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Digital Marketing Management
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“The essence of a customer driven marketing strategy is based on four major factors,namely market segmentation targeting, product differentiation and positioning.”
Discuss, with the use of relevant examples, how businesses may implement customer driven marketing strategy through managing the above four factors in the digital world. Please justify your answer using valid reasoning underpinned by academic sources and personal/professional experience (if any). Give real life examples
Digital Marketing Management
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Digital Marketing Management
Digital marketing has become part of the business operation in the current dynamic world. The evolution of technology has made the implementation of marketing strategy easier since the marketers can now focus on four major factors to promote awareness of their products globally especially by focusing on the customer needs. The factors considered in digital marketing management include; market segmentation, targeting, product differentiation and positioning.
This paper will mainly analyse the various ways in which these four critical aspects of marketing can be implemented through an informed customer driven marketing strategy so as to promote the business in the digital world (Royle, 2014).
Understanding the customers and their needs are critical in implementing the digital marketing strategy. This develops the first factor which is market segmentation. This aspect mainly deals with dividing up a broad market into various groups based on various characteristics so as to ensure the customers are able to access what they need. Customers are different and they have different tastes and preferences.
Their locations and age can also be different as well and thus the need to segment the market so as to promote marketing. Market segmentation therefore helps in diving up the market so as to understand the needs of the customer and be in a position to meet their different needs (Rossberger, et al 2017).
Segmenting the market based on the geographical location of the client is important. This is because; the marketers can be able to provide goods and services needed in one location that may have a different demand in the other region. This type of segmentation focuses on nations, cities, provinces or even districts based on the size and market share of the business.
People located in different places may value products differently for instance, a commodity like a car may be considered to be a necessity within the United Kingdom but a luxury in other places such as Africa. Segmenting the market based on the geographical location will enable the marketer understand the specific needs and requirements in a certain location and thus meet the customer expectations. This is very important, especially in this digital era whereby marketing has gone global due to the use of the internet in marketing (Gibler,et al 2014).
The second type of segmentation is known as demographic segmentation. This is one of the most common forms of segmentation that applies to various businesses. Markets are divided into various groups for instance based on age, gender, income levels, religion, level of education and ethnicity among other factors. It is easier to segment markets based on demographics when it comes to digital marketing (Ananda, 2014).
The implementation of the marketing strategy can be done with ease as the demographics, for instance, can be used by the customers to search the products they need on various online platforms used by marketers to advertise. Taking an example of age, the customer can be able to filter out the clothes being advertised online and select those that meet personal tastes and preferences.
Similarly, a customer can be able to filter out the male products with easy and select from a variety. This makes the process of marketing easier for both the customer and the marketer. Other aspects such as religion and income levels can also be used in the same manner and thus contribute to ease implementation of digital marketing (Daniel, et al 2015).
Market segmentation can also be based on the customer behaviour. This is whereby, the market is divided and classified into various segments based on the actual behaviour of a person for instance on the previous buying rates, user status, the brand loyalty portrayed over time, the attitude towards the products, readiness to buy as well as the occasions of buying. Understanding this concept is critical to a marketer when it comes to digital marketing. This is because, the marketer will be in a position to classify the market on similar behaviours of the customers and thus convincing them to buy will be made easier (Tu, et al 2017).
Customers have different, unique behaviours and thus classifying them, for instance based on their previous rates of purchase, the marketer can predict the likely potential of sales that will be made and thus the appropriate advertising strategies can be put in place through the online platforms.
Taking an example of previous customers with a strong brand loyalty towards Samsung phones, for instance, segmentation will help in ensuring that the customers are well informed of the new products in the market and thus less aggressive methods of advertising will be applied in this case compared to the new customers in the market, who may have never bought Samsung products before or those who have low levels of brand loyalty towards Samsung products (Shi,et al 2015).
Psychological segmentation is the last concept under this factor. Customers can be segmented based on their interests and opinions which make up their lifestyle. Marketers need to understand the lifestyle of the customers so as to be aware if their needs and changes in demand from time to time. The clothing industry for instance is one of the best when it comes to using segmentation based on the psychological behaviour of the customers.
Some customers need to buy clothes from particular suppliers and they always look forward to new products in the market for such sellers thus an opportunity for one to utilize the chance, so as to promote the sale of such products. Understanding the shifts in demand, especially in the fashion industry can help a marketer promote the marketing strategy in place by balancing out the various methods of segmentation (Lanz, 2015)…..
Digital Marketing Management
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Product Management and Situation Analysis
This Case Assignment focuses on Volkswagen’s emissions scandal and related brand management and business ethics issues.
Product Management and Situation Analysis
Case Reading
A mucky business; the volkswagen scandal. (2015, Sep 26). The Economist, 416, 23-25.
Boston, W., & Houston-Waesch, M. (2015, Oct 15). Volkswagen suspends another top engineer; berlin orders recall; transport minister says recall of tainted diesel cars is mandatory. Wall Street Journal (Online).
