Setting Product Strategy Marketing Plan

Description

  1. Using the same product we had in the previous assignment:(Copied for reference)This assignment is a section of an overall semester plan. The fictional product I am creating is a online contractor database that will be a one stop shop where contractors can sign in, accept transactions, decline transactions, invoice and receive payments, submit results, etc., for any type of courier and delivery service. The online database will also allow real time routing and tracking using geo coordinates from pinging the location of the contractors smart device (phone, tablet). The name of this platform will be called “Contractor Plus”.Products that we would be competing against, and combining the best qualities of would behttps://inspectorade.com
    https://route4me.comUsing that information – design 4 sections of this product, as outlined below.Review the Marketing Plan Worksheet before continuing work on this project.
  1. Chapter 13: Setting Product Strategy. Identify and explain the product or service strategy. Submission will be evaluated based on the product (or service) features, quality, and price and other considerations of “product” found in this chapter.
  2. Chapter 14: Designing and Managing Services. Evaluate your product or service offering considering the elements in this chapter.
  3. Chapter 15: Introducing New Market Offerings. Include a brief write up as to the consumer-adoption process for their new product. How will the consumer learn about their new product and how quickly will they adopt it? Will the product be targeted to the heavy users and early adopters first, then early and late majorities? What is their estimated time for full adoption?
  4. Chapter 16: Developing Pricing Strategies and Programs. Submit the pricing strategy decisions for the product/service. It should have addressed all or most of the material concerning pricing covered in this chapter.

Creating Brand Equity Brand equity is defined as the value a given brand adds to an organization. Companies that have established brand quality always show customer retention and the ability to sell their goods even at high prices. To create the brand awareness of our company, we will apply the Customer-Based Brand Equity Model. Designed by Keller Lane, this model utilizes several steps towards making a given brand stand out (Moisescu, 2015).The first step will be to build awareness of the braid. Our company will be new in this market space thus the need to make potential clients aware of its availability. We have created Facebook, Twitter, and other social media pages on which we will inform customers of our services. The influx of people and companies in these forums will help increase the size of our marketing audience.

The 2nd step will be communicating the brand and its meaning to the people. Our company is focused on giving startup companies an avenue to conduct their courier and delivery services. Another key step will be to adjust to customer feedback. We plan on using social media to give customers an avenue for feedback. Additionally, a member of staff will be designated to respond to client inquiries and suggestions. As the company grows bigger, a larger team will be assembled. Through these interactions and putting our clients first, we hope to develop deep bonds with them. These bonds can also be developed by giving clients better services and differentiating our products. Our company needs to establish brand equity. Our competitors are some of the biggest shipping and delivery firms in the world. To stand chance, we need to formulate appropriate branding mechanisms to give the company a competitive advantage.

Addressing Competition and Driving Growth Markets are usually characterized by ever-changing platforms and increasing competition. For an organization to survive in such a market, adapting is critical. The company’s competitive strategy will be focusing on small or upcoming organizations. This will create an advantage as many small companies cannot afford services offered at the bigger competitors. Route4me and Inspectorate are some of the big companies we will be competing against. These organizations have been in operation for years and have established themselves in the market. Common niches applied by these firms include available applications that can be installed on mobile phones.

This makes it easier to transact during operations as there is no need to visit offices. The use of mobile apps has been successful in most organizations and Contractor Plus will adopt this technique too. These applications can be used to make transactions and follow-ups. Additionally, the companies can send notifications to the clients during promotions or transactions. The use of applications has been particularly helpful for these companies (Patel, 2019). Technological advancement has enabled people to own smartphones and other devices. This development has increased the number of potential customers and organizations can reach out to. Our services are aimed at being a competitor in the market. Even though there is little focus on beginner organizations from our competitors, these clients are more likely to seek the services of established organizations. Through product differentiation such as direct messaging, our services will stand a chance against this competition.

