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Marketing strategy of D Addario Keeping in Tune F
Posted by Zander Henry on Aug-22-2018
1. The vision of D Addario Keeping in Tune F
The vision of D Addario Keeping in Tune F is to be the leading quality service and product provider for customers. Being the best and the leading player means that D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
D Addario Keeping in Tune F marketing strategy is grounded in its mission. The mission for D Addario Keeping in Tune F is to be the favorite brand of the customers. This mission is essential for the marketing strategy of D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of D Addario Keeping in Tune F. The knowledge of brand equity will help in shaping D Addario Keeping in Tune F marketing strategy effectively – thereby facilitating the growth of business for D Addario Keeping in Tune F.
3.1. Brand awareness
- D Addario Keeping in Tune F has high brand awareness because of international operations
- The company focuses on higher budget allocation in the country of origin
- Each market for D Addario Keeping in Tune F has modified marketing and strategic directives and plans
3.2. Brand association
- D Addario Keeping in Tune F is directly associated with the brand name and product category
- D Addario Keeping in Tune F has a broad product portfolio
- D Addario Keeping in Tune F is associated with promising and delivering quality and innovative products
- D Addario Keeping in Tune F is also associated with excellent customer service
3.3. Brand loyalty
- D Addario Keeping in Tune F has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
- D Addario Keeping in Tune F has a global customer base
- D Addario Keeping in Tune F keeps adding value addition to the products and product portfolio to keep consumers engaged
3.4. Brand asset
- D Addario Keeping in Tune F has a substantial brand value
- D Addario Keeping in Tune F also enjoys the high financial worth
- D Addario Keeping in Tune F focuses on building a reliable and robust employee base
3.5. Brand element
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
The situational analysis will help in developing the marketing strategy of D Addario Keeping in Tune F 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 D Addario Keeping in Tune F.
4.1. SWOT
4.1.1. Strengths
D Addario Keeping in Tune F marketing strategy can benefit from the following internal advantages:
- Strong brand image
- Global distribution network
- Investment in market research
- Innovation
4.1.2. Weakness
D Addario Keeping in Tune F faces challenges in marketing strategy because of the following weakness:
- Slow organizational processes
- High product prices
4.1.3. Opportunity
D Addario Keeping in Tune F has the following possibilities of business growth:
- Green lifestyles
- Regional expansion
- Diversification
4.1.4. Threats
D Addario Keeping in Tune F faces business threats because of the following factors:
- Increased competition
- Increased imitation
4.2. PESTEL
4.2.1. Political
- D Addario Keeping in Tune F operates I markets with political stability
- D Addario Keeping in Tune F has funding support from the government for small businesses
4.2.2. Economic
- D Addario Keeping in Tune F enjoys high sales because of higher GDP
- Lower interest rates make business expansion and loaning easier for D Addario Keeping in Tune F
- Low inflation strengthens the financial position of D Addario Keeping in Tune F
4.2.3. Social
- Higher education and awareness increases sales of D Addario Keeping in Tune F predict
- D Addario Keeping in Tune F focuses on understanding consumers and fulfilling their demands through its offerings
4.2.4. Environmental
- D Addario Keeping in Tune F has an active CSR program
- D Addario Keeping in Tune F ensures environmental safety in all its operations
4.2.5. Legal
- D Addario Keeping in Tune F is aware of local and global laws of business and human resource management
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F: The Marketing Strategy of D Addario Keeping in Tune F
D Addario Keeping in Tune F marketing strategy has the following objectives for the current financial year:
5.1. Increased market penetration
- Increase top of mind recall for D Addario Keeping in Tune F brand and products by 30%
- Increase sales for D Addario Keeping in Tune F 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 D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
D Addario Keeping in Tune F marketing strategy uses different means of segmentation to reach an increase in market penetration.
6.1. Demographic segmentation
6.1.1. Age
D Addario Keeping in Tune F has consumers of age groups
- 20-45 years
- 45-60 years
6.1.2. Gender
- D Addario Keeping in Tune F has a broad product portfolio for both males and females
6.1.3. Life-cycle stage
Consumers for D Addario Keeping in Tune F, 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 D Addario Keeping in Tune F consumers:
- Professionals
- Students
- House makers
6.2. Psychographic segmentation
6.2.1. Social class
- D Addario Keeping in Tune F focuses on segments of middle-upper and upper social classes
6.2.2. Lifestyle
D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F 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 D Addario Keeping in Tune F, such as:
- Determined
- Confident
- Ambitious
- Hardworking
6.4.2. Usage frequency
- The consumer segments for D Addario Keeping in Tune F 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 D Addario Keeping in Tune F Positioning of D Addario Keeping in Tune F
The marketing strategy of D Addario Keeping in Tune F targets consumer groups based on segmentation as follows:
7.1. Target market
- The target market for D Addario Keeping in Tune F 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 D Addario Keeping in Tune F focuses on quality control
7.2. Mass marketing
- The marketing strategy of D Addario Keeping in Tune F focuses on mass marketing
- This also requires unique marketing designs and product promotion programs
- D Addario Keeping in Tune F makes use of one strategy to influence all segments
7.3. Undifferentiated marketing strategy
- D Addario Keeping in Tune F does not differentiate between market segments
- It uses a single marketing strategy to target all segments and consumer groups
- Based on this, D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
The marketing strategy of D Addario Keeping in Tune F stands out from the clutter and competition. D Addario Keeping in Tune F has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that D Addario Keeping in Tune F has utilized:
8.1. Cost-effectiveness
- D Addario Keeping in Tune F focuses on reaching consumers effectively rather than grandeur
- D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F has in-house copywriters for marketing campaigns which also helps in controlling costs
- D Addario Keeping in Tune F also focuses efforts on ground activities – which are less expensive than commercial marketing tactics
8.2. Innovation
- D Addario Keeping in Tune F has stayed updated with latest developments in marketing research and marketing knowledge
- D Addario Keeping in Tune F makes use of new and innovative tactics to reach its target consumers
- D Addario Keeping in Tune F also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
- Each marketing campaign launched by D Addario Keeping in Tune F is effective catchier and more influential than the previous one
8.3. Strong market research and consumer understanding grounded
- D Addario Keeping in Tune F marketing strategy is strongly grounded in consumer and market research
- D Addario Keeping in Tune F makes informed marketing campaigns and goals based on consumers’ behavioural feedback
- D Addario Keeping in Tune F also incorporates consumer feedback in its marketing strategy
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
- In addition to fulfilling functional needs, D Addario Keeping in Tune F also tries to fulfil the emotional and psychological needs of the consumer
- D Addario Keeping in Tune F tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty
9. Distribution Strategy of D Addario Keeping in Tune F
D Addario Keeping in Tune F marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.