Danny, Hakim, Kessler, A. M., & Ewing, J. (2015, Sep 27). As VW pushed to be no. 1, ambitions fueled a scandal. New York Times. De Cremer, D., & de Bettignies, H. (2013). PRAGMATIC BUSINESS ETHICS. Business Strategy Review, 24(2), 64-67.
Here are some articles on brand equity and brand management.
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1-22.
Helm, S., & Tolsdorf, J. (2013). How does corporate reputation affect customer loyalty in a corporate crisis? Journal of Contingencies & Crisis Management, 21 (3), p144-152.
Product Management and Situation Analysis
PROMOTION MANAGEMENT & SWOT ANALYSIS
Here is the brief overview of this cumulative Session Long Project (SLP). In this research project, you would work as a marketing consultant to develop a feasible marketing plan for your client. You would conduct both secondary research in SLP1 and SLP2 to glean the necessary information for your marketing plan in SLP3 and SLP4.
It is important to conduct quality market research on your focal product/company in order to develop realistic and workable marketing plans. Generally speaking, there are two types of research. One is secondary research, which refers to data collection using existing sources, and the other is primary research, which is your own data collection for the specific study at hand. The purpose of market research is to collect usable information to make more informed decisions on the business problem, thus increasing the chance of business success in the marketplace.
The final format for this cumulative session long project;
A list of topics for the whole project;
The continuity and connections among SLPs 1-4.
In this module SLP 2, conduct SWOT analysis for your charge based on the situation analysis in SLP1. This is the second step of this cumulative research project. Be sure to revise the sections in SLP1 and include them in this paper following the marketing plan outline provided above.
Product Management and Situation Analysis
SWOT Analysis
A thorough situation analysis in the Module 1 SLP is the foundation for a SWOT analysis. Develop statements of the company’s internal strengths and weaknesses, and external opportunities and threats. If there is any question as to whether a fact or issue is external (these lead to opportunity and threat statements) or internal (these lead to strength and weakness statements), ask this key question, “Would this issue exist if the company did not exist?” If the answer is yes, then the issue should be classified as external.
Note: Remember that alternative marketing strategies and tactics are not opportunities. Opportunities and threats exist independently of the firm. Strategies and tactics are what the firm intends to do about its opportunities and threats relative to its own strengths and weaknesses.
The SWOT will play a critical role (along with an in-depth understanding of target market needs/preferences and competition) in the development of goals, objectives, and marketing strategies and programs. Key strengths need to be matched to opportunities and converted to capabilities that help serve customer needs better and lead to competitive advantage.
Goals, strategies, and program ideas stem from an attempt to convert weaknesses into strengths and threats into opportunities. Some alternatives will also come from thinking about how to minimize the repercussions of weaknesses and threats that cannot be converted, and/or how to avoid them altogether. Follow the instructions below to identify strengths, weakness, opportunities, and threats.
Product Management and Situation Analysis
A. Strengths and Weaknesses (Internal)
Think about internal conditions; those things that management has some control over that are relevant to future success and effectiveness. The task is to identify internal strengths, which must be taken into consideration as management plans for the future.
Remember, a strength is any internal characteristic that improves effectiveness. Look for factors that help the company improve positioning in the marketplace, enhance financial performance, and most importantly, fight off threats and take advantage of opportunities in the external environment.
A weakness is any internal characteristic that limits effectiveness, performance, and the ability to accomplish objectives, meet threats, and take advantage of opportunities.
It is also important to point out that a particular fact about the internal environment may have a weakness and a strength dimension. For example, we might say that the company’s technical skills are of the highest quality and this is a strength, but since these skills are possessed by only a few employees, it is also a weakness in that we need more people with such skills and would be hurt if a few key people left the company.
Using the following 16 internal factors to stimulate your thinking, list all of the company strengths you can think of for each category. Then review the same list of 16 internal factors and develop a list of company weaknesses. (You may not have access to all of the information below, but try your best to identify at least five of them for your project).
Product Management and Situation Analysis
Internal Factors
The following categories of internal factors are commonly used to generate a list of specific company strengths and weaknesses. This list is to be used to stimulate your thinking about internal strengths and weaknesses.
Management leadership/capabilities.
Organization structure and management systems.
Facilities, equipment, and materials.
Technical skills and expertise.
Dedication, morale, and motivation of employees.
Capacity to meet demand—production capacity, including excess available for growing demand.
Marketing effectiveness/efficiency—advertising, personal selling, public relations, products/services, prices, distribution, marketing research and planning, customer service, warranties, sales support, sales promotion, etc.
Ability to deliver what the market wants.
Ability to deliver in a timely manner.
Image and reputation as perceived by customers and within the industry.
Customer (and potential customer) perception—likes, dislikes, and perceptions of service, quality, etc.
Financial performance—sales, market share, customer satisfaction/loyalty, and profits.
Financial situation—availability of capital, internal funding, financial stability, etc.
Cost of operations—high cost vs. low cost, rising costs, costs compared to competition (manufacturing, distribution, etc.)
Geographic location(s).
Other relevant competencies/resources that translate into strengths that have not been mentioned. Also, any weaknesses we have missed related to a lack of competencies and/or resources that are needed in the future.
