Marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities

Posted by Zander Henry on Aug-22-2018

1. The vision of RealNetworks Inc Converging Technologies Expanding Opportunities

The vision of RealNetworks Inc Converging Technologies Expanding Opportunities is to be the leading quality service and product provider for customers. Being the best and the leading player means that RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy is grounded in its mission. The mission for RealNetworks Inc Converging Technologies Expanding Opportunities is to be the favorite brand of the customers. This mission is essential for the marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities. The knowledge of brand equity will help in shaping RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy effectively – thereby facilitating the growth of business for RealNetworks Inc Converging Technologies Expanding Opportunities.

3.1. Brand awareness

• RealNetworks Inc Converging Technologies Expanding Opportunities has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for RealNetworks Inc Converging Technologies Expanding Opportunities has modified marketing and strategic directives and plans

3.2. Brand association

• RealNetworks Inc Converging Technologies Expanding Opportunities is directly associated with the brand name and product category
• RealNetworks Inc Converging Technologies Expanding Opportunities has a broad product portfolio
• RealNetworks Inc Converging Technologies Expanding Opportunities is associated with promising and delivering quality and innovative products
• RealNetworks Inc Converging Technologies Expanding Opportunities is also associated with excellent customer service

3.3. Brand loyalty

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

3.4. Brand asset

• RealNetworks Inc Converging Technologies Expanding Opportunities has a substantial brand value
• RealNetworks Inc Converging Technologies Expanding Opportunities also enjoys the high financial worth
• RealNetworks Inc Converging Technologies Expanding Opportunities focuses on building a reliable and robust employee base

3.5. Brand element

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

The situational analysis will help in developing the marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities.

4.1. SWOT

4.1.1. Strengths

RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

RealNetworks Inc Converging Technologies Expanding Opportunities faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

RealNetworks Inc Converging Technologies Expanding Opportunities has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

RealNetworks Inc Converging Technologies Expanding Opportunities faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• RealNetworks Inc Converging Technologies Expanding Opportunities operates I markets with political stability
• RealNetworks Inc Converging Technologies Expanding Opportunities has funding support from the government for small businesses

4.2.2. Economic

• RealNetworks Inc Converging Technologies Expanding Opportunities enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for RealNetworks Inc Converging Technologies Expanding Opportunities
• Low inflation strengthens the financial position of RealNetworks Inc Converging Technologies Expanding Opportunities

4.2.3. Social

• Higher education and awareness increases sales of RealNetworks Inc Converging Technologies Expanding Opportunities predict
• RealNetworks Inc Converging Technologies Expanding Opportunities focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• RealNetworks Inc Converging Technologies Expanding Opportunities has an active CSR program
• RealNetworks Inc Converging Technologies Expanding Opportunities ensures environmental safety in all its operations

4.2.5. Legal

• RealNetworks Inc Converging Technologies Expanding Opportunities is aware of local and global laws of business and human resource management
• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities: The Marketing Strategy of RealNetworks Inc Converging Technologies Expanding Opportunities

RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for RealNetworks Inc Converging Technologies Expanding Opportunities brand and products by 30%
• Increase sales for RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

RealNetworks Inc Converging Technologies Expanding Opportunities has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• RealNetworks Inc Converging Technologies Expanding Opportunities has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for RealNetworks Inc Converging Technologies Expanding Opportunities, 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 RealNetworks Inc Converging Technologies Expanding Opportunities consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• RealNetworks Inc Converging Technologies Expanding Opportunities focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

RealNetworks Inc Converging Technologies Expanding Opportunities 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

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities Positioning of RealNetworks Inc Converging Technologies Expanding Opportunities

The marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities focuses on quality control

7.2. Mass marketing

• The marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• RealNetworks Inc Converging Technologies Expanding Opportunities makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• RealNetworks Inc Converging Technologies Expanding Opportunities does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, RealNetworks Inc Converging Technologies Expanding Opportunities 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

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

The marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities stands out from the clutter and competition. RealNetworks Inc Converging Technologies Expanding Opportunities has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that RealNetworks Inc Converging Technologies Expanding Opportunities has utilized:

8.1. Cost-effectiveness

• RealNetworks Inc Converging Technologies Expanding Opportunities focuses on reaching consumers effectively rather than grandeur
• RealNetworks Inc Converging Technologies Expanding Opportunities 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
• RealNetworks Inc Converging Technologies Expanding Opportunities has in-house copywriters for marketing campaigns which also helps in controlling costs
• RealNetworks Inc Converging Technologies Expanding Opportunities also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of RealNetworks Inc Converging Technologies Expanding Opportunities

RealNetworks Inc Converging Technologies Expanding Opportunities marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• RealNetworks Inc Converging Technologies Expanding Opportunities makes use of intensive distribution strategy because it is mass marketing
• RealNetworks Inc Converging Technologies Expanding Opportunities’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, RealNetworks Inc Converging Technologies Expanding Opportunities 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

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

9.3. Indirect distribution strategy

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

The industry in which RealNetworks Inc Converging Technologies Expanding Opportunities operates is very responsive to market and consumer trends. RealNetworks Inc Converging Technologies Expanding Opportunities, 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

• RealNetworks Inc Converging Technologies Expanding Opportunities 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
• RealNetworks Inc Converging Technologies Expanding Opportunities 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

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

The marketing mix for RealNetworks Inc Converging Technologies Expanding Opportunities as per the marketing strategy is the following:

11.1. Product

• RealNetworks Inc Converging Technologies Expanding Opportunities has a broad product portfolio
• RealNetworks Inc Converging Technologies Expanding Opportunities provides mass marketed products for all segments across the market undifferentiated
• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• RealNetworks Inc Converging Technologies Expanding Opportunities also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at RealNetworks Inc Converging Technologies Expanding Opportunities - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The RealNetworks Inc Converging Technologies Expanding Opportunities 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
• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities brand

13. Monitoring and evaluation of the marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities

13.1. Changes in sales

• RealNetworks Inc Converging Technologies Expanding Opportunities regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities
• Sometimes, RealNetworks Inc Converging Technologies Expanding Opportunities experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of RealNetworks Inc Converging Technologies Expanding Opportunities can also be seen through the revenue and profit growth
• Return on investment allows RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities 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 RealNetworks Inc Converging Technologies Expanding Opportunities