9.1. Intensive distribution strategy
- D Addario Keeping in Tune F makes use of intensive distribution strategy because it is mass marketing
- D Addario Keeping in Tune F’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, D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F uses direct distribution country of origin as well as in locations where it has subsidiary operations
- The D Addario Keeping in Tune F also makes use of modern retailing channels
- Also, D Addario Keeping in Tune F makes use of e-commerce and makes a sale through online retailers, as well as through the company website
- Direct distributions have allowed D Addario Keeping in Tune F to increase market penetration and accessibility for consumers
9.3. Indirect distribution strategy
- This strategy is largely used for offshore operations where the D Addario Keeping in Tune F does not have a subsidiary
- In these offshore locations, D Addario Keeping in Tune F largely works through the export model
- This makes use of several intermediaries in between, before the product by D Addario Keeping in Tune F reaches the target consumers
- Intermediaries for D Addario Keeping in Tune F 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, D Addario Keeping in Tune F makes use of selective distribution channel
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
The industry in which D Addario Keeping in Tune F operates is very responsive to market and consumer trends. D Addario Keeping in Tune F, 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
- D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
The marketing mix for D Addario Keeping in Tune F as per the marketing strategy is the following:
11.1. Product
- D Addario Keeping in Tune F has a broad product portfolio
- D Addario Keeping in Tune F provides mass marketed products for all segments across the market undifferentiated
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged
11.2. Place
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
- D Addario Keeping in Tune F also makes use of e-commerce to increase penetration and sales
11.3. Price
- The D Addario Keeping in Tune F prices its products so that its target consumers can afford it easily
- D Addario Keeping in Tune F uses relative pricing strategy for its products
- The price of D Addario Keeping in Tune F’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 D Addario Keeping in Tune F has a high budget allocated towards marketing activities
- The D Addario Keeping in Tune F invests substantially in digital marketing activities to reap high and effective results
- Use of digital marketing has also allowed D Addario Keeping in Tune F marketing strategy to cap costs and expenses
- D Addario Keeping in Tune F also takes part in direct consumer engagement through on-ground activities where the company initiates trials
- D Addario Keeping in Tune F also invests in traditional media channels to reach maximum consumers in the market
11.5. People
- D Addario Keeping in Tune F has a large workforce across different companies
- This workforce is continually trained to become experts in their respective fields of operations
- D Addario Keeping in Tune F hires without discrimination
- D Addario Keeping in Tune F ensures that its employees remain motivated through building an inspirational and creative organizational culture
- D Addario Keeping in Tune F focuses on also building and maintaining organizational commitment and loyalty in its employees
11.6. Process
- All activities at D Addario Keeping in Tune F - from raw material procurement to the final sale to the end consumer - undergo systematic processes
- The processes at D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
11.7. Physical evidence
- The physical evidence for D Addario Keeping in Tune F includes the company logo, company store designs, and the product packaging
- Satisfied and excited customers in the retail spaces of D Addario Keeping in Tune F, as well as during product consumption create a bubbling and an inviting atmosphere
- The e-commerce website for retail by D Addario Keeping in Tune F is also designed with a friendly customer interface to allow maximum interaction with the brand
- The store designs created by D Addario Keeping in Tune F for its retail space allow consumers maximum interaction with the products directly.
12. Promotional tactics for the marketing strategy of D Addario Keeping in Tune F
12.1. Digital marketing
- The company uses social media for reaching consumers effectively
- The D Addario Keeping in Tune F 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
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F brand
13. Monitoring and evaluation of the marketing strategy of D Addario Keeping in Tune F
13.1. Changes in sales
- D Addario Keeping in Tune F regularly tracks its sales to identify the effectiveness of its marketing strategy
- Increase in sales reflect the success of marketing strategy of D Addario Keeping in Tune F
- Sometimes, D Addario Keeping in Tune F experiences increase ins ae after some time of the launch of the marketing promotions
13.2. Surveys and focus groups
- D Addario Keeping in Tune F 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 D Addario Keeping in Tune F to gather feedback on its marketing strategy and helps it understand consumers better
13.3. ROI
- Effectiveness of marketing strategy of D Addario Keeping in Tune F can also be seen through the revenue and profit growth
- Return on investment allows D Addario Keeping in Tune F 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 D Addario Keeping in Tune F 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 D Addario Keeping in Tune F
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