Product Management and Situation Analysis
B. Opportunities and Threats (External)
Think about the most significant trends in the organization’s external environment that will have an impact on future success. The challenge is to identify relevant opportunities and threats outside management’s control that must be taken into consideration during the planning process. You will need to list and describe the factors/issues forming industry trends that may influence future efforts one way or the other, either as a positive force (opportunity) or as a barrier (threat).
An opportunity is the result of some trend or fact in the external environment that represents a marketplace and/or financial performance advantage. It may indicate a new direction, product or service, and/or resource requirement for the company. It represents an attractive arena for marketing action in which the company would enjoy a competitive advantage.
A threat is the result of some trend or fact in the external environment that represents an area of concern for management. It represents a challenge posed by an unfavorable trend or development that would lead, in the absence of effective marketing action, to the erosion of the company’s or industry’s position. A threat may:
Directly or indirectly affect the business.
Indicate an area to be avoided.
Demand a strategic response.
Represent an opportunity if responded to properly.
It should be pointed out that a particular trend in the external environment (for example, mergers/acquisitions, technological advancements, and/or a recent change in the way competitors operate and what they are offering the market) can imply both a threat and an opportunity. Sometimes in strategic planning we say that behind each threat (or problem) lies an opportunity.
Or an optimist in strategic planning will look at threats and try to turn them into opportunities. Thus, it should be remembered that if management can adapt properly to a threat (such as mergers and acquisitions), this trend may be viewed as an opportunity as well as a threat.
Review the following 13 categories of external environmental trend factors and list the trends or issues that are relevant to the company and industry. Then translate each factor identified into a specific opportunity and/or threat statement. That is, what are the implications of each environmental trend or issue outside the company in terms of specific opportunities and/or threats? (You may not have access to all the information below, but try your best to identify at least five of them for your project).
Product Management and Situation Analysis
External Environmental Trend Factors
The following categories of external environmental trend factors are commonly considered in the planning process. They are used to develop a specific list of company opportunities and threats. This list is to be used to stimulate your thinking about opportunities and threats in the external environment.
Mergers and acquisitions—(e.g., among customers, potential customers, suppliers, competitors, and/or within the industry).
Competitive trends—specific competitive strategies and programs, or recent changes such as lower prices or new products.
Economic trends—forces and changes in the economy such as inflation, interest rates, recession.
Market/industry trends—size of firm related to industry, financial performance of the industry compared with the firm, size/growth rate of current and future potential market characteristics and trends in markets and industry.
Customer and potential customer attitudes—preferences, expectations, problems, wants, needs, etc. What changes are anticipated?
Legal trends—government regulations and policies.
Societal/lifestyle trends—changes in people’s values, attitudes, and activities.
10. New products/services—on the market.
11. Supply sources.
12. Declining or increasing productivity—in the industry or economy.
13. Other industry trends not previous mentioned that are relevant to the future.
Product Management and Situation Analysis
Based on the detailed discussion of strengths, weaknesses, opportunities, and threats, use SWOT tables for the SWOT analysis. In other words, first state the facts based on your research, and then summarize the findings in a SWOT table. Note the examples below and follow the “best statements” to describe the strengths, weaknesses, opportunities and threats for your company and charge in SWOT table(s).
Examples
Not Useful Statement
Better Statement
Best Statement
Internal Strengths
Customer loyalty/brand image
We have a strong brand image.
We have a 42% market share and our brand is known worldwide.
Our global market share has grown from 25% to 42% over the past four years. Independent surveys show our quality and image is rated No. 1 in our industry in the U.S. and Asia and No. 2 in Europe behind XYZ.
Sales/ Distribution
Our distribution is the best in the industry.
Our product is available in more locations than our competitors’.
Our extensive distribution network provides product within 10 miles of the home or work location of 95% of our target market. Our competitors only achieve this level for 40%-65% of the market.
Internal Weaknesses
Product cost
Our costs are high.
Our major competitors, ABC and XYZ, produce in China for less cost.
Our labor costs average $40/unit (in Detroit) vs. $12/unit for our competitors (in China). With product market prices of $120/unit we barely break even.
Product Life
We have product problems.
Our product life is less than the competition.
Typically, our product fails after one year. Our major competitor’s product lasts 2-3 years. Customers are willing to pay 50% more for our competitors’ product.
External Opportunities
Alternative Distribution College Campus
We can leverage new distribution channels.
Internet could be used to increase sales to college students.
Direct Sales (via campus Intranet) and on-campus kiosks would more than double our coverage of our targeted Generation Y market.
Export Growth via Strategic Alliances
Export markets can help us grow.
Europe and Asia provide good opportunities to grow by partnering.
Strategic alliances with ABC in Europe and XYZ in Asia would allow us to double international sales in two years.
External Threats
Substitutes
Substitutes are a threat.
ABC’s new sugar-free sweetener may hurt us.
In six months, ABC’s sugar-free sweetener has achieved 20% market share. Its share is expected to grow to 40% by next year.
Mergers
Competitor mergers could hurt us.
Competitor XYZ is expected to acquire ABC.