Finally, our objective to put the client at the forefront of our services will help in creating brand identity and customer retention. References Moisescu, O. (2015). The Concept of Brand Equity – A Comparative Approach. ResearchGate, 1-4. Patel, M. (2019). Mobile App Development- 7 Benefits for Modern Businesses in 2019. Retrieved from Business2Community: https://www.business2community.com/mobile-apps/mobileapp-development-7-benefits-for-modern-businesses-in-2019-02189059 Whole Foods began as a company that was dedicated to change people’s lifestyles through the food they consumed. After the industrialization and large-scale agricultural practices, the food industry was dominated by inorganic foods that had been processed using synthetic additives. Through the founder John Mackey, Whole Foods made the products, the people, and the planet their primary focus. In the advent of the 21st century, the demand for organic foods grew as people become more health-conscious.

As more farmers ventured into organic farming and the US Department of Agriculture (USDA) created policies for food certification, more conventional supermarkets started displaying the products to attract a new breed of customers. Since its inception in 1980, the company had grown into 180 stores that spanned across America, Great Britain, and Canada. Through its leadership and business strategy, the company was set on an upward trajectory, and more benefits were to be gained. In the topic below, we will understand how the company has fared since its inception, and recommendations for future growth and sustainability will be unveiled. Growth Strategy • By 2002 the company focused on small owner-managed stores. These stores primarily sold lesser varieties of products and served a smaller and unique clientele. • The stores were either local or regional, and the customers were highly segmented. By 1991 around 35 percent of the company were acquired stores and chains. • It was the company to establish a supermarket model for organic foods.

This strategy was developed when the market for organic produce increased substantially over the years. • New York City, Ohio, Texas, New Jersey, Nebraska, and California were among the few states where the first Whole Foods supermarket chains were located. • By 2002 the company had ventured into the British and Canadian markets. • The primary target locations were decided on the amount of traffic and the ease of doing business. • Specific formulas were used to determine whether a location was eligible for selection. The variables included the population size, education levels, incomes, store size, and type of area, municipality, or metropolitan (Arthur, 2006). All metrics were important in determining the type of store that would be suitable for sustainability. • The company also projected sales to determine whether the business model would be profitable. Initially, the new stores were stocked by both the company and individual vendors.

• Occasionally the company would have to transfer locations when the variables in the determination changed, or a location became less profitable. • Each store has unique customizations depending on the needs of the target market. Some places have stands; others have stalls, supermarkets, even open restaurants. Product Line • To date, the company is still popular for its expansive product line that meets almost all the needs of its clients. There are over 30,000 products and many more varieties for each product in each store. • The products are a mixture of local and exotic varieties that suit the preference of their clients. • There is fresh seafood, fresh produce that includes vegetables and fruits, household products and groceries that include soaps and packaged foods, meat and poultry, cheese, frozen foods, wines and beers, baked goods like bread and cakes, and educational products that have topics ranging from starting an organic farm to natural healing. • More diversification is in the branding and packaging of foods throughout the stores. There is food for customers from different demographics, including children and the elderly.

• There are special stands to cater to the needs of vegans and vegetarians; hence the brand does not specialize in a specific clientele. • However, all foods meet strict health standards, and none of the stands are occupied with synthetic foods or ones that have manufacture additives. Pricing • Whole Foods sells premium products at premium prices. • Compared to other organic stores, Whole Foods prices are the highest. • The model is based on the notion that health-conscious people are more aware of their health outcomes rather than the monetary value of products. • The pricing model does not discriminate against the customers’ health lifestyle; vegan, vegetarians, meaterian, and mixed choice people are treated to the same value. Marketing and Customer Service • The company spends roughly 0.5 percent of its annual revenues on advertising. • Most of the funds went into store signage, classes, and sponsoring events like taste fairs.

