Marketing Strategy Assignment Sample

• Subject Name : Marketing strategy

Marketing Strategy and Recommendations for Plastic Whale

Background Summary

Plastic Whale is the enterprise that works for the welfare of society with a mission to make the world plastic-free and create valuable things from it. The company has expanded its markets globally and established in Amsterdam particularly to Sydney Harbour. The founder of the company was Marius Smit who started this company with the idea that the waste could be collected from canals and be used in creating valuable things from it. It is the corporate social responsibility of the companies to do something extra for the welfare of society. He originated boats along the Amsterdam canal for the collection of garbage. As the owner of the company expanded its company, he now has the fleet of 9 boats in Amsterdam and two in Rotterdam. Plastic Whale has built its credibility and reputation by doing such an exciting activity.

The positioning of Plastic whale should be such that more and more people should avail of their products. The company should promote their product with events relating to a green and sustainable lifestyle. Target customers for Plastic Whale should be the people within the age of about 40 yrs. It means that they are having their kids so that the green lifestyle is promoted and a positive attitude is built within the children towards the welfare of society. The promotions of the product can be done with the help of the following means such as digital marketing for introducing educational campaigns in public, public relations/ publicity, and sales promotion.

Plastic Whale's marketing objectives should be such that they inspire others with creativity, positivity, and entrepreneurial spirit. This would help in attracting the customers to make the canals plastic-free and making the best possible use of plastics. Based on the objectives, public relations would be one of the suitable methods that could be selected for the promotion of products. This way will help the audience in thinking about environmental sustainability and get exposure in front of the target audience. Moreover, this helps in building the reputation and credibility of the company. The evaluation of the product should be tracked by analyzing the performance through brand or product knowledge. This will help the company in knowing the awareness and liking of the brand. The evaluation surveys for analysis of success could be done through emails or telephone messages for measuring the success of the organization and developing new strategies.

Promotional Mix

Marketing is based on four Ps of marketing that is: Product (an invention by the company), Place (serving place), Price (value of the product), and Promotion (tools used for promotion). Promotion mix is the fourth P of marketing management that is followed with the blend of tools to create, maintain, and increase the demand for goods and services. It focuses on initiating the customers to purchase the product and create awareness with the use of different promotional tools. The tools are collectively used by the organization to reach in every way with the customers. It is the integration of direct marketing, personal selling, sales promotion, advertising, and public relations.

The marketers view the promotional tools as the suitable method that could be used, direction of efforts in promotion would be done by, allocation of budget on marketing, and the methods that are to be used in marketing. The elements are in the form of both traditional and technological means. The interaction is therefore included with the customers to sell the products. It follows the communication model in which the sender sends the message, the message sent is encoded and delivered through the channel and then it reaches the receiver. The reaction by the audience will be considered as a response based on observation, information, sales, and information delivered.

Tool 1: Digital Marketing for Introducing Educational Campaigns in Public

Digital marketing is the method used in a promotion that encounters the use of computers and electronic devices. Gadgets and smartphones are used for advertisements and promotions. This lifestyle is mostly followed by people nowadays. The research should be the way that the company should follow in deciding on the product of the company and its role in the market. The digital platform by Plastic Whale will help the company to easily get the people's opinions and analyze them with the usage of graphs and statistics.

The efforts and time in digital marketing could be saved so that a more actual way is followed to market the product. This would include the promotion of their sustainable products on television, radio, magazines, newspapers on social media platforms. Digital marketing is equivalent to traditional marketing and follows the method of marketing communication in the form of sales promotion, sponsorship, advertising, public relations, and direct marketing. The new and innovative online tools are followed in the scenario of the digital communication mix. The tools include the display of advertisements, pay per click advertising, marketing amongst others, and search engine optimization (Chong, Ch’ng, Liu and Li, 2017).

Theories: Theorists explained the consumer's behavior and attitudes with the help of scientific approaches to guide the best way to communicate the product value. The theories are such as Game theory, Network theory, collective intelligence, and generational intelligence.

The game theory is the concept that deals with mathematics and analyze the interactions between individuals and agents. Gamification is the method that is followed in the practical application of game theory.

Network theory is the digital marketing theory that includes relationships between different people. This theory is proposed to analyze the behavior and social network to learn about new patterns. The channels like Foursquare, Facebook, Groupon, and Twitter for listening to the customers what they say and leverage the power of users through networks.

