Task 1
Q1
The strategic alliances are useful for entering into new markets for company. It leads to expand customer base and increased profitable margins. Partners can provide established marketing and distribution systems. The alliances such as joint venture and equity strategic alliance can be used for attaining desired goals by expanding business reach.
Q2
The market can be accomplished by business by following diversification strategy as listed in Ansoff Matrix. It implies how growth can be achieved by developing new products for new markets. If firm is facing declining sales or saturation is seen, it should adopt diversification strategy to deliver completely new products to different customers (De Pelsmacker, Van Tilburg and Holthof, 2018).
Q3
Takeovers can be useful for company in order to attain various benefits. Since, takeover involves acquisition of another business, acquired business has customer base. This is helpful for takeover firm as marketing opportunities gets widened by targeting acquired business’ customers. Further, patents, brands and trademarks are attained as well.
Q4
Franchise is proven business which has attained success. However, franchiser should consider promotions as major option for enhancing marketing opportunity. Promoting the business should be done for attracting new buyers. Franchisor should utilise combination of traditional advertising and promotions utilising new technologies.
Q5
Business can effectively take establishment of new business as an opportunity for marketing. This can be done by establishing unique selling point to set apart rivals. Moreover, by looking at other markets will be helpful in opening marketing opportunities in the best manner possible (McDONALD, 2016).
Q6
Firm can use consumer segmentation and purchase situation analysis as two major marketing opportunity options for getting growth. Consumer segmentation involves identifying segments of people sharing common characteristics to easily target them. Purchase situation analysis will be helpful in assessing distribution channels and payment methods involving purchasing decisions to teach people properly.
The importance of product life cycle concept is marketing is assessed below with stages-
- R&D- At this stage, research and developing items are considered through market research before selling in market.
- Introduction- Product is launched by exercising marketing strategies.
- Growth- Sales are increasing at rapid rate
- Maturity- Sales are higher but growth rate is slowing, thus, new strategies are to be adopted.
- Decline- Revenue begins to fall
Q8
The marketing mix elements help to analyse ways by which business is able to make profitable marketing decisions in the best manner possible. This helps firm to overcome business and become competitive and adaptable in market quite effectually. Hence, marketing mix is useful for bringing items or services in market (Scherer, 2016).
Q9
Business should consider first and foremost cost of product so as to launch in the market. After cost, customers should be identified and positioning of product must be made. On the other hand, competitors need to be analysed as well.
Task 2
Q10
Pricing strategy is important as it defines value that business’s product is worth for customers to purchase the same. It is crucial as customers should know whether product of particular price is worth their investment or price in the best manner possible. Two strategies can be used by business like price skimming and penetration pricing strategy.
Q11
The promotional strategies are online advertising and sales promotions. Online advertising is useful mechanism to promote items or services through social media platforms and other platforms. However, sales promotion includes offering discounts, coupons or loyalty programs to entice people to buy.
Q12
The three common distribution strategies are indirect distribution, direct distribution and selective distribution. Indirect one passes through several chains and reaches to final customers. Direct means product is directly sold to people. Apart from it, selective distribution means firm have only limited outlets.
Q13
Though, undifferentiated marketing strategy is used to reach most customers by any means necessary to do so, it has much importance to differentiated strategy. Cost is cheaper because no expensive market research data or intense advertising is required (Morello. 2019). The reach of this strategy is far greater than other ones.
Q14
Concentrated marketing strategy is useful because firm can become specialist in fulfilling needs of specific chosen market segment. It helps to save costs with large scale manufacturing of products. Thus, positive impact on promotion and distribution is accomplished.
Q15
The marketing strategy, approaches and marketing mix can be aligned to organisation’s objectives by planning SMART marketing objectives. After that, build marketing plan and write KPIs. Moreover, align planned performance with KPI and SMART objectives to track performance and make improvement if need. For example, particular item can be planned and KPI should be made and implemented in real world to track performance (Kraus et.al, 2016).
Q16
The marketer should follow ethical and legal requirements. For example, if business is in food industry, it should plan food by listing requirements of legal laws, rules and food safety standards. By following this, firm can align its objectives with marketing.
