Social Media Marketing Speech

Social media marketing
Social media marketing

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Social media marketing

Over the years, the prospects of business activities, the growth of the global economy, and the growing populations have spurred the growth of various businesses worldwide. As such, the numbers of firms competing for the limited available resources have increased exponentially.

To make themselves stand out, creative companies have adopted the use of modern technology to create an edge over their competitors. One such use of technology to help the company stand out includes the use of social media for various business purposes. This report focuses on the use of social media by a selected company to perform social media marketing and therefore create customer value.

Social Media

Social media refers to the computerized network driven set of technologies that assist users in the creation and sharing of information with other users through various websites and applications (Obar & Wildman, 2015, pp. 746 – 747). The use of such networks has grown immensely in terms of numbers as well as usage. At the end of 2018, for example, the social media giant, Facebook Inc., had a monthly user base of about 2.2 billion users (Statista, 2017).

Similarly, Australia has had an increase in the numbers of social media users. Statistica reports indicate that Australia had an estimated 17 million Facebook users by January 2018. These users range from ages 13 to 65 and even older (Statistica, 2018).

In addition, the usage of social media has expanded from simple networking of friends, colleagues, and family, which was the initial intended use of social networks. Today, the use has spread to include all aspects of personal life and business. Big corporations are no longer left behind but are now part of the social media bandwagon. The growth in numbers of social media users, as well as the capabilities of the social media networks, has inspired businesses to take up social media as important tools in their portfolio to enable them to access their users in a faster and convenient way.

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Social media marketing

Among the key areas that inspire businesses to join social media is the ease with which they can access millions of their potential customers. The use of social media by companies is largely driven by the will to engage the growing numbers of users and also market their products to them. Social media marketing refers to the various strategies and processes adopted by various users of social networks in a bid to gain online traffic and attention (Saravanakumar & Sugantha, 2012; Hoffman & Fodor, 2010).

Business ventures are taking up social media marketing to allow for the use of better and cheaper alternative marketing for their products and services online. In addition, social media marketing is used to manage the brands of the company by addressing complaints and assessing the satisfaction of the consumers in an easier and faster manner compared to using other traditional channels.

Customer value

Customer value refers to the use of various tools available to the company to deliver the needs and desires of the specific user (Payne & Holt, 2002; Woodruff, 1997). The reference to customer value is imperative to the success of any firm. In this regard, many companies have taken up understanding the needs and wants of their clientele in a bid to increase sales as well as to foster a long-lasting relationship with the customers.

In addition, the firms are investing much more into research and development of new ideas, products, and brands as a means to understand the customer needs better. Such an improved understanding of customer requirements enables the companies to deliver customer value, as well as create customer value models that will help them in their development and customer management (Anderson & Narus, 1998).

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Jetstar

In order to further understand the use of social media in creating customer value, I will use Jetstar Airways to show how a firm can successfully use social media and social media marketing to create customer value. For Jetstar Airways, the company has a wide social media presence. It is among the few corporations that have taken up numerous social media accounts on various websites.

Jetstar Airways has social media profiles on Twitter, Facebook, LinkedIn, Flickr, YouTube, and Instagram. This is not the case with most other companies who opt to use just a few accounts that they can successfully manage. However, Jetstar Airways, despite having a widespread presence, has managed to stay active and in touch with their customers on the various social media platforms.

Jetstar Airways Social Media Marketing

Jetstar Airways has taken on social media marketing as a serious marketing approach in a bid to lure in more customers as well as develop a long lasting relationship with their current customers. In this regard, Jetstar Airways commits up to 40% of their total marketing budget into social media and other online channels (JetStar, 2011). Given the size of the company, this is a sizeable investment and shows the firm’s commitment to the use and value of social media marketing to its growth and success.

In this regard, and owing to the size of the company, Jetstar Airways uses different accounts for the group level of the company, as well as other regional and market specific profiles (Jetstar Newsroom, n.d.). These are intended to enable personalized service and faster reach to specific categories of clients, a feat the company has managed to successfully achieve.

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Jetstar Airways and customer value

According to an interview with the Chief Marketing Officer of Jetstar Airways, the airline took a strategic step to invest and improve on their digital marketing approach (Cameron, 2017). The approach used by the firm was a learning first and capability second, where the initial focus was on building expertise around digital marketing.

The second approach was building automation and personalization systems that would further assist in customer service and handle the various factors that contribute towards the improvement of customer value. These include internal factors such as a unifying vision, increase of the projects’ returns, and improvement of the effectiveness of communications (Cameron, 2017; Snyder & Tai, 2014).

The firms’ activities, especially the localized pages on Facebook and Twitter, are designed to engage the customers and keep them communicating with the brand. Examples of these pages are the main Jetstar Airways pages, Jetstar Asia, Jetstar NZ, and Jetstar Australia. These provide relevant information and tips on both company and flight-related topics, as well as general life issues that get their followers talking and sharing the content. Such engagement allows for the growth of the brand’s online presence and the creation of better relationships that lead to the development of customer value.

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Therefore, in conclusion, Jetstar has managed to create customer value through the effective use of various social media platforms. From the engagement in social media, the company is able to grow their online presence and educate potential customers about their products and services. The connection between such customers and the brand grows with the satisfaction of having their needs and wants, as well as expectations met as they had envisioned.

