Differentiation in Product Marketing Strategy - Case Study Example

Strategic marketing plan Author’s name Institutional affiliation Strategic Marketing Plan Introduction A strategic marketing plan shows how the company’s resources will be allocated and distributed to see to it that the company or organization has a competitive edge. In this case, UNE life should postulate its strategic plan in a way that explains fully its achievable goals and objectives within their speculative period (Sujana, 2015). In other words, its strategic marketing plan should show the company where the product market is concentrated. Additionally, a good marketing plan comprises of the organization’s scope, goals and objectives, sustainable competitive advantage, the synergy of the organization as well as resource deployments (Sujana, 2015). UNE life is a campus business organization that mainly concentrates in softening the student life in campus by availing easy booking of gowns, meals, fitness services, second hand books as well as entertainment (UNE life, 2015). Therefore, a good strategic marketing plan will propel UNE life towards its goals by making sure that its available resources are well planned and allocated making it have a competitive edge over other market competitors. Relevance of the hierarchy of strategies, SMART goals and objectives, and the mission Mission An organization’s mission explains the fundamental purpose of the organization by describing the uniqueness of the organization and the main scope of the company (Michael, 2015). By so saying, the mission of UNE life should, therefore, focus on the important attributes of the organization as well as the stakeholder’s wishes (Lahle, 2015). Therefore, by helping the students get entertained, relaxed, stay fit and celebrate, UNE life helps in making their overall campus experience enjoyable and easy. Smart objectives It is universally acknowledged that SMART objectives concentrate on the desired accomplishments within a specific period. In other words, this objectives function as a blueprint for stipulating vital marketing campaigns (Wayne, 2015). In this case, UNE life ensures that they concentrates on specific objectives by seeing to it that their products are differentiated, and each one of them has its distinct site on their official website (UNE life,2015). Additionally, by ensuring that the total revenue and number of sold units surpasses the preceding year by 30 percent makes their objectives achievable. By so saying it means that an objective milestone, as well as a measuring scale for its goals, is of utmost importance to the organizations strategic marketing plan (Wayne, 2015). UNE life, therefore, should try and make their objectives realistic by ensuring that their set goals do not at any one point overwhelm the profit and the sales experienced in their operational years. Moreover, their event calendar ensures that their objectives are time bound. By so saying, it means that their event calendar clearly indicates the ongoing campus activities that make it easy to plan for the event strategically (UNE life, 2015). Therefore, in this case, UNE life is in a position to analyze the real results as compared to the projected results which gives room for possible adjustments at the end of the strategic plan objectives. UNE life’s hierarchy of strategies There are three strategic levels that bind UNE life’s operation. Such strategies include business level strategy, corporate strategy, and the functional strategy. By concentrating on their resource deployments and the scope of the organization, UNE life can realize its corporate strategy. By so doing, they are well placed to concentrate on their technical compatibility and to ensure that their customers portray behavioral similarity (Sujana, 2015). In other words, behavioral similarity ensures that the UNE lives goes a step further towards their mission of seeing to it that student’s life in campus is enjoyable. Additionally, the business strategy of UNE life is achieved through event promotions and advertisements. By so doing, they can have a competitive edge over their competitors in the market. Owing to these facts, UNE life must, therefore, divert its efforts towards their sole mission of easing the campus life so as to realize its Functional strategy. In other words, incorporating the functional strategy, business strategy, as well as corporative strategy, will enable UNE life realize its SMART objectives within the campus market (UNE life, 2015). UNE life’s porter’s five competitive forces and the strategic fit of prospector/reactor/analyzer/defender One of the most competitive forces affecting UNE life occurs as the result of factors that act as a barrier of new entry in the market. By so saying, it means that large economies of scale make UNE life to experience difficulties when it comes to product differentiation in an already developed market. Moreover, there is also the threat that is associated with the distribution of UNE life products across the campus market (Sujana, 2015). Furthermore, the initial capital that is required to make the business a success at the outset makes UNE life to incur difficulties when it comes to competition with other organizations. UNE life experiences competition as well from organizations operating in the same line of business. For instance, Second-hand books are a common product in the black market. In other words, availability of less differentiation and high number of present investors such as the University of Minnesota gowns services and second hand books bookshop make UNE life to incur a favorable level of competition (UNE life, 2015) Product suppliers also play a vital role in organizations competitive forces. Additionally, the cost of switching suppliers due to a change in the line of production is always high. As a result, the forward integration of UNE life becomes difficult given the fact that the substitutes of the existing products suppliers comes at a high cost (Sujana, 2015). For instance, Brattle shop suppliers may be cheaper than those serving the UNE life’s bookshop hence competition in terms of prices becomes a threat in UNE life’s progress. Market and industry attractiveness through macro and micro level analysis Business environment forms a very crucial part of the organizations strategic marketing plan. It is, therefore, important to evaluate and analyze both its micro and macro environments to achieve business success (Ratha, 2015). By example, Micro-environmental factors revolve around the customers and the organization at large whereas macro-environmental factors are those factors that define the conditions of the business environment (Ratha, 2015). Some of these factors include; demographic factors, technological factors, factory regulatory factors and economic factors among others. UNE life’s Macro-environmental factors The University of England is mostly made up of youths. By so saying it means that most of UNE life’s clients are youths from