Marketing Concept of Frugl - Case Study Example

MARKETING CONCEPT OF FRUGL By Business The of the School The and Where It Is Located The Abstract Marketing concept matches a firm’s capabilities and strengths with the wants of customers. Marketing refers to a management process where services and goods move from the production line to customers. Marketing processes focus on communicating the importance of a service or product to customers. This leads to the creation of demand for the product or service. This paper explores Frugl’s marketing concept and processes, explores their customer wants and relationship marketing, pricing strategy, digital and e-commerce. Finally, it explores how the company deals with its competitors. Key Words: Marketing, Customer, Digital, E-commerce, Pricing, Competitors MARKETING CONCEPT OF FRUGL Introduction Marketing concept refers to a management philosophy that supports a business to achieve its goals through the identification and satisfaction of the stated and unstated customer’s wants and needs. According to Pride (2011), the fundamental idea of marketing is for businesses to prosper and survive by meeting the wants and needs of customers. This occurs in the marketing environment, which has macro and micro-economic factors. The marketing activities performed by a business are dependent on changes in the technological, economic and political environments, in addition to threats from competitors (Pride, 2011, p. 19). Businesses that adopt a marketing concept agree to meet the needs of potential customers. Additionally, the business agrees to focus its activities and operations towards the satisfaction of the needs of its customers. Marketing Marketing involves the coordination of elements such as place, price, product and advertising. The initial stage in the process of marketing is the development of products. This is followed by the stage of determining the price of the product, and the selection of a channel of distribution. The last stage is the development and implementation of promotional strategies (Lamb, Hair & McDaniel, 2012, p. 24). Pride (2011, p. 37) contends that marketing is based on the consideration of a business according to customer needs and satisfaction. Therefore, marketing is a management process that is concerned with the identification, anticipation and satisfaction of the requirements of customers while ensuring that the business is sustainably profitable. Marketing functions study market factors and forces to support a business during the development of a market position that optimizes its operations. These functions focus on the development of the right product and the delivery of the products to customers in a convenient manner. Marketing processes are central to the business performance of companies because they address important aspects of a competitive marketplace. This means that marketing is an organizational function that creates, communicates and delivers value to customers (Lamb, Hair & McDaniel, 2012, p. 41). In order to ensures that customers acquire maximum value from a product or service, marketing uses tools such as market segmentation and market analysis to understand the behaviors of customers. This enables marketers to satisfy the wants and needs of customers through the establishment of long-term relationships and exchange processes. Marketing targets the fundamental requirements of businesses to identify their customers, research their preferences and needs, and analyze the attitudes of customers to promotional activities. In addition, marketing targets factors that influence the purchasing decisions of customers. This helps companies to formulate marketing strategies and plans in order to persuade customers to purchase their services or products. This requires a marketing plan and strategy that is considerate and coordinated. The marketing strategy should also be realistic in its attempt to focus business operations to use available budgets and resources. The process of planning a marketing strategy begins with an ongoing and detailed investigation of markets, their submarkets and segments (Lamb, Hair & McDaniel, 2012, p. 51). In this case, Frugl will analyze the social, political, cultural, economic and technological trends that shape a market. Frugl will consider its own position within the market, and the resources available for the company to influence or change the market. Frugl’s marketing plan and strategy should define objectives, performance measures and targets within a financial budget. The identification of specific goals will allow Frugl to define strategic alternatives to the firm’s current market position. The marketing plan is developed by outlining specific plans of action. These plans are constantly updated and revised as the marketing campaign progresses. It is vital to note that an effective marketing plan and strategy is bound with the business plan. The marketing plan and business plan are linked to the overall corporate strategy. Therefore, it is important for the company to ensure that there is collaboration between marketing activities and other corporate activities. This means that marketing is a team activity that requires input from different people. Some elements of marketing are concerned with finance and facts while others explore the uncertainties and ambiguities of changing consumer trends and styles. Frugl requires a marketing strategy that can manage changes in the marketplace. Currently, businesses operate in an environment that is characterized by legislative, technological, market and corporate environments of rapid change and transition. Importance of