References

Anderson, J. C., & Narus, J. A. (1998, December). Business Marketing: Understand What Customers Value. Harvard Business Review: Financial Management. Retrieved April 4, 2018, from https://hbr.org/1998/11/business-marketing-understand-what-customers-value

Cameron, N. (2017, August 10). CMO Australia. Retrieved from Why technology, training and content go hand-in-hand in Jetstar’s marketing transformation: https://www.cmo.com.au/article/625817/why-technology-training-content-go-hand-in-hand-jetstar-marketing-transformation/

Hoffman, D. L., & Fodor, M. (2010). Can you measure the ROI of your social media marketing? MIT Sloan Management Review, 52(1), 41 – 49.

JetStar. (2011, March 22). Jetstar to direct 40 per cent of marketing budget into social media and online channels. Retrieved from Jetstar Airways Newsroom: http://newsroom.jetstar.com/jetstar-to-direct-40-per-cent-of-marketing-budget-into-social-media-and-online-channels/

Jetstar Newsroom. (n.d.). Jetstar social media. Retrieved from Jetstar Newsroom: http://newsroom.jetstar.com/jetstar-social-media/

Obar, J. A., & Wildman, S. (2015, October). Social media definition and the governance challenge: An introduction to the special issue. Telecommunications Policy, 39(9), 745 – 750. doi:10.1016/j.telpol.2015.07.014

Payne, A., & Holt, S. (2002, December). Diagnosing Customer Value: Integrating the Value Process and Relationship Marketing. British Journal of Management, 12(2), 159 – 182. doi:10.1111/1467-8551.00192

Saravanakumar, M., & Sugantha, L. T. (2012). Social media marketing. Life science journal, 9(4), 4444 – 4451.

Snyder, D. J., & Tai, P. A. (2014). Customer Satisfaction At Low Cost Airlines: A Case Study Of Jetstar Pacific Airlines (JPA). The Clute Institute International Academic Conference, 254 – 265.

Statista. (2017, December). Number of monthly active Facebook users worldwide as of 4th quarter 2017 (in millions). Retrieved from Statista: The statistics portal: https://www.statista.com/statistics/264810/number-of-monthly-active-facebook-users-worldwide/

Statistica. (2018, January). Breakdown of Facebook users in Australia as of January 2018, by age group. Retrieved from Statistica: The statistics portal: https://www.statista.com/statistics/680581/australia-facebook-users-by-age/

Woodruff, R. B. (1997). Customer value: The next source for competitive advantage. Marketing in the 21st century, 139 – 153.

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Social Engagement Assignment

Social Engagement
Social Engagement

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Social Engagement

Comment

Hi Sonny, I do concur with you that indeed, mobile gadgets are shifting social engagement, the manner in which organizations and businesses conduct their marketing. I support the fact that apps such as Instagram have become a driving force in how companies conduct their marketing.

Such as you have stated is backed by the fact that these apps have enhanced brand recognition through making sure that potential customers are informed of goods or services provided by various companies or businesses in an instant and a convenient manner. Therefore, through your informative blog, it is clear that indeed, mobile has become a significant factor in the field of marketing.

Reflection

Social engagement is one of the driving forces in marketing today. Through this, companies and other businesses put themselves in a position where they can directly engage with their already existing and potential customers.  Mobile phones and other internet-enabled gadgets such as tablets and personal computers have further heightened social engagement. As a marketer, am always drawn to the fact that marketing is a revolutionizing industry.

One of the aspects that I acknowledge is that for any company to survive, there must be marketing.  Technology has played a significant role in pushing for changes in the way that companies do their marketing. A vital lesson that I have learned is that mobile has become one of the major platforms for marketing of goods and products. As a millennial who owns a mobile phone and laptop, I have come to learn that most companies have not been left behind in adopting this strategy.

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Through reading the blog post by Sonny on how mobile has shifted the way in which companies carry out marketing, I am now more aware and knowledgeable of how companies have adopted apps as marketing platforms. Apps such as Instagram and Facebook have played a significant role in driving this aspect. One of the factors driving adoption of these platforms is that these apps have a large number of subscribers or users who frequent them.

One of the exciting things that I have read in Sonny’s blog post and one that I did not know is that there are categories of apps. Such as indicated include quick-timer and slow timer apps. This has opened up my mind on which applications are most appropriate in which situation. Without such knowledge, I believe that a marketer would be doing his or her job blindly and may not receive the best or anticipated results in social engagement primarily through the use of mobile apps.

In conclusion, I believe that the marketing industry is set for a time when the central and significant marketing will be mobile-oriented. For most companies, this is a reality that has not yet hit home since they are still stuck at majorly using traditional means such as television and billboards. With enough research and implementation, mobile marketing will prove to be beneficial to companies which intend to remain relevant and in business.

