Journal Of Research In Interactive Marketing – An Overview

Objectives

Discuss About The Journal Of Research In Interactive Marketing.

Marketing Plan tends to play a crucial role in any business organization whereby it is extremely important for any business enterprise to have a proper marketing plan in place. This marketing plan will go a long way in assisting the organization to carry out the different marketing activities according to the requirement of the organization. The given plan will be discussing the marketing plan of a chosen grocery store named ` Spices of India`. The store is owned by an Indian who migrated to India 5 years back and is currently located in Victoria. The business can be categorized under the Small and Business sized enterprise. The given company will comprise of different grocery items, all of which would be imported from India.

With the increase in the Indian expats in Australia, the given business has been designed to tap that need and convert it into an opportunity. The report will be discussing the marketing objectives, which will be followed by the 5C Analysis. The following sections will present the Segmentation, Targeting and the Positioning strategy of the organization (Team 2013). The last part of the report will be discussing the Marketing strategy based on the 4Ps of marketing.

The Marketing Objective for the marketing plan has been given in the following section:

• Maintaining a gross profit of 45% every year
• Generating an average sales of $1000 every month
• With every quarter the sales must increase by $5000
• Achieving an annual growth rate of approximately 25% every year.
• Increase their consumer base by 20% every month
• Make the customers aware of the offerings of the store
• Provide promotional coupons and related offers to the different customers.

The given objectives have been set after keeping in mind the trend of the given industry and also after analysing the performance of the related stores in respect to the given purpose and the selected target market of the store (Moutinho and Vargas-Sanchez 2018). The price of the products have also been kept in mind in order to analyse the price back in India and the purchasing power of the people present here.

 5c Analysis

The five C analysis can be described as a technique which is used to conduct the Situation Analysis. It is an integral part of the organization to conduct the situational analysis in order to figure out the basic marketing strategy and put it in place (Vogel and Güttel 2013). In a situational analysis, the external environmental factors along with the internal organizational capabilities are analysed in order to understand the manner in which a company tends to operate in the long run of the organization.

The given framework is one of the most important frameworks which are used in order to see to it that the internal as well as the external environmental framework of the organization is in frame. The 5c analysis comprises of the Company, Customers, Competitors, Collaborators and the Climate (Williamson et al. 2013). The given analysis tends to cover all important areas of marketing and through this an organization will be easily able to identify problems and suggest strategies to overcome these problems.

Situation Analysis

The given company analysis tends to study the vision, strategies and the capabilities along with the product line of the company (Morschett, Schramm-Klein and Zentes 2015). It also throws a light on the culture, technology used an objectives. Through the given analysis, the current and the potential problems which can be faced by the organization are identified.

Vision

The vision of the organization is to become one of the largest companies present in Australia and supplying Indian grocery good and related products.

Capabilities

The company will begin with a capacity of 100000$ investments. The company will be managed by a couple who migrated from India to Australia a few years back. This couple will be looking at this store as an opportunity to expand their business base and also to introduce the spices and goods from India to the given audience and the Australian markets. It is serves the Indian expat crowd who is working in Australia.

Product Line

The store will be offering various products in its line such as basic essentials, staples, toiletries, spices, fast food items, oils and skin care products (Wood, Wrigley and Coe 2016).

The customers form a key part of the situational analysis and this kind of an analysis involves the knowledge of the target audience, their size, market growth rate and preferred channels.

Target Audience

The target audience for the Indian grocery store is the Indian Expats who are living in Australia for a livelihood. These target audiences may be or may not be living with their families. However, they often tend to compromise with the tastes of the other country and for this purpose the audience looks out for Indian options (Merat and Bo 2013). These audiences mostly lie between the age of 25-60 and are willing to pay higher amounts for the goods being offered to them.

Market conditions

The market conditions are fairly in favour of the Indian store. This is because, after analysis it was observed that other stores which offers similar items to the given audience. Hence, the firm can attain monopoly in the given domain

Preferred Channels

At present, the store will only be able to offer a physical store which is centrally located in the heart of the city, however, in future, it may cater to the needs of the target audience using an online application which can be described as the primary preferred channel of the given group of customers (Martinsuo 2013).

Company

The competitor analysis helps to understand the different industries which are present in the external environment of the organization. The competitors strength weakness, positioning and market share are analysed in the given section.