• Its employees are the main marketers. The experience they give shoppers should guarantee future sales; hence each employee is dedicated to giving the best service. • The primary target was new customers willing to try organic foods. Compensation and Incentives • The company uses an economic value-added incentive. • Employees worked in teams to ensure their outcomes could be measured and valued. There was an internal competition to be the team leader because there were benefits to the role, including the option to own company stock. • The majority of the company stock is owned by employees, and this aspect increases their dedication. • The compensation and bonuses to employees are based on the financial performance after bi-annual and annual announcements. • There is the stock option, stock purchase, and 401(K) compensation plan among the employees. This model reduces employee turnover and motivates them to drive company sales upwards. Community Citizenship • Donating at least 5 percent of annual revenues in the form of cash or products to education facilities and paying its employees for service they render to their communities. • This strategy reinforces its mission to help improve the lives of individuals, communities, and the planet through healthy living and good deeds. • The company website has a legislation sector where customers can write their reviews and communicate with legal experts and government officials. Short Term Recommendations • Increase brand awareness. Marketing should be external and not only focus on internal labeling and employee support.

• Reduce product varieties in stores. Too many options on a single product confuse the customers and significantly reduces the decision-making process leading to postponed sales. • Give customers bargaining power. The prices on their products should be slightly reduced to bridge the ranges from conventional stores. This strategy can attract first-time customers, and their premium quality products can help retain the customers (Koehn & Miller, 2007). This strategy can be achieved through setting up of discount days for specific products. Long Term Recommendations • Prioritize store specialization. Rather than having multiple products that have the least sales in numerous stores, the company should spend more resources establishing the most selling products in each location. This strategy reduces losses due to spoilage of perishable goods. • Improve technology reliance. The company can purchase and interactive technology that directs customers in and out of the store to make purchases. This way, the company will deploy a smaller workforce and improve efficiency and productivity. • Participate more in local food culture events.

These events help to determine the needs of the local market, and the company can use them to establish the most popular products. It also adds to the objective of reducing wastage in the company. References Arthur, H. (2006). Whole Foods Market in 2006: mission, core values and strategy. The university of Alabama. Koehn, N. F., & Miller, K. (2007). John Mackey and whole foods market. Introduction Contractor Plus is a relatively new entry into the shipping business. The financial muscle of this firm is low as compared to the more established firms while the client sphere is still underdeveloped. As a result, the company has to perform extensive market researches and develop accurate adaptive methods that will help achieve its goals. As a result, this paper is designed to offer a business market analysis methodology, offer various ways in which the company can tap into the global market, offer branding choices for the firm and identify market segments Contractor Plus should focus on. Analyzing the Business market A startup company is very sensitive to the market. The low financial stability within such setups requires adequate market analyses that will give the business a survival chance. Contractor Plus will be competing with firms that have been in operation for decades such as MSC- Global Shipping Company. A normal market consists of two models of buying, a repurchase, and a purchase.

Contractor Plus should establish the available clients in the market. These numbers should then be subdivided into the purchase or repurchase categories (Juneja, 2015). The purchasing category involves the clients who are yet to use any shipping service while the re-purchase category comprises clients who have already used shipping services. Targeting the purchase category would be most beneficial. Since these customers do not have as et preference, they can be easily tapped into the firm. Unsatisfied re-purchase clients should also be targeted. Current market trends should be a key part of this analysis. The popular shipping preferences favored by clients should be established. Incorporating these into our policies would help set the company at an advantage of establishing itself in the market. Understanding the factors influencing buying behaviors in the market should be a priority for Contractor Plus. Key factors that play a big role in determining buying behaviors include interpersonal, individual, company, and economic factors (Juneja, 2015). Some common economic factors may include government regulations.

The company needs to understand the expected certifications and regulations that are necessary to transact business. Additionally, the company should determine common grievances expressed by the customers in this market. This can be achieved through interactive online platforms like Facebook and Twitter. With this information, the company can avoid committing mistakes that have been done by its competitors. Tapping into the global market Contractor Plus does not seek toserve the domestic market only. The current focus in this market is only a springboard to the global scene. Venturing into this expansive market space is not without hiccups, however. The introduction of a new business into a foreign nation is occasionally faced with multiple cultural factors. Countries in which Contract Plus will establish its services should be selectively chosen. After selection, a waterfall model should be used to enter these new markets. In this model, the company will sequentially establish itself in new countries instead of concurrently entering multiple markets at the same time (Raihan & Azeem, 2011).