Collective Intelligence is the theory that holds the objective that the large number of tasks that require maximum time should be broken down into smaller tasks so that collective intelligence engages more individuals in enhancing the quality of tasks.

The generational theory relates to the understanding of attitudes and behavior based on shared experiences and beliefs. It is the way that each generation communicates its views on the way marketers reach them. Hence, the generations are classified into X, Y, and Z. They have been classified based on age groups and reveal a different spectrum of knowledge and beliefs.

The decision of media here plays an important role in digital marketing to work on the four P's of marketing and analyzing the best suitable ways for products. Marketing analytics is the process of measuring, analyzing, and managing the trends to make optimal use of resources. It helps in analyzing sales and generational applications based on insights of trends and preferences by customers. Plastic Whale company should follow the use of digital marketing platforms as explained by keeping in mind the different theories proposed by theorists. These theories have a relational impact on sales of the product.

Tool 2: Public Relations

The public is the group of people that is responsible for building the actual and potential interest that impacts the company objectives in achieving. A variety of programs are designed for the promotion of the company's products and protecting the image of the company. The goal of public relations is to develop relations to enhance the reputation of the company. This gives the public and media a better understanding of the working of the company. Plastic Whale should also develop relations so that the information should be shared by the company directly to the public. This helps in solving problems and boost up the company to perform its best based upon the opinions and views.

Public relation theory is designed that deals with the promotion of activities and programs launched by the company. It is a great marketing and promotional tool that includes publicizing the product and distribution of information based on communication. It is a promotional activity because it impacts public awareness of brands and products at the cost of advertising. The mediums according to the public management theory describes are press relations, product publicity, corporate communications, lobbying, and counseling. Plastic Whale should follow all these strategies to release the information about the organization safely along with building rapport. Sponsoring is the best way for coverage and gathering a public. The seminars should be conducted by the company so that good coverage should be done. Corporate communication should be developed so that detailed information is shared for the promotion of the product (Hu, Lin, Qian, and Sun, 2018).

Media plays an active role in creating awareness of the product through credibility. Thus it helps in stimulating sales force and dealers dispersed over the country. The role of media is also proposed by Philip Kotler in choosing, implementing, and evaluating the programs (Huet, Frail, Lake and Snyder, 2015).

These will help in meeting the target of the company by doing marketing analytics for justification. Large numbers of target customers will be met by following the public relations promotional strategy. This will help the company in building a favorable image to support people associated directly or indirectly. The public comprises of government, shareholders, distributors, customers, suppliers, employees, shareholders, and society. This method will help the company in sharing newsworthy information with the public. This is the mechanism followed by other large companies to attract the public.

Marketing analytics allows the company to analyze the situation of customer attraction. The data will help in searching out new ways and know the customer profile of contributing to the success of the company. The data collected will be in the form of graphs and figures as the consultancies draw to know the trends. The target, aim, and objective of the company is achieved in this way with the support of intermediaries and paid mediums. Hence, this company works on a sustainable development project so it will have support from the government as well as the public (Mackey, Miner, and Cuomo, 2015).

Tool 3: Sales Promotion

Sales promotion deals with short term incentives that are given to the customers for increasing sales in a given period. The sales promotion activities are floated in the market in the means of discounts, freebies, coupons, and payback offers. These activities are done to attract new and existing customers by releasing short-term profits. This activity is similar to advertising in the promotion of goods, events, services, and ideas in changing perceptions of the value of the offering. They are elicited by focusing on marketing actions and getting immediate responses fro the target market to final customers through the distribution channel. The main purpose of sales promotion strategies is to acquire a specific response from the target audience.

The promotion strategies are divided into sales promotions and consumer promotions to turn the positive attitude into behavioral change. It includes co-operative advertising, point-of-purchase displays, contests, trade shows, advertising, and training programs. These aim at the inclusion of a wide variety of bonus packs, samples, premiums, and coupons. Other promotion ways are loyalty programs, refunds or rebates, incorporate contests, and price-offs (Agila and Arumugam, 2018).

Push theory

The theory is such that push the theory of sales promotion that supports the promotion of goods from the retailer as per the demand creation. The products promote the product to wholesalers, the wholesalers promote to retailers, and the retailers promote it to consumers. This action leaves the retailers and merchandisers with the drive to sell products. Discounts attract more customers and encourage them to buy more products at lower prices to increase the amount they make. This strategy will help the company in earning more economic returns on building the same products and compete with their competitors.

