Marketing strategy of Referendums A Costly Exercise in Political Decision Making

Posted by Zander Henry on Aug-22-2018

1. The vision of Referendums A Costly Exercise in Political Decision Making

The vision of Referendums A Costly Exercise in Political Decision Making is to be the leading quality service and product provider for customers. Being the best and the leading player means that Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

Referendums A Costly Exercise in Political Decision Making marketing strategy is grounded in its mission. The mission for Referendums A Costly Exercise in Political Decision Making is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Referendums A Costly Exercise in Political Decision Making. The knowledge of brand equity will help in shaping Referendums A Costly Exercise in Political Decision Making marketing strategy effectively – thereby facilitating the growth of business for Referendums A Costly Exercise in Political Decision Making.

3.1. Brand awareness

• Referendums A Costly Exercise in Political Decision Making has high brand awareness because of international operations
• The company focuses on higher budget allocation in the country of origin
• Each market for Referendums A Costly Exercise in Political Decision Making has modified marketing and strategic directives and plans

3.2. Brand association

• Referendums A Costly Exercise in Political Decision Making is directly associated with the brand name and product category
• Referendums A Costly Exercise in Political Decision Making has a broad product portfolio
• Referendums A Costly Exercise in Political Decision Making is associated with promising and delivering quality and innovative products
• Referendums A Costly Exercise in Political Decision Making is also associated with excellent customer service

3.3. Brand loyalty

• Referendums A Costly Exercise in Political Decision Making has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
• Referendums A Costly Exercise in Political Decision Making has a global customer base
• Referendums A Costly Exercise in Political Decision Making keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

• Referendums A Costly Exercise in Political Decision Making has a substantial brand value
• Referendums A Costly Exercise in Political Decision Making also enjoys the high financial worth
• Referendums A Costly Exercise in Political Decision Making focuses on building a reliable and robust employee base

3.5. Brand element

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

The situational analysis will help in developing the marketing strategy of Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making.

4.1. SWOT

4.1.1. Strengths

Referendums A Costly Exercise in Political Decision Making marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Referendums A Costly Exercise in Political Decision Making faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Referendums A Costly Exercise in Political Decision Making has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Referendums A Costly Exercise in Political Decision Making faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Referendums A Costly Exercise in Political Decision Making operates I markets with political stability
• Referendums A Costly Exercise in Political Decision Making has funding support from the government for small businesses

4.2.2. Economic

• Referendums A Costly Exercise in Political Decision Making enjoys high sales because of higher GDP
• Lower interest rates make business expansion and loaning easier for Referendums A Costly Exercise in Political Decision Making
• Low inflation strengthens the financial position of Referendums A Costly Exercise in Political Decision Making

4.2.3. Social

• Higher education and awareness increases sales of Referendums A Costly Exercise in Political Decision Making predict
• Referendums A Costly Exercise in Political Decision Making focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Referendums A Costly Exercise in Political Decision Making has an active CSR program
• Referendums A Costly Exercise in Political Decision Making ensures environmental safety in all its operations

4.2.5. Legal

• Referendums A Costly Exercise in Political Decision Making is aware of local and global laws of business and human resource management
• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making: The Marketing Strategy of Referendums A Costly Exercise in Political Decision Making

Referendums A Costly Exercise in Political Decision Making marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Referendums A Costly Exercise in Political Decision Making brand and products by 30%
• Increase sales for Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

Referendums A Costly Exercise in Political Decision Making marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Referendums A Costly Exercise in Political Decision Making has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Referendums A Costly Exercise in Political Decision Making has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Referendums A Costly Exercise in Political Decision Making, 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 Referendums A Costly Exercise in Political Decision Making consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Referendums A Costly Exercise in Political Decision Making focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Referendums A Costly Exercise in Political Decision Making 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

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making Positioning of Referendums A Costly Exercise in Political Decision Making

The marketing strategy of Referendums A Costly Exercise in Political Decision Making targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making focuses on quality control

7.2. Mass marketing

• The marketing strategy of Referendums A Costly Exercise in Political Decision Making focuses on mass marketing
• This also requires unique marketing designs and product promotion programs
• Referendums A Costly Exercise in Political Decision Making makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

• Referendums A Costly Exercise in Political Decision Making does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Referendums A Costly Exercise in Political Decision Making 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

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

The marketing strategy of Referendums A Costly Exercise in Political Decision Making stands out from the clutter and competition. Referendums A Costly Exercise in Political Decision Making has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Referendums A Costly Exercise in Political Decision Making has utilized:

8.1. Cost-effectiveness

• Referendums A Costly Exercise in Political Decision Making focuses on reaching consumers effectively rather than grandeur
• Referendums A Costly Exercise in Political Decision Making 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
• Referendums A Costly Exercise in Political Decision Making has in-house copywriters for marketing campaigns which also helps in controlling costs
• Referendums A Costly Exercise in Political Decision Making also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Referendums A Costly Exercise in Political Decision Making

Referendums A Costly Exercise in Political Decision Making marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Referendums A Costly Exercise in Political Decision Making makes use of intensive distribution strategy because it is mass marketing
• Referendums A Costly Exercise in Political Decision Making’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, Referendums A Costly Exercise in Political Decision Making 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

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

9.3. Indirect distribution strategy

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

The industry in which Referendums A Costly Exercise in Political Decision Making operates is very responsive to market and consumer trends. Referendums A Costly Exercise in Political Decision Making, 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

• Referendums A Costly Exercise in Political Decision Making 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
• Referendums A Costly Exercise in Political Decision Making 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

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

The marketing mix for Referendums A Costly Exercise in Political Decision Making as per the marketing strategy is the following:

11.1. Product

• Referendums A Costly Exercise in Political Decision Making has a broad product portfolio
• Referendums A Costly Exercise in Political Decision Making provides mass marketed products for all segments across the market undifferentiated
• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
• Referendums A Costly Exercise in Political Decision Making also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Referendums A Costly Exercise in Political Decision Making - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Referendums A Costly Exercise in Political Decision Making

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Referendums A Costly Exercise in Political Decision Making 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
• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making brand

13. Monitoring and evaluation of the marketing strategy of Referendums A Costly Exercise in Political Decision Making

13.1. Changes in sales

• Referendums A Costly Exercise in Political Decision Making regularly tracks its sales to identify the effectiveness of its marketing strategy
• Increase in sales reflect the success of marketing strategy of Referendums A Costly Exercise in Political Decision Making
• Sometimes, Referendums A Costly Exercise in Political Decision Making experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

• Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Referendums A Costly Exercise in Political Decision Making can also be seen through the revenue and profit growth
• Return on investment allows Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making 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 Referendums A Costly Exercise in Political Decision Making