Marketing Strategies - Essay Example

MARKETING STRATEGIES and Marketing Strategies Introduction A majority of companies have at times had trouble when it comes to marketing their products. Marketing products involves providing the necessary information to the customers with an aim to maximize their sales. History has proven that the companies, which invest heavily in their marketing departments, are guaranteed to experience increased sales in their products. For example, a company such as Coca-Cola utilizes billions of dollars each year in marketing and advertising their products. It is why the company is a global trendsetter and is ranked as one of the most profitable companies in the world. The essay shall explore the various ways that S&H Distribution Ltd (shoes & heels) can employ to maximize its profits and gain a bigger market share. Literature Review According to the UK Chartered Institution, Marketing is the management process, which identifies, anticipates and supplies customers’ requirements efficiently and effectively (Blick, 2010, 20). International marketing is the mix of these activities in the national boundaries. Firms branching into new markets should have marketing decisions. Notably, managers should consider four elements including how to identify, price, sell and distribute those products (Joshi, 2012, 41). These essential elements of international marketing are called marketing mix or the 4Ps. They include product, price, promotion, and place. Firstly, the product comprises the tangible and intangible features that meet consumers demand in diverse markets. Secondly, pricing develop policies that in revenue and strategically shape the competitive environment. Thirdly, promotion means devise ways to strength the desirability of the product or service to potential buyers. Fourthly, place is getting products and services into customers hands via transportation and merchandising. Business Strategy Development Marketing has evolved significantly over the years. What was once a simple concept to determine, explain and execute has now become an essential tool for any organization that wishes to become successful. Initially, there were the 4Ps, which included price, place, promotion and product. However, as the evolution of marketing continuous, several aspects have been incorporated into the marketing mix (Rama Moahana Rao, 2011, 162). They include physical evidence, processes, and processes. These extended elements represent the ever-changing factors that determine the marketing products. The changes in customer behavior and demographics also contribute to the addition of the 4Ps (Hougaard & Bjerre, 28). It is quite difficult to measure a service, however; almost all services have an aspect of physical elements. For example, hair salons providing their customers with complete hairdos. A product in some way is an extension of the individuals who run the organization. It is because these individuals are responsible for the outcome of the product from the appearance of the quality. Therefore, the decision makers as well as the other employees are part of the business offering same as the products and services being offered. A company needs to determine a target market where they are willing to sell their products. For example, the Shoes and Heels Distribution Ltd company has targeted professional women over the age of 18 years. This is a good market since women are known for their love for shoes, and they spend much of their income to acquire a beautiful pair of shoes. Working people care about making impressions in their respective areas of work. However, different customers prefer different products. Therefore, the company makes and avail different variations of their products to their customers. Sometimes organizations are not contented with occupying the domestic market and may wish to diversify into the world of international marketing. International marketing is not that different from domestic marketing. The main difference is that international marketing occurs on a global scale. International marketing involves the identifying and satisfying of a consumer’s needs and preferences abroad better than the organization’s competitors do (Xie, O`neill & Hugh, 2014, 445). Areas, where an organization needs to identify before engaging in international marketing, include the economic situation of the target market, the culture, demographic figures, international prices and salary levels. It is important to research on the economic situation of the target market since the results will help in determining the pricing of the product or service (Collins, Tapp & Pressly, 2010, 1190). If the economic situation is favorable, then the company can set the price for fleets higher, however, if the condition is weak then the company will have to downsize their prices. For an organization to develop a successful marketing strategy, it must put into consideration the cultural influences of the market where the product is being introduced. It is a well-known fact that cultural influences often affect the buying behavior of consumers (Engelen & Brettel, 2010, 83). These cultural influences include symbols, values, thought processes, and rituals. The company also needs to find the right channels to use while distributing their products. The shoes are manufactured in China due to the availability of cheaper raw materials, and the company has to devise methods and ways to avail the products to the consumers in the United States. They can engage in a business venture with another