Marketing strategy of Developing Build Blox as an Entrepreneurial Venture

Posted by Zander Henry on Aug-22-2018

1. The vision of Developing Build Blox as an Entrepreneurial Venture

The vision of Developing Build Blox as an Entrepreneurial Venture is to be the leading quality service and product provider for customers. Being the best and the leading player means that Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

Developing Build Blox as an Entrepreneurial Venture marketing strategy is grounded in its mission. The mission for Developing Build Blox as an Entrepreneurial Venture is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Developing Build Blox as an Entrepreneurial Venture. The knowledge of brand equity will help in shaping Developing Build Blox as an Entrepreneurial Venture marketing strategy effectively – thereby facilitating the growth of business for Developing Build Blox as an Entrepreneurial Venture.

3.1. Brand awareness

• Developing Build Blox as an Entrepreneurial Venture has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Developing Build Blox as an Entrepreneurial Venture has modified marketing and strategic directives and plans

3.2. Brand association

• Developing Build Blox as an Entrepreneurial Venture is directly associated with the brand name and product category
• Developing Build Blox as an Entrepreneurial Venture has a broad product portfolio
• Developing Build Blox as an Entrepreneurial Venture is associated with promising and delivering quality and innovative products
• Developing Build Blox as an Entrepreneurial Venture is also associated with excellent customer service

3.3. Brand loyalty

• Developing Build Blox as an Entrepreneurial Venture has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Developing Build Blox as an Entrepreneurial Venture has a global customer base
• Developing Build Blox as an Entrepreneurial Venture keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Developing Build Blox as an Entrepreneurial Venture has a substantial brand value
• Developing Build Blox as an Entrepreneurial Venture also enjoys the high financial worth
• Developing Build Blox as an Entrepreneurial Venture focuses on building a reliable and robust employee base

3.5. Brand element

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

The situational analysis will help in developing the marketing strategy of Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture.

4.1. SWOT

4.1.1. Strengths

Developing Build Blox as an Entrepreneurial Venture marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Developing Build Blox as an Entrepreneurial Venture faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Developing Build Blox as an Entrepreneurial Venture has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Developing Build Blox as an Entrepreneurial Venture faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Developing Build Blox as an Entrepreneurial Venture operates I markets with political stability
• Developing Build Blox as an Entrepreneurial Venture has funding support from the government for small businesses

4.2.2. Economic

• Developing Build Blox as an Entrepreneurial Venture enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Developing Build Blox as an Entrepreneurial Venture
• Low inflation strengthens the financial position of Developing Build Blox as an Entrepreneurial Venture

4.2.3. Social

• Higher education and awareness increases sales of Developing Build Blox as an Entrepreneurial Venture predict
• Developing Build Blox as an Entrepreneurial Venture focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Developing Build Blox as an Entrepreneurial Venture has an active CSR program
• Developing Build Blox as an Entrepreneurial Venture ensures environmental safety in all its operations

4.2.5. Legal

• Developing Build Blox as an Entrepreneurial Venture is aware of local and global laws of business and human resource management
• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture: The Marketing Strategy of Developing Build Blox as an Entrepreneurial Venture

Developing Build Blox as an Entrepreneurial Venture marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Developing Build Blox as an Entrepreneurial Venture brand and products by 30%
• Increase sales for Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

Developing Build Blox as an Entrepreneurial Venture marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Developing Build Blox as an Entrepreneurial Venture has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Developing Build Blox as an Entrepreneurial Venture has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Developing Build Blox as an Entrepreneurial Venture, 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 Developing Build Blox as an Entrepreneurial Venture consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Developing Build Blox as an Entrepreneurial Venture focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Developing Build Blox as an Entrepreneurial Venture 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

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture Positioning of Developing Build Blox as an Entrepreneurial Venture

The marketing strategy of Developing Build Blox as an Entrepreneurial Venture targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture focuses on quality control

7.2. Mass marketing

• The marketing strategy of Developing Build Blox as an Entrepreneurial Venture focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Developing Build Blox as an Entrepreneurial Venture makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Developing Build Blox as an Entrepreneurial Venture does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Developing Build Blox as an Entrepreneurial Venture 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

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

The marketing strategy of Developing Build Blox as an Entrepreneurial Venture stands out from the clutter and competition. Developing Build Blox as an Entrepreneurial Venture has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Developing Build Blox as an Entrepreneurial Venture has utilized:

8.1. Cost-effectiveness

• Developing Build Blox as an Entrepreneurial Venture focuses on reaching consumers effectively rather than grandeur
• Developing Build Blox as an Entrepreneurial Venture 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
• Developing Build Blox as an Entrepreneurial Venture has in-house copywriters for marketing campaigns which also helps in controlling costs
• Developing Build Blox as an Entrepreneurial Venture also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

