Marketing strategy of Evolving from Information to Insight

Posted by Zander Henry on Aug-22-2018

1. The vision of Evolving from Information to Insight

The vision of Evolving from Information to Insight is to be the leading quality service and product provider for customers. Being the best and the leading player means that Evolving from Information to Insight 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 Evolving from Information to Insight

Evolving from Information to Insight marketing strategy is grounded in its mission. The mission for Evolving from Information to Insight is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Evolving from Information to Insight 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 Evolving from Information to Insight

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Evolving from Information to Insight. The knowledge of brand equity will help in shaping Evolving from Information to Insight marketing strategy effectively – thereby facilitating the growth of business for Evolving from Information to Insight.

3.1. Brand awareness

• Evolving from Information to Insight has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Evolving from Information to Insight has modified marketing and strategic directives and plans

3.2. Brand association

• Evolving from Information to Insight is directly associated with the brand name and product category
• Evolving from Information to Insight has a broad product portfolio
• Evolving from Information to Insight is associated with promising and delivering quality and innovative products
• Evolving from Information to Insight is also associated with excellent customer service

3.3. Brand loyalty

• Evolving from Information to Insight has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Evolving from Information to Insight has a global customer base
• Evolving from Information to Insight keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Evolving from Information to Insight has a substantial brand value
• Evolving from Information to Insight also enjoys the high financial worth
• Evolving from Information to Insight focuses on building a reliable and robust employee base

3.5. Brand element

• Evolving from Information to Insight 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 Evolving from Information to Insight

The situational analysis will help in developing the marketing strategy of Evolving from Information to Insight 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 Evolving from Information to Insight.

4.1. SWOT

4.1.1. Strengths

Evolving from Information to Insight marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Evolving from Information to Insight faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Evolving from Information to Insight has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Evolving from Information to Insight faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Evolving from Information to Insight operates I markets with political stability
• Evolving from Information to Insight has funding support from the government for small businesses

4.2.2. Economic

• Evolving from Information to Insight enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Evolving from Information to Insight
• Low inflation strengthens the financial position of Evolving from Information to Insight

4.2.3. Social

• Higher education and awareness increases sales of Evolving from Information to Insight predict
• Evolving from Information to Insight focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Evolving from Information to Insight has an active CSR program
• Evolving from Information to Insight ensures environmental safety in all its operations

4.2.5. Legal

• Evolving from Information to Insight is aware of local and global laws of business and human resource management
• Evolving from Information to Insight 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 Evolving from Information to Insight: The Marketing Strategy of Evolving from Information to Insight

Evolving from Information to Insight marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Evolving from Information to Insight brand and products by 30%
• Increase sales for Evolving from Information to Insight 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 Evolving from Information to Insight 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 Evolving from Information to Insight

Evolving from Information to Insight marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Evolving from Information to Insight has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Evolving from Information to Insight has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Evolving from Information to Insight, 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 Evolving from Information to Insight consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Evolving from Information to Insight focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Evolving from Information to Insight 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

• Evolving from Information to Insight 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 Evolving from Information to Insight 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 Evolving from Information to Insight, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Evolving from Information to Insight 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 Evolving from Information to Insight Positioning of Evolving from Information to Insight

The marketing strategy of Evolving from Information to Insight targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Evolving from Information to Insight 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 Evolving from Information to Insight focuses on quality control

7.2. Mass marketing

• The marketing strategy of Evolving from Information to Insight focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Evolving from Information to Insight makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Evolving from Information to Insight does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Evolving from Information to Insight 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

• Evolving from Information to Insight 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 Evolving from Information to Insight 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 Evolving from Information to Insight

The marketing strategy of Evolving from Information to Insight stands out from the clutter and competition. Evolving from Information to Insight has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Evolving from Information to Insight has utilized:

8.1. Cost-effectiveness

• Evolving from Information to Insight focuses on reaching consumers effectively rather than grandeur
• Evolving from Information to Insight 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
• Evolving from Information to Insight has in-house copywriters for marketing campaigns which also helps in controlling costs
• Evolving from Information to Insight also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Evolving from Information to Insight

Evolving from Information to Insight marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Evolving from Information to Insight makes use of intensive distribution strategy because it is mass marketing
• Evolving from Information to Insight’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, Evolving from Information to Insight 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

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

9.3. Indirect distribution strategy

• This strategy is largely used for offshore operations where the Evolving from Information to Insight does not have a subsidiary
• In these offshore locations, Evolving from Information to Insight largely works through the export model
• This makes use of several intermediaries in between, before the product by Evolving from Information to Insight reaches the target consumers
• Intermediaries for Evolving from Information to Insight 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, Evolving from Information to Insight makes use of selective distribution channel
• Evolving from Information to Insight 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 Evolving from Information to Insight 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 Evolving from Information to Insight

The industry in which Evolving from Information to Insight operates is very responsive to market and consumer trends. Evolving from Information to Insight, 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

• Evolving from Information to Insight 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
• Evolving from Information to Insight 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

• Evolving from Information to Insight 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 Evolving from Information to Insight

The marketing mix for Evolving from Information to Insight as per the marketing strategy is the following:

11.1. Product

• Evolving from Information to Insight has a broad product portfolio
• Evolving from Information to Insight provides mass marketed products for all segments across the market undifferentiated
• Evolving from Information to Insight 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 Evolving from Information to Insight maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Evolving from Information to Insight 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 Evolving from Information to Insight also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Evolving from Information to Insight also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Evolving from Information to Insight - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Evolving from Information to Insight 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 Evolving from Information to Insight

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Evolving from Information to Insight

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Evolving from Information to Insight 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
• Evolving from Information to Insight 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 Evolving from Information to Insight brand

13. Monitoring and evaluation of the marketing strategy of Evolving from Information to Insight

13.1. Changes in sales

• Evolving from Information to Insight regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Evolving from Information to Insight
• Sometimes, Evolving from Information to Insight experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Evolving from Information to Insight 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 Evolving from Information to Insight to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Evolving from Information to Insight can also be seen through the revenue and profit growth
• Return on investment allows Evolving from Information to Insight 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 Evolving from Information to Insight 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 Evolving from Information to Insight