Marketing strategy of Scoring Expert Forecasts

Posted by Zander Henry on Aug-22-2018

1. The vision of Scoring Expert Forecasts

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

Scoring Expert Forecasts marketing strategy is grounded in its mission. The mission for Scoring Expert Forecasts is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Scoring Expert Forecasts 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 Scoring Expert Forecasts

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

3.1. Brand awareness

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

3.2. Brand association

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

3.3. Brand loyalty

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

3.4. Brand asset

• Scoring Expert Forecasts has a substantial brand value
• Scoring Expert Forecasts also enjoys the high financial worth
• Scoring Expert Forecasts focuses on building a reliable and robust employee base

3.5. Brand element

• Scoring Expert Forecasts 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 Scoring Expert Forecasts

The situational analysis will help in developing the marketing strategy of Scoring Expert Forecasts 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 Scoring Expert Forecasts.

4.1. SWOT

4.1.1. Strengths

Scoring Expert Forecasts marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Scoring Expert Forecasts faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Scoring Expert Forecasts has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Scoring Expert Forecasts faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Scoring Expert Forecasts operates I markets with political stability
• Scoring Expert Forecasts has funding support from the government for small businesses

4.2.2. Economic

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

4.2.3. Social

• Higher education and awareness increases sales of Scoring Expert Forecasts predict
• Scoring Expert Forecasts focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Scoring Expert Forecasts has an active CSR program
• Scoring Expert Forecasts ensures environmental safety in all its operations

4.2.5. Legal

• Scoring Expert Forecasts is aware of local and global laws of business and human resource management
• Scoring Expert Forecasts 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 Scoring Expert Forecasts: The Marketing Strategy of Scoring Expert Forecasts

Scoring Expert Forecasts marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Scoring Expert Forecasts brand and products by 30%
• Increase sales for Scoring Expert Forecasts 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 Scoring Expert Forecasts 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 Scoring Expert Forecasts

Scoring Expert Forecasts marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Scoring Expert Forecasts has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Scoring Expert Forecasts has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Scoring Expert Forecasts, 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 Scoring Expert Forecasts consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Scoring Expert Forecasts focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Scoring Expert Forecasts 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

• Scoring Expert Forecasts 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 Scoring Expert Forecasts 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 Scoring Expert Forecasts, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Scoring Expert Forecasts 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 Scoring Expert Forecasts Positioning of Scoring Expert Forecasts

The marketing strategy of Scoring Expert Forecasts targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Scoring Expert Forecasts 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 Scoring Expert Forecasts focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

• Scoring Expert Forecasts does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Scoring Expert Forecasts 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

• Scoring Expert Forecasts 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 Scoring Expert Forecasts 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 Scoring Expert Forecasts

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Scoring Expert Forecasts

Scoring Expert Forecasts marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Scoring Expert Forecasts makes use of intensive distribution strategy because it is mass marketing
• Scoring Expert Forecasts’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, Scoring Expert Forecasts 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

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

9.3. Indirect distribution strategy

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

The industry in which Scoring Expert Forecasts operates is very responsive to market and consumer trends. Scoring Expert Forecasts, 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

• Scoring Expert Forecasts 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
• Scoring Expert Forecasts 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

• Scoring Expert Forecasts 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 Scoring Expert Forecasts

The marketing mix for Scoring Expert Forecasts as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Scoring Expert Forecasts - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Scoring Expert Forecasts 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 Scoring Expert Forecasts

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Scoring Expert Forecasts

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Scoring Expert Forecasts 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
• Scoring Expert Forecasts 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 Scoring Expert Forecasts brand

13. Monitoring and evaluation of the marketing strategy of Scoring Expert Forecasts

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Scoring Expert Forecasts 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 Scoring Expert Forecasts to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Scoring Expert Forecasts can also be seen through the revenue and profit growth
• Return on investment allows Scoring Expert Forecasts 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 Scoring Expert Forecasts 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 Scoring Expert Forecasts