Marketing Strategy for The Punk Magazine - Case Study Example

Running Head: THE PUNK LITE Marketing Strategy for The Punk Magazine Name Course Tutor Date Introduction In today’s business world, marketing has gained a lot of significance and popularity than in previous years. The reason for this is that producers are constantly competing with each other to gain market share and increase their consumer bases. This has seen intense competition especially in consumer goods. Producers and marketers have been forced to be creative and innovative for them to remain players, given the brutal competition. Marketing and product promotion is nowadays very consumer oriented, given the many substitutes that consumers can choose from. Only superior brands in the market have the ability to compete with emerging ones and already existing ones. Marketing is an expensive but necessary endeavour. It is the only way that producers and manufacturers can let existing and potential consumers know of new products and any updates on their existing catalogues (Ferrell & Hartline, 2011, p. 8). Marketing strategies have been modelled on how businesses can take advantage of available resources to woo consumers towards their products. One issue that has, however, arisen is the increased focus on the individual consumer. Dominating the general market is nearly impossible. To counter this disadvantage, producers make products aimed for a particular group of people or target market. They ensure that the product is specifically tailored to meet the needs of a particular market segment .Most businesses are now seeking to build long term relationships with their consumers and retain them as crucial assets in their businesses. In this view, marketers are also targeting specific groups of people with similar characteristics and needs. Tapping into such groups is not only strategic but cheaper, given that the dynamics of such groups of people are influenced in a similar manner. Even before marketing strategies begin, it is crucial to focus on the product itself through testing, research and development to ensure that is appealing to the target market. When a product or brand has proven to be superior, then an aggressive and innovative marketing and promotion strategies are devised and comprehensively applied (Ferrell & Hartline, 2011, p. 10). In this essay, marketing strategies will be outlined about the punk community living in Australia. The product under marketing is The Punk Magazine with the target market being the Punk community. The marketing strategy will be specifically tailored for this market segment The Australian punk community Australia is a multi tribal and a multicultural nation. It has a diverse culture and heritage that dates back many centuries ago. Some of tee tribes in the country have maintained their traditions and heritages unlike their counterparts who have embraced the modern world. The punk community developed in the 1970s in the United States, United Kingdom and Australia. It is based on rock music entertainment and advocates for freedom and openness to life. The culture is very appealing to the young and has gained significant following since inception. It has a unique affiliation to culture, art, film and literature. This community is further segmented into groups that have unique aspects of the punk culture. Some sub groups such as goth, crust punk, arch punk and emo have been born out f the larger punk community. In developing a product for this group of people, the challenges they face and the opportunities they look for in life should be the main focus of the strategy. A product that opens avenues to solving their challenges, promotes their way of life, provides an entertainment forum and gives them a sense of identity and recognition. The culture is mainly expressed in rock and roll music which is further diversified in terms of subgroups and specific affiliations. The community has high artistic and fashion tastes which are uniquely identifiable among themselves. The punk culture promotes freedom and the right of self expression and rebellion against normal practices and norms followed by others in the general community Macro environment A majority of people who attest to the punk culture are young people with low disposable incomes and high unemployment levels. Given their low levels of disposable income, any product designed for this market should be affordable and reachable by a majority (Ferrell & Hartline, 2011, p. 16). Additionally, it should be in line with their social cultural affiliations and beliefs in a way that promotes and appreciates it. The Punk Magazine should be structured in a way that promotes the political and social settings in the lifestyle of the community. There are many products that have been specifically designed to fit the punk community in Australia. The progress of the magazine will also be affected by the general economic status in the country and that of the punk community itself. The punk community has a majority of individuals who have low incomes and hence economic downturns affect their spending habits to large extents. However, with the economy registering positive growth, there is a potential for increased demand for the magazine as the young enter into the job market. The modern society is generally more accommodating towards emerging cultures and their freedom is accepted as well. Acceptance of the punk culture by the general society can only lead to increased readership of the magazine and its demand as well. Growth and recognition of the community has a huge potential of increasing consumer base by large numbers. Technology can also play a huge role in determining the success of the magazine. This is through online platforms advertising and social media which are common among members of the punk community. Technology could also use online publications of the magazine and use online transactions to make sales. This way, a larger audience can be reached, hence increasing the consumer base. In this case, there are many products competing for approval and acceptability by this group. Competition There are a variety of magazines in the market that will compete with the Punk Life. Some of these include Vive Le Rock, Big Wheel Magazine, RMP magazine and other international magazines. It is crucial to get wind of competitor strategy and how they appeal to their market. This way workable strategies can be devised based on the experiences of competitors. Apart from these, there are other non related products designed for this community such as clothing, fashion, music and entertainment that will also compete in individual budget allocation. To counter this and capture a larger market, the focus should be shifted towards giving the consumers quality in terms of product and service. Given that the punk community has several subgroups, the competitive strategy should also focus on these and their demands as well. The magazine could also find a competitive niche that other magazines do not have and monopolise it to their advantage. Marketing strategy The market in question calls for a workable and creative strategy that will apply all marketing mix requirements in a way that will ensure that will capture the attention of this group. Given that the product is not a necessity to the target group, it should have striking characteristics that will convince