Marketing The success of Frugl’s business activities is dependent on successful marketing. Marketing activities are concerned with public relations, advertising, sales and promotions. Marketing is important because it provides a platform for communicating the value of a product or service to customers. In order for businesses to succeed, they need to outline the value of their products or service to potential customers. Marketing strategies offers opportunities to a business to create awareness about a product or service. Therefore, businesses can promote their services and products. This gives the business an opportunity of being discovered by potential customers. In addition to providing a platform for communication, marketing ensures that a business achieves high sales. The creation of awareness about a product or service increases the chances that potential customers will purchase. It is expected that sales increase steadily with the progression of marketing activities (Schmitt, 2011, p. 22). Marketing also helps in improving the reputation of a business or company. The success of a business is dependent on a solid reputation. Young (2010, p. 19) argues that marketing activities help in building a brand name. As the reputation of a company grows, its businesses expand and sales increase. Marketing efforts build the reputation of a company by ensuring that the company actively participates in community programs and effectively communicates with customers. Marketing helps in the creation of an environment for healthy competition. Marketing activities enable competitors to gain vital information about the product, its price and places of distribution. Marketing helps companies to keep their pricing levels competitive. Most importantly, marketing functions do not only focus on advertising and sales, but also on critical aspects or characteristics of a product. Marketing performs studies on potential customers in order to determine their needs and preferences (Schmitt, 2011, p. 29). Additionally, marketing managers use marketing to identify markets that are accessible at reasonable costs. They also use marketing to segment markets according to potential customers. Once marketers identify the needs of a customer segment, they design products or services with an aim of fulfilling these needs. The Marketing Process The five-step model represents the marketing process. The first four steps require the company to understand customers and their needs. These steps also require the company to create customer value and establish strong customer relationships. The last step is the step where the company realizes the rewards of establishing superior customer value. Through the creation of value for customers, the business or company is able to capture value from the customers as long-term customer equity, sales and profits. The five steps of the marketing process are; understanding the customer and marketplace wants and needs, designing a customer-centered marketing strategy, constructing a marketing program that focuses on the delivery of superior value, and building relationships and creating customer satisfaction. The last step is the step of capturing value from customers through customer equity and profits (Kotler & Armstrong, 2013, p. 8). The first step requires Frugl to understand the customer and marketplace wants and needs. In this case, the firm’s marketers are required to understand their marketplace and customers. According to Kotler & Armstrong (2013, p. 10), this is achieved through the examination of five core marketplace and customer concepts. These are needs, demands and wants, market offering, value and satisfaction, relationships and exchanges, and markets. The second step is the step of designing a customer-centered marketing strategy. After understanding the marketplace and customer needs, the firm should design a marketing strategy that entirely focuses on customers. In this case, the firm’s marketers are involved in choosing target markets and creating profitable relationships (Pride, 2011, p. 61). These marketers focus on finding, attracting, keeping and growing the target market through the creation, delivery and communication of superior customer value. The third step is the establishment of a marketing program that has the potential of delivering superior value. This is achievable through the design of products and services that can build strong brands. Additionally, the pricing strategy used in this step should create real value to customers. The distribution approaches should have the capability to handle the supply and demand chain, and the promotional strategies should communicate the real value of the services or products to customers (Doyle, 2011, p. 49). The fourth step of the marketing process requires Frugl to build customer relationships. Customer relationship management approaches are important concepts of modern marketing practices. In this case, Frugl will be required to manage information concerning individual customers. The customer relationship building blocks are customer satisfaction and value (Kotler & Armstrong, 2013, p. 13). Frugl needs to focus on the creation of superior customer value in order to have loyal customers. In addition to facilitating customer relationships, the firm should build strong partnership relationships. The last step of the process is capturing value from customers. Value from customers is realized through customer equity and profits (Pride, 2011, p. 69). Frugl can only capture value from its customers by satisfying their needs and wants. It is vital to note that the last step of this process is a culmination of the