Marketing strategy of Security Breach at TJX

Posted by Zander Henry on Aug-22-2018

1. The vision of Security Breach at TJX

The vision of Security Breach at TJX is to be the leading quality service and product provider for customers. Being the best and the leading player means that Security Breach at TJX 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 Security Breach at TJX

Security Breach at TJX marketing strategy is grounded in its mission. The mission for Security Breach at TJX is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Security Breach at TJX 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 Security Breach at TJX

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

3.1. Brand awareness

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

3.2. Brand association

• Security Breach at TJX is directly associated with the brand name and product category
• Security Breach at TJX has a broad product portfolio
• Security Breach at TJX is associated with promising and delivering quality and innovative products
• Security Breach at TJX is also associated with excellent customer service

3.3. Brand loyalty

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

3.4. Brand asset

• Security Breach at TJX has a substantial brand value
• Security Breach at TJX also enjoys the high financial worth
• Security Breach at TJX focuses on building a reliable and robust employee base

3.5. Brand element

• Security Breach at TJX 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 Security Breach at TJX

The situational analysis will help in developing the marketing strategy of Security Breach at TJX 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 Security Breach at TJX.

4.1. SWOT

4.1.1. Strengths

Security Breach at TJX marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Security Breach at TJX faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Security Breach at TJX has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Security Breach at TJX faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Security Breach at TJX operates I markets with political stability
• Security Breach at TJX has funding support from the government for small businesses

4.2.2. Economic

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

4.2.3. Social

• Higher education and awareness increases sales of Security Breach at TJX predict
• Security Breach at TJX focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Security Breach at TJX has an active CSR program
• Security Breach at TJX ensures environmental safety in all its operations

4.2.5. Legal

• Security Breach at TJX is aware of local and global laws of business and human resource management
• Security Breach at TJX 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 Security Breach at TJX: The Marketing Strategy of Security Breach at TJX

Security Breach at TJX marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Security Breach at TJX brand and products by 30%
• Increase sales for Security Breach at TJX 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 Security Breach at TJX 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 Security Breach at TJX

Security Breach at TJX marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Security Breach at TJX has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Security Breach at TJX has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Security Breach at TJX, 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 Security Breach at TJX consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Security Breach at TJX focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Security Breach at TJX 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

• Security Breach at TJX 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 Security Breach at TJX 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 Security Breach at TJX, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Security Breach at TJX 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 Security Breach at TJX Positioning of Security Breach at TJX

The marketing strategy of Security Breach at TJX targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Security Breach at TJX 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 Security Breach at TJX focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

• Security Breach at TJX does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Security Breach at TJX 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

• Security Breach at TJX 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 Security Breach at TJX 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 Security Breach at TJX

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Security Breach at TJX

Security Breach at TJX marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Security Breach at TJX makes use of intensive distribution strategy because it is mass marketing
• Security Breach at TJX’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, Security Breach at TJX 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

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

9.3. Indirect distribution strategy

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

The industry in which Security Breach at TJX operates is very responsive to market and consumer trends. Security Breach at TJX, 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

• Security Breach at TJX 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
• Security Breach at TJX 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

• Security Breach at TJX 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 Security Breach at TJX

The marketing mix for Security Breach at TJX as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Security Breach at TJX - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Security Breach at TJX 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 Security Breach at TJX

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Security Breach at TJX

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Security Breach at TJX 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
• Security Breach at TJX 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 Security Breach at TJX brand

13. Monitoring and evaluation of the marketing strategy of Security Breach at TJX

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Security Breach at TJX 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 Security Breach at TJX to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Security Breach at TJX can also be seen through the revenue and profit growth
• Return on investment allows Security Breach at TJX 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 Security Breach at TJX 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 Security Breach at TJX