audiences otherwise (Ferrell & Hartline, 2011, p. 19). The overview of the strategy will follow the following steps; Definition of objectives Determination of strategic focus Approximated consumer targets Competition analysis Marketing mix Implementation phase Performance evaluation Objectives The objective of the marketing strategy is to get punk community in Australia to recognise The Punk Magazine as a product made for them with the aim of providing information and entertainment that cannot be found in any other magazine. The strategy has already identified the target market and specific goal should be set regarding the market. The market at the bottom of the pyramid which includes this tribe is highly untapped despite the huge potential it holds. Generally the magazine should promote the culture and solve the stereotypical perceptions that people have over punk culture. SWOT analysis of the market shows that the opportunity is in the large numbers of these minorities and the need to solve challenges characteristic to them. The main challenge in this market is the low level of disposable income and numerous competing products designed for such a market. The objective here is to give crucial information that will prove useful to those affiliated to the culture and those seeking information about it. In determining the strategic focus, the whole tribe will be a target in this market. It will be based o relationship marketing where consumers who have found the magazine useful to be used as benchmarks to acknowledge the potential and usefulness of the product. Customer retention and expansion of the market share will also be part of the main focus as well. Though there are other magazines and print media available for this group, the Punk Magazine will be specifically tailored for the tribe to create a competitive edge over rivals in the market. Being at an introductory phase, the pace is expected to be slow at first but with the planned strategy and market segmentation, it is expected to gain momentum in the growth stage. Every member of the punk community will be focus for this product. Strategic focus and targets One strategic advantage that the magazine has is that the market is not limited to the tribe alone. There are many people who have are interested in learning the punk life and their ideologies. In light of this, they are very interested in keeping up, with current affairs and developmental strategies by stakeholders for these groups. Though they are not the main market, they would also add to part of the sales throughout the country. The market in this scenario is already clearly segmented in terms of tribe, fashion, style entertainment, economic abilities and even location. Market segmentation will therefore not be a huge challenge for the market. With time economies of scale are expected to take over and stabilise it. As mentioned earlirer, the competition in this segment of the market is based on the product itself and other commodities that the community demands. The magazine will have to compete with essential necessity product and this is quite a major challenge. This problem will be handled in the marketing mix where convincing answer shall be provided on why consumers with restrained income should include a magazine in their budget. The challenge will be in convincing consumers on why the magazine is better than other in the market and why they should choose it Marketing mix The most crucial strategy for the magazine to be successful is the marketing mix. This revolves along the product, place of sale, promotion and pricing. First, the product is designed with the punk community in mind. Given their unique culture and characteristics, the magazine will focus on upholding the punk culture as a way off life that should be embraced and respected just like any other culture. Reviews of role models in the culture and ways of promoting it through events and entertainment should be the main focus of the magazine. It should also provide informative and educative forums to non punk communities who wish to learn more about the culture. The magazine should also focus on trends and fashions that are related to the culture. Being a musical culture, it should also provide schedules on performances and where followers can get their favourite music and entertainment. Other main focuses of the magazine should be on the places or venues where punk culture is promoted or practiced. Given the deep culture and rich heritage, the magazine will also seek to sell this as a way of improving tourism and putting punk community on the national roadmap as well as international. The magazine is a great avenue for intercultural tourism and artistic showcasing. Promotion and pricing On the promotion side, countrywide sensitisation of the magazine will be carried out with greater emphasis on the specific tribe. Members of the tribe will be involved in the promotion strategy as a way of convincing their tribesmen on the usefulness of the magazine. Creating general publicity and awareness on what potential the magazine holds for them will be among the promotional strategies. It will also be prudent to use advertising both locally and nationally to cerate general awareness. Advertising should also make use of billboards and online marketing and social media presence. These are very popular among the young ad are the new ways to tap into such markets The sales goal is to sell as many magazines at low profit margins per units. This way the overall margins will be maximised. Finally, the magazine is expected to have readership all over the country with the main focus being amongst the punk community itself. Distribution channels will therefore, be strategically placed in areas where the target group can easily access them. Production of the magazine is expected to be at low costs in order to translate the same to the pricing mechanism. At low prices, consumers can easily include the magazine in their budgets and on a regular basis. The reason for low pricing is because the punk community has a huge following and a majority have low disposable income. It is therefore advisable to focus on maximising sales which will ultimately maximise o sales and revenues. The retail price is expected to be around 8.95 dollars to incorporate high unemployment rates amongst youths in thee country Conclusion The punk culture is particular unique and interesting. It has been understood and regarded as unruly, though it provides a significant market for unique commodities and opportunities. Its uniqueness in music, culture and entertainment can be tapped significantly by the magazine. The magazine has to be appealing in look and content. It also has top be fairly priced to accommodate a majority who have low incomes. The marketing strategy should have the common punk community member in mind and should seek to solve their problems as well as promote their way of life in a ay other avenues would not. Implementation of the strategy should then be closely monitored and its main purpose to make a change in the community and make some profit as well. The potential the product has and the impact it could make in this tribe is enormous. The growth stage and maturity stages of the magazine has real prospects and potential. Reference Ferrell, C, Hartline, D, 2011, Marketing Strategy, Cengage Learning, Stamford, Connecticut. Read More