other four steps. This means that after successfully completing the first four steps, the firm should be in a position to operate profitably. Customer Needs, Wants and Demands The most important concept of marketing is human needs. These needs are states of felt deprivation. These include basic physical needs such as the need for clothing, food, safety and warmth. They may also include social needs such as the need for affection and belonging, or individual needs such as the need for self-expression and knowledge (Rajagopal, 2013, p. 51). Needs are not created by marketers. They are basic elements of the human makeup. Wants refer to needs that have been shaped by individual personalities or cultures. A society shapes human wants, and they are described according to objects that can satisfy the needs (Kotler & Armstrong, 2013, p. 19). An example of a want is when an individual needs breakfast, but wants a sandwich and a large cup of coffee. A demand is a want that is supported by purchasing power. Owing to their resources and wants, people or customers demand products that confer benefits that add up to satisfaction and value. Marketers have a responsibility of understanding the demands, wants and needs of their customers. Information and data about customer needs, wants and demand can be obtained through research on customer behaviors. Objective of Marketing Frugl’s objective of marketing is to maintain and improve the image of its business and products. This will help the firm to achieve increased sales, and increased market shares, and target new markets and new market segments. Frugl’s objective is to focus on profitable opportunities in local and global markets. Additional objectives that influence the activities of Frugl include the maximization of profits and sales, and the satisfaction of stakeholders. Frugl seeks to improve its market share, which will enable the business to increase its profitability. Frugl also seeks to improve its brand awareness. This means that the firm’s marketing activities are focused on giving the business a distinct identity (McDonald, 2011, p. 16). Brand image is important to Frugl because it will help in the differentiation of its products and services from its competitors. Additionally, the firm’s customers will be able to recognize the brand. Frugl’s objective is to retain its customers. This objective is informed by the fact that it is cheaper to retain than acquire new customers. Frugl will have an easy time selling to existing customers. It is vital to note that the probability of converting existing customers is 60-70 percent low. This means that it is difficult for existing customers to be converted. People are responsive and accommodative to familiar companies or people. Retained customers also have a high potential of spending more than new customers. According to data from Marketing Metrics (2013), repeat customers spend approximately 33 percent more than they spend new customers (McDonald, 2011, p. 28). Customer retention is beneficial to Frugl because it can also help in the acquisition of new customers. By strengthening its relationship with existing customers, Frugl can benefit when these customers offer referrals to potential customers. According to Marketing Metrics, satisfied customers may refer their friends and family members based on their positive experiences with a company’s service or product. Frugl should implement strategic customer retention approaches. The firm should treat its customers well in order to increase the probability of getting referrals. The value of referrals increases exponentially in the digital and e-commerce platforms because they spread easily and quickly. Customer Relationship Marketing Customer relationship marketing is dependent on the ability of a firm to understand its customers and marketplace, and create a marketing program and design a customer-centered marketing strategy. Customer relationship marketing is a crucial concept of modern marketing. Marketing bases on customer data management activities. This requires the marketer to have detailed information and data about individual customers. The marketer then carefully manages the customer’s preferences in order to maximize customer loyalty (Brink & Berndt, 2010, p. 59). For that reason, customer relationship marketing is the process of maintaining and building profitable relationships with customers through the delivery of superior customer satisfaction and value. This concept of marketing is concerned with the acquisition, retention and growth of customer bases. Customer relationship marketing is dependent on essential relationship building blocks. These blocks are customer satisfaction and value. In order to build a long-term customer relationship, it is vital for Frugl to create superior customer satisfaction and value. Satisfied customers have a high potential of becoming loyal customers. Customer value is the outcome of the customer’s evaluation of all the differences between the costs and benefits of a marketing offer in relation to those of competing offers. Attracting and retaining customers is usually a difficult task. Customers have an array of services and products. Regardless of this array, customers purchase from firms that offer high customer value (Baran, Galka & Strunk, 2010, p. 125). Conversely, customer satisfaction is the extent to which the perceived performance of a product meets the expectations of a buyer. In case the product’s performance fails to meet the expectations of customers, the customers become dissatisfied. In case performance meets expectations, customers are satisfied, and if performance exceeds