Marketing Strategies for Nonprofit Organizations - Essay Example

Assessment activity 1 The organization under study involves itself with supplying customized sporting kits to schools. These include games kits and shoes whereby it will take advantage of the available market in schools and specialized clubs. Marketing strategies employed by the firm embrace word of mouth by the salespersons, staff and advertisements on billboards. Current customers perceive the firm’s products to be of high quality but there are complaints regarding delayed deliveries and sometimes costs being too high. Due to the customized condition of the supplied merchandise, these unique products highly impressed large pool of clientele. 1.2. Source information for the outlined table will be from the clients’ demands and their varied preferences whereby the mode of compiling it relies on feedbacks. 1.3. With the aim of finding new opportunities, the organization has to expand their line of business to meet customers’ demands, hence shun recurrent complains. To avoid failing of the business as well as ensuring adequate meeting of client’s demands, it entails the firm to apply appropriately marketing mix. 1.4. Under product marketing mix, the organization will consider its 4Ps with the intention of applying it effectively with the intention of attaining high aggressive edge (Czinkota, Ilkka &Michael 57). The firm ought to expand its line of products by embarking on producing clothes other than games skits including supplying even hospitals with customized lab coats, patients’ attires as well as those of nurses. When setting the prices for the goods, it must know the reference value and set prices that are not costly compared to other firms supplying similar goods. Since the company will be supplying its merchandises in large quantities, it ought to sell them in wholesale terms including prices in order to retain and please its pool of clientele or segment. When it comes to promotion of the product, the company must get involved in things like exhibitions and trade fairs whereby it can adequately showcase the quality and range of goods. Placement in this case will entail the company to choose carefully the region or area easily accessible by not only clients but also other suppliers wishing to embrace the role of supplying. Under service marketing mix, the 3Ps, there must be physical evidence for the delivery of goods, which is either packaged or a signed delivery note (Czinkota, Ilkka , & Michael 57). The people who deliver the goods must do it in time besides products meeting all the requirements that were in the order (Czinkota, Ilkka & Michael 57). The processes of supplying goods or any other service that the customers need should be effective, which in turn will result to building company reputation (Czinkota, Ilkka & Michael 57). Assessment activity 2 2.1. Segment refers to categorization of clients in terms of demand though in this case emphasizing on needs that vary with age, location, class and other aspects, which the marketer might notice after doing a meticulous evaluation. However, for the marketer to be effective he or she ought to integrate varied strategies that will help in meeting the clients’ demands, which ought to apply for this organization. 2.2. Categories in this case will aid in identifying of potential customers as well as market. Demographic characteristics include gender, marital status, age and even ethnicity (Barry 4). People have different ways of life and this may affect their usage patterns, hence respective priorities, tastes and preferences differ significantly (Barry 4). The marketer has to identify such personal aspects in order to meet clients’ demands effectively. These aspects include socioeconomic, occupation, education level as well as living ways of potential customers, which ought to be in the analysis. This will help in determining the type of products they want as well as knowing whether they can afford them. In addition, the marketer ought to consider geographical factors, which include evaluating clients’ lifestyles or where they spend most of time. This will help him or her know how to reach these clients in form of advertisements or other ways in those areas. Psychographic values are also necessary, which the market ought to know especially what the target market values. Personal growth and social class of the client will help the marketer know effective ways to communicate to them. The final category is the service related category characteristics (Barry 4). This comprises of clients’ flexibility, usage patterns and the person who influences their characteristics, hence helping in determining appropriate channels meant to reach segment targeted by the company or marketer (Barry 4). 2.3. Mostly, the art of segmenting brings about positive values to the targeting firm. Due to segmentation, the company will be able to focus on one particular population with the intention of increasing its profitability as well as building strong image. Once a focus on a segment is a successful by the marketing, it poses unequalled competition to other players in the same line. This to the company is helpful because it usually builds a grand brand name, which the players will take long to equal in terms of attracting customers (Barry 4). If the target market is in a specific location, the company will expand and maybe open a branch near that neighborhood. By concentrating on a specific segment, there will be a good relationship with the customers thus the company retaining them. All these factors integrated well enable the firm to heighten its profitability due to good reputation in the market. Assessment activity 3 3.1. Considering a luxury homebuilder, the demographic characteristics of the target market will have specific characteristics. The target can be of any gender whereby design and decor will vary depending on the gender. Family structure and size will also be a factor to consider, which implies a single person will not require a big house compared to a family having many children. Potential clients may be of extravagant culture and others will be simple. This determines the cost and design they will choose, which include personal factors affect that affect their tastes as well as preferences. 3.2. Most likely demographic features of this class will be those residing in well-built estates or areas of large landowners. Hence, spend much time for recreation that are of high standards. Others include big hotels, golf clubs and any other high class resorts though the marketer might decide to advertise in the latter such that he or she will augment its pool of clientele not only with that region but also others. This is because of visiting people who might end up intrigued to try the emergent outfits. 3.3. One customer segment will have the lifestyle of a married people especially men. This ought to be earning high income besides being of elite class whereby purchasing what the organization provides at his vicinity is extremely easy. This is because the company will have brought its supplies through the marketer where he resides like restaurant or casinos. However, decisions to settle to a certain product and purchase one in most cases might end up relying on decisions made by the family especially the wife or children due to preference of a certain color or design. Since, he will need a big luxurious residence. 