Pull theory

The Pull theory is followed to increase the demand for products directly by introducing the products. The key divers to this strategy are tie-ins and advertising means. This will help Plastic Whale in producing the products according to demand from retailers and wholesalers. In this way, the company could develop a mechanism for decreasing the value of the merchandise and an increasing number of sales (Abedin and Ferdous, 2015).

Combination theory

Combination theory uses a push strategy to get more products from retailers and wholesalers while doing tie-ups with retailers and wholesalers and the pull strategy is used to focus on the customer base so that they demand more products. This will help Plastic Whale to earn a high-profit margin and run the store at the commercial level by the means of advertisement (Panwar, 2016).

The media plays a greater role in promoting the product by various means of a direct and indirect way of selling the products. The marketing analytics will help the company in deciding the trend fashion of customer demand and industry service with the help of pictures. The deals should be evaluated as to which one is attracting more customers and at what time. The gender and age classification could be easily done so that the new product service in the market could be done appropriately. This will help Plastic Whale in generating interest in the product with commercialization and the latest deals pattern (Yang, Liao, Shi and Li, 2015).

Conclusions

Hence, marketing is the concept that deals with four P’s that reveal the meaning that serving product in the market, place where the product is being introduced, the value of the product and tools to be followed for advertisement and promotion. The segmentation, targeting, and positioning is the broad framework that is summarized in assignments and simplifies the process that the company has to follow in advertising the product. However, the segmentation fro learned essay is the group in which the product is divided according to the range of variables that are used to determine tendencies and characteristics. The target group should be identified for earning more profits in business. Finally, the positioning was the business orientation stage that is assessed to position the product for earning customer advantage.

The characteristics such as actionability, sustainability, measurability, and accessibility should be looked after by Plastic Whale through the discovery approach. The set of information collected from marketing analytics should be analyzed so that interpretations could be made and appropriate decisions could be taken that are worth for the company. The approaches and theories will help in limiting the customer base with an interest in determining profits and defined segments. The change in product, print, and social media presence leads to focusing on product optimization of online advertising and sending the message to potential segments.

The different choices are laid down after Plastic Whale to serve in the area that suits the most for raising their product profitability in the market. The specialized efforts have been made by the company owner in running the business, now the best promotional strategies as explained above should be used to reach the targeted customers. The combination of three strategies will help the branding and advertisement of products to get value over the competitors and effectively communicate the differentiation of products.

References

Abedin, M.Z., and Ferdous, L., 2015. Promotional Strategies of Telecommunication Industries and Customers Perception: A Study on Airtel Bangladesh Limited. Global Journal of Management And Business Research.

Agila, D.G., and Arumugam, D., 2018. A Study On Effectiveness Of Promotional Strategies At Prozone Mall Concerning Visual Merchandising. International Journal of Innovations in Scientific and Engineering Research, 5(6), pp.47-56.

Chong, A.Y.L., Ch'ng, E., Liu, M.J., and Li, B., 2017. Predicting consumer product demands via Big Data: the roles of online promotional marketing and online reviews. International Journal of Production Research, 55(17), pp.5142-5156.

Hu, H.H., Lin, J., Qian, Y. and Sun, J., 2018. Strategies for new product diffusion: Whom and how to target?. Journal of Business Research, 83, pp.111-119.

Huet, A.L., Frail, C.K., Lake, L.M., and Snyder, M.E., 2015. Impact of passive and active promotional strategies on patient acceptance of medication therapy management services. Journal of the American Pharmacists Association, 55(2), pp.178-181.

Mackey, T.K., Miner, A., and Cuomo, R.E., 2015. Exploring the e-cigarette e-commerce marketplace: Identifying Internet e-cigarette marketing characteristics and regulatory gaps. Drug and alcohol dependence, 156, pp.97-103.

Panwar, U.S. ed., 2016. Handbook of research on promotional strategies and consumer influence in the service sector. IGI Global.

Yang, S., Liao, Y., Shi, C.V., and Li, S., 2015. Joint optimization of ordering and promotional strategies for retailers: Rebates vs. EDLP. Computers & Industrial Engineering, 90, pp.46-53.

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