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Product Market Trend

Product Market Trend
Product Market Trend

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Product Market Trend

Write the trend of each product segments

• Telecommunication services• Phone devices• Accessories

Markets – what does the competitive landscape for your product look like?- What are the main Product market segments- Who are the major competitors and what are their products- What are the trends in the types of products being developed and launched

Please note that you will NOT be coming up with a new product idea. This assignment is about understanding the consumer, key influencing trends and creating the basis for idealization in the front end of innovation

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1. Markets – what does the competitive landscape for your product look like? • What are the main Product market segments Main product segments: • Telecommunication services? Optus, Vodafone, Telstra • Phone devices? smartphones, cell phone, public phones etc• Accessories? Headphones, cases, screen protectors, car holders, headsets

Marking Criteria 

1. Accurate and clear presentation 

2. Further research and comprehensive understanding (AT LEAST 8 ACADEMIC SOURCES) 

3. Logical and clear structure 

4. Quality of written expression 

5. Correctly formatted citations and bibliography.

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Entrepreneurial Marketing Coursework

Entrepreneurial Marketing
Entrepreneurial Marketing

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Entrepreneurial Marketing

Jones, R., & Rowley, J. (2011). Entrepreneurial marketing in small businesses: A conceptual exploration. International Small Business Journal, 21(1): 25-36

This is the article which has made a substantial contribution to my enjoyment and understanding of entrepreneurial marketing. I chose this article as it recommends further development of the notion of entrepreneurial marketing toward the notion of entrepreneurial marketing orientation. The authors draw on the previous research and scales in the entrepreneurial orientation, customer orientation, market orientation, and innovation orientation literatures to propose a conceptual model for entrepreneurial marketing which identifies the elements of such a model, alongside particular signs of the overlap between scales in the dissimilar areas (Jones & Rowley, 2011).

According to this model, marketing in Small and Medium-sized Enterprises is interlinked with other behaviours and activities within the small business. The new conceptual model states that to understand marketing in Small and Medium-sized Enterprises, it is important to understand its context particularly relative to customer engagement, innovation as well as entrepreneurial approaches to marketing (Jones & Rowley, 2011). For this reason, the selected article has made a substantial contribution to the entrepreneurial marketing concept and has been very enlightening to me.  

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The key themes include entrepreneurial marketing, importance of small businesses to a country’s economy, and entrepreneurial marketing orientation. An acknowledgment of the importance of the interaction between marketing and entrepreneurship has resulted in the proposal of the notion of entrepreneurship marketing. The key messages of this article pertain to further exploration and development of the notion of entrepreneurial marketing.

The authors point out that the concept of entrepreneurial marketing is especially vital to the context of small business (Jones & Rowley, 2011). The authors of this article suggest that the entrepreneurial marketing paradigm has to be advanced to incorporate an approach to marketing which is grounded not just in the knowledge bases of marketing, but also of entrepreneurship, innovation, as well as customer relationships and engagement.

The authors particularly argue for the inclusion of the concept of customer orientation as a separate and distinctive aspect of entrepreneurial marketing instead of this concept being included under market orientation (Jones & Rowley, 2011).       

The argument that Jones and Rowley (2011) make is well balanced since it is objective, reasonable, and sensible. To evaluate their argument in the context of the wider literature, other researchers have been cited adequately and properly throughout the article. In the section of the article titled Reviewing the orientation literature, Rowley and Jones (2011) have summarized and conceptualized previous work on entrepreneurial orientation, customer orientation, market orientation, and innovation orientation scales with respect to Small and Medium-sized Enterprises.

Additionally, the scales which were utilized in informing the elements in the proposed Entrepreneurial Marketing Orientation model are identified and discussed in an exhaustive manner, citing various authors. For instance, they have pointed out that market orientation is recognized extensively as having a positive effect on the performance of businesses (Narver & Slater, 2010; Deshpande, 2010).  As a result of their validity, reliability and robustness, the MARKOR Scale which was developed by Kohli, Jaworski and Kumar (2011) and the Narver and Slater’s (2010) market orientation scale are utilized in the market orientation component of the proposed Entrepreneurial Marketing orientation.

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The notion of customer orientation is considered by some authors as the pillar of marketing (Jaworski & Kohli, 2010). The marketing advantage of a small company is precisely connected to the close correlations between the clients and the entrepreneur unlike in bigger companies in which it is somewhat harder to embed entrepreneurship and a customer orientation into its organizational culture (Zontanos & Anderson, 2010).

The authors of the selected article also point out that investigation of entrepreneurial orientation pertaining to research in Small and Medium-sized Enterprises includes the investigation of technological posture, market focus and entrepreneurial orientation by Salavou and Lioukas (2011). Additionally, Kreiser, Marino & Weaver (2010) suggest that research on entrepreneurial orientation has to include pro-activeness, risk taking, innovation and culture. The scales developed by Matsuno, Mentzer and Özsomer (2011) and the one developed by Knight (2010) are a reflection of the consensus viewpoint of the entrepreneurial orientation literature preferring valid and reliable orientation scales.

Thanks to the strong focus on innovation as an output and not as a firm behaviour, there are few innovation orientation measures to draw upon. The innovation orientation scale developed by Siguaw, Simpson and Enz (2010) is suitable for Jones and Rowley’s entrepreneurial marketing orientation model. Dimensions derived from this scale which are included into Jones and Rowley’s entrepreneurial marketing orientation model are as follows: stimulating, encouraging and sustaining innovation; and overarching knowledge infrastructure (Siguaw, Simpson & Enz, 2010).

