Marketing is a dynamic process aimed at generating income or capital for an individual or individuals so as to meet his or their daily needs. Marketing as a competitive task requires various strategies for one to be in the competition rank. Managers of companies are required to deploy effective and efficient strategies that are different or if the same, they should be more advanced than what their competitors are offering. Advertisements and promotions services are some of the various ways through which marketing can be undertaken in an economic environment. This paper aims at discussing the various strategies through which marketing can be conducted, including the principles that are essential while marketing.
Apply and analyze the "SAVE" techniques your organization uses within its marketing strategy.
The product, Price, Promotion and Place otherwise now as the 4Ps of marketing have been applied in the marketing field the world over and for scores of years now, over the years though, the marketing environment has become complex and so has the trends in consumer behavior and business models. This is where the new blueprint for marketing known as S.A.V.E comes in handy; this framework focuses more on Solution, Access, Value and Education of a product or services rendered other than the traditional 4Psmarketing mix (50minutes.Com, 2015). The Coca-Cola Company places more emphasis on the Solution rather than the Product; here, the company has since realized that customers are no longer interested in business models based on products and service solutions, all they concentrate on is getting their problems resolved.
Emphasis on Access other than the place: the company has since shifted its model to concentrate on Access other than ownership considerations; Internet has revolutionized marketing in such a way that businesses operate on high-speed internet and the place of delivery has since become immaterial. The Coca-Cola Company has since realized that what you give the customer at a particular moment is an overriding consideration. Emphasis on Value other than Price: Today, the company has realized that customers consider price as secondary to value, the company endeavors to create value to the consumer in every way when creating the business models (Ettenson et al., 2013). Emphasis on Education other than Promotion: the company acts as an entrepreneur and a producer all in a single stride; this is by availing all the information the consumer (both existing and potential) needs. This is due to the realization that the consumer needs to be familiar and have brand loyalty even before the decision to the purchaser the product/service.
Explain how SAVE techniques work in unison with the traditional marketing mix. Outline each of the four elements of SAVE.
Solution vis a vis Product; a product is that item that is produced to meet the consumer's demand; hence the marketer must conduct thorough research in the market to ensure the life cycle of the product will stand the test of time. This, therefore, works hand in hand with getting customers solutions as and when they require it.
Access Vis a Vis Place
On one stride it would be accurate to argue that the use of internet has broken physical barriers in today's marketing environment, emphasis on making products accessible in any geographical location and anytime is the order of the day (Hollensen, 2015). This consideration notwithstanding, the actual locations of customers is still fundamental in ensuring potential clients are converted to actual; the place consideration also helps the marketer carry out the market research for market segmentation and customizing needs even as this is coupled with ease of Access.
Value vis-a-vis Price
In making the decision to purchase, the value of a product/service is a prime consideration for the consumer, a company concentrating on what benefits the customer helps it position better in the market especially in today's business environment. Conversely, concepts like value-based pricing and cost-plus pricing help the company build brand loyalty.
Education vis-a-vis Promotion
Sharing enlightening information on products is valued by consumers and helps build customer loyalty since they feel a sense of dependability, the company creates awareness in the audience which could propel them to market leadership. Equally, promotion disseminates crucial information to the audience and helps the company reach a wide base as they discover the need to differentiate products in the market.
Apply each of the four elements of SAVE to the marketing strategy of your chosen organization.
Developing an effective marketing strategy is crucial to the success of an organization to ensure products and services are customized to meet customers' expectations and to develop a long-term relationship with customers. Market segmentation& Solution: identifying the unique needs of the company clients has been a key implementation at the Coca-Cola Company; the company recognizes the needs of both potential and current consumers through market research and tailor makes products and services to meet these requirements (Bowman & Gatignon, 2010). This is in tandem with the Solution aspect of SAVE techniques since the company matches most of its strengths to meet the needs of the target market segment.
Marketing activity& Education-This aspect takes care of activities like promotion, internet activities, public relations initiatives that the company has implemented to ensure an efficient approach at the point of sale. This utilizes the education aspect of SAVE technique as the company has also flourished in identifying marketing activities that are most effective in disseminating relevant information to its audience.