Five forces analysis will be used as a too; to understand the threat of competition in the market. The five forces analysis examines the given five factors in the industry. These factors are given as follows:

The threat of substitution

The Indian grocery store is a concept which is fairly new and in Australia, there are very few stores offering the Indian products to the customers (Wheelen et al. 2017). These products which are imported from India are hard to replace and due to this the threat of substitution is fairly very low.

The threat of competition

In Victoria there does not exist any other store which will be offering such goods to the different customers and thus for such a reason, the competition with respect to the Indian grocery products being offered is fairly very low.

The threat of new entrants

As the given market is unexplored and very attractive the threat of new entrants is very high.

Bargaining power of supplier

The suppliers are the Indian exporters who explore their products to the store Spices of India. India is a growing economy and for this reason, it is fairly important for them to ensure that the different export opportunities are catered to effectively (Wright, Paroutis and Blettner 2013). It is because of this reason that the given organization will face a low bargaining power.

Bargaining power of buyers

The bargaining power of the suppliers will also be quite low as the demand for the Indian grocery products will be comparatively quite high.

The collaborators can be identified as the external stakeholders who team up with the firm and help them to conduct their business. These are the agencies, suppliers, partners and distributors.

Suppliers

The suppliers of the Spices of India will be mainly the Indian Exporters who will be sending the goods to the store. The owner of the business has prior strong relationships with them.

The partners of the business are the distributors who are also from India (Lasserre 2017). The business runs in a small scale and hence, all the additional work will be managed by the owner itself.

The fifth C of the Situational analysis is the macro environmental factor which affects the business enterprise. These can be analysed with the help of the PESTEL Analysis.

Customers

Proper segmentation, targeting and positioning is essential in nature and it is required to be conducted in order to demonstrate a link between overall market along with analysis of how the organization chooses to compete in the respective kind of market. Furthermore, it is sometimes referred as the process wherein segmentation is conducted first, then targeting is done of one or more kind of target markets and then finally the entire implementation of positioning is required to be done as well (Adams et al. 2017).

From the diagram, it can be analysed that proper STP analysis will help in managing the different kinds of tastes and preferences of the customers in the market and this will assist the Indian Grocery Store situated in Victoria City to attract more customers towards the store and increase the competitive advantage as well (Armstrong et al. 2014).

Segmentation

The segmentation helps the grocery store in analysing and defining the different kinds of basis according to which the consumer market segmentation is performed. Furthermore, the main aim of the Spices of India Grocery store is to increase their sales by more than $5000 every year in an effective year (Armstrong et al. 2015). This will help the company in maintaining their gross margin above 45% each and every year and this will help and assist the company in attracting the new customers and retain the existing customers as well. Additionally, the marketing objectives have to be attained by the organization or the respective grocery store in an appropriate manner and help the customers to get huge benefits from the same as well (Baker 2014).

The individuals who have been targeted by the respective Indian Grocery Store Spices of India includes the different housewives along with the other hotel staffs and owners who require different kinds of grocery items for their household and they receive their orders within 24 hours of time as well. Furthermore, the housewives or the hotel staffs will be receiving all the required items under one roof that will help the company in targeting more customers in an effective manner (Baker 2014).

Through proper targeting, the respective grocery store will be able to attain the competitive advantage in the market and gain more popularity in the competitive marketing environment as well. The main motive of the grocery store is to provide the customers with all the grocery items at reasonable price as well.

Competitors

The company will be positioning themselves as the firm that will sell different kind of essential household items along with other items under one roof. Furthermore, the grocery store will position themselves as one of the most reasonable store wherein the individuals will be receiving all the items at most reasonable rate in comparison to the other such stores situated in Victoria City (Gronroos 2016). With such techniques that are applied by the grocery store, this will help them in attaining distinct position in the market and promote the respective brand in comparison to the other competitors in the market as well.

The marketing mix is essential in nature wherein marketing is the function of the business that determines the requirements of the consumer in an effective in nature. It helps in identifying the target markets as well as applied services along with products to serve the market in an effective manner (Holliman and Rowley 2014). The marketing mix refers to the different kind of tactics that is used by the entire company to promote the product or brand in the competitive market.

Product: The product is the good or service that the business owner provides for the sale in the target market. Furthermore, when it comes to developing a product along with design and quality, the product has to be designed in such a manner that this will help the company in attracting more customers (Hsu 2016). The products that are required to be kept by the Spices of India grocery store has to be present and available all the time as this will help them in managing the preferences of the customers in an effective manner.

