Marketing strategy of Fischer Francis Trees Watts

Posted by Zander Henry on Aug-22-2018

1. The vision of Fischer Francis Trees Watts

The vision of Fischer Francis Trees Watts is to be the leading quality service and product provider for customers. Being the best and the leading player means that Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

Fischer Francis Trees Watts marketing strategy is grounded in its mission. The mission for Fischer Francis Trees Watts is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

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

3.1. Brand awareness

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

3.2. Brand association

• Fischer Francis Trees Watts is directly associated with the brand name and product category
• Fischer Francis Trees Watts has a broad product portfolio
• Fischer Francis Trees Watts is associated with promising and delivering quality and innovative products
• Fischer Francis Trees Watts is also associated with excellent customer service

3.3. Brand loyalty

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

3.4. Brand asset

• Fischer Francis Trees Watts has a substantial brand value
• Fischer Francis Trees Watts also enjoys the high financial worth
• Fischer Francis Trees Watts focuses on building a reliable and robust employee base

3.5. Brand element

• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

The situational analysis will help in developing the marketing strategy of Fischer Francis Trees Watts 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 Fischer Francis Trees Watts.

4.1. SWOT

4.1.1. Strengths

Fischer Francis Trees Watts marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Fischer Francis Trees Watts faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Fischer Francis Trees Watts has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Fischer Francis Trees Watts faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Fischer Francis Trees Watts operates I markets with political stability
• Fischer Francis Trees Watts has funding support from the government for small businesses

4.2.2. Economic

• Fischer Francis Trees Watts enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Fischer Francis Trees Watts
• Low inflation strengthens the financial position of Fischer Francis Trees Watts

4.2.3. Social

• Higher education and awareness increases sales of Fischer Francis Trees Watts predict
• Fischer Francis Trees Watts focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Fischer Francis Trees Watts has an active CSR program
• Fischer Francis Trees Watts ensures environmental safety in all its operations

4.2.5. Legal

• Fischer Francis Trees Watts is aware of local and global laws of business and human resource management
• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts: The Marketing Strategy of Fischer Francis Trees Watts

Fischer Francis Trees Watts marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Fischer Francis Trees Watts brand and products by 30%
• Increase sales for Fischer Francis Trees Watts 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 Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

Fischer Francis Trees Watts marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Fischer Francis Trees Watts has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Fischer Francis Trees Watts has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Fischer Francis Trees Watts, 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 Fischer Francis Trees Watts consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Fischer Francis Trees Watts focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Fischer Francis Trees Watts 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

• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts 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 Fischer Francis Trees Watts, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Fischer Francis Trees Watts 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 Fischer Francis Trees Watts Positioning of Fischer Francis Trees Watts

The marketing strategy of Fischer Francis Trees Watts targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Fischer Francis Trees Watts 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 Fischer Francis Trees Watts focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

• Fischer Francis Trees Watts does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Fischer Francis Trees Watts 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

• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Fischer Francis Trees Watts

Fischer Francis Trees Watts marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Fischer Francis Trees Watts makes use of intensive distribution strategy because it is mass marketing
• Fischer Francis Trees Watts’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, Fischer Francis Trees Watts 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

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

9.3. Indirect distribution strategy

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

The industry in which Fischer Francis Trees Watts operates is very responsive to market and consumer trends. Fischer Francis Trees Watts, 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

• Fischer Francis Trees Watts 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
• Fischer Francis Trees Watts 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

• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

The marketing mix for Fischer Francis Trees Watts as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Fischer Francis Trees Watts - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Fischer Francis Trees Watts 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 Fischer Francis Trees Watts

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Fischer Francis Trees Watts

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Fischer Francis Trees Watts 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
• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts brand

13. Monitoring and evaluation of the marketing strategy of Fischer Francis Trees Watts

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Fischer Francis Trees Watts 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 Fischer Francis Trees Watts to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Fischer Francis Trees Watts can also be seen through the revenue and profit growth
• Return on investment allows Fischer Francis Trees Watts 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 Fischer Francis Trees Watts 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 Fischer Francis Trees Watts