firm that has already established and succeeded in the field that the organization wants to engage in. Shoes and heels production plant is located in China, which is among the most favorable countries in the world to set up a business. This is because the country is economically empowered and is welcoming to investors. They do not have strict laws and regulations as to how to run your business. The availability labor and raw materials is another aspect that attracts organization to China (Zikienė & Bakanauskas, 2009, 161). The only material that the organization imports is rubber from Indonesia. The rubber is mostly used to manufacture the shoe`s platform and heel cap. Distribution of goods and services and online prices usually depends on the amount of tax that the governments levy on imports. The tax also imposed contributes to the setting of the product or service price. Some countries miss good investment opportunities because of the hefty taxes they impose on products as well as on the capital required to start a company. Before a company engages in international marketing, it is advisable to conduct a survey into the competitiveness of the target market. A market should have good and favorable competition since companies are always coming up with new and innovative ways to outsmart the competition (Kerr, 2015). Shoes and heels limited is a company that is involved in one of the most competitive markets in the world. The shoe industry is filled with companies that produce some of the finest and top-notch shoes in the world so for shoes and heels to cut a niche of the market share, it will have to become innovative. Several aspects attract a consumer to a product. However, the main one has to be the product itself. The branding, image and packaging of a product plays a huge role in the buying behavior and decision of a consumer. Advertising and promotions also increase the volume of goods sold within a given period. Advertising involves bringing the product or service to the attention of current or potential. To the present consumers, it might include the introduction of a new product different from what they are used to while the new customers are introduced to the product for the first time. Advertising is done through many avenues. They include commercials, brochures, signs and personal contact. The use of social media is also used. With technology making huge strides over the recent years, advertising has become easier because of social media. Social media has provided a platform where individuals meet, talk and exchange ideas about different subjects. Facebook and Twitter are two commonly used advertising avenues by companies wishing to attract many customers. Promotion, however, helps to stimulate and instigate customers to make a sale. It involves continuous advertising and publicity on any social platform and media. Public relations is often referred to as an aspect of promotion. Public relations include constant activities that ensure the overall organization has a strong public image (Spencer, 2015). It involves helping the public understand the company as well as its products and services. Public relations is conducted through media both printed and social media. Marketing the shoes in the United Kingdom and United States is going to be relatively easy since both countries are pioneers when it comes to print media and social media. The two biggest companies that control social media Facebook and Twitter are both situated in the United States. Therefore, marketing fleets will not be a problem. Conclusion For a new product to be fully integrated with the market, a large sum of resources will have to be utilized. It might take a while, but the public will accept the shoes and the organization will slowly gain a market share. The world has become fashion conscious and a week barely goes by without a fashion event taking place. Inevitably the success of fleets will rest purely on the company`s management. Their decisions will either have a positive or negative outcome for the product. Bibliography Blick, D. (2011). The ultimate small business marketing book. Surrey, Filament Publishing. Collins, K, Tapp, A, & Pressley, A 2010, Social marketing and social influences: Using social ecology as a theoretical framework, Journal Of Marketing Management, 26, 13/14, pg. 1181-1200 Engelen, A, & Brettel, M 2011, A Cross-Cultural Perspective of Marketing Departments Influence Tactics, Journal Of International Marketing, 19, 2, pg. 73-94 Hougaard, S., & Bjerre, M. (2011). The relationship marketer: rethinking strategic relationship marketing. Berlin, Springer. Joshi, R. M. (2012). International marketing. Oxford [u.a.], Oxford Univ. Press. Kerr, J. (n.d.). Three Simple Marketing Strategies That Will Give You an Edge. Retrieved April 29, 2015, from http://www.inc.com/james-kerr/three-super-simple-tips-to-inform-your-strategic-planning.html Rama Moahana Rao, K. (2011). Services marketing. New Delhi, Pearson. Spencer, J. (2014, December 14). The Role of PR and Content Marketing in 2015. Retrieved April 29, 2015, from http://contentmarketinginstitute.com/2014/12/role-pr-content-marketing/ Xie, Xuanli; ONeill, Hugh M. (2014) Learning and product entry: How diversification patterns differ over firm age and knowledge domains in U.S. generic drug industry. Strategic Management Journal. Vol 35 (3) pg 440-449 Zikienė, K, & Bakanauskas, A 2009, Research of Factors Influencing Loyal Customer Switching Behaviour, Management Of Organizations: Systematic Research, 52, pg. 153-170 Read More