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
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.
Marketing research is the collection and analysis of data relevant to a particular market and the “communication of this analysis to management” (McDaniel, 2006). Whether the organization is a local store or a large corporation, marketing research is important for quality management, customer retention, and understanding trends. Marketing research is important for receiving feedback on the success of the marketing mix (product, price, promotion, and place) and for discovering and launching new opportunities.
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.
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
Market research is an effective tool to understanding the needs of the consumer. Market research aids in aligning your strategy with the buyers ' needs. Simply put, the most important question when conducting market
In contrast, B2C companies are product driven. These products have to be highly in demand to the consumer market, and in order to be successful these companies have to sell the product or service in high volumes to make a profit. Therefore, the relationship between the company and the consumer is not nearly as maintained as that of a B2B company. The value of this marketing strategy is the transaction- as many as possible to cover the costs and make a profit. In a similar fashion, however, there is also the value of trust, as a consumer that trusts the company or the brand will often assist the company in increasing transactions (Murphy, 2008).
Although the goal of B2B marketing is to convert prospects into customers, the process is longer and more involved. A B2B company needs to focus on relationship building and communication using marketing activities that generate leads that can be nurtured during the sales cycle. B2B companies use marketing to educate various players in the target audience because the decision to purchase is usually a multi-step process involving more than one person. For example, the goal of an email campaign for B2B is to drive prospects to the web to learn about your products and services.
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).
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.
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:
Therefore, marketing strategy formulation becomes a pre requisite for developing marketing mix of a company. Many times this important step is missed out by the company or they fail to understand the importance of this step. This study has been undertaken with the view of making realize the importance of marketing strategy formulation and make people understand what is this formulation step. Also it was interesting for me to observe how a newly established company devises its marketing strategies. I have chosen this company in particular because of two reasons. Firstly, it is newly established so it perfectly serves the objective of my report. Second, it has been able to gain some marketing even before launching its products in the market so
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations that lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010).
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 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.