3.4. Psychological factors about this segment will involve the personality of the target customer. This will influence ways of communicating to him. The marketer will bring forth the brand with a personality that matches that of the targeted clientele. The luxury and extravagance nature has to stand out in the advertisement coupled with inducing the aspect of classy outlook. This is especially if one utilizes a certain product designed in a certain way. The heightened social class ought to be evident or characterize the advertisement besides being flexible because of changing time, such as marketing channel. 3.6. It is important to be aware of different sensitivities and using diverse approaches when communicating with people from varying backgrounds and abilities. This is because all these factors contribute influencing clients’ tastes and preferences. People from well off backgrounds may react differently to some things compared to those of the contrary settings. Media choices meant to relay information to diverse social castes vary significantly. This is because they spend time besides their capabilities varying with the segment targeted. For instance, necessities for the rich may be luxuries to the poor (Barry 4). People with diverse abilities and disabilities should have different modes of approach because they have different needs and preferences. 3.5. What factors are more important to consider when it comes to customers? Factors High Medium Low Not at all Price Quality Brand name Service feature Sales People Special offers and sales Advertising Packaging Convenience for purpose Location Store décor/environment Customer service Return policy Credit availability After sale services Other Assessment activity 4 4.1. The report, “Best Practice in Risk Management, a function comes of age” by Economist Intelligence Unit, 4.12.2014, carried out a survey on risk management practices. The aim of the survey was to find out how companies handle their risk management strategies as they strive to keep up with the emerging trends in the economy. The report tackled multiple subjects such as how internal and external factors in a business influence risk management. The need to create a figurehead who will undertake risk management roles is evident in the article. Increased investments in areas involving risk management was also among key subjects in the study. 4.2. Central tendency is the typical value of probability distribution (Kruschke 39). The measures of central tendency include arithmetic mean, median and mode (Black 89). Summing up the values in a data then dividing by the number of values gives the arithmetic mean. The mean is important in analysing data because it minimises error in the data. Attaining the median requires arrangement of values in descending order then selecting the number in the middle (Kruschke 39). If the number of values in a set of data is even, the median will be the mean of the two middle figures (Khan 131). The mode is the most sought after choice in a collection of opportunities. When used in the study of qualitative data, the mode is the most categorical opinion (Kruschke 39). Assessment activity 5 5.1. Quantitative data measurement is precisely through observation and description, whereas quantitative data is only measurable by means of numerical counting (Khal 131). Quantitative data collection encompasses use of experiments, observation and recording during actual events (Khal 131). Interviews as well as information from administrative programmes are additional sources of quantitative data, which are among other numerous forms commonly preferred to credible results. In most cases, these rely on in-depth interviews, intense observation and use of document reviews to compare and compile different opinions. 5.3. In some instances, qualitative data can be of much importance compared to quantitative data. It helps a business to obtain direct and honest opinions from the product users. This will make it perfect on producing their merchandises (Khan 131). This data helps one understand the developments in various programmes because it gives constant reviews in detail. Qualitative data is cheaper to derive because only a small sample of the population is under study. Assessment activity 6 6.1. Market profile is a dynamic database used to identify characteristics of a market segment (Dalton, James & Eric 22). Its creation is associated with identification of the target market then understanding how they interact with the availed goods and services in terms of buying them. The final step involves finding out clients’ views and whether they consider it as necessity or a luxury. 6.2. Market profiling is important as it will help the business find better marketing strategies. It can also help the owner know why his or her venture is not doing well as well as what he should do to improve the business. Traders manipulate the dynamic property of the profile to know the evolving flexible structure of the target market, hence practice business activities effectively 6.3. An organization can attract its audience through a well-designed product or image. Consequently, this draws the attention of audience as they get curious to know more (Dalton, James & Erick 22). Use of humour will also make the audience concentrate as well as listen to the presentation or advertisement. Demonstrating the effective properties of the product can also make the audience be more interested. Asking arrays of simple questions during presentations will create a one on one discussion promoting concentration. Assessment activity 7 Constructing a consumer profile of a fast food shop helped identify the ideal customers. The first step involved finding out who the ideal clientele is, its occupation and what it felt about services offered in other similar shops. Questionnaires given to the potential target helped obtain this information. The second step involved identifying the client’s preferences. Factors that will satisfy the persona of the consumer are studied by paying maximum attention to the language the customers used to air out their views. In addition, the marketers scrutinized the target market to find out factors that could make them hesitate from buying food from the shop. The ultimate step in consumer profiling, involved listing the location of the fast-food shop. A website where they could find more information about the business also came in handy. The profiles helped build the business because the customers knew the available foods in the shop. Besides, the shop offered better services to meet the taste and preferences they had discovered about their customers in the profile. Reference Black, Ken. Business Statistics: For Contemporary Decision Making. Hoboken, NJ: Wiley, 2012. Print. Czinkota, Michael R, and Ilkka A. Ronkainen. International Marketing. Mason, OH: South-Western Cengage Learning, 2013. Print. Dalton, James F, Robert B. Dalton, and Eric T. Jones. Markets in Profile: Profiting from the Auction Process. Hoboken, N.J: John Wiley & Sons, 2007. Internet resource. Khan, J A. Research Methodology. New Delhi: APH Publishing Corporation, 2011. Print. Kruschke, John K. Doing Bayesian Data Analysis: A Tutorial with R and Bugs. Amsterdam: Academic Press, 2011. Internet resource. McLeish, Barry. Successful Marketing Strategies for Nonprofit Organizations: Winning in the Age of the Elusive Donor. Hoboken, N.J: Wiley, 2011. 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