Digital presence has recently impacted on the marketing strategies and changed consumer perception. The diversity of digital channels and cost efficiency lead to facilitate the marketers’ interactive and frequent communication with their customers. Thus, for the organization to meet up the business requirement and objective, they have to find out consumers’ requirement and identify the best possible approach to satisfy and attract them. It is s fact that developing unique marketing strategy with wider objective is important for ensuring effective promotional activity plan.
Thus, the paper contributes to emerging B2C digital marketing literature through providing a realistic impression of measurement practices and usage that influence the consumer
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Customer is the final target for dong business; it is not enough to use general media or consumer magazines for increasing the sales. Thus, marketing is carried out from avenues which the business customers are expected to use. According to Donovan & Henley, (2010) B2C marketing usually focuses on the price and emotional satisfaction for obtaining the product. We will use ALDI marketing plan and promotion strategy in this study to better understand the subject.
Discussion and Analysis
Marketing strategy involves various strategies for increasing the limited resources of the company in order to improve their opportunities in sales and achieving sustainable competitive benefit. Under B2C market, the business strategy is formed through market research, along with the needs, competitors’ products, attitude evaluated along with distribution, packaging and sales of the product (McDonald & Wilson, 2011).
Marketing is relating with maintained creating greater demand, the business to Consumer (B2C) market research is the research which is conducted with the consumers regarding businesses. This is also known as ‘Consumer
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According to Naik & Winer (2005), the characteristics of the product plays an important role in consumer choice for retail channels and depicts that various products are appropriate for marketing on Internet instead of considering effects of supposed transactions costs over the channel choice along with the experience of consumers. Consumer has shifted their decision making abilities towards Digital technology. At present time, the decision making process is dependent on other things, including brand name, advertising message, product positioning or context and their previous
Before there was digital ecommerce, people relied on their friends/families and traditional forms of media to inform them of new products. Then the Internet came along and expedited the purchase process while introducing another vehicle that marketers could use to reach the masses. Still, the purchase decision funnel was relatively unaffected. People still had to be in front of their Computers, TV’s, Print Magazines, or their friends & families to become aware and kick-start their
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
The company can improve its channel strategy to enhance its current performance in one way. The company’s website is too reliant in the physical stores. The website has photos of the physical store ostensibly to help customers to connect with it. This idea seems well founded. However, the target market for any company that operates an online shopping system is not local. It transcends geographical boundaries. The company needs to consider how it can make the online shopping experience authentic and complete for customers who may never visit any of its physical stores. A website makes a company a global player. In this regard, the company needs to expand its channel strategy to take into account an expanded potential market. This shift in strategy will increase the sales the company makes.
In two distinct e-commerce business types, Business-to-business (B2B) and Business-to-Consumer (B2C), there are many differences in the way they operate. Specifically in marketing, differences include how the marketing is driven and the values of the strategies, the size of the target market and length of the sales cycle, and even the buying patterns of the target consumers. Each of these differences will be better defined and explained in the following paragraphs.
The ultimate goal of B2C marketing is to convert shoppers into buyers as aggressively and consistently as possible. B2C companies employ more merchandising activities like coupons, displays, store fronts (both real and Internet) and offers to entice the target market to buy. B2C marketing campaigns are concerned with the transaction, are shorter in duration and need to capture the customer’s interest immediately. These campaigns often offer special deals, discounts, or vouchers that can be used both online and in the store. For example, the goal of an email campaign for a B2C company is to get consumers to buy the product immediately. The email will take the consumer to a landing page on the web site that is designed to sell the product and make purchasing very easy by integrating the shopping cart and checkout page into the flow of the transaction. Any more than a couple of clicks and the customer is likely to abandon the shopping cart.
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive
To help these businesses, a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identifying the role that marketing plays in a successful business is demonstrated by the use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010). To be a successful business, the owner of the business should use the marketing mix and the results of market research; having identified its key audience a company has to ensure a marketing mix is created that is targeted specifically to those people.
According to a study by Dr. Kirthi Kalyanam, who obtained his doctorate in Business Administration, “88% of consumers are researching items online and then buying in a physical store.” (Kalyanam) This signifies that a big measure of consumers use the data that they have obtained online, largely triggered by advertisements, when they undergo the decision making process when buying a product/service in a store. Since the consumer has already explored the product online, the decision making process is cut down significantly and the consumer almost always buys the merchandise that they have already searched. This research that they conduct is mostly sparked by an online advertisement which the consumer sees about the product. The advertisement usually doubles as a hyperlink to the product’s website, making it simple and easy for consumers to find more about the
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Digital marketers must keep up-to-date with the consumers preference, trends and needs, in order to meet these needs and to be able to remain competitive in the market . The connectivity created by digital media leads to enhanced product benefits such as online games and applications (Pride & Ferell, 2014). However, the use of the internet to sell products could be a disadvantage to the business since the goods being sold are intangible, the consumer could research and find reviews describing a product as low quality which could result in sale losses (Brand Driven Digital, 2013).
The main topic for this Extended Essay is to analyze the effectiveness of company’s market strategy. A marketing strategy can be defined as a process that helps a business to optimize the opportunities in order to complete business objectives, which mainly gain profits. It includes all basic and long-term field activities of marketing that deal with the analyzing of initial strategy, evaluation of the strategy, and making of a new strategy if the initial strategy is found to be ineffective or even might cause loss. (Homburg, Kuester and Krohmer 2009) To make sure the effectiveness of marketing strategy, its crucial to establish the right marketing mix which cover all the element needed in marketing a product. (Clark, et al. 2009)
The American Marketing Association defines marketing research as “The systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area.”(McDaniel & Gates, 2006, p 6)
To achieve and maintain success in such a complex system as market it is essential to every marketing person to understand clearly consumer behavior. Understanding consumer behavior is not that easy as it may seem from the first glance. The reason is that there are plenty of various factors that may influence it in one certain way or the other. When considering each of the factors it is also important not to forget that they ought to be analyzed as different parts of one whole picture, that is, in correlation with each other.