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As clearly shown above, the authors that are cited by Jones and Rowley in their article say a lot about scales in the entrepreneurial orientation, customer orientation, market orientation, and innovation orientation.  On the whole, what is important in this article is that the authors have integrated discussion of entrepreneurial marketing activities in Small and Medium-sized Enterprises into the broader conceptual basis and frameworks of the field of small businesses and have also proposed a new model for entrepreneurial marketing orientation.

Conclusion

In conclusion, in practice, this article can help an SME to perform better in that it encourages SMEs to embrace and integrate the themes of entrepreneurial orientation, customer orientation, market orientation, and innovation orientation in the developing paradigm of entrepreneurial marketing. The SME firms should acknowledge that these orientations interact and operate dynamically depending on the market sector, size of the company, as well as development stage.  

References

Deshpande, R. (2010). Developing a Market Orientation. Thousand Oaks CA: SAGE

Jaworski, B. J & Kohli, A. K. (2010). Market orientation: Antecedents and consequences. Journal of Marketing, 57(3): 53–70.

Jones, R., & Rowley, J. (2011). Entrepreneurial marketing in small businesses: A conceptual exploration. International Small Business Journal, 21(1): 25-36

Knight, G. A. (2010). Cross-cultural reliability and validity of a scale to measure firm entrepreneurial orientation. Journal of Business Venturing, 12(3): 213–225.

Kohli, A. K., Jaworski, B. J & Kumar, A. (2011). MARKOR: A measure of market orientation. Journal of Marketing Research, 30(4): 467–477.

Kreiser, P., Marino, L. D & Weaver, K. M (2010). Assessing the psychometric properties of the entrepreneurial scale: A multi-country analysis. Entrepreneurship, Theory and Practice, 26(4): 71–94.

Matsuno, K., Mentzer, J. T & Özsomer, A. (2011). The effects of entrepreneurial proclivity on business performance. Journal of Marketing, 66(3): 18–32.

Narver, J. C & Slater, S. F (2010). The effect of a market orientation on business profitability. Journal of Marketing, 54: 20–35.

Salavou, H & Lioukas, S. (2011). Radical product innovations in SMEs: The dominance of entrepreneurial innovation. Creativity and Innovation Management, 12(2): 94–108.

Siguaw, J. A., Simpson, P. M & Enz, C. A. (2010). Conceptualizing innovation orientation: A scale for study and integration of innovation research. Journal of Product Innovation Management, 23(6): 556–574.

Zontanos, G., & Anderson, A. R. (2012). Relationships, marketing and small business: An exploration of links in theory and practice. Qualitative Market Research: An International Journal, 7(3): 228–236.

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New market entry

New market entry
New market entry

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New market entry

Next plc is a leading British manufacturer and seller of products ranging from clothing, footwear, and other home products. Within the past years, it has realized a very big increase in sales. This is as a result of its massive marketing strategies. Despite this increase in profits, Next plc has not achieved an optimum returns scale. It still needs to come up with a strategy of expansion to increase its markets internationally so as to increase its sales. The main foster behind this is the increased competition from other manufacturers in the same line of business.

However, Next’s operations have faced challenges in the recent past, and it has faced criticism over alleges of breaking consumer protection regulations resulting from customer billings even if the products were returned a week earlier. This report seeks to analyze the market potential of Next plc including its adaptation to entry into international markets. It further identifies possible markets for expansion. As a result of the impressive results, Next plc has resorted to increasing its full prices and impress net sales gain compared to other companies embracing discounting. Its online sales have increased due to the brand and thus, trusted in UK fashion brands.

Macro factors affecting retail markets

The business has less impact itself on these factors and thus, a minimal impact when trying to change them. One of a key factor here affecting Next plc is consumer behavior. These include consumer cultures, lifestyles, norms, population changes and other demographic factors. Given that the company deals in the clothing business, it needs the company to create styles that are appealing to all different cultures.

Contrary to this, the manufacturer may ignore creating a fashion that existed let’s say 100 years ago. A growing population may also demand a different fashion compared to a young population (Fall Diallo, et’ al.,2013). Another macro factor is technology. Next anticipates reaching a large target population through online sales. Unavailability of resources and low demand and production is a derailing factor (Lusch et’ al., 2015).

There could be the scarcity of an essential material such as leather while their highs demand from a certain market. A competitor, for example, Primark clothing, can introduce a product thus shifting demand for the product thus reducing sales at Next plc. It is recommended that massive online marketing is carried out targeting customers.

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Legal and political factors can also impact sales in the retail market. These factors include worker’s rights and laws preventing child labor. The union members within the clothing industry may decide to picket their employers as the case of Primark. This may also affect Next plc. This negatively impacts production and thus a decline in sales. This causes negative publicity because employees may also choose to picket suppliers and customers.

Economic factors also affect the retail market (Russo et’ al.,2012).  They both may bring out positive or negative results. An example is during the economic boom where customers have much income at their disposal hence an increase in sales. However, recessions may bring a negative effect due to the low sales. Consumers normally choose to shop on cheap products and as for Next plc, it sales fashion clothes.

Micro factors affecting retail markets

These factors affect the business operations directly. One of a key factor here is the suppliers. Suppliers play a key role in the success of the business. Their supplies are useful in the production of a final product. Thus, they should be accorded the power to be the sole supplier to prevent counter supplies. A new market may lack certain supplies thus making penetration harder.

