Marketing of English Wine Week - Assignment Example

? Marketing of English Wine Week 2.4 Competitor Analysis With the globalization of the economy, the liberalization of the economy allows entry and exit and therefore opening the room for more firms to join the market and increase the competition in the fine industry (Blythe, & Zimmerman, 2005). Because the stiff competition in this industry, EWP have to embark on modern approaches to analysing the market, this includes competitor analysis. In analysing the competitors, it is important for EWP take into account the competitors’ strategies including products, target customer, strong customer base, pricing strategy, and promotional skill. The first step in competitor analysis involves price differentiation. Under price differentiation, EWP must have a strong understanding and knowledge on the prices and pricing strategies of the competitors. It is after this that EWP will employ alternative pricing strategies that would enable it to gain market dominance. It is also important for EWP to understand the marketing strategies of the competitors and their effectiveness. Finally, EWP must have a deeper knowledge on the production technics employed by their competitors. 3.0 Objectives The primary objective of English Wine Producers (EWP) is to dominate the wines market of the United Kingdom by winning the confidence and royalty of the potential customer and wine consumers. Market dominance being the primary goal of all institutions, to excel and dominate the wines industry of UK, EWP must be ready to battle it out with other well established wine manufacturers. This primary objective would only be realized through product promotion and popularizing its products in the media, vineyards promotion, tourism sector wine popularity, and among the members of the wine trade or national consumer (Gelder, & Woodcock, 2003). Other English wine promotional includes trade media and trade bureaus. Other objects of the company include remaining profitable in the industry since it is a profit making entity. 3.1 Direct Marketing Objectives Business is all about marketing and customers. The basic function of the marketing department of the organization is to ensure that EWP reach out to all the potential customers. The effectiveness of direct marketing strategy is to increase the sales promotion of the English wines. The company promotes its products indirectly through promotional companies such as United Kingdom Vineyards Association and Welsh Wines (McLoughlin, & Aaker, 2010). The EWP also conducts national promotion for its products during special events such as English Wine Weeks, sporting activities, Queens Diamond Jubilee, The Royal Wedding and other major events both within the UK and abroad. 3.2 Acquisition Objectives The main objective of EWP undertaking acquisition increase market penetration and development through sound sales and financial policies. This entails investing resources on the company’s potential areas of growth and economic development. Besides, a company interested in acquisition and takeover must be ready to invest in leadership and management so as to achieve stability and economic growth (Sherman, & Hart, 2006). EWP objectives of the proposed acquisition are to mobilize resources to invest in growth potentials and opportunities. This company will benefit from a great deal through increased sales, revenue allocation and management, and improved man power in the leadership and management skills.by forming a partnership with Vineyard, EWP stands an opportunity of expanding its marketing skills and exploring new ventures. 3.3 Retention Objectives It is important for EWP to be consistent in its strategies and policies. This principle calls for retention as a fundamental strategy when handling its labour force and human capacity. Retention policy entails appreciating, developing, valuing, and trusting in the labour force or production techniques (Mauk, & Army War College, 2012). This is essential in maintaining good relationship with the staff, and also providing an opportunity for growth in responsibility and success. 4.0 Communications Strategy Communication is an important aspect of a firm that determines the success of a firm especially with the era of economic liberalization and globalization. Therefore, the firms must design communication strategies that are appropriate and sustainable. The best communication strategy must emphasize on building a strong network with the customers and keeping the customers abreast of the activities or products of the firm. In order to remain and reach out to a large number of customers, it is important for EWP to embrace technology by using social networks (Smith, Pulford, & Berry, 2009). Through its communication and marketing manager, EWP has launched twitter account and other social medium of communication. This would be a significant move for building strong relationship and keeping in touch with customers by seeking their views or opinions on EWP products/services. Direct communication with the customers is another strategy that EWW applies. Under direct communication, the company stands better chances of having interpersonal contact with the customer and thus strengthening the relationship between the company and its potential customers. 4.1 Segmentation and Targeting EWP must communicate to its customers through marketing and branding. This gives the image of the company to the consumers and builds strong brand identification for the customers to have a sense of belonging and identity. In order to market Wine products, EWP uses the marketing concept described as STP. The first product promotion step is segmentation defined by S. EWP uses market segmentation as a way of popularizing its products by dividing the market in to small groups (segments). Through this promotion method, EWP is able to identify the diverse consumer demands and variations in taste and preference, and incomes (Weinstein, 2004). This is the process of devising Wine promotional strategies and marketing schemes in accordance with the differences in taste and preferences of the identified segments. EWP therefore conducts consumer targeting in different industries including tourism, hotel, and domestic consumption (Weinstein, 2004). Some of the targeting strategies include online product promotion, and use of social media. 4.2 Strategic Balance Since EWP operates in an industry that is very competitive, it calls for the company to develop a sustainable strategic balance. This entails a detailed analysis of potential risks and uncertainties surrounding the industry from the production level to the distribution level (Cordesman, 2006). These risks factors that EWP must analyse include strategic, systematic, and operational risks. 4.3 Positioning and Branding After segmentation and targeting, market positioning is the last cycle. Positioning is the process of creating brand image in the minds of consumers. EWP positions itself in the market by manufacturing a range of different Wine brands to suit the consumer demands. In producing its Wine products, EWP takes into account the variations in consumer income hence manufacturing Wine brands of different prices (Sengupta, 2005). Branding on the other hand, involves developing a strong image of EWP Wine products in the mind of consumers. This is realized by extensive marketing and product promotion schemes. References Blythe, J., & Zimmerman, A. S. (2005). Business-to-business marketing management: A global perspective. London: Thomson Learning. Cordesman, A. H., & International Institute for Strategic Studies. (2006). Measuring the strategic balance: Working papers for the International Institute of Strategic Studies. Washington: Dept. of Defense. Fleisher, C. S., & Bensoussan, B. E. (2007). Business and competitive analysis: Effective application of new and classic methods. Philadelphia, Pa: Wharton School. Gelder, D., & Woodcock, P. (2003). Marketing and promotional strategy. Cheltenham: Nelson Thornes. Mauk, J. A., & Army War College (U.S.). (2010). A risk-based approach to strategic balance. Carlisle Barracks, PA: U.S. Army War College. McLoughlin, D., & Aaker, D. A. (2010). Strategic market management: Global perspectives. Hoboken, N.J: Wiley. Sengupta, S. (2005). Brand positioning: Strategies for competitive advantage. New Delhi [u.a.: McGraw-Hill. Sherman, A. J., & Hart, M. A. (2006). Mergers & acquisitions from A to Z. New York: AMACOM. Smith, P. R., Pulford, A., & Berry, C. (2009). Strategic marketing communications: New ways to build and integrate communications. London: Kogan Page. Weinstein, A. (2004). Handbook of Market Segmentation: Strategic Targeting for Business and Technology Firms. New York: Routledge. Read More