expectations, it leads to the delight and satisfaction of customers (Payne & Frow, 2013, p. 49). Frugl should focus its resources on ensuring that its customers are satisfied. High levels of customer satisfaction lead to high levels of customer loyalty, which lead to improved company performance. Customer Relationship Levels and Tools Businesses that establish customer relationships at different levels rely on the nature of their target markets. Companies that have many low-margin customers seek to develop a basic relationship with their customers (Sheth, Parvatiyar & Shainesh, 2011, p. 114). For instance, Frugl may not need to make calls to all its customers in order to receive feedback about its products or services. Frugl can create a basic relationship through public relations, brand-building advertising and online-based marketing. Businesses that have high margin customers seek to establish a full partnership with their key customers. In addition to offering high levels of satisfaction and value, marketers use specific marketing tools to develop a strong relationship with customers. Frugl may use frequency-marketing programs to reward customers who purchase in bulk, or return customers. Additionally, Frugl can use club-marketing programs to offer its club members special packages and benefits. This also helps in the creation of member communities. Businesses operate in environments that are rapidly changing. These changes occur in ways in which businesses relate to customers. Previously, businesses focused on mass markets. This has changed as firms build deep, direct and lasting relationships with carefully selected customers (Kumar & Reinartz, 2012, p. 92). Customer relationship management tools support these relationships. Currently, few companies practice mass marketing. Mass marketing refers to marketing approaches where a company sells in a standardized manner to any customer. Currently, companies target few customers and create a long-lasting relationship with these customers. The most important tool for supporting this relationship is the customer profitability analysis tool. This tool selects and targets profitable customers. Companies may choose to screen out unprofitable customers. In this case, the company may use screening questions in order to determine whether customers are profitable to the operations of the firm. In other instances, a business may intend to have deep and intimate relations with its customers. In addition to selecting customers, businesses relate with customers in a deep and meaningful manner. Instead of relying on mass media and one-way messages, marketers are currently incorporating new and interactive approaches that can help in the establishment of targeted and two-way customer relationships. The introduction of new technologies provides platforms that facilitate the interaction of businesses and their customers. These new technologies and tools include websites, email, blogs, and video sharing online platforms, smart-phones and social networks such as Twitter, Facebook and YouTube (Baran, Galka & Strunk, 2010, p. 212). The changing communication environment affects ways in which brands and companies relate to their customers. The new tools of communication enable marketers to create relationships with their customers. They provide opportunities for increased customer involvement in the marketplace. These tools also give customers the opportunities to gain information about a brand. This gives customers great control and power. Increased consumer control implies that during the process of establishing customer relationships, companies focus on marketing as an activity that creates market messages and benefits. Designing a Customer-Driven Marketing Strategy The process of designing a customer driven marketing strategy requires marketers to understand the needs of the marketplace and customers. In this case, marketers are tasked with the selection of a target market and creation of profitable relationships with the customers and marketplace. The objective of a marketing manager is to find, attract, grow and keep target customers through the creation, communication and delivery of superior customer value (Kurtz, 2012, p. 31). In order to design an effective marketing strategy, it is vital for the marketing manager to solve two critical issues. The first issue is the issue of the target customers and target market. The second issue is the issue of how the business can serve its customers and ensure maximum satisfaction. During the development of a customer driven marketing strategy, the business is required to decide the customers it intends to serve. This is achieved through the division of the market into sub-markets or segments. The business then selects the segment it will target. Businesses are currently focused on how to select customers who they can serve well and profitably (Wallace, 2009, p. 64). Therefore, marketing managers are required to decide their target customers and their timing, level and nature of demand. This means that a customer-driven marketing strategy will target the management of demands and customers. In choosing a value proposition, Frugl must decide on the ways in which it will serve its targeted customers. This includes the strategies that will be taken to ensure that the firm differentiates its products and positions itself in the market (Strauss, 2008, p. 86). In this case, the brand value proposition refers to the set of values or benefits the brand promises to deliver to its customers in order to satisfy their needs or wants. Value propositions differentiate brands from their competitors. Therefore, businesses