Answer 1. The Organization in which all the teams or various stakeholders work in a synchronous manner towards a common vision gets to the pinnacle of success (Bulatovic et al., 2016). It involves four major processes or functions and they are- branding, strategic management, organizational policy and also innovation development. Branding have different meanings to different stakeholders. A standard definition of branding was given by the American Marketing Association or AMA, which described a BRAND as, “A name, design or symbol or a combination of them which is used to identify various goods or services that are being offered by a company or a business”. Brand is what connects all the stake holders at different levels to perform and work towards a common goal. A common household brand these days is TATA.
Strategic management: In an organization it is quintessential to have certain strategies in place for an effective management and growth. This could involve people management comprising of rewards and recognition, client or PR management, financial and human resource management, Sales and marketing team management. All of their work put together can lead to positive outcomes (Kelly, 2019).
Organizational policies: Every organization must have employee friendly as well as work policies. Both of them ensure the well-being of the company’s future in terms conducting the work operations in a legal and ethical manner and also inculcate a culture of employee satisfaction. An example of one such policy is adherence to strict working hours and policy of providing timely salaries to their employees.
Innovation and development: This aspect is the centre focus of any working organization. Creativity and innovation are the drivers of success as it promotes newer ways to generate profits and create a company’s own space in the market (Bulatovic et al., 2016).
Answer 2. Qualitative research is defined as a method of research which comprises of non-numerical data such as a detailed literature, and interpreting meaningful information from it to create a useful data which helps to develop an understanding of the subject being researched. It may include research given in journal articles, annual reports of any company, data collected from surveys and clinical trials and big data firms such as WHO. It is of four types in general, 1) Phenomenology, 2) Ethnography, 3) Ground theory, and lastly, 4) Case study. (Rahman, 2017)
Its usefulness in marketing: It can also be helpful in improving businesses by researching on the market fields, for example, to research in a specific geography of nation, about the populations, cultures and various backgrounds before plunging into the market. It helps to analyse the trends of marketing in history and in present. It helps to notice the failures and success of any product or companies. It is a source of authentic and elaborate information based on which a company can carry out many important decision-making processes.
Cons of qualitative research: It does not display the data in statistical format which makes the interpretation of the data very difficult in reaching correct conclusions. The conclusions are based solely on subjective matter, whereas, on the other hand, the real-life woks on quantitative analysis of the data. Justified or backed up with numbers and specific ratios. This is imperative in terms of decision-making point of view for the marketers. Another limitation of the qualitative research is that it does not provide in depth information of the variables but only an overall display of them. This kind of research study or method does not encourage measurements to rule out either profit or loss while dealing with the variables (Myers. 2019).
Answer 3. The statement that the consumer has now become part-time marketer stands tall and true in today’s world. The consumer is no longer unaware of the marketing strategies and lucrative enterprising ideas which the companies and their competitors bring to fool the customers in the market. In today’s digital age and social medica, the consumer is aware and looks for products which are not only consumer-friendly, but also economical and have trustworthy name or brand in the market (Gbadamosi, 2019; De Mooij, 2019).
The consumer is also engaging in marketing activities on social media, as the technology such as smartphones, permits them to access various brands and their fan following on social media, gives them a platform to judge the success of the brand from the experiences of unknown as well as strange users or consumers who have bought and used those products or services from that particular brand or from a particular restaurant even before having a first-handed experience of the same. Consumer has the power to laud or to defame a place by posting a review on the social media and has the ability to share them with the world.
Undoubtedly these changes in the modernization has given the ability to the consumer to become vocal and to demand answers if they find any wrong doing in their dealing with those brands. This new scenario has pushed many companies to have a transparency in their marketing strategies as well as positively working on the customer feedback for gaining the trust of the customers and having a success in the market (Isselmann DiSantis et al., 2017).
Answer 4. Families are the integral part of the community and also the target of many marketing brands. They form a primary reference groups in the society for any service or commodity. They play a vital role in many of the buying decisions, many of which are based on the roles each individual play in the family. There are basically two categories of individuals in a family (De Mooij, 2019). They can be divided into the first generation, which comprises of parents or the grand parents or the elders and individuals of the second generation, which are generally the children or teens.