• Developing Build Blox as an Entrepreneurial Venture has stayed updated with latest developments in marketing research and marketing knowledge
• Developing Build Blox as an Entrepreneurial Venture makes use of new and innovative tactics to reach its target consumers
• Developing Build Blox as an Entrepreneurial Venture also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
• Each marketing campaign launched by Developing Build Blox as an Entrepreneurial Venture is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

• Developing Build Blox as an Entrepreneurial Venture marketing strategy is strongly grounded in consumer and market research
• Developing Build Blox as an Entrepreneurial Venture makes informed marketing campaigns and goals based on consumers’ behavioural feedback
• Developing Build Blox as an Entrepreneurial Venture also incorporates consumer feedback in its marketing strategy
• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture
• In addition to fulfilling functional needs, Developing Build Blox as an Entrepreneurial Venture also tries to fulfil the emotional and psychological needs of the consumer
• Developing Build Blox as an Entrepreneurial Venture tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Developing Build Blox as an Entrepreneurial Venture

Developing Build Blox as an Entrepreneurial Venture marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Developing Build Blox as an Entrepreneurial Venture makes use of intensive distribution strategy because it is mass marketing
• Developing Build Blox as an Entrepreneurial Venture’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, Developing Build Blox as an Entrepreneurial Venture 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

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

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Developing Build Blox as an Entrepreneurial Venture does not have a subsidiary
• In these offshore locations, Developing Build Blox as an Entrepreneurial Venture largely works through the export model
• This makes use of several intermediaries in between, before the product by Developing Build Blox as an Entrepreneurial Venture reaches the target consumers
• Intermediaries for Developing Build Blox as an Entrepreneurial Venture 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, Developing Build Blox as an Entrepreneurial Venture makes use of selective distribution channel
• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

The industry in which Developing Build Blox as an Entrepreneurial Venture operates is very responsive to market and consumer trends. Developing Build Blox as an Entrepreneurial Venture, 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

• Developing Build Blox as an Entrepreneurial Venture 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
• Developing Build Blox as an Entrepreneurial Venture 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

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

The marketing mix for Developing Build Blox as an Entrepreneurial Venture as per the marketing strategy is the following:

11.1. Product

• Developing Build Blox as an Entrepreneurial Venture has a broad product portfolio
• Developing Build Blox as an Entrepreneurial Venture provides mass marketed products for all segments across the market undifferentiated
• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Developing Build Blox as an Entrepreneurial Venture also makes use of e-commerce to increase penetration and sales

11.3. Price

• The Developing Build Blox as an Entrepreneurial Venture prices its products so that its target consumers can afford it easily
• Developing Build Blox as an Entrepreneurial Venture uses relative pricing strategy for its products
• The price of Developing Build Blox as an Entrepreneurial Venture’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 Developing Build Blox as an Entrepreneurial Venture has a high budget allocated towards marketing activities
• The Developing Build Blox as an Entrepreneurial Venture invests substantially in digital marketing activities to reap high and effective results
• Use of digital marketing has also allowed Developing Build Blox as an Entrepreneurial Venture marketing strategy to cap costs and expenses
• Developing Build Blox as an Entrepreneurial Venture also takes part in direct consumer engagement through on-ground activities where the company initiates trials
• Developing Build Blox as an Entrepreneurial Venture also invests in traditional media channels to reach maximum consumers in the market

11.5. People

• Developing Build Blox as an Entrepreneurial Venture has a large workforce across different companies
• This workforce is continually trained to become experts in their respective fields of operations
• Developing Build Blox as an Entrepreneurial Venture hires without discrimination
• Developing Build Blox as an Entrepreneurial Venture ensures that its employees remain motivated through building an inspirational and creative organizational culture
• Developing Build Blox as an Entrepreneurial Venture focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

• All activities at Developing Build Blox as an Entrepreneurial Venture - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Developing Build Blox as an Entrepreneurial Venture

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Developing Build Blox as an Entrepreneurial Venture 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
• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture brand

13. Monitoring and evaluation of the marketing strategy of Developing Build Blox as an Entrepreneurial Venture

13.1. Changes in sales

• Developing Build Blox as an Entrepreneurial Venture regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Developing Build Blox as an Entrepreneurial Venture
• Sometimes, Developing Build Blox as an Entrepreneurial Venture experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Developing Build Blox as an Entrepreneurial Venture can also be seen through the revenue and profit growth
• Return on investment allows Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture 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 Developing Build Blox as an Entrepreneurial Venture