should have a marketing strategy that gives customers maximum advantages compared to competitors. Marketing management orientations seek to design strategies that build profitable relationships between a business and its customers. There are five concepts that businesses can use to design and perform their marketing strategies. These concepts are the product, production, marketing, selling and societal marketing concepts. The concept of production is driven by the fact that customers favor products that are highly affordable and available. As a result, marketing managers should focus on the improvement of distribution and production efficiencies. The production concept favors a highly competitive and price sensitive market that is supported by low labor costs and high production efficiencies (Wallace, 2009, p. 109). The product concept states that customers have a tendency of favoring products that can offer the highest performance and quality, in addition to innovative features. This concept drives the business towards continuous product and service improvements. Product improvement and quality are crucial aspects of a marketing strategy. The selling concept is a concept that states that customers buy products and services from a company because the company has undertaken large-scale promotional and selling efforts. The selling concept is a high-risk concept because it focuses on the creation of sales transactions instead of building profitable and long-term customer relationships. The marketing concept states that the achievement of organizational goals and objectives is dependent on identifying the wants and needs of a target market, and delivering value and satisfaction. The marketing concept considers value and customer focus as the main path to increased profits and sales. The marketing concept is a customer centered philosophy because its aim is to establish the right customers for a product, in addition to identifying the right products for customers. The difference between the marketing concept and selling concept is that the selling concept has an inside-out perspective. This means that the concept starts with production, and focuses on the existing product. The concept also calls for intensive promotional and selling activities in order to achieve profitable sales. Conversely, the marketing concept has an outside-in perspective. This means that the concept has a well-defined marketing strategy that focuses on the needs of customers. The concept integrates marketing activities in order to give customers value and satisfaction. The societal marketing concept is concerned with whether pure marketing concepts overlook possible conflicts between consumer’s long-term welfare and their short-term wants. According to this concept, businesses that satisfy the immediate wants and needs of target markets focus on their customers (Wallace, 2009, p. 120). The concept also states that marketing strategies should focus on the delivery of value and satisfaction to customers using ways that improve or maintain customers and the society’s welfare. The societal marketing concept favors sustainable marketing, which takes into account environmental and social responsible marketing. Digital and E-Commerce Digital and e-commerce are commercial activities that are performed on the internet platform. Digital commerce is an e-commerce where businesses sell and deliver products through the internet platform. Businesses that sell documents, news and subscriptions, in addition to other forms of electronic content use this method of commerce (Wilsdon, 2011, p. 29). Digital commerce businesses collect payments, and handle billing and customer refunds through the online platform. Conversely, e-commerce is a type of commerce where companies trade in services or products through computer networks (Shaw, 2010, p. 18). Electronic commerce relies on technologies such as the electronic funds transfer, mobile commerce, online transaction processing and internet marketing. E-commerce and digital commerce comprises of the exchange of information and data in order to facilitate the payment and financing aspects of a business transaction (Kehal & Singh, 2010, p. 49). The two forms of commerce are important market entry strategies where companies are not required to have any physical presence (Dholakia, Dholakia, Fritz & Mundorf, 2012, p. 77). Digital and e-commerce provide opportunities for profitable growths since a business does not need to have a physical presence in the market. These growths are possible because the two forms of commerce facilitate internationalization. Digital and e-commerce are inherently global. As a result, a business can scale and expand its international presence through online activities. Pricing Strategy Frugl can use a number of pricing strategies when selling its services or products. The pricing strategy is dependent on the business’s need to maximize its profitability for all the units sold, or from its market. Pricing strategies defend existing markets from competitors and new entrants, in addition to increasing the market share. Pricing strategies offer platforms for businesses to lower or increase their prices according to the behaviors and needs of clients and customers (Baker, 2013, p. 15). Frugl’s marketing managers have a responsibility of identifying the right pricing strategy for its products and services. The three pricing strategies that are applicable to the case of Frugl are contribution margin-based pricing, skimming and the penetration pricing strategy. The contribution margin based pricing strategy maximizes the profits that a business can derive