The buying decisions of the teens are usually influenced by the decisions made by the elders for as long as many years of their childhood. Which is why it can be concluded that the behaviour of a consumer in relation to buying or investing or using any service or any product or a brand name is inseparable from the values of the family it belongs to (Kakati, 2016). A family also has the potential to influence other families by the power of word of mouth. The evidence of this is also seen in few of the marketing commercials which showcase mother or a father having a conversation regarding the product with their child, in a manner which promotes the product.
The finest example for family consumerism is the famous brand, “MAGGI” which is a household brand in almost every house of the world in today’s generation. It offers a quick fix for a meal and children are attracted towards it more than any other thing. The success of such brands, which are used by the entire families, such as cars, home furniture, insurance policies and many other is based on targeting the family for their promotional and marketing purposes.
Answer 5. Limited budget marketing campaign by Tesla: Tesla has always been the envy of many other competitive companies. It spends the least amount of capital for promotion of its brand. The main idea behind the Tesla promotion is using the media for free publicity. It also focuses on indulging in promotional activities by developing good partnerships with big companies having major goals or have projects which serve a global or a national cause such as the SpaceX which launched the first heavy falcon test flight. It also came into picture to save the Puerto Rico from Hurricane disaster by developing solar panels and battery packs for uninterrupted supply of electricity on the island.
The vision of Tesla is to provide solutions to the environmental problems and is focused on the need of the hour by delivering eco-friendly and sustainable engineering products in the market, such as solar panels and batteries, electric cars. The CEO of Tesla, Mr Elon Musk, has few very good marketing strategies up his sleeves, for instance using his twitter account, as a platform to update the followers of Tesla’s successful ventures worldwide. He has over a billion followers, and it serves the purpose.
Target customer of Tesla: Big firms and companies which deal in heavy electrical equipment, such as installation of solar panels, etc. Furthermore, NASA is one of Tesla’s biggest client. Tesla’s team of efficient engineers build the space objects and equipment which are used by NASA. Tesla is also the oldest dealer in the automobile industry. It has been in the market for over 116 years. As compared to the other auto mobile brands such as Audi which has been in the market for over 110 years, and Toyota is only 82 years old. This also makes it a trustworthy brand for the family consumer.
Future of Tesla: The future of Tesla is stable and progressive as it is already more than a hundred years old brand. It is the company of the future as it is focused on providing sustainable solutions to the world by developing and manufacturing environment friendly engineering products which are used by the industries, factories and even smaller companies in order to align themselves with the global as well as national policies for sustainability.
Bulatovic, I., Škorić, S., & Jovanović, V. (2016). Branding a business name. Economics of agriculture, 63(4), 1323-1332.
De Mooij, M. (2019). Consumer behavior and culture: Consequences for global marketing and advertising. SAGE Publications Limited.
Gbadamosi, A. (2019). MARKETING: THE PARADIGM SHIFT. Contemporary Issues in Marketing: Principles and Practice, 1.
Isselmann DiSantis, K., Kumanyika, S., Carter-Edwards, L., Rohm Young, D., Grier, S. A., & Lassiter, V. (2017). Sensitizing black adult and youth consumers to targeted food marketing tactics in their environments. International journal of environmental research and public health, 14(11), 1316.
Kakati, R. P., & Ahmed, S. (2016). Dynamics of family role structure in consumer behaviour. Indian Journal of Marketing, 46(6), 51-61.
Kelly, A. (2019). BRANDS, BRANDING AND BRAND CULTURE. Contemporary Issues in Marketing: Principles and Practice, 155.
Myers, M. D. (2019). Qualitative research in business and management. Sage Publications Limited.
Rahman, M. S. (2017). The Advantages and Disadvantages of Using Qualitative and Quantitative Approaches and Methods in Language" Testing and Assessment" Research: A Literature Review. Journal of Education and Learning, 6(1), 102-112.
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