the University which enjoys keeping fit, relaxing with their friends and living an entertaining life (UNE life, 2015). Moreover, just like any other campus business, UNE life boasts of vibrant cultural attributes, norms, beliefs and values. In this case, all this attributes change depending on the individual behaviors, attitudes and values (Sujana, 2015). UNE life’s economic environment depends heavily on the student’s income, tastes and preferences alongside the interest rates that are imposed on their products that serve to impact the economic health as well. Additionally, Internet websites are retailing, and the effects of regulatory factors such as tariffs and taxes contribute heavily on UNE life’s regulatory environment (UNE life, 2015). It is therefore universally advisable that UNE life should engage in the production of products that reduce the global warming. By so saying, it means that it should engage in environmental friendly goods that are fossil free. In other words, the definition of the UNE life’s revenues makes it unclear to classify the nature and size of the business because of the difficulties incurred in choosing a considerable customer base (Ratha, 2015). UNE life micro-environmental factors UNE life’s micro-environment comprises of factors that distinctively define a set of customers, a proper customer base, the market segments and customers’ needs that makes the current goods that are being offered to penetrate the market with ease. In other words, UNE life’s products are offered in a differentiated manner that makes it hard for its competitors to imitate. By so saying, it means that their gym, bookshop arrangement, and gowns services are established through unique processes that are more complicated to imitate (Sujana, 2015). Focusing on the net returns of the market share as well as concentrating on both negative and positive implications will enable UNE life reduce some of the adverse effects of micro and macro-environments (UNE life, 2015). Additionally, a well-stipulated segmentation plan will see to it that UNE life’s products are unique. Relevance of the marketing research and the 4 Ps It is universally acknowledged that marketing research comprises of design analysis, data collection as well as reporting of information that is vital to a marketing challenge or an opportunity. In order for UNE life to succeed, it must therefore find a way of incorporating research approaches, objectives, research designs, planned analysis and data sources in terms of customer segmentation and product differentiation (Sujana, 2015). In other words, UNE life must open their gown services portfolio in advance on their website to enable advance booking before the graduation day (UNE life, 2015). UNE life must also establish customers file that records the client’s contacts and sales to differentiate real-time goods information that will improve their product and service sales. Additionally, their event calendar clearly indicates the ongoing activities in campus. By so saying, it means that UNE life’s ’product choice is determined by the campus events. Moreover, feedbacks left on their official website provide an avenue to choose the product prices depending on the production cost, and students demand (UNE life, 2015). Immediately after an individual places an online order, the services are quickly disseminated and distributed as soon as possible. Significance of overall segmentation, positioning, targeting, and differentiation UNE lives are made up of a subset of University students who share a close range of needs and attributes that define their actions towards a marketing program as well as goods and services. In this case, UNE life should, therefore, strive to meet the needs and wants of every student segment irrespective of their gender, age, and ethnic affiliations (Sujana, 2015). By establishing a unique image in their customers, UNE life sees to it that, their goods and services are well positioned (UNE life, 2015). Additionally, UNE life’s official website is closely linked with the University of England’s official website such that whenever an individual searches for the University’s official website, they can as well be re-directed to UNE life’s website. However, despite the fact that differentiation, segmentation, and positioning are closely related, they stand independently on their own. It is therefore acknowledged that UNE life must find a way of ensuring that student choices and analysis are evaluated significantly (Chris, 2015). In other words, a clear evaluation of student choices will ease the issues pertaining the prevailing market realities that define segmentation in terms of growth, population, demographic changes and micro-segmentation imperative (Sujana,2015). Differentiation of goods and services means a good that is of high quality but at the same time, is accompanied with a better value of money. By so saying, it means that UNE life sets out its graduation gowns fees and gymnasium fees at student friendly rates that give it a competitive edge over the University of Minnesota gowns. By so doing, their products have established a greater reputation of a wider variety, greater convenience as well as affordable cost convenience (Chris, 2015). Therefore, for UNE life to realize success, it must differentiate its products design, quality, originality and cost to create their products image in the clients purchasing options. Conclusion Therefore, a good strategic marketing plan will propel UNE life towards its goals by making sure that its available resources are well planned and allocated making it have a competitive edge. Although product differentiation, segmentation, and position are independent, UNE life must ensure that its strategic marketing plan establishes a criterion of analyzing the quality, cost and originality of their products so as to fend off any possible imitations by new entrants in the market (Chris, 2015). Moreover, UNE life should engage in environmental friendly activities that are essential to the growth of their organization. By so doing, it will reap the benefits of operating under large economies of scale. References Chris Joseph, (2015). Differentiation in product marketing strategy. Retrieved from http://smallbusiness.chron.com/differentiation-product-marketing-strategy-5073.html Dr.Sujana Adapa, (2015).Marketing strategy and management Lahle Wolfe, (2015). The importance of having a mission statement. Retrieved from http://womeninbusiness.about.com/od/settingobjectivesgoals/a/mission-statement- athyr.htm Michael Okpara, (2015) .Mission relevance. Retrieved from: http://michaelokparaunivesi.tripod.com/id5.html Ratha Chan, (2015). Business environment analysis (BEA). Retrieved from: http://www.slideshare.net/ratha777/business-environment-analysis-bea UNE life, (2015). Experience campus life with us. Retrieved from http://unelife.com.au/ Wayne Leads, (2015). S.M.A.R.T objectives. Retrieved from http://hr.wayne.edu/leads/phase1/smart-objectives.php Read More