from individual products. This strategy is based on differences between the variable costs and price of a product (Blithe, 2011, p. 148). The contribution of a product to total profits is maximized after setting a price that maximizes the number of sold units and contribution margin per unit (Meehan, 2011, p. 23). The skimming pricing strategy is a strategy where a firm sells goods at a high price in order to have minimum sales to break even. This strategy favors the selling of products at high prices in order to sacrifice sales, but maximize on profits. The strategy is used to reimburse the cost of research and development, and investment. The skimming strategy targets early adopters of a product because they have low price sensitivity (Ferrell & Hartline, 2011, p. 47). The strategy is useful to Frugl because the firm targets early adopters of its technologies and innovations. The penetration pricing strategy involves setting prices low in order to attract customers and gain a market share. The firm raises the price of its products after it has gained its target market share. Secondary Data and Primary Data Secondary Data Secondary data refers to data collected from other sources, mainly studies. Researchers can use secondary data effectively by locating, evaluating and verifying the data. Secondary data is obtainable from printed indices such as online libraries. The Statistical Reference Index and the American Statistics Index are important locations of secondary data (Mazzocchi, 2008, p. 70). Secondary data can be evaluated through critical analysis. In this case, the data is scrutinized in order to ensure that the original study was reliable and valid. Secondary data can be verified by ensuring that the original study was properly documented. Advantages of Secondary Data Secondary data is unobtrusive research. The collection of secondary data is not as expensive as the collection of primary data. The researcher has an opportunity of covering a wide temporal or geographic range. Secondary data allows for large-scale studies on small budgets (Patzer, 2010, p. 65).  Disadvantages of Secondary Data The quality of secondary data is dependent on the levels of qualification of the researcher who collected the data. Secondary data is based on the assumptions of the original researcher. Secondary data is highly unreliable and invalid. Additionally, the methods and instruments used in the collection of the data may be outdated (Agarwal, 2009, p. 67).  Primary Data Primary data refers to data that has been collected or observed directly by first-hand experience. Therefore, primary data is the original collections of a researcher. Primary data is obtained after a researcher has gained knowledge or insight into an issue. The methods of collecting primary data include telephone interviews, questionnaires, experiments, market research and direct observations (Agarwal, 2009, p. 86).  Advantages of Primary Data The main advantage of primary data is that the research has maximum control of the research design. This means that researchers control the research according to their needs. Additionally, the researcher has control over the methods used to collect the data. Primary data focuses the researcher on a specific aspect of research. Primary data presents the researcher with unbiased and original data (Agarwal, 2009, p. 90).  Disadvantages of Primary Data The main disadvantage of primary data is that the researcher uses a lot of time to collect the data. Additionally, the researcher must collect large volumes of data. Primary data is costly to collect. Costs are mainly incurred during all the stages of collecting data. The researcher is also faced with research challenges such as low response rates (Agarwal, 2009, p. 91).  The Three Competitors of Frugl The first competitor to be analyzed is KweekWeek. This multi-platform service connects event attendees and organizers through an application. The platform comprises of ticketing updates, promotions and recommendations. KweekWeek also allows users to create customizable pages for upcoming events and create a calendar for repeat events. KweekWeek offers its customers the convenience of instant bookings (CrunchBase, 2014, p. 1). The second company to be analyzed is Explovia. Explovia is a free mobile application that is designed to start conversations around events. The application targets London residents because it only presents a spectrum of events and experiences within London. The ambition of Explovia is to develop a mobile network that facilitates advertising and excitement about brand substance (Explovia, 2014, p. 1). The third company to be analyzed is Billetto, which offers online sales and promotion of tickets. Billetto benefited from the rapid internationalization that occurred after the firm received massive investments from the Growth Fund. In order to differentiate from its competitors, Billetto targets small-scale events (Iryna, 2013, p. 1). This strategy ensures that the firm maintains high performance. The firm’s passion helps ardent event organizers to reach its audience. References Agarwal, B. L. (2009). Basic statistics. New Delhi [u.a.], New Age Internat. Publ. Baker, R. J. (2013). Pricing on purpose creating and capturing value. Hoboken, N.J., Wiley. Retrieved from http://rbdigital.oneclickdigital.com. Baran, R. J., Galka, R. J., & Strunk, D. P. (2010). Principles of customer relationship management. Mason, Ohio, Thomson/South-Western. Blithe, J. (2011). Essentials of Marketing. Third Edition. England. Ft Prentice Hall. Financial Times. Brink, A., & Berndt, A. 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