Marketing strategy of Questions of Power

Posted by Zander Henry on Aug-22-2018

1. The vision of Questions of Power

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

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

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

3.1. Brand awareness

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

3.2. Brand association

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

3.3. Brand loyalty

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

3.4. Brand asset

• Questions of Power has a substantial brand value
• Questions of Power also enjoys the high financial worth
• Questions of Power focuses on building a reliable and robust employee base

3.5. Brand element

• Questions of Power 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 Questions of Power

The situational analysis will help in developing the marketing strategy of Questions of Power 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 Questions of Power.

4.1. SWOT

4.1.1. Strengths

Questions of Power marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Questions of Power faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Questions of Power has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Questions of Power faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Questions of Power operates I markets with political stability
• Questions of Power has funding support from the government for small businesses

4.2.2. Economic

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

4.2.3. Social

• Higher education and awareness increases sales of Questions of Power predict
• Questions of Power focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Questions of Power has an active CSR program
• Questions of Power ensures environmental safety in all its operations

4.2.5. Legal

• Questions of Power is aware of local and global laws of business and human resource management
• Questions of Power 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 Questions of Power: The Marketing Strategy of Questions of Power

Questions of Power marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Questions of Power brand and products by 30%
• Increase sales for Questions of Power 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 Questions of Power 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 Questions of Power

Questions of Power marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Questions of Power has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Questions of Power has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Questions of Power, 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 Questions of Power consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Questions of Power focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Questions of Power 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

• Questions of Power 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 Questions of Power 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 Questions of Power, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Questions of Power 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 Questions of Power Positioning of Questions of Power

The marketing strategy of Questions of Power targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Questions of Power 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 Questions of Power focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

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

• Questions of Power 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 Questions of Power 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 Questions of Power

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Questions of Power

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

9.1. Intensive distribution strategy

• Questions of Power makes use of intensive distribution strategy because it is mass marketing
• Questions of Power’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, Questions of Power 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

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

9.3. Indirect distribution strategy

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

The industry in which Questions of Power operates is very responsive to market and consumer trends. Questions of Power, 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

• Questions of Power 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
• Questions of Power 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

• Questions of Power 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 Questions of Power

The marketing mix for Questions of Power as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Questions of Power - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Questions of Power 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 Questions of Power

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Questions of Power

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Questions of Power 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
• Questions of Power 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 Questions of Power brand

13. Monitoring and evaluation of the marketing strategy of Questions of Power

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Questions of Power 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 Questions of Power to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Questions of Power can also be seen through the revenue and profit growth
• Return on investment allows Questions of Power 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 Questions of Power 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 Questions of Power