Q17
The marketer must follow SMART objectives made beforehand. For example, if company has to launch a new product by next year, then it needs to frame objectives as to how product will roll out, timeline to get it completed. Thus, strategies, approaches and marketing mix can be accomplished with ease.
Marketing Plan Briefing report: NatureCare Products
Company Background
The marketing plan briefing report is prepared with a view to expanding operations of NatureCare Products in Japan being identified as major market for women’s love for organic and eco-friendly products.
Market overview
The trend in cosmetics industry is ever-changing. Rivals such as Lavshuca, Cezanne in Japan and Australian rivals like Jurilique and Botani are highly competitive. Marketing strategies will help firm to overcome competition (Cateora, Gilly and Graham, 2015).
Current customer profile
The target group of NatureCare Products in Australia are, professional women aged 25-55.
|
Strengths |
Weaknesses |
|
· Strong financial position · Eco-friendly products |
· Absence in social media platform · Charging high prices |
|
Opportunities |
Threats |
|
· Expansion to international markets · Maximise market share |
· Competitors charging low prices · Local rivalry in Japan |
Political-
The political instability is major concern for NatureCare Products as it can ruin the business. Firm is planning to consider Japan to expand its operations which should be based on political laws and policies.
Economical-
Interest rates, unemployment rates and overall economic growth are to be considered by NatureCare Products. It can be analysed economic condition of Japan is strong enough to do business with.
Social-
Culture and social background is of high importance. Japanese people are fond of natural products and firm will be able to target them and sales can grow.
Technological-
In order to grab market share, NatureCare Products will require upgrading technology so that competitors may be overcome with ease. Thus, quick and high quality cosmetics can be provided.
Legal-
The laws and regulations are required to be taken into account by business (Eyvrigh, 2016). Health and safety, employment and laws related to cosmetics industry must be followed by NatureCare Products to expand operations.
Environmental-
NatureCare Products is concerned to offer high quality organic and eco-friendly skincare products which will have no issue related to ecosystem.
Marketing opportunities
The marketing opportunities are described below-
Consumer Segmentation-
People are segmented by assessing demand sharing common characteristics. For NatureCare Products, professional women aged 25-55 are its consumer segmentation.
Purchase Situation Analysis-
The marketing opportunity helps to analyse circumstances and situation that involve purchasing decisions of people and how firm can position product. NatureCare Products can attain how Japanese people buy cosmetics (Zemirli and Alsenan, 2015).
Direct Competition Analysis-
Rivalry in every market is common. Company will have to analyse how to overcome direct competition and accomplish customers. However, organic products will entice people to buy and they will attract to NatureCare Products.
Fit with organisation’s objectives
The marketing opportunity fits with NatureCare Products objectives to serve women having middle age and older women as well.
Risks of opportunities
Risk identified is related to direct competition from Japanese cosmetics firm offering similar products. But eco-friendly items will overcome the same.
Current Market Positioning
Potential returns of marketing opportunities
The returns from above marketing opportunities will be favourable as business will be able to grab share in the new market (Isaias, 2016).
Marketing strategies
Product-
NatureCare Products offers variety of creams, cosmetics items for women in the age 25-55. Further, baby creams are provided.
Place-
It offers skincare and beauty commodities in Australian stores in fewer cities.
Price-
NatureCare Products has implemented price skimming strategy as it charges high prices than competitors in Australia.
Promotion-
Firm uses social media channels but has not well-structured online marketing. It deploys other promotion tactics like magazines, TV ads etc.
Marketing Objectives-
Desired positioning is implemented by firm to place unique impression in mind of customers. Eco-friendly and organic products are unique selling point of business (Lo and Campos, 2018).
Aligning organisational strengths
The marketing opportunities are relevant to firm’s strengths because it has strong financial position and can easily entice Japanese customers with high quality cosmetics.
Relevant to marketing opportunities
Consumer segmentation, direct competition analysis and purchasing situation analysis are in relation to NatureCare Products because it offers cosmetics to target consumers and eliminates competition through better offerings.