If XYZ acquires ABC, it will dominate the distribution network and limit our access.
Check the following link for some exercises to better understand SWOT elements.
Use the following outline to organize your paper. Note that the letters “a, b, c…” and the numbers “i, ii, iii, iv…” below are used to show the major issues you need to include in your paper, but should not be used to format your paper.
III. SWOT Analysis (3-6 pages)
Strengths and Weaknesses (Internal)
Strengths
Weaknesses
Opportunities and Threats (External)
Opportunities
Threats
SWOT Table
Note: Use double-spaced, black Verdana or Times Roman font in 12 pt. type size. Include a title page and references. Revise your Module 1 SLP based on the feedback from your professor and your additional research, and include the Module 1 SLP in the Module 2 SLP.
Explain clearly and logically the facts about your company and charge, and use the required reading to support your positions on the issues. Do not repeat or quote definitions. Your use of the required reading to support your opinions (that is, contentions or positions) should demonstrate that you understand the concepts presented.
Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
Academic papers at the master’s level should include citations and references. Look at different sources, especially credible and reputable resources such as The New York Times, The Wall Street Journal, Businessweek, and The Economist, to find the information for your paper. Also use Trident University’s online library databases such as ProQuest and EBSCO to find the information for your project. Your discussion on each topic should be a synthesis of the different sources. Taking shortcuts on the number and quality of your sources will result in a poor-quality marketing plan that will be of no use to your client.
Also, it is important that you reference your sources throughout the text of your marketing plan. Take the following paragraph as an example:
“As a result, telephone interviewers often do not even get a chance to explain that they are conducting a survey (Council for Marketing and Opinion Research, 2003), and response rates have steadily declined (Keeter et al., 2000) to reported lows of 7% (Council for Marketing and Opinion Research, 2003). This decrease presents a problem because not only does it increase the cost of conducting telephone surveys, but it also leads to questions concerning the generalizability of the results (Struebbe, Kernan & Grogan, 1986; Tuckel & O’Neill, 2002).”
There are different citation and reference formats such as APA, MLA, or Chicago. No matter which format you adopt for your marketing plan, make it consistent throughout the plan.
Also note: The marketing plan should use third person business writing. Avoid “we,” “our,” and “you.” Do not use contractions in business writing.
Product Management and Situation Analysis
Here are some guidelines on how to conduct information search and build critical thinking skills.
Your paper consists of arguments in favor of your opinions or positions on the issues addressed by the guidelines; therefore, avoid the following logical fallacies:
Your SLP should not simply be a list of facts. Take the facts you find about the company, the charge, and the environments that the company faces, and explain how you think those facts will affect the financial future of the product or brand in your charge. The emphasis in grading your paper will be on the breadth and depth of your discussion of each topic, critical thinking, the clarity of your discussion, and the proper organization of the paper.
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Product Management and Situation Analysis Essay
Promotion Management
Extensive market research is crucial to acquire pertinent information on the client company. Such information is useful in the creation of a situational analysis, which then enables the development of a SWOT analysis for the company. Ultimately, in order to conduct effective promotion management through a feasible marketing plan, there has to be an effective analysis of the internal and external factors affecting the firm. The section below outlines such factors affecting Apple Inc.
SWOT Analysis
Strengths and Weaknesses (Internal)
Strengths. Apple Inc. possesses a number of essential internal factors that fit into the category of strengths. These factors represent things inside the company that management has some level of control over, and which improve the effectiveness of the company.
Impressive brand reputation. The listing of Apple Inc. as the most valuable brand in the world presents an image of the reputation the company enjoys across the globe. Owing to such stellar valuations, as well as the global knowledge about the brand, Apple Inc. is in a strong position to control various aspects that hinge upon such an impressive reputation (Reuters, 2018). For example, the company may launch a new product and it will instantly gain global recognition and attention owing to the relation with the Apple brand. The management may make use of such reputation to develop a far-reaching marketing plan or incorporate cutting edge and risky incentives that other corporates may not attempt.
Strong financial performance. Apple Inc. is currently among the top most profitable firms in the world. The high levels of revenues combined with an increase year on year cash flow and a healthy profit margin provide for a financially strong firm. Apple Inc. has a vast reserve of cash and cash equivalent assets. This provides a key strength for the firm by way of availing extensive financial assets (Jurevicius, 2017; Securities and Exchange Commission, 2017). Such assets prove useful in growing the company through funding of research and development initiatives, acquisition and mergers, and development of impactful advertising and marketing campaigns.
Excellent business and design skills. A key element in Apple Inc.’s management is the stellar ability to design beautiful and usable products and to manage such a business behemoth efficiently. Such skills provide an advantage over their competitors who may not have the capacity to produce great products and at the same time manage the business aspect of the company effectively. These factors provide a competitive advantage over other firms that do not have such human resource assets.
Advertising and marketing abilities. Apple Inc.’s marketing and advertising campaigns are among the most impactful and with a high return on investment. Given the financial and human resources at their disposal, the company is able to budget for high impact campaigns. With the right workforce in place, the company is able to manage the marketing budget efficiently in comparison to competitors such as Samsung who use a larger share of their revenue, with a much lower brand recognition (Jurevicius, 2017).
