Evaluation of the Current Situation of Black Mores Company - Case Study Example

TOPIC: MARKETING PLANNING Author’s [Name] University’s [Name] Executive summary The report provides analysis and evaluation of the current situation of Black mores Company. The report will be an analysis of marketing significance, analysis of the SWOT analysis of the company basing arguments on marketing objectives, positioning, segmentation as well as marketing mix(Wei, Zhu, & Lin, 2013). Introduction Marketing of products is one of the most significant operations in a company. It's imprudent for a corporation to have mass production plants but poor marketing plan and strategy. Consequently, marketing is one of the vital operations that runs in a company. In other words, marketing is the backbone of a company. To develop an operational plan that caters for consumer needs, taste and preference the analysis should always answer the following questions. Who are they? Where are they, what do they need? How do they make their buying decision? How to reach the consumers with your sales. Such questions are fundamental no matter the probable customer. The market analysis starts with statistics to provide the number of households, classrooms, business, and workers in the market. To ensure accurate results, segmentation of households by income level, business by size, and workers by job type, education, and other environments (Blackmore, 2013.). Additionally, employment statistics can add information about types of workers and their education and background. Following, we can identify the target group and know the type of goods to release, the pricing and also the amount of goods to be released on the market. Marketing planning enables a company to develop products and services that meet the plan of a target market. Excellent marketing will always provide an answer to why goods or services are doing better or poor from the competition. A working marketing plan enables an organization to reach their target audience, boost customer base, and eventually raise the bottom line. Developing a marketing plan requires inquiry, time and commitment, but is a very treasured process that can momentously contribute to an organization or commercial success. Businesses cannot survive without customers. Subsequently, practical methodologies need to be employed to attract as well as retain customers. It is unlikely that people walk into a business or organization and buy something when they are not aware of who you are, what is sold and why they should buy. Numerous minor businesses don't place sufficient significance on marketing(Blackmore A. , 2013.). Analysis The SWOT analysis of Black mores provided a platform that can immensely improve the company's market and customers' relation. The fact that the company has had a long-term experience in the supplement industry is an added advantage in the marketing setting. Many customers believe in the brand they were first introduced to. Consequently, the fact that Blackmores's presence in the field of body supplement is 80 years is likely to have attracted more customers. At the same time, Black mores can exploit the fact that it is the market leader in Thailand and Malaysia to reach the neighboring counties by use of social media and promotions. Also, Black mores having a highly efficient and fixed management group and governance configuration give the customers confidence that the products are standard and up to regulation At the same time, the company should heavily invest in the technology sector to ensure it is par with other competitive companies like the Swisse wellness that is leading in the market. To gain a milestone against the competitor Black mores should stick to technological innovation.Innovation refers to spotting new trends ahead of competitors. It can be achieved by watching latest news, new blogs (Blackmore, 2013,). Also, despite the fact that the population in Australia is aging it is of great importance to ensure that the company produces more supplements that contain nutrients used in old age. Such a step will ensure the company has a competitive advantage over the others. Again, to ensure customers satisfaction Black moresmust respond to the customers. For example, when the company's Network is busy there should be a recording that promises the customer that the customer care will get back. At the same time, an official social media page is important as the customers are given a platform to give their views about company's product. Additionally, good customers' satisfaction make the consumers loyal to the company. As a result, the market share is increased tremendously. According to the demographical distribution of the in the marketing segmentation, the best age bracket to target is the ages between 31-50.The ages have the largest numbers of consumption thereby more sales are realized there. When supplements of the sales in the age bracket increase there is the likelihood of increase in the profits. Again, more sales mean Black mores will have advantages over the competitors (Brinckerhoff, 2010.). Also, as a supplement to particular marketing and operational general ship Blackmore must adopt the marketing mix. These are marketing strategies for product, price, place as well as promotion. Marketing mix also encompasses the set of manageable tactical marketing tools so as to produce the desired response from the target market. Marketing mix entails everything that an enterprise can do to influence the demand for its products. Marketing mix allows companies to search for several marketing considerations with the aim of finding out the perfect way to allocate resources. At the same time, marketing mix allows the company to be aware of the marketing plan they want to implement. The company should conduct research needed to accomplish the plan in concurrence with maximum customer satisfaction. Marketing positioning This is vivacious for introduction the product and company in the market. Positioning of the product in Black mores should be done when introducing a new supplement for the age bracket between 31-50 years. Positioning creates an image of your company's product in the mind of the target customer. Blackmores's target consumers in the whole population therefore for the company to employ positioning. In positioning the issue is about what the company does to the target customers. Most importantly the company should apply the methodology