Marketing strategy of Codman Academy Beyond the Start-Up Phase

Posted by Zander Henry on Aug-22-2018

1. The vision of Codman Academy Beyond the Start-Up Phase

The vision of Codman Academy Beyond the Start-Up Phase is to be the leading quality service and product provider for customers. Being the best and the leading player means that Codman Academy Beyond the Start-Up Phase marketing strategy and operations focus on:

• Providing high quality of products and services
• Providing value to customers
• Concentrate on building customer experience

2. The mission of Codman Academy Beyond the Start-Up Phase

Codman Academy Beyond the Start-Up Phase marketing strategy is grounded in its mission. The mission for Codman Academy Beyond the Start-Up Phase is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Codman Academy Beyond the Start-Up Phase as it focuses on all operations and marketing activities in the direction of:

• Consumer centrism
• Using research to understand and influence consumers

3. Brand Equity of Codman Academy Beyond the Start-Up Phase

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Codman Academy Beyond the Start-Up Phase. The knowledge of brand equity will help in shaping Codman Academy Beyond the Start-Up Phase marketing strategy effectively – thereby facilitating the growth of business for Codman Academy Beyond the Start-Up Phase.

3.1. Brand awareness

• Codman Academy Beyond the Start-Up Phase has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Codman Academy Beyond the Start-Up Phase has modified marketing and strategic directives and plans

3.2. Brand association

• Codman Academy Beyond the Start-Up Phase is directly associated with the brand name and product category
• Codman Academy Beyond the Start-Up Phase has a broad product portfolio
• Codman Academy Beyond the Start-Up Phase is associated with promising and delivering quality and innovative products
• Codman Academy Beyond the Start-Up Phase is also associated with excellent customer service

3.3. Brand loyalty

• Codman Academy Beyond the Start-Up Phase has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Codman Academy Beyond the Start-Up Phase has a global customer base
• Codman Academy Beyond the Start-Up Phase keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Codman Academy Beyond the Start-Up Phase has a substantial brand value
• Codman Academy Beyond the Start-Up Phase also enjoys the high financial worth
• Codman Academy Beyond the Start-Up Phase focuses on building a reliable and robust employee base

3.5. Brand element

• Codman Academy Beyond the Start-Up Phase uses the brand element as a means of competitive advantage
• Uses adaptability in product, services, and marketing to meet different cultural demands

4. Situational Analysis of Codman Academy Beyond the Start-Up Phase

The situational analysis will help in developing the marketing strategy of Codman Academy Beyond the Start-Up Phase by conducting a thorough market analysis. This market analysis will aid in understanding the compatibility between external opportunities and other factors, and internal strengths – to be used to maximize the marketing influence of Codman Academy Beyond the Start-Up Phase.

4.1. SWOT

4.1.1. Strengths

Codman Academy Beyond the Start-Up Phase marketing strategy can benefit from the following internal advantages:

• Strong brand image
• Global distribution network
• Investment in market research
• Innovation

4.1.2. Weakness

Codman Academy Beyond the Start-Up Phase faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Codman Academy Beyond the Start-Up Phase has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Codman Academy Beyond the Start-Up Phase faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Codman Academy Beyond the Start-Up Phase operates I markets with political stability
• Codman Academy Beyond the Start-Up Phase has funding support from the government for small businesses

4.2.2. Economic

• Codman Academy Beyond the Start-Up Phase enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Codman Academy Beyond the Start-Up Phase
• Low inflation strengthens the financial position of Codman Academy Beyond the Start-Up Phase

4.2.3. Social

• Higher education and awareness increases sales of Codman Academy Beyond the Start-Up Phase predict
• Codman Academy Beyond the Start-Up Phase focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Codman Academy Beyond the Start-Up Phase has an active CSR program
• Codman Academy Beyond the Start-Up Phase ensures environmental safety in all its operations

4.2.5. Legal

• Codman Academy Beyond the Start-Up Phase is aware of local and global laws of business and human resource management
• Codman Academy Beyond the Start-Up Phase abides by all statutes – especially labour law, discrimination law, and employee safety laws

4.3. Porter’s Five Forces

4.3.1. Threat of substitutes

• High risk of replacements
• Substitutes offer similar products at low prices

4.3.2. The threat of new entrants

• New entrants need high financial investment
• New entrants need updated technology for keeping par with industry progress

4.3.3. Bargaining power of buyers

• Sales made to end consumer directly
• Stocking of products at retailers, as well as own-controlled retail outlets

4.3.4. Bargaining power of suppliers

• Multiple suppliers of raw materials
• Suppliers are chosen after careful inspection, and through contracts

4.3.5. Industry rivalry

• High industry rivalry
• Players offer similar products
• Players compete through marketing to influence consumers

5. Marketing Objectives for Codman Academy Beyond the Start-Up Phase: The Marketing Strategy of Codman Academy Beyond the Start-Up Phase