This method would allow Contractor Plus an opportunity to try out a new market, analyze the results and device better approaches to be made in their next market target. A key cultural consideration that should be made is material culture. Even though the technology is widespread, not all nations have access to it in equal measures. Nations with very low internet connectivity would be a poor market target since Contractor Plus will conduct the majority of its transactions online. Cultural preferences should also be taken into account (Hyatt, 2017). The company site should be designed to have different colors in various nations depending on the preferred colors in those countries. Using a universal language (English) for website features is common in most organizations. However, Contractor Plus should design a website that encompasses languages from all its consumer markets. This will allow both English literate and liberate customers to access services easily. Contractor Plus should also pay homage to the diverse religions present in all countries it serves.

On international holidays such as Eid, well-wishing messages should be posted to the website. This will show interest in customer social life and consequently improve its marketability. Identifying market segments and Targets Contractor Plus is a new entry into the shipping market. Consequently, the company has an underdeveloped portfolio and reputation which cannot draw big business clients consistently. As a result, this firm will segment its market to focus on new and developing customers. These companies form an easy target market due to the lack of existing relationships with other shipping companies or agents. This will constitute segmentation by income as these firms are likely to have lower incomes as compared to their competitors (Ndukwu, 2020). Focusing on this segment will reduce the competition for clients with established agents. The established shipping agents predominantly rely on their return clients or huge firms which maximize their profitability. Contractor Plus should also segment its market based on geographical locations. Countries within the same region and speak the same languages should be grouped.

This step will ease in product tailoring. These regions can have similar features on their website and use a common language. By doing this, Contractor Plus will save on costs needed to develop websites for each nation independently. It will also consolidate the clients into a few sections that can be governed by smaller staff. In this manner, marketing strategies for these countries can be done at the same time. Regional segmentation can be difficult in the initial stages. This is due to the fewer markets that will be targeted using the waterfall model. However, over time, the client countries will increase allowing for regional segmentation. Brand Positioning Brand positioning is defined as the conceptual ideology about the product that should be engraved into the mind of the client through various marketing strategies.

Contractor Plus will position itself as a firm that alleviates transactional costs of shipping for developing and emergent companies. To achieve this, it will set prices based on the market, and through extensive customer expenditure analyses (Insch, 2012). Additionally, the firm will embrace product differentiation. The use of SMS alerts will give it a competitive advantage over their competitors. The use of native languages in given countries will also differentiate it from other similar services. This will allow English language illiteracy not to block the company from reaching all corners of its target market. Conclusion Marketing company commodities involve various processes. These practices should be carried out systematically. Contractor Plus should aim to collect as much market information as possible.

This data is critical in the analysis of appropriate brand positioning techniques, identification of correct market segmentation methods, devising global market tapping processes, and general market analyses. These practices will help the company forge itself in a highly competitive market. Appropriate management skills are very necessary to achieve the success of the above-mentioned ventures. References Hyatt, P. (2017, April 28). 7 cultural factors you need to consider when choosing your next export market. Retrieved from TredReady: http://www.tradeready.ca/2017/topics/researchdevelopment/5-cultural-factors-needconsider-choosing-next-export-market/ Insch, A. (2012). The Strategic Importance of Brand Positioning in the Place Brand Concept – Elements, Structure and Application of the Positioning Statement. ResearchGate, 1-12. Juneja, P. (2015). Analyzing Business Markets and Business Buying Behaviour. Retrieved from Management Study Guide: https://www.managementstudyguide.com/business-marketsand-buying-behaviour.htm Ndukwu, D. (202…

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