Consistent with firm ability to implement strategies
The ability of NatureCare Products is quite impactful as it implements desired positioning in place. Further, professional women in age 25-55 are targeted with effective promotions. Moreover, it has strong financial health.
Explanation of marketing tactics
Desired positioning can be accomplished by attaining market research data in effective manner. On the other hand, marketing tactics for initiating price skimming strategy is that presence of few competitors not offering quality products. Thus, such marketing tactics can be implemented to achieve marketing strategies (Chopra, 2017). However, internet marketing strategy will be implemented as business requires increasing online sales.
Timing of various elements
The marketing executive is allocated to generate leads from the market. Apart from this, for online sales generation, business will allocate marketing manager to synchronise research data and leads generation to initiate marketing plan. Cost is highlighted below-
|
Particulars |
Amount |
|
Online Advertising |
50000 |
|
Maintenance costs |
30000 |
|
Direct positioning |
25000 |
|
Customer Retention |
16000 |
|
Promotion expenses |
29000 |
|
Total |
150000 |
It is recommended to business to problem involved if any in market research data should be analysed first. Moreover, adjustments must be made and thus, constant focus on customers should be exercised in order to accelerate sales through better marketing tactics.
It can be analysed that NatureCare Products is planning to expand to Japan after consider marketing research. Marketing tactics being available according to budget are achievable in stipulated time. Further, business would be able to entice consumers being fond of organic and natural skincare items (Crall et.al, 2017).
Primary Marketing Objectives
Legal and ethical issues to be considered
Health and safety laws, cosmetics industry international standards would be considered. Further, operations will be conducted in ethical manner to attain desired customer base and elevate sales up to a major extent. In relation to this, AANA Code of Ethics is considered so that marketing tactics are decent and no sense of obligation to customers is made. Further, sense of fairness and responsibility to all competitors are prepared.
Marketing performance
The marketing strategy selected for NatureCare Products is internet marketing. The marketing through online platforms like social media is impactful for attracting customers in the best manner possible. Moreover, firm’s presence on internet is not that much good and requires strengthening its presence so as to increase its sales and attract people with ease (Lee and Kotler, 2015). Further, it can be said that by implementing internet marketing, efforts using web and email to drive direct sales through electronic commerce will be accomplished. Additionally, sales leads from emails and social media websites can be attained as well. Thus, it is justified to make use of internet marketing strategy for enhancing company’s marketing efforts and generate profitable margins in new market.
Recommendation strategies for reviewing performance
Marketing performance measures should be implemented so that business may be able to attain desired marketing performance through implementation of strategies. These measures are listed below-
Predictive revenue-
The measure is calculated on revenue metrics like future lifetime value of contracts in various stages of lifecycle (Sharon. 2019). It is beneficial in evaluating how much NatureCare Products should spend for converting or retaining each customer in effective way. This helps to know how customers can be converted into potential one and how well marketing efforts are going.
Predictive analytics-
The predictive analytics is useful metric for measuring purchase behaviours involving which items or categories each buyer tends browsing and ultimately end up in making purchase. This knowledge is useful for engaging with each contact quite effectively and accurately and thus, second time purchases is made by person or not. Hence, marketing performance shows whether individual can be converted into potential customers or not.
Customer engagement patterns-
This type of metric shows which of firm’s customer engagement strategies are successful identified on the basis of conversions and responses. It tracks time between online engagements like opening an email or website visit (Chernev, 2015). It allows for determining best channels and time periods for interacting with each segment in effectual way.
Market Trends
Strategies to increase organizational expertise or resources to address gaps in currently capability and marketing objectives
The marketing objectives should be framed in a manner which increases organisational expertise quite effectually. It can be analysed that firm has human resources present in every field. It should make use of each of them so as to enhance its marketing objectives. Moreover, market research data should be conducted with deeper analysis so that it can tap into new market with ease. In addition to this, organizational leadership must be strengthened which will help leaders to implement well-mannered strategies to attain customers in the best manner possible.