A Loyal fan base and extensive distribution channels. Another strength for Apple Inc. is the loyal following it enjoys. With such a strong followership, the company is assured of constant growth in the sales of its products. In addition, the extensive direct and indirect distribution networks across the globe serve to ensure the customers are always within reach of the products they require.
Weaknesses. The weaknesses of Apple Inc. refer to the internal factors that limit the effectiveness of the company to perform efficiently, accomplish the various objectives, neutralize threats, and take advantage of the various available opportunities.
High pricing. A key element behind the loss of numerous potential customers for Apple is the high price tag for its products. While the premium pricing attracts customers with the ability to spend high amounts, it locks out millions of customers who could also boost the company’s revenue stream due to the large numbers that could translate to large volumes in terms of sales.
Incompatibility with other devices and operating systems. A major weakness of the products from Apple Inc. is that they are incompatible with third-party accessories, as well as other operating systems. Users and analysts have coined the term “Apple world” to refer to the use of products, software, accessories and services by Apple or its partners. Such a tight control over usage limits the number of people who purchase the products for lack of other required devices or failure to integrate with their existing ones.
Product Management and Situation Analysis
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Cross-Cultural Marketing
Choose a topic from the wide area of cross-cultural marketing. Find and critically evaluate an article on cross-cultural marketing; please ensure that this is from a peer-reviewed journal. The topic could either be from an area that is of personal interest to you (e. g. something regarding your own company or your home country) or it could be some contemporary issue.
Find at least one business example for this topic. For example, you could choose an article proposing a model to analyse a possible target market. Your business example would then be a company which entered a new market. The critical evaluation would then consist of a well- researched discussion of how this model would have helped that company to enter the targeted market.
The rationale behind this task is that you will always be confronted with unfamiliar problems. Reading scientific literature is one way of getting to grips with a problem. It is also a good preparation for assignment 2.
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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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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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Service Quality Report
The difference between a business that provides various forms of services and those that sell physical goods is largely in the form of the transaction as well as the form of delivery of the goods or services to the customer (Dabholkar, 2015; Baker, 2016). However, a larger difference comes in when assessing the various marketing approaches and concepts used in both the sale of tangible goods and the provision of services.
From such an assessment, there is a view of the more complex nature of marketing for service delivery compared to the sale of goods. This paper focuses on the assessment of service experience in lieu of a personal experience and in relation to the marketing approaches in a service based industry.
Service experience
The service experience case used in this analysis is the use of an Uber taxi service that I used a few years back. During that time, I had been used to driving myself around Melbourne and using various public amenities such as the tram or the metropolitan bus service every once in a while. When the family car is not working or available for a few hours or days, I usually have to sacrifice mine to serve other purposes at home. As such, I need alternative means of transport to help me move around, hence my knowledge and awareness of the various public transport systems in the city.
On one of the occasions when I had sacrificed my car, I had a few errands to run one afternoon and a meeting thereafter that went on later than expected. After the meeting, I was left back to review the discussion late night meeting. The absence of my vehicle had skipped my mind as I was engrossed in the details of the meeting.
On concluding the review, I realized that my colleagues had left and I had few options to get home safely. I had reservations about walking all the way to the bus terminus and wait for the bus. After analyzing my options, I concluded that the best alternative was the use of an Uber taxi service, although I had reservations regarding the service since I was not sure if the driver would come all the way to where I was.
Service Quality Report
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I immediately installed the application on my phone and launched it. The interface was easy enough to grasp and work within a matter of minutes. I then requested for a taxi by inputting the destination I needed to go to. Meanwhile, the phone automatically identified my location and I requested to be picked up. In a few minutes, a foreign number called me and identified themselves as the Uber driver, and that he was on his way to pick me up for a ride to my destination. I was elated at the convenience and waited for the cab.
In a few minutes of his call, the driver arrived and I got in. I loved the speedy nature of the arrival of the cab service. In addition, the ride back home was efficient and the driver was courteous. He kept a light conversation and drove carefully all through. A key aspect of the service that I particularly liked is the professionalism of the driver, both in terms of his driving and handling of customers. That first experience with Uber taxi services made me a loyal customer to the company to date. If I am ever in need of alternative transport when my vehicle is not available, Uber is always my first option.
Accurate and comprehensive application of various types of service marketing concepts to a personal service experience
Perceived risk
Perceived risks refers to the supposed insecurity concerning probable negative consequences of utilizing a product or service (Lovelock & Patterson, 2015; Pappas, 2016). It has been ceremoniously well defined as a blend of uncertainty plus solemnity of outcome involved. A key type of perceived risk is a functional risk, which is the fear that a certain product or service will not meet the promised functions and benefits.
Other associated fears within the parameters of perceived risk include psychological risk, physical risk, financial risk, and time risk among others (Lovelock & Patterson, 2015). These variants of perceived risk are evident in services marketing and the experience of a customer who uses any type of service as explained below.
