come up with a product that will meet them. This enhances the competitive advantage of products brought into the market (Westwood, 2013, n.p).
Analyze Market
It is important to analyze the market as it will guide the company in learning of the levels of competition which are available as well as other threats which can affect the successful implementation of products into the market (Luke, 2013, p. 20).
Research Distribution
The products of a company cannot be placed anywhere in any market. It is critical that the Arcadie conducts research on the various markets available, and identify which one will be perfect to ensure the product thrives.
Define Marketing Mix
Marketing Mix is essential for any product. It plays a crucial role in ensuring that the product does not fail even after it is implemented. It helps a company to avoid extra costs (Westwood, 2013, n.p).
Financial Analysis
This is important because the company will be able to choose which processes will be affordable for the promotion of the product. Some advertisement techniques are more expensive than others (Westwood, 2013, n.p).
Review and Revise
Once a product is taken into the market, it does not mean that it has become successful. Some things change constantly. For example, consumer needs can change from day to day. The company will be better placed to make changes that will ensure it flourishes (Westwood, 2013, n.p).
Positioning Strategies
The positioning strategy will focus on brand positioning strategy, product positioning strategy, and pricing strategy. In terms of the product positioning strategy, the marketing team plans to focus on harmonizing all the aspects of the differentiation strategy and maximizing on the Arcadie brand. By positioning Arcadie as a destination of choice offering a unique and luxurious experience, the team will easily reach out to existing and potential customers with this new message and subsequently win their loyalty.
Market positioning is about the way a firm wants their customers to perceive their product in relation to the perception of the competitors and the marketing strategy adopted to reach this perceptual goal (Luke, 2013, p. 21). Westwood (2013, n.p) contends that market positioning entails giving the message about the product that we are trying to introduce as how we plan to achieve that. Through this marketing campaign, the main aim is to positively influence the perceptions of our customers by developing and implementing strong and deliberate market positioning strategies. The positioning will be implemented in line with the differentiation strategies adopted for the campaign and in relation with how our competitors are positioning themselves.
Positioning takes three basic dimensions; relevance, and differentiation. The pricing positioning strategy will emphasize on allowing for opportunistic situations to prove value and prestige for the long-term relationship (Westwood, 2013, n.p).
Pricing strategies
The main pricing objectives are to maximize profits, to survive, as well as to gain the market share. As such, the pricing strategy ought to aim at squeezing as much money from the sales of the tickets as possible. The price should be such that it is competitive enough in the market and gains the firm a substantial share in the market (Luke, 2013, p. 21). Additionally, clients will be offered discounts and other benefits and privileges, as is the case with Arcadie products in other countries. This will also be reinforced with subtle cues to justify the brand reputation.
Communication Strategy
The marketing strategy will use online sources as the main communication channel to reach out to potential customers such as Twitter, Facebook, Flickr, and YouTube. This is aimed at reaching specific targets identified as the most potential users of cosmetics products, ladies and men between 18 and 65 years. Increased use of internet across this age group will make the marketing campaign a great success. Other posts will be created in magazines, TV, and Newspapers.
Conclusion
When implemented correctly, the marketing plan will by far achieve the intended outcome of Arcadie Company penetrating into the UK market. It will also help in gaining and maintaining new clients, as well as the existing ones. The marketing strategies offer a platform for the company to win new customers and engage them through real-time conversations concerning their products as well as receiving feedback about what excites the customers and what does not. The marketing strategy will be used for the purpose of creating differentiation for the company’s products, communication, distribution, as well as maintaining strong relationships with the customers.
References
Cervellon, M, & Shammas, L 2013, ‘The Value of Sustainable Luxury in Mature Markets’, Journal Of Corporate Citizenship, 52, pp. 90-101.
Luke, K 2013, ‘5 Steps to a New Marketing Plan’, Journal Of Financial Planning, 26, 12, pp. 20-21.
Renfrow, J 2009, ‘Cosmetics’s On the Inside at Arcadie. (cover story)’, Response, 17, 7, pp. 22-28
Research and, M 0007, ‘Research and Markets: Health & Cosmetics Retailing in the UK – Verdict Market Report: Health & Cosmetics Market Expected to Grow By 2.6% in 2013, and Increase by 3bn Between 2012 and 2017’, Business Wire (English), May, Regional Business News.
The major of this course is International business. I just received the feedback of this essay and there is tutor’s advice of editing on it as well, please check the feedback and improve this essay. The range of changing on this paper should be no longer than 1000 words.
Please:
1. Try to improve it to a 2:1 level according the feedback.
2. I will also upload a sample for you which got a high mark, but please do not copy anything from it. The similarity ratio of this paper must be lower than 20% including reference and appendixes.
3. Please highlight the part you changed while you send the done paper to me.
4. Please send me a massage while you done reading this instructions
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What is the target market of the product or service selected?
What is the importance of selecting a target market?
What issues and questions must be considered when selecting and managing a target market?
Branding
What is a brand?
Why is branding important?
After selecting a current, common health care brand, address the following:
What images or thoughts do you relate to that brand?
Does the branding appeal to the market? Do those images influence consumer decisions to buy or use that brand?
Is the product successful?
What is the profitability of the product and what is the effect on the bottom line?
If this were your product or service, what might you do differently?
Cite a minimum of four scholarly sources.
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For this Contemporary Issues in Marketing assignment I am required to produce an academic paper.
Below are the suggested titles for your paper
It is expected that papers will have two components: concept and context.
Concept: for example, models of consumer behaviour/marketing/ethics
Context: for example, retailing, grocery shopping, an industry or country. Context could also refer to consumer markets, or business markets.
Please pick one of the following questions (ONLY ANSWER ONE):
Critically examine the place of consumer choice in post-industrial societies. In examining the role of consumer choice critically discuss the view that
individuals are active in the varied processes of consumption (purchasing, display, re-use, collection etc.) and present the arguments for and against the
view that consumers passively consume the products and messages developed by omnipotent marketing managers. Provide examples from a range of contexts to support your arguments.
The sale of human organs is a controversial issue but it appears that at the moment there are insufficient donors of human organs such as kidneys. Using a
range of relevant literature and drawing on your understanding of a range of critiques of markets (and their alternatives) present the arguments for and
against the development of a market for human organs in the UK and suggest changes you would make to the present arrangements in the UK to increase the supply of human organs. Justify and explain your answer with reference to macro-marketing concepts.
What do we mean by ethical consumption? Outline the various types of so-called ethical consumers and explain their development, behaviours and impact.
Critically reflect on whether you think ethical consumers are simply a myth. Provide examples from a well-researched market context (such as clothing, or groceries) and suggest how ethical consumption might evolve.
Please do not write a conclusion as I have to combine this with my university and working life. It is originally a 2000 word assignment, I will finish it off
with a conclusion myself. So the 1650 words can be the main body maybe? and I can do the editing to make it 2000 words.
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