Brand Differentiation & Value: brand differentiation communicates the message the company would like the consumers to get about the services and products it offers. The company has maximized on this by creating different products from its competitors hence customer loyalty that it enjoys. This aspect has greatly influenced the strategic intention of the company in establishing the value aspect of SAVE and is aligned with all other communications, products, and interactions. The company has used this to gain a competitive edge given the realization that the customers will consider value ahead of price.
Maximizing conversion & Access: with the changing market environment, consumers now purchase online most of the time hence the place is not a fundamental factor as such, the company has aligned its marketing strategic objectives with maximizing its online presence to solve customers' problems and convert potential consumers to actual (Luan & Sudhir, 2010). This has been achieved through the website, blogs, email lists and several page contents to maximize conversion and improve access.
Comment on the effectiveness of SAVE in the marketing strategy of your chosen organization.
The education aspect of SAVE strategy has been successful in communicating the benefits that the company's products are bringing to the various market segments and adjusting more to the needs of the consumer to remain relevant. Dividing the market into segments has been useful in ensuring the needs of a particular group are met, this has enabled the company to add value by ensuring quality to their consumers. The company has equally utilized the use of the Internet to reach a wide consumer base which has ensured increased access and finding solutions hence additional sales.
Make justified recommendations as to how your organization could improve the use of SAVE techniques.
The company should consider reducing its marketing activities so as not to outstretch its marketing budget; this is because the company has spent quite a bit on marketing campaigns, promotion, overall disseminating of information and internet presence (Marketing,2017). A public relations program would be necessary to continuously improve reputation and gauge the company standing in the industry, reviewing the communication applications to harness areas of weakness and little awareness would be essential.
Chaffey and Smith (2002), identify the "5s" of internet marketing. Explain each S and analyze the effectiveness of each one in the marketing strategy of your organization.
Sell-internet marketing offers a huge financial opportunity where an organization can maximize on significant transactions that increase sales and revenue; this can be achieved through avenues like digital campaigns that would also influence donations of non-profit making concerns. This helps in the marketing strategy of Coca-Cola by increasing the volumes of sales and boosting revenue.
Serve-For both profitable and charitable organizations, the website provides a satisfactory platform to interact with the client in a much simpler and speedier way, offer customer service support and get their concerns taken care of. This helps meet the customer satisfaction objectives and assess any need for improvement. "Serve" in Internet marketing ensures the consumer gets value for money and that various market segments are adequately satisfied, also in market activity and educating the customers on marketing/product information they would require (Chaffey, 2015).
Speak-Internet marketing offers a great avenue for organizations to open communication channels with their consumers; they can exploit online marketing tools that ensure 24-7 availability and online presence. It works best to combine digital marketing with other media/channels of offline means, in most cases today; people vastly exploit various mobile technologies. This is even useful for influencing the target audience, creating brand strength and improving sales; it marries with marketing strategy (maximizing conversion and access).
Save-Online means such as social media engagement help save costs that businesses would initially incur such as printing, posting, administration costs and overheads related to building the brand through traditional means. For instance, a company can create online catalogs that can easily be distributed to numerous consumers ta the click of a button, the creation of databases, CRM, MRM systems are among an innumerable of means of reducing costs, saving time and increasing online presence. Overall, marketing strategy aspects like marketing activities must ensure the budget is not outstretched hence the need to save on costs (Chaffey & Smith, 2017).
Sizzle- Adding sizzle into digital marketing involves extending a company's brand online and improving engagement of clients to improve revenue and marketing objectives. This aspect involves marketing the "sizzle" of the company and not just the content, selling what would make a consumer want to be associated with the organization to purchase or donate for charitable concerns. In brand differentiation and value, the company tries to be different to be ahead of the competition in the industry.
Explain how each of the five will benefit through e-marketing
Sell-given that e-marketing improves the financial success of an organization, there is not only the benefit of selling bust also end conversions such as the number of people who sign in to the website or for newsletters.
Serve-a company website/page is a great avenue to have consumers queries handled, which is beneficial in adding value especially if the company provides useful content and the consumer can navigate fast. The resultant effect is improved customer service and amazing results on the success of concern (Strauss & Frost, 2016,).
Speak-This enables the company to maximize the benefit of engaging with consumers 24-7 and building long term relationships, the communication tools in e-marketing builds...
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