Service Quality Report
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Using my first time Uber experience as a case sample, I had the perceived risk towards the service. My main reservation was whether the service was to be as beneficial as advertised, as well as what I had heard through the experiences of other users. This functional risk represented the fear that the Uber service would either not come to pick me from my location, or would end up leaving me a far distance from my house.
The fact that the Uber taxi service was to be conducted by a total stranger, there was perceived physical risk since it was a possibility that the driver could assault me and cause bodily harm. While other forms of perceived risks such as the financial, time, and psychological risks were present (Featherman and Pavlov, 2003), they were not at the focus of my concerns as the perceived physical and functional risks.
Factors influencing expectations/zone of tolerance
Customer expectations refer to the beliefs regarding delivery of services as that act as standards or reference points against which the performance of the service is decided (Wilson, 2008). Since clients compare their perceptions of performance with such reference points when examining service standards or quality, detailed knowledge regarding customer expectations is vital to marketers who deal with services.
Acknowledging that a client anticipates something can be said to be the initial and virtually the most critical step in delivering quality services (Wilson, 2008). There are various possible levels of customer expectations. The diagram below will be an illustration of these standards.
Service Quality Report
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Zone of tolerance
The tolerance region is one that can expand or contract depending on the customer. Various factors influence customer expectations especially when it comes to services. The first aspect is that of personal needs. Such may include physical, social, psychological and functional requirements. In the example of my case as a first time Uber user, my need to get home safely was an expectation I had as a consumer of the Uber services.
Another key influencing factor to the delivery of service expectations is when other people drive the hope and expectations of a potential customer. In my case, the friends that had used the service before, as well as online reviews of the company influenced my decision to try out the service.
An additional concept within the realm of customer expectation and their zone of tolerance is the personal service philosophy held by the client (Wilson, 2008). This refers to the generic attitude about the meaning of service and the right conduct of service providers in conducting their business. In my case of using the Uber taxi service, I had generic expectations that the driver would take me to my destination promptly and without unnecessary stops or inconveniences. Gladly, the driver conducted himself in a professional manner and met my existing expectation of personal service philosophy.
Service Quality Report
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Conclusion
In assessing the optimal marketing channel to use for a service based business, it is essential to realize the inseparability of the provision of services and their consumption. As such, in regards to service businesses, it is imperative to learn about and manage customer expectations, their zone of tolerance, and perceived risks. Uber is a company that has adequately addressed these concerns as evidenced by my personal experience with them, a factor that has led to their continued growth and maintenance of customers over the years.
References
Baker, M. J. (2016). What is marketing? In M. J. Baker, The Marketing Book (pp. 25 – 42). Boston, MA: Routledge.
Dabholkar, P. A. (2015). How to Improve Perceived Service Quality by Increasing Customer Participation. In B. J. Dunlap (Ed.), Proceedings of the 1990 Academy of Marketing Science (AMS) Annual Conference (pp. 483 – 494). San Diego: Springer, Cham. doi:10.1007/978-3-319-13254-9_97
Pappas, N. (2016). Marketing strategies, perceived risks, and consumer trust in online buying behaviour. Journal of Retailing and Consumer Services, 29(1), 92 – 103. doi:10.1016/j.jretconser.2015.11.007
Wilson, A. (2008). Services Marketing: Integrating Customer Focus across the Firm. 1st Ed. New York: McGraw-Hill Education, p.623.
Service Quality Report
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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.
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
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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Module 5 Review
Part 1
A positioning statement is an appropriate description of the main target audience that a given brand aims to attract. A positioning statement is also known as a brand strategy, brand positioning statement or a positioning strategy. In any marketing strategy or plan, a positioning statement is a core to determining the plan’s success (Baker, 2014).
The importance of the positioning statement is that it creates a picture of how the organization or company wants its customers or consumers of the specific brand to view it. Therefore, it is considered to be very a very important statement that ensures that brand positioning part of the marketing plan is an absolute success.
“Our Economy cabin provides brilliant service, great food, and great in-flight entertainment. Why expect less?” The above statement is the positioning statement for the Virgin Atlantic Airline’s Economy cabin brand. The positioning statement above is effective due to some few reasons. One is that the positioning statement has clearly defined the target audience. The target audience being the people that opt to travel in economy class. Second, the positioning statement has clearly pointed out the benefits of the economy class to its customers. Lastly, the positioning statement gives any potential customer its word that the brand will surely deliver on its promise.
Module 5 Review
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Virgin Atlantic Airlines has a strong brand equity. From the positioning stamen of the airline as mentioned above. We have ascertained that the positioning strategy is a strong one. The statement is significant in ensuring that the marketing strategy goes according to plan and achieves the strategic goals of the organization. Therefore, creating a strong brand equity that will make customer relate to a brand that has been existing for longer than other brands. The brand equity of the Virgin Atlantic Airline is strong as seen by the success of the airline over the decades it has been operating since it was established.
Defender, analyzer, and prospector business strategies are used differently in their implementations in organizational business strategy. Defender strategy when used in an organization, is implemented by the way of the organization not focusing on incorporating new technology into their operations. Instead, the organization focuses more on improving the way it currently conducts its business operation thus defending its position in the business market (Mullins et al., 2013).