Codman Academy Beyond the Start-Up Phase marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Codman Academy Beyond the Start-Up Phase brand and products by 30%
• Increase sales for Codman Academy Beyond the Start-Up Phase by 40% by the third quarter of the financial year
• Achieve a trial rate for new products of 10% during the first quarter of the launch
• Increase consumption rate of existing products by 45% during the current financial year

5.2. Enhanced brand recognition

• Increase top of mind recall by 65% during the current fiscal year
• Increase brand recognition by 80% during the first two quarters of the current financial year

5.3. Increased use of digital marketing

• Acquire 25,000 new online customers during the financial year
• Increase website traffic through using blogging and email tactics effectively by 505 during the first two quarters of the year
• Acquire 65,000 likes on the official Facebook page of Codman Academy Beyond the Start-Up Phase during the first quarter of the financial year

5.4. Retail Growth

• Contract with five more leading supermarkets in the first quarter of the year to stock product at eye level shelving
• Contract with two leading online retail sites – eBay and Amazon – to stock our products, and increase accessibility for consumers globally by the second quarter of the financial year

6. Segmentation of Codman Academy Beyond the Start-Up Phase

Codman Academy Beyond the Start-Up Phase marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Codman Academy Beyond the Start-Up Phase has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Codman Academy Beyond the Start-Up Phase has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Codman Academy Beyond the Start-Up Phase, according to the marketing strategy, are in the following various life cycle stages:

• Single students
• Single graduates
• Single people living at home/not living at home
• Young couples without children
• Married couples with one to four children – all at home
• Married couples with one or two children in college
• Old married couples with an empty nest

6.1.4. Occupation

The marketing strategy devises the following occupations for Codman Academy Beyond the Start-Up Phase consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Codman Academy Beyond the Start-Up Phase focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Codman Academy Beyond the Start-Up Phase consumer segments have the following lifestyle characteristics:

• They aspire towards a better and higher living standard
• They want to be successful – professionally and socially
• They are not hesitant to try new things, products and services in life
• They are confident in their behaviour and attitude
• They are mainstreamers in their fields

6.3. Geographic segmentation

6.3.1. Region

• Codman Academy Beyond the Start-Up Phase has operations spread across the western developed countries such as America, the united kingdom, and the Netherlands
• It also has operations in emerging markets such as Brazil, India, and China

6.3.2. Density

• The focus of Codman Academy Beyond the Start-Up Phase remains on the urban part of the population

6.4. Behavioural segmentation

6.4.1. Personality

The marketing strategy defines personality characteristics for the consumers of the brand of Codman Academy Beyond the Start-Up Phase, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Codman Academy Beyond the Start-Up Phase are regular and frequent users of the product

6.4.3. Benefits sought

• Consumers seek functional benefits
• The focus, however, is more on the emotional benefits reaped from the consumption of the brand

6.4.4. Degree of loyalty

• Consumers are very loyal
• Have an emotional attachment with the brand

7. Targeting of Codman Academy Beyond the Start-Up Phase Positioning of Codman Academy Beyond the Start-Up Phase

The marketing strategy of Codman Academy Beyond the Start-Up Phase targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Codman Academy Beyond the Start-Up Phase is from middle to upper class
• The target market is ambitious and desires to purchase high-end consumer products
• This target market also seeks affordability
• To meet target market expectations, the Codman Academy Beyond the Start-Up Phase focuses on quality control

7.2. Mass marketing

• The marketing strategy of Codman Academy Beyond the Start-Up Phase focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Codman Academy Beyond the Start-Up Phase makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Codman Academy Beyond the Start-Up Phase does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Codman Academy Beyond the Start-Up Phase also created the marketing mix under the marketing strategy as a singular one for the whole market – regardless of the segmentation divides.

7.4. Focus on quality

• Codman Academy Beyond the Start-Up Phase has created, developed, and maintained a brand that satisfies all consumers under the undifferentiated marketing strategy and mass marketing
• No compromise on quality has been made in the broad product portfolio
• To ensure the influence of a single marketing strategy, the Codman Academy Beyond the Start-Up Phase has also adopted a consumer-centric approach in its overall marketing strategy and operations as well
• This was used for targeting strategy as well as for maintaining growth

8. Company Competitive Advantage in the marketing strategy of Codman Academy Beyond the Start-Up Phase

The marketing strategy of Codman Academy Beyond the Start-Up Phase stands out from the clutter and competition. Codman Academy Beyond the Start-Up Phase has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Codman Academy Beyond the Start-Up Phase has utilized:

8.1. Cost-effectiveness

• Codman Academy Beyond the Start-Up Phase focuses on reaching consumers effectively rather than grandeur
• Codman Academy Beyond the Start-Up Phase focuses on developing an integrated marketing approach
• The use of digital marketing efficiently and expertly has helped the company reach a wider audience at a lower cost
• Codman Academy Beyond the Start-Up Phase has in-house copywriters for marketing campaigns which also helps in controlling costs
• Codman Academy Beyond the Start-Up Phase also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

• Codman Academy Beyond the Start-Up Phase has stayed updated with latest developments in marketing research and marketing knowledge
• Codman Academy Beyond the Start-Up Phase makes use of new and innovative tactics to reach its target consumers
• Codman Academy Beyond the Start-Up Phase also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
• Each marketing campaign launched by Codman Academy Beyond the Start-Up Phase is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

• Codman Academy Beyond the Start-Up Phase marketing strategy is strongly grounded in consumer and market research
• Codman Academy Beyond the Start-Up Phase makes informed marketing campaigns and goals based on consumers’ behavioural feedback
• Codman Academy Beyond the Start-Up Phase also incorporates consumer feedback in its marketing strategy
• Codman Academy Beyond the Start-Up Phase marketing strategy is based on market trends, and consumer needs and wants

8.4. Making effective use of emotional appeals

• Consumers’ emotional needs strongly influence all marketing objectives and marketing goals set by Codman Academy Beyond the Start-Up Phase
• In addition to fulfilling functional needs, Codman Academy Beyond the Start-Up Phase also tries to fulfil the emotional and psychological needs of the consumer
• Codman Academy Beyond the Start-Up Phase tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Codman Academy Beyond the Start-Up Phase

Codman Academy Beyond the Start-Up Phase marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Codman Academy Beyond the Start-Up Phase makes use of intensive distribution strategy because it is mass marketing
• Codman Academy Beyond the Start-Up Phase’s marketing strategy is based on undifferentiated segments, and thus an intensive distribution strategy allows high penetration and reaches in the overall market
• With the use of the intensive distribution, Codman Academy Beyond the Start-Up Phase tries to maximise its coverage of the markets where it's present
• For achieving the intensive strategy, the company uses hardcore 360-degree integrated marketing strategy and campaign to reach all consumers, across all segments in the market.

9.2. Direct distribution strategy

• Codman Academy Beyond the Start-Up Phase uses direct distribution country of origin as well as in locations where it has subsidiary operations
• The Codman Academy Beyond the Start-Up Phase also makes use of modern retailing channels
• Also, Codman Academy Beyond the Start-Up Phase makes use of e-commerce and makes a sale through online retailers, as well as through the company website
• Direct distributions have allowed Codman Academy Beyond the Start-Up Phase to increase market penetration and accessibility for consumers

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Codman Academy Beyond the Start-Up Phase does not have a subsidiary
• In these offshore locations, Codman Academy Beyond the Start-Up Phase largely works through the export model
• This makes use of several intermediaries in between, before the product by Codman Academy Beyond the Start-Up Phase reaches the target consumers
• Intermediaries for Codman Academy Beyond the Start-Up Phase include not only the end retail outlets, but also sales agents, retail agents, and distribution agents in offshore locations

9.4. Selective distribution strategy

• For some products of its portfolio which are premium in nature, Codman Academy Beyond the Start-Up Phase makes use of selective distribution channel
• Codman Academy Beyond the Start-Up Phase has maintained a few outlets in the country of origin, and in selected offshore markets for these products
• These placements and locations are chosen based on the niche market that Codman Academy Beyond the Start-Up Phase has for its premium products
• These locations, placements, and marketing strategy helps make the company’s product selectively, but readily accessible for its niche target audience

10. Competition Analysis in the marketing strategy of Codman Academy Beyond the Start-Up Phase

The industry in which Codman Academy Beyond the Start-Up Phase operates is very responsive to market and consumer trends. Codman Academy Beyond the Start-Up Phase, therefore, needs to be vigilant in its market strategy towards competition – to make sure that it maintains its competitive advantage.

10.1. Strategic Group Analysis

• Codman Academy Beyond the Start-Up Phase competes with direct and close competition based on quality and price
• Consumers choose between different companies from the industry based on their functional offering
• Consumers have progressively evolved to strengthen loyalty and form an emotional bond with products that they consume
• Codman Academy Beyond the Start-Up Phase also competes, thereby, with close competition for building stronger brand image, increasing consume loyalty, and for forming strong emotional ties with the consumer

10.2. Industry rivalry

• Codman Academy Beyond the Start-Up Phase experiences high industry rivalry
• The barriers to entry for the industry are low, and new entrants gain easy access in the industry
• The number of local as well as global players is increasing

11. Marketing mix of Codman Academy Beyond the Start-Up Phase

The marketing mix for Codman Academy Beyond the Start-Up Phase as per the marketing strategy is the following:

11.1. Product

• Codman Academy Beyond the Start-Up Phase has a broad product portfolio
• Codman Academy Beyond the Start-Up Phase provides mass marketed products for all segments across the market undifferentiated
• Codman Academy Beyond the Start-Up Phase also provides some selected, premium products to niche customer groups
• All products in the portfolio consistently maintain high quality
• All products are tailored to meet consumer specifications, demands and needs across different regional markets
• The Codman Academy Beyond the Start-Up Phase maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Codman Academy Beyond the Start-Up Phase wants to have a close, emotional and personal relationship with its consumers
• The company maintains high control in its distribution strategies – especially through direct distribution strategy
• The company has a presence in leading supermarkets
• The Codman Academy Beyond the Start-Up Phase also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Codman Academy Beyond the Start-Up Phase also makes use of e-commerce to increase penetration and sales

11.3. Price

• The Codman Academy Beyond the Start-Up Phase prices its products so that its target consumers can afford it easily
• Codman Academy Beyond the Start-Up Phase uses relative pricing strategy for its products
• The price of Codman Academy Beyond the Start-Up Phase’s products include not only the high quality raw materials and value additions but also the enhanced customer experience they deliver
• The company’s pricing strategy allows it to enjoy stable revenue and profit growth

11.4. Promotion

• The Codman Academy Beyond the Start-Up Phase has a high budget allocated towards marketing activities
• The Codman Academy Beyond the Start-Up Phase invests substantially in digital marketing activities to reap high and effective results
• Use of digital marketing has also allowed Codman Academy Beyond the Start-Up Phase marketing strategy to cap costs and expenses
• Codman Academy Beyond the Start-Up Phase also takes part in direct consumer engagement through on-ground activities where the company initiates trials
• Codman Academy Beyond the Start-Up Phase also invests in traditional media channels to reach maximum consumers in the market

11.5. People

• Codman Academy Beyond the Start-Up Phase has a large workforce across different companies
• This workforce is continually trained to become experts in their respective fields of operations
• Codman Academy Beyond the Start-Up Phase hires without discrimination
• Codman Academy Beyond the Start-Up Phase ensures that its employees remain motivated through building an inspirational and creative organizational culture
• Codman Academy Beyond the Start-Up Phase focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

• All activities at Codman Academy Beyond the Start-Up Phase - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Codman Academy Beyond the Start-Up Phase are well defined, and well communicated to all employees
• All employees are trained to follow the processes internally to ensure consistently high quality as well as timely production and deliveries
• The systematic processes also ensure a smooth running of operations at the Codman Academy Beyond the Start-Up Phase

11.7. Physical evidence

• The physical evidence for Codman Academy Beyond the Start-Up Phase includes the company logo, company store designs, and the product packaging
• Satisfied and excited customers in the retail spaces of Codman Academy Beyond the Start-Up Phase, as well as during product consumption create a bubbling and an inviting atmosphere
• The e-commerce website for retail by Codman Academy Beyond the Start-Up Phase is also designed with a friendly customer interface to allow maximum interaction with the brand
• The store designs created by Codman Academy Beyond the Start-Up Phase for its retail space allow consumers maximum interaction with the products directly.

12. Promotional tactics for the marketing strategy of Codman Academy Beyond the Start-Up Phase

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Codman Academy Beyond the Start-Up Phase interacts with the consumers directly, and engages with them, answers their queries and takes their feedback
• The company also shares information and build relationships with consumers through digital marketing
• Codman Academy Beyond the Start-Up Phase also makes use of blogging, emails, and content creations as a means of digital marketing

12.2. Conventional marketing

• The company uses a 360-degree approach in its marketing strategy
• This means that the company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out of house placements

12.3. Influencers

• For direct, on-ground engagement, the company uses influencers
• Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Codman Academy Beyond the Start-Up Phase brand

13. Monitoring and evaluation of the marketing strategy of Codman Academy Beyond the Start-Up Phase

13.1. Changes in sales

• Codman Academy Beyond the Start-Up Phase regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Codman Academy Beyond the Start-Up Phase
• Sometimes, Codman Academy Beyond the Start-Up Phase experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Codman Academy Beyond the Start-Up Phase frequently conducts focus groups and surveys to identify its brand worth
• These methods also help the company identify brand value, brand recall, and brand recognition
• Focus groups allow Codman Academy Beyond the Start-Up Phase to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Codman Academy Beyond the Start-Up Phase can also be seen through the revenue and profit growth
• Return on investment allows Codman Academy Beyond the Start-Up Phase to effective gauge the effect and influence of the marketing strategy, and measure its success

13.4. Attainment of marketing objectives

• All marketing objectives set by Codman Academy Beyond the Start-Up Phase are SMART
• The quantitative set against each of the marketing objective can facilitate attainment evaluation for the overall marketing strategy
• Successful and timely attainment of these marketing objectives highlight the success of the marketing strategy of Codman Academy Beyond the Start-Up Phase