Marketing strategy of Rachael Ray Cooking Up a Brand

Posted by Zander Henry on Aug-22-2018

1. The vision of Rachael Ray Cooking Up a Brand

The vision of Rachael Ray Cooking Up a Brand is to be the leading quality service and product provider for customers. Being the best and the leading player means that Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

Rachael Ray Cooking Up a Brand marketing strategy is grounded in its mission. The mission for Rachael Ray Cooking Up a Brand is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Rachael Ray Cooking Up a Brand. The knowledge of brand equity will help in shaping Rachael Ray Cooking Up a Brand marketing strategy effectively – thereby facilitating the growth of business for Rachael Ray Cooking Up a Brand.

3.1. Brand awareness

Rachael Ray Cooking Up a Brand has high brand awareness because of international operations
The company focuses on higher budget allocation in the country of origin
Each market for Rachael Ray Cooking Up a Brand has modified marketing and strategic directives and plans

3.2. Brand association

Rachael Ray Cooking Up a Brand is directly associated with the brand name and product category
Rachael Ray Cooking Up a Brand has a broad product portfolio
Rachael Ray Cooking Up a Brand is associated with promising and delivering quality and innovative products
Rachael Ray Cooking Up a Brand is also associated with excellent customer service

3.3. Brand loyalty

Rachael Ray Cooking Up a Brand has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
Rachael Ray Cooking Up a Brand has a global customer base
Rachael Ray Cooking Up a Brand keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

Rachael Ray Cooking Up a Brand has a substantial brand value
Rachael Ray Cooking Up a Brand also enjoys the high financial worth
Rachael Ray Cooking Up a Brand focuses on building a reliable and robust employee base

3.5. Brand element

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

The situational analysis will help in developing the marketing strategy of Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand.

4.1. SWOT

4.1.1. Strengths

Rachael Ray Cooking Up a Brand marketing strategy can benefit from the following internal advantages:

Strong brand image
Global distribution network
Investment in market research
Innovation

4.1.2. Weakness

Rachael Ray Cooking Up a Brand faces challenges in marketing strategy because of the following weakness:

Slow organizational processes
High product prices

4.1.3. Opportunity

Rachael Ray Cooking Up a Brand has the following possibilities of business growth:

Green lifestyles
Regional expansion
Diversification

4.1.4. Threats

Rachael Ray Cooking Up a Brand faces business threats because of the following factors:

Increased competition
Increased imitation

4.2. PESTEL

4.2.1. Political

Rachael Ray Cooking Up a Brand operates I markets with political stability
Rachael Ray Cooking Up a Brand has funding support from the government for small businesses

4.2.2. Economic

Rachael Ray Cooking Up a Brand enjoys high sales because of higher GDP
Lower interest rates make business expansion and loaning easier for Rachael Ray Cooking Up a Brand
Low inflation strengthens the financial position of Rachael Ray Cooking Up a Brand

4.2.3. Social

Higher education and awareness increases sales of Rachael Ray Cooking Up a Brand predict
Rachael Ray Cooking Up a Brand focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

Rachael Ray Cooking Up a Brand has an active CSR program
Rachael Ray Cooking Up a Brand ensures environmental safety in all its operations

4.2.5. Legal

Rachael Ray Cooking Up a Brand is aware of local and global laws of business and human resource management
Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand: The Marketing Strategy of Rachael Ray Cooking Up a Brand

Rachael Ray Cooking Up a Brand marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

Increase top of mind recall for Rachael Ray Cooking Up a Brand brand and products by 30%
Increase sales for Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

Rachael Ray Cooking Up a Brand marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Rachael Ray Cooking Up a Brand has consumers of age groups

20-45 years
45-60 years

6.1.2. Gender

Rachael Ray Cooking Up a Brand has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Rachael Ray Cooking Up a Brand, 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 Rachael Ray Cooking Up a Brand consumers:

Professionals
Students
House makers

6.2. Psychographic segmentation

6.2.1. Social class

Rachael Ray Cooking Up a Brand focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Rachael Ray Cooking Up a Brand 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

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand, such as:

Determined
Confident
Ambitious
Hardworking

6.4.2. Usage frequency

The consumer segments for Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand Positioning of Rachael Ray Cooking Up a Brand

The marketing strategy of Rachael Ray Cooking Up a Brand targets consumer groups based on segmentation as follows:

7.1. Target market

The target market for Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand focuses on quality control

7.2. Mass marketing

The marketing strategy of Rachael Ray Cooking Up a Brand focuses on mass marketing
This also requires unique marketing designs and product promotion programs
Rachael Ray Cooking Up a Brand makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

Rachael Ray Cooking Up a Brand does not differentiate between market segments
It uses a single marketing strategy to target all segments and consumer groups
Based on this, Rachael Ray Cooking Up a Brand 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

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

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

8.1. Cost-effectiveness

Rachael Ray Cooking Up a Brand focuses on reaching consumers effectively rather than grandeur
Rachael Ray Cooking Up a Brand 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
Rachael Ray Cooking Up a Brand has in-house copywriters for marketing campaigns which also helps in controlling costs
Rachael Ray Cooking Up a Brand also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Rachael Ray Cooking Up a Brand

Rachael Ray Cooking Up a Brand marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

Rachael Ray Cooking Up a Brand makes use of intensive distribution strategy because it is mass marketing
Rachael Ray Cooking Up a Brand’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, Rachael Ray Cooking Up a Brand 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

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

9.3. Indirect distribution strategy

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

The industry in which Rachael Ray Cooking Up a Brand operates is very responsive to market and consumer trends. Rachael Ray Cooking Up a Brand, 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

Rachael Ray Cooking Up a Brand 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
Rachael Ray Cooking Up a Brand 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

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

The marketing mix for Rachael Ray Cooking Up a Brand as per the marketing strategy is the following:

11.1. Product

Rachael Ray Cooking Up a Brand has a broad product portfolio
Rachael Ray Cooking Up a Brand provides mass marketed products for all segments across the market undifferentiated
Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
Rachael Ray Cooking Up a Brand also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

All activities at Rachael Ray Cooking Up a Brand - from raw material procurement to the final sale to the end consumer - undergo systematic processes
The processes at Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Rachael Ray Cooking Up a Brand

12.1. Digital marketing

The company uses social media for reaching consumers effectively
The Rachael Ray Cooking Up a Brand 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
Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand brand

13. Monitoring and evaluation of the marketing strategy of Rachael Ray Cooking Up a Brand

13.1. Changes in sales

Rachael Ray Cooking Up a Brand regularly tracks its sales to identify the effectiveness of its marketing strategy
Increase in sales reflect the success of marketing strategy of Rachael Ray Cooking Up a Brand
Sometimes, Rachael Ray Cooking Up a Brand experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

Effectiveness of marketing strategy of Rachael Ray Cooking Up a Brand can also be seen through the revenue and profit growth
Return on investment allows Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand 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 Rachael Ray Cooking Up a Brand

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