The analyzer business strategy is completely different from the defender one. In this business strategy, the organization attempts to be innovative in new businesses while maintaining their current businesses. While prospector business strategy focuses more on taking risks, emulating new ideas, being more innovative and growing in an innovative way. Using this strategy, organizations can venture into new innovative businesses and tests new emerging trends in the business environment they operate.
Module 5 Review
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Uses of Porter five forces
Introduction
Porter five forces model helps the entrepreneur to look at the type of work that is happening and make a sound decision concerning where the power of the business lies in their organisation. Once an entrepreneur has identified the source of strength in the industry he can venture in the right direction. An entrepreneur is better positioned using Porter five forces as he will identify the competition taking place in the market and identify what is expected of him to emerge more competitive (Cheng, 2013).
Identification of where the power of the business lies helps an entrepreneur in improving his situations of weakness, and all wrong steps that could have led the business in the undesired direction are avoided accordingly. When an entrepreneur wants to know if a business is profitable as he perceived, the use of Porter five forces can be of great use in gauging whether products and services produced are of better quality. The balance of power can be well understood from the use of Porter five forces by an upcoming entrepreneur (Dobbs, 2014). This paper explains how an entrepreneur can use the porter five forces and the disadvantages of using them as well.
Figure 1: A Graphical Representation of Porters Five Forces. Source:(Dobbs, 2014)
The bargaining power of the suppliers
Whenever and entrepreneur uses Porter five forces, he gets to understand better about the five forces that make a business more competitive as expected. An entrepreneur has to access how easy it is for business suppliers to drive up prices. One of the most important aspects of the luxury goods industry is suppliers. They are the business entities that take part in the manufacture of different products sold by various industries; hence, the entrepreneur should consider them accordingly (Dobbs, 2012).
For these products to be valued, it is important that they maintain a very high build quality, remain aesthetically appealing and most importantly have an element of uniqueness. An entrepreneur ought to ensure that suppliers have the ability to produce goods that meet such specifications and at the same time do them at a cost low enough to leave room for profit. Whenever suppliers are few, they will have the courage that they are in high demand, and they will tend to increase their bargaining power (Grigore, 2014). However, when suppliers are many the entrepreneur will be sure that their bargaining power is very low in the market.
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The Threat of Substitute Products
An entrepreneur has to know that substitute products accessible to the market are those which customers can use in place of what a particular brand has to offer. The middle and the high-income population of the market seeks out goods that help to portray their status and wealth. As such the demand for products like high-end electronics, designer perfumes and also designer clothes is only bound to remain (Kirchner, 2012). An entrepreneur ought to know that a company producing products that are found in other companies will reduce the threat of substitutes and make more sales.
Demand for accessing items will, therefore, remain sustained for a long time as the middle income to high-income segments of the population will maintain the need to display their affluence through these products. The majority of customers are youths who are concerned with luxury goods; hence, an entrepreneur ought to focus more on internet marketing to attract the youths who are active on social networking sites.
An entrepreneur should use the porter five forces to develop an attractive, and an appealing website that can help the youths to sell their product by taking advantage of the internet selling platforms (Sutherland, 2014). The use of porter five forces will make the entrepreneur ensure that the given company continues developing unique brands that are appealing to the youths and sell them in small quantities that are affordable to the youths.
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The Customers’ Bargaining Power
The entrepreneurs should make use of the Porter five forces analysis to ensure that the customer bargain power is reduced. An activity like this will mostly take place where major companies employ the mergers and acquisition program. They will end up merging with smaller companies and make them more powerful than before. After merging and acquisitions of various companies has taken, place customers bargaining power will be reduced and the formed company will now have the power to determine prices of different goods in the market (Wilson, 2015).
The company will now determine the market price whereby; the customers will have no say rather than purchasing goods and services at the given price. The competition will be reduced to such a level as the competitors will have now emerged; hence, work towards achieving the same goal of success. Any entrepreneur should not let the customers determine the prices in the market, but he ought to struggle to be the determinant through reducing the competition taking place. When the bargaining power of the customers is very high, then it will imply that the industry is less attractive, and this should not be the case.
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The Competitive Rivalry within the industry
The fact that there is a group of about 10 to 15 companies that have established themselves in the accessible market is a clear indication that this industry is subject to a very high intensity of the competitive rivalry between the players. An entrepreneur must ensure that his company is involved in the supply of certain products is keen to put its best foot forward to reduce the competition from its rivalry. Different companies, however, have different strengths in different aspects of the accessible market.
A well enticing entrepreneur will have a lot of success in the American market; since, it is spreading its tentacles to Asian markets such as Japan and China whose middle-high income populations are increasing fast. An entrepreneur ought to ensure that his company has the considerable market to emerge best in the supply of goods and services that are in high demand in the market (Alrawashdeh, 2013). An entrepreneur must take note of the upcoming opportunities through the use of Porter five forces in the market to reduce the competition rivalry that is highly evident.
