Marketing strategy of Fair to Whom

Posted by Zander Henry on Aug-22-2018

1. The vision of Fair to Whom

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

Fair to Whom marketing strategy is grounded in its mission. The mission for Fair to Whom is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Fair to Whom 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 Fair to Whom

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

3.1. Brand awareness

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

3.2. Brand association

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

3.3. Brand loyalty

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

3.4. Brand asset

• Fair to Whom has a substantial brand value
• Fair to Whom also enjoys the high financial worth
• Fair to Whom focuses on building a reliable and robust employee base

3.5. Brand element

• Fair to Whom 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 Fair to Whom

The situational analysis will help in developing the marketing strategy of Fair to Whom 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 Fair to Whom.

4.1. SWOT

4.1.1. Strengths

Fair to Whom marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Fair to Whom faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Fair to Whom has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Fair to Whom faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Fair to Whom operates I markets with political stability
• Fair to Whom has funding support from the government for small businesses

4.2.2. Economic

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

4.2.3. Social

• Higher education and awareness increases sales of Fair to Whom predict
• Fair to Whom focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Fair to Whom has an active CSR program
• Fair to Whom ensures environmental safety in all its operations

4.2.5. Legal

• Fair to Whom is aware of local and global laws of business and human resource management
• Fair to Whom 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 Fair to Whom: The Marketing Strategy of Fair to Whom

Fair to Whom marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Fair to Whom brand and products by 30%
• Increase sales for Fair to Whom 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 Fair to Whom 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 Fair to Whom

Fair to Whom marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Fair to Whom has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Fair to Whom has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Fair to Whom, 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 Fair to Whom consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Fair to Whom focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Fair to Whom 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

• Fair to Whom 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 Fair to Whom 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 Fair to Whom, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Fair to Whom 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 Fair to Whom Positioning of Fair to Whom

The marketing strategy of Fair to Whom targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Fair to Whom 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 Fair to Whom focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

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

• Fair to Whom 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 Fair to Whom 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 Fair to Whom

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Fair to Whom

Fair to Whom marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Fair to Whom makes use of intensive distribution strategy because it is mass marketing
• Fair to Whom’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, Fair to Whom 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

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

9.3. Indirect distribution strategy

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

The industry in which Fair to Whom operates is very responsive to market and consumer trends. Fair to Whom, 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

• Fair to Whom 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
• Fair to Whom 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

• Fair to Whom 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 Fair to Whom

The marketing mix for Fair to Whom as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Fair to Whom - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Fair to Whom 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 Fair to Whom

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Fair to Whom

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Fair to Whom 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
• Fair to Whom 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 Fair to Whom brand

13. Monitoring and evaluation of the marketing strategy of Fair to Whom

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Fair to Whom 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 Fair to Whom to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Fair to Whom can also be seen through the revenue and profit growth
• Return on investment allows Fair to Whom 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 Fair to Whom 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 Fair to Whom