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This study will begin with the statement that the economic downturn has severely impacted the growth of business in the UK and as per the forecast for the current year by BBC analysts; the economy is going to attain a stalled position in the current year…
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A service based company, which deals in a B2B scenario, Triangle Creative Limited (TCL) offers a range of services comprising of direct marketing, online marketing, advertising, public relations management and even development of websites. TCL is highly respected by its clients for friendliness, cost-effectiveness, creativity, and speed of delivery of the service. The organization offers its services to SMEs located in and around Cambridge. The current economic situation has hampered the inflow of clients and has also led to the decline of revenue by as much as 25% compared to that of the previous year. The company is also finding it increasingly difficult to retain some of its established clients, which in turn, is vital to the growth of the company. TCL needs to improve its business strategies like marketing mix, customer relation and sales force to propel future growth of the company. It also needs to look for newer markets to continue the expansion of the company. The main motive for designing a marketing strategy is to deliver values to the customer and generate revenue. To begin with, the organization needs to do proper segmentation, targeting and positioning for its product or service. Then comes the importance of the 4Ps of marketing and the marketing department generally tries to fiddle around with the 4 prime elements while taking into consideration the macro and micro-economic factors of the marketplace (Crane, 1993, p.15). The main objective is to make an effective strategy based on these key parameters in order to create a high demand for the product or the brand for generating a positive response from the potential customers. Each firm strives to build up effective marketing strategies so that it can create and deliver values to the customer and thereby increase the satisfaction of the consumers. The marketing mix is assembled keeping in mind the customer needs regarding the features and benefits of that particular product and service. It differs from one organization to another according to the varying marketing objectives and resources of the companies (NIOS, 2012, p.103). Figure 1: Marketing Mix; a bird’s eye view (Source: NIOS, 2012, p.3) Product: Product refers to the goods and services offered by the company which carries the brand name as well as the brand value to the customers. It can be tangible or intangible in nature. Products and services are purchased by the customers because they fulfill the needs of the customers. Customers pay for the benefits that the products or services provided to them. Therefore, it can be said, a product can be represented as a bundle of benefits which has one key feature and some other benefits related to the main feature. TCL is a service based company and it offers to the clients a wide range of services including online marketing, advertising, direct marketing, website development, and public relations. The client base comprises of a wide range of companies. TCL has built a reputation for providing reliable, efficient and friendly services. At the current economic condition, the prospect of getting a new client is comparatively tougher than maintaining an existing client in order to maintain a sustainable revenue source for the company.
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