Marketing strategy of FEED Resource Recovery

Posted by Zander Henry on Aug-22-2018

1. The vision of FEED Resource Recovery

The vision of FEED Resource Recovery is to be the leading quality service and product provider for customers. Being the best and the leading player means that FEED Resource Recovery 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 FEED Resource Recovery

FEED Resource Recovery marketing strategy is grounded in its mission. The mission for FEED Resource Recovery is to be the favorite brand of the customers. This mission is essential for the marketing strategy of FEED Resource Recovery 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 FEED Resource Recovery

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

3.1. Brand awareness

• FEED Resource Recovery has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for FEED Resource Recovery has modified marketing and strategic directives and plans

3.2. Brand association

• FEED Resource Recovery is directly associated with the brand name and product category
• FEED Resource Recovery has a broad product portfolio
• FEED Resource Recovery is associated with promising and delivering quality and innovative products
• FEED Resource Recovery is also associated with excellent customer service

3.3. Brand loyalty

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

3.4. Brand asset

• FEED Resource Recovery has a substantial brand value
• FEED Resource Recovery also enjoys the high financial worth
• FEED Resource Recovery focuses on building a reliable and robust employee base

3.5. Brand element

• FEED Resource Recovery 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 FEED Resource Recovery

The situational analysis will help in developing the marketing strategy of FEED Resource Recovery 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 FEED Resource Recovery.

4.1. SWOT

4.1.1. Strengths

FEED Resource Recovery marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

FEED Resource Recovery faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

FEED Resource Recovery has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

FEED Resource Recovery faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• FEED Resource Recovery operates I markets with political stability
• FEED Resource Recovery has funding support from the government for small businesses

4.2.2. Economic

• FEED Resource Recovery enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for FEED Resource Recovery
• Low inflation strengthens the financial position of FEED Resource Recovery

4.2.3. Social

• Higher education and awareness increases sales of FEED Resource Recovery predict
• FEED Resource Recovery focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• FEED Resource Recovery has an active CSR program
• FEED Resource Recovery ensures environmental safety in all its operations

4.2.5. Legal

• FEED Resource Recovery is aware of local and global laws of business and human resource management
• FEED Resource Recovery 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 FEED Resource Recovery: The Marketing Strategy of FEED Resource Recovery

FEED Resource Recovery marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for FEED Resource Recovery brand and products by 30%
• Increase sales for FEED Resource Recovery 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 FEED Resource Recovery 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 FEED Resource Recovery

FEED Resource Recovery marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

FEED Resource Recovery has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• FEED Resource Recovery has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for FEED Resource Recovery, 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 FEED Resource Recovery consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• FEED Resource Recovery focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

FEED Resource Recovery 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

• FEED Resource Recovery 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 FEED Resource Recovery 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 FEED Resource Recovery, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for FEED Resource Recovery 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 FEED Resource Recovery Positioning of FEED Resource Recovery

The marketing strategy of FEED Resource Recovery targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for FEED Resource Recovery 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 FEED Resource Recovery focuses on quality control

7.2. Mass marketing

• The marketing strategy of FEED Resource Recovery focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• FEED Resource Recovery makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• FEED Resource Recovery does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, FEED Resource Recovery 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

• FEED Resource Recovery 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 FEED Resource Recovery 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 FEED Resource Recovery

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

8.1. Cost-effectiveness

• FEED Resource Recovery focuses on reaching consumers effectively rather than grandeur
• FEED Resource Recovery 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
• FEED Resource Recovery has in-house copywriters for marketing campaigns which also helps in controlling costs
• FEED Resource Recovery also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of FEED Resource Recovery

FEED Resource Recovery marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• FEED Resource Recovery makes use of intensive distribution strategy because it is mass marketing
• FEED Resource Recovery’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, FEED Resource Recovery 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

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

9.3. Indirect distribution strategy

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

The industry in which FEED Resource Recovery operates is very responsive to market and consumer trends. FEED Resource Recovery, 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

• FEED Resource Recovery 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
• FEED Resource Recovery 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

• FEED Resource Recovery 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 FEED Resource Recovery

The marketing mix for FEED Resource Recovery as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

• FEED Resource Recovery 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 FEED Resource Recovery also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• FEED Resource Recovery also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at FEED Resource Recovery - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at FEED Resource Recovery 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 FEED Resource Recovery

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of FEED Resource Recovery

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The FEED Resource Recovery 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
• FEED Resource Recovery 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 FEED Resource Recovery brand

13. Monitoring and evaluation of the marketing strategy of FEED Resource Recovery

13.1. Changes in sales

• FEED Resource Recovery regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of FEED Resource Recovery
• Sometimes, FEED Resource Recovery experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• FEED Resource Recovery 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 FEED Resource Recovery to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of FEED Resource Recovery can also be seen through the revenue and profit growth
• Return on investment allows FEED Resource Recovery 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 FEED Resource Recovery 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 FEED Resource Recovery