The customer-centric strategy must be implemented which will have customer on mind of company (Migliore, Howard and Gray, 2018). NatureCare Products should try to expand its reach to more international markets so that market share can be elevated up to a major extent. Hence, it can be said that by initiating these strategies, firm can enhance its expertise in cosmetic industry of Australia and tap Japanese market which it think as of immense opportunities for earning profitable margins.
|
Nov 2, 2019 To, The CEO NatureCare Products Respected Sir, I have attached the marketing briefing report hereby for assessing how marketing strategies will be framed for successful expansion to Japan by NatureCare Products. I seek your feedback and approval for enhancing the report to make changes if any. Thanking You, Operations Manager |
Introduction
The plan has been prepared to make expansion of NatureCare Products to Japan a successful for attaining desired success through better marketing strategies.
- Product- Cosmetics and skincare products
- Company- NatureCare Products
- Industry- Cosmetics Industry
- Specific market- Dedicated for professional women
- Describe customers- Professional women aged 25-55
- Describe competitors- Jurilique and Botani
|
Strengths |
Weaknesses |
|
· Strong financial position · Eco-friendly products |
· Absence in social media platform · Charging high prices |
|
Opportunities |
Threats |
|
· Expansion to international markets · Maximise market share |
· Competitors charging low prices · Local rivalry in Japan |
Political-
The political instability is major concern for NatureCare Products as it can ruin the business. Firm is planning to consider Japan to expand its operations which should be based on political laws and policies (Kompaniets and Rauhut, 2016).
Economical-
Interest rates, unemployment rates and overall economic growth are to be considered by NatureCare Products. It can be analysed economic condition of Japan is strong enough to do business with.
Social-
Culture and social background is of high importance. Japanese people are fond of natural products and firm will be able to target them and sales can grow.
Technological-
In order to grab market share, NatureCare Products will require upgrading technology so that competitors may be overcome with ease. Thus, quick and high quality cosmetics can be provided (?orak and Šnajder, 2016).
Legal-
The laws and regulations are required to be taken into account by business. Health and safety, employment and laws related to cosmetics industry must be followed by NatureCare Products to expand operations.
Environmental-
NatureCare Products is concerned to offer high quality organic and eco-friendly skincare products which will have no issue related to ecosystem.
Desired positioning is implemented by firm to place unique impression in mind of customers. Eco-friendly and organic products are unique selling point of business.
SWOT and PESTLE Analysis
Marketing Mix Strategies
Product Strategy- NatureCare Products offers variety of creams, cosmetics items for women in the age 25-55. Further, baby creams are provided.
Pricing Strategy- NatureCare Products has implemented price skimming strategy as it charges high prices than competitors in Australia.
Distribution (place) Strategy- It offers skincare and beauty commodities in Australian stores in fewer cities.
Communication (promotional) Strategy- Firm uses social media channels but has not well-structured online marketing. It deploys other promotion tactics like magazines, TV ads etc (Shields et.al, 2015).
|
Particulars |
Amount |
|
Online Advertising |
50000 |
|
Maintenance costs |
30000 |
|
Direct positioning |
25000 |
|
Customer Retention |
16000 |
|
Promotion expenses |
29000 |
|
Total |
150000 |
Marketing tactics will be accomplished in due time period of 2 months.
Marketing performance
Predictive revenue-
The measure is calculated on revenue metrics like future lifetime value of contracts in various stages of lifecycle (Aprilia, 2015). It is beneficial in evaluating how much NatureCare Products should spend for converting or retaining each customer in effective way. This helps to know how customers can be converted into potential one and how well marketing efforts are going.
Predictive analytics-
The predictive analytics is useful metric for measuring purchase behaviours involving which items or categories each buyer tends browsing and ultimately end up in making purchase. This knowledge is useful for engaging with each contact quite effectively and accurately and thus, second time purchases is made by person or not. Hence, marketing performance shows whether individual can be converted into potential customers or not.
Customer engagement patterns-
This type of metric shows which of firm’s customer engagement strategies are successful identified on the basis of conversions and responses. It tracks time between online engagements like opening an email or website visit. It allows for determining best channels and time periods for interacting with each segment in effectual way.
