Introduction to Evaluating Marketing Strategies
In the ongoing market structure there is a high level of competition which every organisation is required to deal with and for dealing with it companies require to attract more and more customers. Company will have to find out the ways by which it can gain some advantage over the other competitors. This can be achieved by formulating some strategies with the help of which the resources that are available with the company can be utilised in the most effective manner in order to increase the level of sales and this whole process will be known as marketing strategy. In this report these strategies will be evaluated and recommendations will be provided on that basis for Big W which is an Australian organisation having discount departmental stores.
Concepts of marketing mix and their application
Marketing is an important aspect for every organisation in order to become more successful. For this purpose BIG W will be required to formulate various strategies in relation to marketing which will describe the process by following which the objectives can be achieved. For the promotion of its product or brand every organisation uses various actions and tactics and this set of all actions that are taken is referred to as marketing mix. There are various elements that are required to be included in a marketing mix such as price, place, product, and promotion. These elements are connected to each other and for the preparation of marketing mix proper understanding is required which can be obtained by market research or by interacting with the users. The main concepts that are involved and are required to be evaluated by Big W in relation to its product are explained below...
In this element it is considered that what price should be fixed in relation to a product. Before fixing the price of any product it is important for Big W to take into consideration various factors that are important in determination of the price. Some of such factors are...
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Cost of production
It will be required that cost that has been incurred for the production of the product should be considered while fixing the price of the product. It should be noted that price should be such which can recover the production cost as if it will not happen than company will have to bear the losses.
Price should be determined on the basis of the segment of the market in which the product will be sold. Such as if the product is something which is included in luxurious items than it will be used by people of higher status so higher price can be charged for it but if it is the product which common people with normal living standard will purchase than the price will be fixed according to that.
Demand is an important factor that affects the price of the product. If there is high demand in relation to a product than high price can be fixed but it should not be too high as otherwise it will affect the demand in an adverse manner. If demand is low than high price can not be demanded and have to kept at low level.
In this element the aspects in relation to product that is required to be sold are considered. It is important for the company to check that the product that is delivered meets the performance criteria which means that it should be of good quality and should meet the expectations of the consumers. Product should be manufactured by keeping into mind the needs and wants of the buyers which can be ascertained by the conducting market surveys or research. If these factors will not be taken into consideration than the other elements will also become worthless and will not provide any benefit.
In this it will be considered that at what place are the goods required to be distributed by Big W so that the maximum sales can be achieved. The marketing will be done in those places where it is ascertained that higher sales can be achieved. As the company is working in a retail sector so the place will be an important aspect to be considered while formulating a marketing strategy as in this premium is paid on the basis of correct location. Such as if modern outfits are considered than main emphasis should be provided to metro or big cities as in these places there will be higher demand of these items.
In order to achieve success it is important for every company to ensure that all the users have the knowledge about the products that are being offered by the company. For this purpose promotion will be required to be done which can be conducted in various ways. Promotion can be done in both ways that are by online means or by offline means. Advertisements can be provided in newspapers or television regarding the product and its features or press reports can be released. Other than these promotion can be done by providing incentives, commissions, contests and prizes. For the purpose of promotion also market segments should be taken into consideration which means that main focus should be provided to those segments in which the demand for the product will be more. Such as regarding women clothing importance will be provided to women sector and promotion will be done in those areas and by those means which will be directly related to women such as promotion can be done in the clubs related to women or contest can be organised for the women. Promotion will also happen if one customer is satisfied as he will refer the product to some other person and in this way product will be promoted.
In this element it will be considered that there are right people who are working with the organisation. The working of the organisation is dependent on the people who are working with it starting from the lowest level to the highest authorities. If right person will be available than he will have the knowledge about his work and will be able to work with more efficiency. for this Big W is required to undertake its recruitment process in such way that correct people are recruited by them. By this the company will be able to achieve its objectives in a best possible way. They will make the working smooth and also help in enhancing the product and other related services.
Production of every product involves various processes that are required to be completed in order to obtain the final product and then make it available to the target market. There are various services that are needed to be performed in this context. It will be required by the company to ensure that the process is undertaken in such way which will satisfy all the aspects that are mentioned in relation to it. Also it should be ensured that the services in relation to that product are provided to customer in an effective manner. Some services are such that are inseparable and are required to be provided by every organisation but in order to survive in the competitive market Big W can also provide some services in addition to the normal services that are provided by all. By doing so it will be able to attract more customers towards its product as they will be getting additional services by making payment of the same amount. An example to it can be that company can provide the service in relation to finance to the customer which will bring an advantage to it.
7. Physical Evidence
Physical evidence is always required to ensure that the services are provided or the product is delivered to the customers. It will help the company to know that in market place how are the products perceived. By this it will prove that business is established in a good manner and products that are delivered are able to satisfy the consumers. This can be combined with the branding as brand of any product prove its existence which means that brand is the physical evidence for any product. So company can ensure its existence by establishing its brand. If the brand will be popular than it will retain the customers as they will not want to move to other product if they are satisfied with the product they are using currently.