The resellers also play a key role in the market. Identifying an effective reseller brings a challenge to the new business (Russo et’ al.,2012). These can be intermediaries in the market and resellers who if their reputation is good, and their net sales will increase due to the good public image. Next plc is planning to expand its markets and achieving this can be facilitated by the use of mock-marketing where resellers are identified, and evaluation of net sales carried out.

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The customers determine the market strategies. International customers should not be treated the same way as local customers. Their reasons for buying Next’s products play a major role in marketing the products. The general public must be satisfied by the product. Any action of the company must be analyzed on how it might affect the public. These results from the fact that the public has the power in helping the company reach its goals. A satisfied public will assist in the marketing of a product (Lusch et’ al., 2015).

Because the targeted marketing strategy is online sales through the internet, the followers of the brand will share the strategy. The competitors are an internal factor impacting the retail market too. An example of the competitors is Primark Company. They sell similar products but have many outlet stores across the world. Therefore, the impact of price and product differentiation should be taken into account so as to outplay the competitors.

Effective market potential evaluation

When evaluating an effective market, several factors need to be put into consideration. One of the approaches used is an approach is to estimate demand in the market. This is normally based on the population size. This can be achieved by predicting the market potential by either population or their purchasing power (Hu, et’ al.,2015). However, a developing economy can change rapidly over time.

The understanding of these new markets requires learning the variation in the structure of the economy and its performance in the past. There could also be changes in the business environment. This can be approached comprehensively thus needed in making a meaningful assessment of the potential of a market now and in the future (Goworek, et’ al.,2012).

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It is recommended that various markets which include China, The United States, Italy, South Africa and Switzerland be considered for expansion. However, changes in recent economic structures should not have caused a tremendous impact on their economic performance (Schneider, et’ al.,2014, January). Spectrum approach to the study of policies can be used and the market opportunities available. Also, their market potential was evaluated describing the specific geographic areas to serve in. The market share revenue of these identified markets are seemingly high and thus expected returns are higher with a leading potential market identified.

Recommended markets

The United States market

The US advantage in per capita output, apparently in the recent years, can be attributed to its large domestic market. Despite the decline in mall traffic in the US clothing sector, it sets up a good market potential for entry. The US’s disposable income and consumer sentiment are increasingly on the rise hence driving in an increased for high-end products carried by international companies. The industry’s growth expectation is to increase in the next five years facilitated by the rise in high-income households. The current players in the market give less of discounts and have not invested much in online sales thus giving Next plc a great go-through.

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Furthermore, the cost of capital that is associated with establishing clothing stores is relatively low, and the only barrier that can reduce entry is brand awareness and competition. The challenge in the US market is that existing players have already established their brand names, and thus Next plc might need to invest their money and time to sway consumers into preceding other products and buying their products as per Odell, J. S. (2014).

The US marketing is cost effective because of the improved technology and thus, minimal time is wasted in marketing the new product. Next plc has a unique blend of fashions for children, women and men. This makes it easy to make shopping within one stall. It is proposed that Next plc opens a store in two states of America. These will act as the supply center to other sub stores and online orders.

There are very few legal requirements for the entry into US market and thus making it less costly for Next plc. The US has an extremely large population that creates a very large market for these goods. The unique blend of fashion from Next plc is sure to win the US market over a short period. It is therefore proposed that the US be chosen for expansion.

China

Despite the harsh climatic conditions of the economy in European countries, the United States, and Africa, China’s economy has been growing over the past few years. By the year 2020, China is expected to be the largest economy in the world. China has a large demography, increased consumer spending and rising incomes. Also, the business environment here is open thus making it attractive for investment. It is proposed that Next plc opens a branch in the main cities of China that are economic blocks.

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With a population that exceeds 1.3 billion people, it presents a good market for cloth, footwear, and household goods. Although China is a leading foreign seller, it mainly deals with machinery products and thus should not be viewed as a hard to enter the market. China’s consumers spend most of their incomes on food and clothing (Hu, et’ al.,2015). This brings in an opportunity to present the fashion by Next plc. China’s regulations do not limit the operation of a clothing business.

It, however, has regulations on industrial and mechanical practices. With the increased Chinese technology, Next’s online sales will be easily accessible. It is proposed that after an entry into the market, a massive online advertisement is carried out. The investment in tier towns of China will facilitate this.

The Chinese government is focused on rapid economic growth, and the presence of a gap in the clothing sector presents an opportunity to Next Plc to carry out business. The huge population will present a good market. It is proposed that a trial store is opened in one of the tier cities of China. The expansion plan will start from one of these cities before expanding the business to other parts of the country.

Justified market entry strategies

When entering the proposed international markets, it is proposed that Next plc uses a variety of entry strategies. Direct entry strategies can be adopted whereby the products are sold directly to the buyers in the target markets. Achievement of this can be through the use of local sales distributors or representatives who may choose to sell the products by not taking the title to the merchandise.

Indirect strategies involve the use of intermediaries such as trading companies or trade agents. They will in turn be paid in commission. This strategy is most applicable where the agent has a clear knowledge of the market due to its complexity (Johnson, et’ al.,2013). The agents will be required to gather market information and provide any promotional advice to Next Plc. This will simplify the entry and the risks associated with exporting.

