Following activity is based on the scenario, where the consultancy firm Total Marketing Solutions is developing marketing strategy for organisation. The following report will include various marketing strategies that helps the organization in achieving competitive advantage over its competitors in the market. Also will analyze various market communication strategies in the context of organisation. Later will also analyze various strategies and process of implications by the organization including resource as well as management applications.
Identifying a range of strategies that can contribute to their businesses competitive advantage
There are various strategies that cab be applied by organisation to attain competitive advantage over its rivals in the automobile industry. Those are:
1.Segmenting- Under this organisation is required to divide entire market into different segment. It can be done on the basis of luxury as well as premium products. It can go on for producing different products for the different segments of group people. For example- Should produce a classic and luxury car for the high societal customers. Whereas, is required to manufacture suitable, comfortable as well as affordable car for premium range customers.
2.Targeting- Under this the chosen automobile organization is required to evaluate each market segments attractiveness as well as select one or more segment to enter in. It cannot place one single strategy on entire segments and so is required to focus on particular segmented target. It can target more on luxury societal people as they are fond of luxury cars.
3.Positioning- Positioning involves process of arranging a product to occupy a distinctive, desirable as well as clear to the competing products for enhancing the sales of the products.;
4.Branding- Brand is a name, term, sign, symbol design or a combination of them intended to identify the products of the organisation and to differentiate them from other competitors. organisation can use its brand name to exploit its opportunities. It can be the best brand among the luxury lifestyle people by being more attractive.
5.Relationship Strategies- It is the strategy to foster loyalty of customer, interaction with them and maintain the long-term engagement. It focuses on customer acquisition, retention as well as extension. Since acquisition of high class people as customer is easy because they are curious and can afford luxury cars. Such kind of customers are required to be retained by choosing the premium pricing as they have enough money to afford such high class and luxury cars.
6.Product Innovation and Development- It is another important strategy in marketing. High class people can be attracted towards the product by developing more attractive and modified deigned cars. organisation can introduce new high and luxury cars with more attractive features for its customers.
7.Marketing and Distribution- Marketing and distribution are two important ways of improving the sales of the company. Marketing can be done by organisation through television and through hoarding boards, Magazines, radios etc. Following will help in increasing consumer base and loyalty along with its will also helps organisation in attaining competitive advantage over its rivals I the market.
1.2 Analysis of marketing communication strategies for the business
Marcomms strategies in terms of broadcast
It is a form of communication strategy which uses various medium to communication information about companies products and services. In other words it is form of advertisement used by the company to promote its services and products into the targeted markets Broadcast marketing includes radio, television. This helps the organization such as organisation in attaining or increasing listeners as well as viewers. It is different form print advertisements and other marketing tactics though internet or mails. Broadcasting advertisement techniques not only includes traditional commercials but also includes product placement through shows and endorsements by help of radio etc.
Marcomms strategies in terms of narrow cast / niche cast
Under this communication strategy dissemination of information takes place to a narrow audience which include radio, newspaper, television etc. Narrow cast communication strategy is also known as niche marketing or target marketing strategy. Narrow casting communication strategy involves aiming media messages at specific segments of the public defined by values, preferences, demographic attributes, and subscription. Narrow casting is based on the post modern idea that mass audiences do not exist. While the first uses of the term appeared within the context of subscription radio programs in the late 1940s, the term first entered the common lexicon due to computer scientist and public broadcasting.
1.3 Analyzing marketing strategies and how they can be implemented by the organization, including resource and management implications
There are various types of marketing strategies:
Undifferentiated marketing strategy- Under this the company has its entire focus on the target market segments. Undifferentiated marketing treats all buyers as a homogeneous group. Another term for undifferentiated marketing is mass marketing. Rather than producing different marketing strategies for different segments of society, or even different products for different groups, undifferentiated marketing attempts to reach all potential buyers using one marketing strategy. In this way, undifferentiated marketing treats all segments of the population the same, and the strategy is to use one approach that aims to appeal to as many people as possible.
Differentiated Strategies- Under this firms such as organisation aim at developing differentiated products from that of their competitors for different set of consumers. This helps the company in attaining competitive advantage as well as to attain maximum customer satisfaction and loyalty. With the help of expensive advertising campaign.
Concentrated strategies- Under this the company such as organisation is required to focus on single market target. Such as it concentrate ob luxury cars for its high profile customers. In such types of strategies the company gets advantage of investing more of the resources into single production line. Which result in increasing the supply for the concentrate markets. Following strategy carries risk of significant losses in the event of a drop in demand or to increasing the level of competition.
While implementing marketing strategy the organisation is required to prepare or pre plan strategy. So that it will help it in pre analyzing various requirements of resources etc. Also a proper structure is required to be maintained within the organization so that proper directions can be give to employees working within the organization. System is another important element that is to be tale care of while preparing strategic marketing plans. As it helps employee in understanding the work as well as it helps in maintaining discipline among the employees as well as other stakeholders of the company following were the hard S that is the hand of top level management of the company. Whereas, soft factors includes following which are related to the lower or middle level management. Before making plans or setting objectives the organization is required to identify required number of staff. Also if in case the company is main strategy on going bass then its is required to estimate the umber of employees required for the performing task as well as of what qualities and qualifications. Skills is the another important fact which influence the function of the company as because task assigned to employee as per there skills will helps them in understanding task much better.
Segmenting, targeting, positioning, branding etc are the range of strategies that helps the business enterprises in achieving competitive advantages. Marketing communication in terms of broadcast as well as narrow cast and niches have been analyzed. Along with it also had analyzed various marketing strategies such as differentiated, undifferentiated as well as concentrated.
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