Strategic Marketing Analysis - Paper Example

Introduction

The goal of marketing in the profit-oriented organization is purely to meet the needs profitably. Our firm S just like any other firm it out to define which needs and probably whose needs that it is in a position to satisfy. Just to make an informed choice on the market analysis, our firm S will identify the various preference groups, segments of clients and settle on which cluster they can target profitably. Therefore, as a matter of strategy to be adopted, I believe as a firm we need to major more on our product diversification in a bid to meet the market needs.

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Customers

Currently, firm S has got six products (sort, root, love, mono, tour, and mood). All the products are well placed in the market to attract a different segment of clients in the market. First, our products are positioned using product traits or just the client benefit approach. At this point we do segmentation having in mind the product traits especially the ones that our competitors have ignored. Another approach that we emphasize is the price-quality approach. With this approach, we justify some price-quality categories of the specific products. Finally, firm S uses the competitor approach whereby the positioning is made with an implicit or explicit frame of reference of either one or even more competitors.

On the awareness levels, our brand is well known across the segments. For instance, looking at "SORT" as one of our brands is recording high sells regarding volumes and also in regards to revenue that it plows back. The latter implies that more and more of the customers are valuing our brands and that explains why it is fast moving. Regarding preference change, it is evident that the customers are preferring using our brands over time. With an increase in trust of the firm S's brands, it gives an impression that the brand preference is going up. The implication, therefore, is that the customers will have more of the brand even in time to come. On the distribution channels, Firm S is making its brands to be quite and readily available like in E-platforms. The latter addresses the dynamics of the shopping habits of different customers. When we talk of dynamics in shopping habits, it is clear that customers are looking at the convenience of the brands regarding shopping, durability and possibly other client's ratings. The implications, therefore, is that as a firm we need to be dynamic and sensitive to such needs for the firm to remain relevant in the market.

Competitors

Firm S's competitors are majorly the very same companies offering the same or similar products. However, according to the market share as displayed in the firm's dashboard, our firms biggest strength is its ability to diversify. Literary, firm S has got a total of six different brands in the market segment targeting different customers. Moreover, with all those brands being out here on the market it may be challenging to give each the required attention as compared to if it was just but a single brand. In the near fu, sure I anticipate that my competitor(s) may also think of diversification of their brands. The latter will be in a bid to counter the firm S's prevailing strategy.

Company and Market Analysis

The firm takes pride in its large market share and excellent customer service as one of its great strengths. It has managed to leverage a lot because of the existence of a large market share. Additionally, from its financial records, it shows some financial weaknesses which are characterized by a high cost of doing business and also limited cash flows. Such factors can be considered as the weaknesses that the firm exhibits.

Marketing Strategy

This is the business's entire game plan for reaching out to people and converting them into clients of the products or services that the firm offers. For the firm, there are three objectives that it aims to achieve under the market strategy. The first objective is obviously to increase its overall sales (turn-over), then, of course, continue growing its market share and then finally target more and new customers.

I believe that an effective marketing strategy that the company can adopt combines of at least four Ps of the marketing mix. The latter will be designed to meet the firm's three marketing objectives by offering the customers with value. The four P's of the marketing mix are somehow related and will be combined to establish the product's position in its target markets. First will be to focus on the product as one of the strategies to address our objectives. We will re-evaluate the goods or services that our firm offers to its esteemed customers. Under the product, we will look at the design, quality, packaging, brand name and possibly the packaging. Am certain that, if all those aspects are relooked at as part of the product strategy, our brand will be widely re-known and hence increase its market share. Secondly is all about pricing as the other marketing strategy. In pricing, our brand will attract discounts, allowances, credit terms, list price and a reasonable payment period. Incorporating all those pricing aspects to the brand, it will make it attractive to both existing and the new clients. Pricing will see the client base expand as well as making the product appealing. Thirdly, there is the strategy of distribution or merely the place. Under place, we will look at the product logistics, coverage, transportation, location, channel and then the inventory. Finally, promotion as a strategy will see the firm achieve its three-set objectives. In promotion, we will engage in personal selling, advertising, public relations and possibly sales promotion.

I believe that my approach strategy is the best to address the stated market objectives. The reasoning is that, either the 4 p's mix as a strategy touches on all the areas of a brand ranging from the product its self to aspects regarding promoting the product itself.