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An overseas company can also be selected to own permission of sales through licensing. This can be through patents, designs, and brand names. This helps reduce the appearance of Next’s products on the black market. Next plc can also come up with strategic alliances with an international business dealing with the same line of business. It is proposed that the strategic alliance is carried out for a short period until it is fully adapted to the new market. Also, joint ventures can play a key role.

A business with the same objectives is chosen to enhance easy expansion and make it possible to enter a complex market like the Chinese market. A wholly owned subsidiary can be opened in the proposed markets as per Majaro, S. (2013). It will be controlled directly by the mother company through foreign direct investment. A new investment store can be purchased or rented in the new country. However, the cost can be higher because of the substantial costs involved.

Export processing zones can work well in some markets. It is proposed that it will form an investment incentive while creating employment thus, transfers of skills. This provides a base for transfer of skills thus providing a line for transfer of goods in and out of a country as per De Mooij, M. (2013). These market entry strategies need to be weighted so as to come up with alternatives that will best suit Next plc. Every approach should pay attention to marketing, the risks involved and the control and management available. A matrix of the entry strategy can be drawn so as to choose the best approach

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Adaptation of Next’s marketing mixes to the new markets

In the face of the increasing importance of an international market for many businesses to survive and increase profitability, several factors such as economies of scale and competitive strike are key areas of concern. The marketing mix concept is a key area of concern in international marketing and penetration (Cavusgil, et’ al.,2014). This helps the Next plc’s products to adapt and suit the country they are carrying out their business. Having had a thorough understanding of the global markets, the promotion strategies need to be defined and analyzed if a change is needed. Next plc is adapted to the new market in its marketing mix as illustrated below.

Product support: Next plc has a good product support and helpline for assisting its customers. This helps in critical areas like product sourcing. The company’s existing products match the markets due to their new product development. Next plc has a product testing and management department where products are tested to match the international markets. The unique labeling, packaging, and production control put Next plc at a forefront.

Price support: prices from a key factor because most of the competing businesses depend on it to win customers. Next plc has well-established prices to suit all classes of customers. Discounts should be given to loyal customers in the new market. The price lists are nearly constant thus improving customer trust. The customers and agents are provided with training on the use of products thus easy penetration to a new market.

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Promotion/selling support: Next plc has invested on promotional strategies making new market entry easy. Through their sophisticated advertising machinery and sales force, the company can reach out to the targeted customers in the new market over a short period. Product promotion helps the product gain knowledge from the new customers. New markets such as China require massive advertisement.

Inventory support: Next plc has a well-established inventory control system. Inventory management forms the basis for controlling the level of production of the company. The large number of stores and warehouses of Next plc gives it a nice stand. The supply procedure is easy, and one can make online orders.

Distribution support: Next plc provides distribution support to its customers through various ways. There is fund provision to agents and orders are also processed within a short time. This means that order delivery is timely thus winning the customers in the new market. There are a fast export preparation and documentation. It also provides insurance to a product purchased by a customer that is rare among competitors.

Service support: Next plc provides a range of services to its customers. The services that will contribute to easy entry to the market vary depending on customer needs. Next plc processes quote within a short time. After-sales service is offered to customers, which is a rare ingredient between many competitors. There are guarantees and warranties that cover any sales thus improving customer trust. Next plc always publishes sales reports and catalogs to be distributed citing the good performance of the company. This helps in publicity and improving the company image.

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Therefore, before designing any international marketing mix of the business, Next plc should design an analysis of every country they would like to open or start the business. This helps in determining the items that are to be included in the marketing mix. The ones to be standardized and those to be adjusted to suit local needs are analyzed. Every country may need its different marketing mix.

It is, therefore, proposed that Next plc used both online presences for marketing in the new markets and built a store or stores for presence. This helps facilitates the process of supply of goods to the customers. Next plc can achieve its projected anticipated increase in their profits and market if they adopt this report. It is proposed that some parts of this report may need amendments over time.

However, it is upon the management to consider following the guidelines herein. The SWOT analysis of Next plc puts it in a greater position of becoming a leading clothes seller both locally and in the global market. It is proposed that due to Next plc’s market potential, it will easily adapt to the new business and expect less competition. The sales procedure and the marketing plus supply affectivity of Next plc will help in winning large international markets. The customers can make purchase and payments online with instant delivery.

Bibliography

Lusch, R. F., Serpkenci, R. R., & Orvis, B. T. (2015). Determinants of retail store performance: a partial examination of selected elements of retailer conduct. In Proceedings of the 1995 World Marketing Congress (pp. 495-504). Springer International Publishing.

Russo Spena, T., Caridà, A., Colurcio, M., & Melia, M. (2012). Store experience and co-creation: the case of temporary shop. International Journal of Retail & Distribution Management40(1), 21-40.

Fall Diallo, M., Chandon, J. L., Cliquet, G., & Philippe, J. (2013). Factors influencing consumer behaviour towards store brands: evidence from the French marketInternational Journal of Retail & Distribution Management41(6), 422-441.

Goworek, H., Fisher, T., Cooper, T., Woodward, S., & Hiller, A. (2012). The sustainable clothing market: an evaluation of potential strategies for UK retailers. International Journal of Retail & Distribution Management40(12), 935-955.