Partnership means when the work that is required to be performed is shared between two or more persons. Partnership is usually done in order to divide the work load or to get the services of the other organisation which are not available with the company. There are various ways in which marketing is performed and it includes introduction of new ideas and concepts or use of new advanced methods. As Big w is providing services in relation to various products so it is required that it should involve in its marketing strategy new ideas for different types of product. For this purpose it will be required that the company should enter into the partnership with someone who can provide the different marketing services which will prove to be beneficial for the company.
Marketing mix plays an important role in the organisation so it will be required by Bid w to formulate a plan with the help of which it will be able to provide the satisfaction to the customers, establish its brand and make its products available to all the customers. After the formulation of its plan and its application it is important that there is a proper way to evaluate the performance of the company in order to know whether the devised plan has been able to achieve its objectives or there are some shortcomings in relation to it. If there are than they will be corrected by the company to ensure its success in the near future.
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Evaluation of marketing strategy and contemporary issues
Contemporary issues are those issues which will have a impact on the organisation in the present situation or in the specified period of time. There are various such issues which are face by every organisation and also by Big w. some of such issues are described below...
This is the most important concern for every organisation in today's world. It is important to create an understanding regarding the changes that are taking place in the market. With the changing environment it the taste of the public is also changing. Big w will have to face many problems due to this as it is operating in various products so will have to consider the changes in all the sectors. It will have to bring new products that will satisfy the demands of the consumers. With the changing world the taste of the women will also change and their requirements in relation to the products that are offered to them will also change so company will have to design new and different style of products which will prove to be a challenge for the company.
The technology is getting advanced day by day and it is required by the company to incorporate the advanced technology. There may be some technology which would be used by its competitors and that will be providing them with the additional advantage. So it will become difficult for the company to maintain its place in the market because of the technological changes. In order to overcome this problem it is required that the company should formulate a strategy in this respect so that it can be aware of all the advancements that are coming in the market and can make plans to deal with them.
With the diversified environment it becomes difficult to obtain the positive response from all the customers and also many rejections are to be faced. As there are diversified people they will have different needs and wants and it will prove to be a great challenge for the company to meet the requirements of all. Big w is a large organisation dealing in vast range of products so it will face this problem even more. Also employees will be of different opinions that will create the problem of coordination in the company and it will affect the working of the company in an adverse manner. To solve this problem company will try to expand the viewpoints of the employees and will ensure the expansion of different ideas which will ensure the efficiency of the activities that are performed.
Social media interactions
Social media is the most used way of communication in the current world but with the advantages that it provide there are certain disadvantages also. As the information in this will pass through various levels so there are high chances that the data will be manipulated and will provide the customers with the wrong information that will prove to be of great disadvantage to the company. This can be solved by the company by checking the information that is circulated through social media.
These are those issues which prove to be harmful for the environment. As the company is making different products so there are high chances that some of the products will involve such process that will lead to the harmful effect on the environment. It is required that the company should check if there is something which is harming the environment and if it is than action should be taken to make them correct. It is also needed that employees should be told about the importance of the environment and also they should be told to protect the environment in all possible ways.
The marketing mix also suffers from certain problems that are required to be considered in order to achieve the effectiveness and efficiency in the business. The ways in which they can be dealt by Big w are provided below...
In order to achieve the pricing standards it will be required that company should formulate different pricing strategies which should be considered while deciding the price. The methods that are used for the calculation of the price should be evaluated on the timely basis.
Company should try to bring in the new and innovative ideas through the use of which it will be able to meet the needs and wants of different customers. Proper quality check system should be incorporated in the system of the company by which it will be ensured that the products are meeting the quality standards.
Company can bring in the new methods of making its products available to the customers on easy basis. It should provide the customers with the online services from which they can order the products by sitting at home only and will not be required to go anywhere.
New promotion techniques should be identified and adopted by the company in order to increase its sales and also the brand value of the company. Promotion services can also be outsourced or it can develop some new in house promotion activities.
It is required by the company to launch proper training programmes for the employees so that they can possess the high skills and by this their efficiency will be improved. Also incentives should be provided to them so that they are motivated to perform the work with full dedication.
Proper check system should be established to ensure that the processes are performed in the sequence and also on the timely basis which means that the process should be completed within the time allotted to it.
Various steps should be taken to ensure the customers about the company and its products. Website should be made effective that will provide them with assurance.
Company should find the partners that will add to the growth of the company and will provide it with extra benefits. Such partners should be found and for that various aspects of the partnership should be checked before entering into it.
From the above mentioned report it can be concluded that it is important for any organisation to have proper marketing strategies and it should be ensured that they are implemented in the effective manner. There are various elements in the marketing mix that are required to be considered in order to ensure the success of the company and also there are certain issues which are faced by the company. There are certain manner in which they can be avoided or can be solved to make the company a successful company.
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