Price: The price is the second element that has to be analysed by the respective grocery store in an effective manner. Furthermore, the prices of the different products have to be less in comparison to the other superior grocery stores situated in Victoria. It has been noticed that the Spices of India Grocery Store have to provide discounts on the different items purchased by the customers and make all the items available to the customers in an effective manner (Kotler 2015). Furthermore, the small grocery store can provide discounts to the customers and provide them with different kind of items in more discounted rates and attract them more often as well.  The price plays a major role in managing the store in an effective manner wherein it is seen that the company can promote their products in an effective manner as well.

Collaborators

Place: The place is the third element in the marketing mix wherein the Spices of India Grocery Store needs to situate themselves centrally located near Victoria City. Furthermore, the place is essential for the respective supermarket as to maintain the different paperwork and this will choose the different customers with proper establishment of the resources in an effective manner (Krishnan and Malick 2015).

The place has to attract more customers in an appropriate manner. As it is the new grocery store located in Victoria, it is essential for them to be more attractive in nature in gaining proper support for the different kinds of items that are sold by them. It is essential in nature to understand the different preferences of the customers in various locations so that this can allow them in gaining more competitive advantage.

 Promotion: It is the promotional activity that has to be applied or considered by Indian Grocery Store (McDonald and Wilson 2016). The promotional activities have to be considered by the company as to help them in making the customers understand about the shop or the store in an appropriate manner. Furthermore, the company have to promote online through social media marketing techniques in an effective manner. Furthermore, the newspaper can be used or considered in an effective manner so that they can attract more customers towards shopping with them.

Furthermore, the grocery store can announce the different discounts or the other offers provided by them to the customers through different social media websites or through newspaper or sending mails or messages to the different customers who are the main target market. These will help the company in managing their business and gain more profit and business in the next few years in comparison to the other supermarkets situated in the respective Victoria City (Moutinho and Vargas-Sanchez 2018). The promotional activities play a major role in the marketing mix technique as this will assist in managing the different kinds of discounts or offers and inform the different customers regarding the same in an effective manner.

Therefore, from the marketing mix it can be analysed that the company named Spices of India Grocery Store to improve their marketing mix in an appropriate manner. Furthermore, the company has to understand and analyse the various techniques that can be applied to improve the marketing techniques and meet the preferences of the customers accordingly as well.

The budget or the marketing budget plays a major role in the marketing plan of a grocery store. The budget will help in analysing and understanding the different kinds of relations and analysis that is required to be performed.

Conclusion

Therefore, it can be concluded that the marketing plan of Indian Grocery Store is important and essential in nature to be performed in an effective manner as this has assisted in improving the different kind of marketing mix and STP process effectively. Furthermore, the marketing aims and objectives have been described that has assisted in understanding the different kinds of objectives that is required to be ascertained by the company in an effectual manner. Lastly, the situation analysis has been performed of the Indian Grocery Store that has helped the company in managing the different moves of the competitors who are present in the market and implemented techniques that can be applied to gain more competitive advantage in the market.

References

Adams, F.G., Gabler, C.B. and Landers, V.M., 2017, June. Green Logistics Competency: A Resource Hierarchy View of Supply Chain Sustainability. In Academy of Marketing Science World Marketing Congress (pp. 31-40). Springer, Cham.

Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson Australia.

Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.

Baker, M.J., 2014. Marketing strategy and management. Palgrave Macmillan.

Baker, M.J., 2016. What is marketing?. In The Marketing Book(pp. 25-42). Routledge.

Gronroos, C., 2016. Service Management and Marketing: Managing the Service Profit Logic. John Wiley & Sons.

Holliman, G. and Rowley, J., 2014. Business to business digital content marketing: marketers’ perceptions of best practice. Journal of research in interactive marketing, 8(4), pp.269-293.

Hsu, P.H., 2016. The Study of Multi-level Marketing Industry’s Channel Conflict and Management–A case of Company M.

Johnson, G., 2016. Exploring strategy: text and cases. Pearson Education.

Kalkan, A. and Bozkurt, Ö.Ç., 2013. The choice and use of strategic planning tools and techniques in Turkish SMEs according to attitudes of executives. Procedia-Social and Behavioral Sciences, 99, pp.1016-1025.

Kotler, P., 2015. Framework for marketing management. Pearson Education India.

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