Hu, H., & Jasper, C. (2015). A Revisit of Theoretic Model of Store Image Formation and its Application in Chinese Consumers. In Revolution in Marketing: Market Driving Changes (pp. 125-125). Springer International Publishing.

Schneider, S., Seifert, F., & Sunyaev, A. (2014, January). Market Potential Analysis and Branch Network Planning: Application in a German Retail Bank. InSystem Sciences (HICSS), 2014 47th Hawaii International Conference on (pp. 1122-1131). IEEE.

Johnson, G., Whittington, R., Angwin, D., Regner, P., Scholes, K., & Pyle, S. (2013). Exploring strategy: text and cases. Pearson.

Odell, J. S. (2014). US international monetary policy: Markets, power, and ideas as sources of change. Princeton University Press.

Majaro, S. (2013). International Marketing (RLE International Business): A Strategic Approach to World Markets. Routledge.

Cavusgil, S. T., Knight, G., Riesenberger, J. R., Rammal, H. G., & Rose, E. L. (2014). International business. Pearson Australia.

De Mooij, M. (2013). Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Barrett, H., & Weinstein, A. (2015). Corporate entrepreneurship, the marketing mix, and business performance. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 144-150). Springer International Publishing.

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Business and Marketing Personal Statement

Business and Marketing Personal Statement
Business and Marketing Personal Statement

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Business and Marketing Personal Statement Admission Essay

INSTRUCTIONS:

How do you hope to see your career developing over the next five years? Which a turning point in your life — an accomplishment, event, or other critical moments – that helped you understand yourself and in what ways do you hope to inspire change and create lasting value?

All of us go through regular cycles in our careers. A career Turning Point is a time in our lives when we are looking for new direction. A Turning Point typically shows up about every 7 to 10 years of adult life between ages 18 and 85. These are critical times in your life where big decisions could lead to big change, both in work and in life.

The hallmarks of a Turning Point are reflection, asking yourself questions about your current level of enjoyment, or wondering about other options. A Turning Point can feel like a crisis whether or not it is precipitated by a specific event.

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Soybean International Trade Essay

Soybean Marketing in the UK
Soybean Marketing in the UK

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Soybean International Trade

Soybean and soyfoods are widely marketed in the United Kingdom. The United Kingdom is ranked as the leading exporter of soy food and product (Kwon, 2007, p. 71). The country has maintained the products’ economic and market value, thus increasing consumer interest and market value each year. This has influenced the level of consumption and production of the product all over the United Kingdom. To identify the stability of the soy market in the UK, it can be analyzed through the folloing marketing mix elements

Pricing

The pricing value of a product is an essential element of the marketing mix. This significanly affected the availability of the product in the market. Soybean is highly dependent on the market pricing value in the United Kingdom. The pricing for soya beans has been different in the UK depending on the quality and the maturity of the soybean. The quality of soy also influences its market value.

Tesco Soya beans for example have a high pricing value to indicate their quality in the market. The pricing of soy is strategic at influencing its worth in the UK market. During peak harvest, the pricing is set to drop and shoot during low harvest in the market (Hospes, 2014, 425).

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Place

The location or place also influences the market allocation of soya bean in the United Kingdom. Most soy product in the UK is exported to the United States and Canada as the primary target location. The location is influential in determining the target consumer and the region of sale. The UK has specific market locations for their for soy products. Statistically, UK has increased their soy export position to countries like Chile, developing new market ground for their product and increasing the sale and marketing of soybeans and products (Tomei et al., 2010, p. 301). 

Soy products are also marketed in locations where consumers are keen on maintaining a healthy lifestyle. Such avenues offers a ready market for the soy products in the United Kingdom. This is strategic at increasing the market value of the soy product and different strategic locations in the UK.

Reference List

Hospes, O. 2014, “Marking the success or end of global multi-stakeholder governance? The rise of national sustainability standards in Indonesia and Brazil for palm oil and soy”, Agriculture and Human Values, vol. 31, no. 3, pp. 425-437. Retrieved from http://search.proquest.com/business/docview/1552558916/F781D78E2C0D4CD6PQ/16?accountid=45049

http://search.proquest.com/business/docview/203708399/F781D78E2C0D4CD6PQ/11?accountid=45049

Jarvis, L. 2002, “Soy isoflavones set to blossom as consumer interest grows”, Chemical Market Reporter, vol. 262, no. 8, pp. 12-14. Retrieved from http://search.proquest.com/business/docview/194749025/742DDE9E412947B7PQ/4?accountid=45049

Kwon, N. 2007, “Super Soy!”, Canadian Grocer, vol. 121, no. 6, pp. 71-71,73,75. Retrieved from http://search.proquest.com/business/docview/222850267/742DDE9E412947B7PQ/7?accountid=45049 Tomei, J., Semino, S., Paul, H., Joensen, L., Monti, M. & Jelsøe, E. 2010, “Soy production and certification: the case of Argentinean soy-based biodiesel”, Mitigation and Adaptation Strategies for Global Change, vol. 15, no. 4, pp. 371-394.

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Factors Influencing Youth Consumers on everyday Purchases

Factors Influencing Youth Consumers
Factors Influencing Youth Consumers

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Factors Influencing Youth Consumers on everyday Purchases

Abstract

There exist various factors that influence how youth consumers make their daily purchases. It is good practice for organizations and firms to understand the trends of its customers so as to ensure that they perform their businesses in ways that will attract customers. The main objectives of this research are to find out the behavior expressed by the youth when buying products. It examines the attitude of the youth toward certain brands, products, and how they determine their purchasing tendency.