Sending an Updating marketing plan to CEO
|
Nov 2, 2019 To, The CEO NatureCare Products Respected Sir, By incorporating changes in marketing plan by implementing time frame of 1.5 months within which project should be completed is updated in plan. Moreover, all requirements will be met as per the marketing briefing report and marketing plan for ensuring success of expansion. Thanks & Regards Operations Manager |
References
Aprilia, A., (2015). Customer Retention & Customer Relationship Marketing: Strategi Pemasaran yang Potensial. Jurnal Manajemen Maranatha, 4(1).
Cateora, P. R., c Gilly, M. and Graham, J. L., (2015). International Marketing. McGraw-Hill Higher Education.
Chernev, A., (2015). The marketing plan handbook. Cerebellum Press.
Chopra, K. N., (2017). Analysis of the Mathematical Modeling and Simulation of Advanced Marketing in Commerce. Journal of Internet Banking and Commerce, 22(3), pp.1-9.
?orak, D. and Šnajder, I., (2016). Marketing strategies and their application in small and medium enterprises emphasizing the modern methods. International Journal Vallis Aurea, 2(1), pp.51-60.
Crall, A., Kosmala, M., Cheng, R., Brier, J., Cavalier, D., Henderson, S. and Richardson, A., (2017). Volunteer recruitment and retention in online citizen science projects using marketing strategies: lessons from Season Spotter. Journal of Science Communication, 16(1), p.A01.
De Pelsmacker, P., Van Tilburg, S. and Holthof, C., (2018). Digital marketing strategies, online reviews and hotel performance. International Journal of Hospitality Management, 72, pp.47-55.
Eyvrigh, G. M., (2016). A review of marketing strategies. Kuwait Chapter of Arabian Journal of Business and Management Review, 33(3492), pp.1-7.
Isaias, A. M., (2016). Marketing strategies in enrollment management: Direct mail and financial aid. INNOVA Research Journal, 1(1), pp.34-39.
Kompaniets, O. R. and Rauhut, D., (2016). Place Marketing of Rural Areas: Why Cannot City Marketing Strategies be’Copy-Pasted’?. In Regional Studies Association’s European Conference (No. 1, pp. 1-18).
Kraus, S., Richter, C., Brem, A., Cheng, C. F. and Chang, M. L., (2016). Strategies for reward-based crowdfunding campaigns. Journal of Innovation & Knowledge, 1(1), pp.13-23.
Lee, N. R. and Kotler, P., (2015). Social marketing: Changing behaviors for good. Sage Publications.
Lo, F. Y. and Campos, N., (2018). Blending internet-of-things (IoT) solutions into relationship marketing strategies. Technological Forecasting and Social Change, 137, pp.10-18.
McDONALD, M.A.L.C.O.L.M., (2016). Strategic marketing planning: theory and practice. In The marketing book (pp. 108-142). Routledge.
Migliore, R.H., Howard, N.C. and Gray, D.M., (2018). Contemporary marketing evolves. Journal of Marketing Development and Competitiveness, 12(2).
Morello. (2019) The Advantages of Undifferentiated Marketing [Online] Available Through: < https://yourbusiness.azcentral.com/advantages-undifferentiated-marketing-11462.html>
Scherer, D., (2016). Incentivizing Them to Come: Strategies, Tools, and Opportunities for Marketing an Institutional Repository. Making Institutional Repositories Work, pp.159-174.
Sharon. (2019) 3 Smart Metrics to Measure Marketing Performance [Online] Available Through: < https://www.emarsys.com/resources/blog/metrics-measure-marketing-performance/>
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., Johns, R., O’Leary, P., Robinson, J. and Plimmer, G., (2015). Managing employee performance & reward: Concepts, practices, strategies. Cambridge University Press.
Zemirli, N. and Alsenan, S., (2015), April. PERSO-Retailer: Toward a Web Content Management System Based on a Personalized Marketing Recommender System for Retailers. In 2015 International Conference on Cloud Computing (ICCC) (pp. 1-3). IEEE.
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