in the new markets like China and Mainland. Market positioning allows a company to be entirely market oriented. It mainly concerned with identifying superior aspects of the product and matching them with customers effectively than competitors. Also, market positioning allows the company to cope with the dynamics (Wei, Zhu, & Lin, 2013). Good positioning gives room for the company to identify the competitive advantages. In other words, positioning helps the company cope with changing expectations in a market. Besides, positioning win the attention and the interests of consumers as well as loyalty and goodwill of the customers. Market positioning in the two countries will help Black mores to face competition and to increase the competitive strength. Product introduced in the market with strategic positioning find it easy to penetrate to the market. To attract new customers every day is a dream for Black mores. Therefore good positioning in the new markets would work significantly (McDonald & Dunbar, 2013.). How to position For Black mores to succeed in the new market identified during the analysis the company has to identify and segment. It enables the company to effectively establish and potentially control how the products is viewed by the customers. Positioning brings about differentiation where there is singling out of one element that gives a unique figure in the market while bearing relevance to the customers. Basically, positioning involves the symbols and messages manipulation as well as displays and the packing of the products. At the same time, to position a product needs much preparation, or else the money will be wasted. For example, marketing of babies’ supplements will be direct to the young mothers. Additionally, the supplements for the old should be advertised in the on the TV channels watched by the elderly. Nonetheless, the positioning of the product is determined by the Management decision making (Burkard, , 2013). Positioning statements Positioning statement will enable Black mores to explain who they are, what they offer, whom it is for as well as why it the product is significant and convincing in a new market. Nevertheless, a good positioning statement should meet the several key standards. One, the positioning should effectively identify the target customer and make the position open and comprehensible. At the same time, it should make the company's claim concise, singular as well as supporting the products with substantial evidence. Also, it makes the differentiation statement concise, extraordinary, compelling and supportable as well as reflecting the target market‘s attributes and the environment. Finally, the positioning statement can be elucidated in few words(Burkard, , 2013). In addition, When Black mores is venturing into the new markets of China and Mainland the company has to define the market and place itself within it. This includes positioning the Black mores to visionary buyers inside an emerging, promising market category. Besides the company must validate the products competitive advantage against the current product in the market. Nevertheless, when it is in an existing market, the positioning methodology change completely. Here, it should exhibit to economic customers and end users that the goods offered are the most credible and complete option for the customer to go for. To achieve the desired positioning, communication must noticeably express exceptional points of differentiation(Burkard, , 2013). Additionally, Black mores does not have any particular marketing and general operational ship. However, particular marketing and operational strategy are significant as it aids in the management of the processes that produce goods in the company. At the same time, it helps to gain a competitive advantage over the competitor due to the easy flow of goods. One of the most common objectives of marketing is to increase sales. Therefore, it is vital to have a particular marketing and an operational strategy(Burkard, , 2013). Marketing segmentation in Black mores new markets It may prove hard for a company to devise the market positioning without necessarily considering the market segmentation. Marketing segmentation aid the company to be aware of what they want to sell as well as who they are supposed to sell to. Otherwise, if the company does not does not segment its market, it is unlikely to be aware of the two concepts. Also, segmentation plays a great role in the marketing mix. Again, when targeting a particular segment, it is easier to change to change the marketing mix as the prerequisite for a particular segment. Segmentation helps the company lay emphasis on a firm on market segments. After evaluation of the needs, class and the population of a place companies can focus on a particular needs. For example, Black mores can focus on new markets in China due to the fact that the data collected has shown that the country needs a huge supply of supplements. Also, segmentation increases the competitiveness(Brinckerhoff, 2010.). One fundamental issue about segmentation is that it the company has knowledge about the consumers, therefore when a company is focusing on the old people the brand to will equate to the needs of the old. That gives the company a milestone against the competitors. Again, segmentation allows the company have better communication. Communication cannot be any better without knowing the targets. With knowledge of the primary targets, Black mores will be able to send the people of the age, class to the target customer to enable the company to get the required information in the new markets. It is easier to send a personnel who will understand for example, what is their demography, what is their psychology, where they are from, then how can you form a communication message. At the same time, segmentation increases profitability by increasing the competitiveness, brand recall, brand equity, customer retention as well as communication. All the following factors end up to be profit giving activities (Dibb & Simkin, 2008). References Appendices: Marketing is the adaptation of commercial actions and the use of institution by the organizations with a drive to persuade the behavioral change on shorter or perpetual basis. Appendices: Marketing is the adaptation of commercial actions and the use of institution by the organizations with a drive to persuade the behavioral change on shorter or perpetual basis. Read More