Additionally, the survey finds out the impact of cultural and social backgrounds on consumer choices. Other factors that are examined include the impact of quality of product, pricing, peer influence, consumer knowledge, promotions, advertisements, and product delivery on youths’ buying behavior. Also, this research aims at studying the effects of necessity and interests on the purchasing behavior of the youth (Solomon et al., 2012). It further seeks to find out the effects of culture and social set ups on the buying behaviors of the youth.

The study employed a descriptive research design. The study population involved 70 youths. The study was conducted online whereby a survey monkey tool was used. Structured questionnaires were used to collect data and Microsoft Excel used to analyze quantitative data and table tabulations were done.

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The findings of the valid responses from the research indicated that there are differences in the choice of brands, fashions, and hobbies in making purchases among the social classes with the lower class not observant of these factors. The highest income earners do their shopping in reputable markets and large malls while lower income earners do shop in the local markets and partly supermarkets (Holmes et al., 2013). Social media and televisions are the major sites for obtaining information more frequently about the products. Availability and durability of products plus easy access to the shopping points makes it easier to be purchased among the youth.

In conclusion, the income and social class of an individual affect his/her consumption decisions. Parenting also affects consumer behavior because the parents influence the youth while buying products. Culture and beliefs are also other determinant factors because the youth can regard some products to be related to old age (Atkinson & Rosenthal 2014). The curiosity of using a trending product can also affect the youth in most occasions while carrying out purchases.

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Keywords: Consumer decisions, products, purchases, markets.

Bibliography

Solomon, M., Russell-Bennett, R. and Previte, J., 2012. Consumer behaviour. Pearson Higher Education AU.

Holmes, A., Byrne, A. and Rowley, J., 2013. Mobile shopping behaviour: insights into attitudes, shopping process involvement and location.International Journal of Retail & Distribution Management42(1), pp.25-39.

Atkinson, L. and Rosenthal, S., 2014. Signaling the green sell: the influence of eco-label source, argument specificity, and product involvement on consumer trust. Journal of Advertising43(1), pp.33-45.

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Soy Product Marketing in the UK

Soy Product Marketing in the UK
Soy Product Marketing in the UK

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Soy Product Marketing in the UK

Soybean and soyfoods are widely marketed in the United Kingdom. The United Kingdom is ranked as the leading exporter of soy food and product (Kwon, 2007, p. 71). The country has maintained the products’ economic and market value, thus increasing consumer interest and market value each year. This has influenced the level of consumption and production of the product all over the United Kingdom. To identify the stability of the soy market in the UK, it can be analyzed through the folloing marketing mix elements

Pricing

The pricing value of a product is an essential element of the marketing mix. This significanly affected the availability of the product in the market. Soybean is highly dependent on the market pricing value in the United Kingdom. The pricing for soya beans has been different in the UK depending on the quality and the maturity of the soybean. The quality of soy also influences its market value.

Tesco Soya beans for example have a high pricing value to indicate their quality in the market. The pricing of soy is strategic at influencing its worth in the UK market. During peak harvest, the pricing is set to drop and shoot during low harvest in the market (Hospes, 2014, 425).

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Place

The location or place also influences the market allocation of soya bean in the United Kingdom. Most soy product in the UK is exported to the United States and Canada as the primary target location. The location is influential in determining the target consumer and the region of sale. The UK has specific market locations for their for soy products. Statistically, UK has increased their soy export position to countries like Chile, developing new market ground for their product and increasing the sale and marketing of soybeans and products (Tomei et al., 2010, p. 301). 

Soy products are also marketed in locations where consumers are keen on maintaining a healthy lifestyle. Such avenues offers a ready market for the soy products in the United Kingdom. This is strategic at increasing the market value of the soy product and different strategic locations in the UK.

Reference List

Hospes, O. 2014, “Marking the success or end of global multi-stakeholder governance? The rise of national sustainability standards in Indonesia and Brazil for palm oil and soy”, Agriculture and Human Values, vol. 31, no. 3, pp. 425-437. Retrieved from http://search.proquest.com/business/docview/1552558916/F781D78E2C0D4CD6PQ/16?accountid=45049

http://search.proquest.com/business/docview/203708399/F781D78E2C0D4CD6PQ/11?accountid=45049

Jarvis, L. 2002, “Soy isoflavones set to blossom as consumer interest grows”, Chemical Market Reporter, vol. 262, no. 8, pp. 12-14. Retrieved from http://search.proquest.com/business/docview/194749025/742DDE9E412947B7PQ/4?accountid=45049

Kwon, N. 2007, “Super Soy!”, Canadian Grocer, vol. 121, no. 6, pp. 71-71,73,75. Retrieved from http://search.proquest.com/business/docview/222850267/742DDE9E412947B7PQ/7?accountid=45049 Tomei, J., Semino, S., Paul, H., Joensen, L., Monti, M. & Jelsøe, E. 2010, “Soy production and certification: the case of Argentinean soy-based biodiesel”, Mitigation and Adaptation Strategies for Global Change, vol. 15, no. 4, pp. 371-394.

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