Production of quality products helps a company to have lower competition rivalry. People will tend to love products that are durable and of high quality; hence, such an organisation will emerge successful in with fewer competitors. If a company makes many products and services that cater to the needs of its consumers at any given time, it will be more competitive due to its reliability.
The cost of products also determines if a company will be more competitive in its production whereby; if its prices are too high such that people are struggling to afford them, the customer will be very few (Fitzpatrick, Anh-Nguyen & Cayan, 2015). The entrepreneur ought to consider some potential factors that will make the industry more competitive like; having a powerful competitive strategy and a high degree of transparency.
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The Threat of New Entrants
An entrepreneur ought to make use of the porter five forces to ensure that the company invests in millions of dollars on various aspects of the operation that will be more productive in the very end. At the same time, the company needs to develop brand recognition in the market for better recognition (Prasad, 2010). While the former is difficult to achieve, the latter is even more complicated given its abstract and intangible nature of the task to block new entrants in the industry.
Middle to high-income earners will be attracted by brands that are perceived to be more famous and attain better quality. The only way that a new entrant can achieve fame and market access of established names is by having a virtually unlimited financial budget. An entrepreneur ought to use porter five forces analysis to motivate smaller players are increasingly finding it possible to circumvent these barriers and instead employ web-based platforms such as Facebook and Amazon sell their products (Rajasekar & Raee, 2013).
The presence of established companies controlling the larger market shares the possibility of others entering the market is very minimal; since, the established firms will fight back to protect their market share. An entrepreneur should struggle to ensure that the industry has a higher threat to the entrant to reduce the completion and many people from entering the industry anyhow.
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The limitations of using the Porter five forces
Porter five forces were established in a more different environment as compared to the one that the industries are operating in today. In the current world, the pace of change is more rapid, and this fact affects the use of the porter five forces. The porter five forces is a model that provides the entrepreneur with only a snapshot of what is expected yet, there is still more that he does not know.
The use of porter five forces makes it more difficult for an entrepreneur to define the industry that he is handling and make the better specialization of the outcome results. An entrepreneur should know that all the non-market forces that are taking place are not considered in the use of porter five forces. Porter five forces in most case are not well applicable in for the analysis of simple market structure rather they only cater for big markets alone.
It is prudent for an entrepreneur to know that porter five forces majors its argument on competition matter, and this shows that it is narrow not much wide as required (McCann, 2011). An entrepreneur might find it hard in analysing simple markets using the porter five forces as it does not cater for smaller markets. Technology is changing too fast to extend that shopping and marketing are done online; hence, an entrepreneur must perfect this to accommodate everyone with his or her needs and capture the market.
An entrepreneur should be aware that the use of porter five forces in the current world has contributed to only very few market structures remaining static as they were before. The use of porter five forces has made an entrepreneur learn that there are needs required in changing radically to suit the market position of any given company. The use of porter five forces has led to technology, reducing the length of a time of any given product to reach the market. Most of the products get to the market before the maturity time is near to cater for the needs of the fastest growing population.
Technology that is used in different industries makes these products get to the market immaturely, thus the increased cases of disease like cancer among others. An entrepreneur should be aware that the use of porter five forces is contributing to technology that affects the production of goods in industries (McMillan, 2010). An entrepreneur must know that use of porter five forces has increased the burden of information as the response of the organization is done for more than just the market forces.
There is a high need for all organizations to respond to the country’s legislation, corporate ethics and all the required social responsibilities to cater for the needs of all in the society. The use of porter five forces makes it more difficult to incorporate all the required implication of strategic alliances like sharing of skills as well as responding to given opportunities.
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An entrepreneur should be aware that the use of porter five forces has reduced the rate of change in most industries leading to changes in the stability of the market structure and industry experiences. Regular updates are necessary in making sure that the knowledge obtained through the use of porter five forces is transferred to other generations, failure to which it will be eroded completely.
An entrepreneur ought to be aware of the fact that the use of porter five forces has led to difficulties of integrating complexities that are evident in the market today with the use of product groups of organization and various interrelations taking place (Ortega, Jalón, ,M.Luisa & Menéndez, 2014). Also, an entrepreneur should be aware that if his organization defines the market segment to be very slow, then some of the key elements of prosperity might be overlooked.
The legislation that exist among buyers and sellers ought to be looked accordingly in making sure that all activities are well coordinated. The use of porter five forces has changed the way transactions between sellers and buyer were transacted to extend that most of the communications and transaction are done online.
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Conclusion
When an entrepreneur wants to know if a business is profitable as he perceived, the use of porter five forces can be of great use in gauging whether products and services produced are of better quality. This paper explains how an entrepreneur can use the porter five forces and the disadvantages of using them as well. Demand for accessing items will, therefore, remain sustained for a long time as the middle income to high-income segments of the population will maintain the need to display their affluence through these products. The merged companies will now determine the market price whereby; the customers will have no say rather than purchasing goods and services at the given price.
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Wilson, R.C. 2015, “Mayhem: A Hands-on Case Playing Activity for Teaching Porter’s Five Forces to Undergraduate Business Students”, Small Business Institute Journal, vol. 11, no. 2, pp. 48-59
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