Marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS

Posted by Zander Henry on Aug-22-2018

1. The vision of TO INNOVATE BETTER FIND DIVERGENT THINKERS

The vision of TO INNOVATE BETTER FIND DIVERGENT THINKERS is to be the leading quality service and product provider for customers. Being the best and the leading player means that TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy is grounded in its mission. The mission for TO INNOVATE BETTER FIND DIVERGENT THINKERS is to be the favorite brand of the customers. This mission is essential for the marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS. The knowledge of brand equity will help in shaping TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy effectively – thereby facilitating the growth of business for TO INNOVATE BETTER FIND DIVERGENT THINKERS.

3.1. Brand awareness

TO INNOVATE BETTER FIND DIVERGENT THINKERS has high brand awareness because of international operations
The company focuses on higher budget allocation in the country of origin
Each market for TO INNOVATE BETTER FIND DIVERGENT THINKERS has modified marketing and strategic directives and plans

3.2. Brand association

TO INNOVATE BETTER FIND DIVERGENT THINKERS is directly associated with the brand name and product category
TO INNOVATE BETTER FIND DIVERGENT THINKERS has a broad product portfolio
TO INNOVATE BETTER FIND DIVERGENT THINKERS is associated with promising and delivering quality and innovative products
TO INNOVATE BETTER FIND DIVERGENT THINKERS is also associated with excellent customer service

3.3. Brand loyalty

TO INNOVATE BETTER FIND DIVERGENT THINKERS has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
TO INNOVATE BETTER FIND DIVERGENT THINKERS has a global customer base
TO INNOVATE BETTER FIND DIVERGENT THINKERS keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

TO INNOVATE BETTER FIND DIVERGENT THINKERS has a substantial brand value
TO INNOVATE BETTER FIND DIVERGENT THINKERS also enjoys the high financial worth
TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on building a reliable and robust employee base

3.5. Brand element

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

The situational analysis will help in developing the marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS.

4.1. SWOT

4.1.1. Strengths

TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy can benefit from the following internal advantages:

Strong brand image
Global distribution network
Investment in market research
Innovation

4.1.2. Weakness

TO INNOVATE BETTER FIND DIVERGENT THINKERS faces challenges in marketing strategy because of the following weakness:

Slow organizational processes
High product prices

4.1.3. Opportunity

TO INNOVATE BETTER FIND DIVERGENT THINKERS has the following possibilities of business growth:

Green lifestyles
Regional expansion
Diversification

4.1.4. Threats

TO INNOVATE BETTER FIND DIVERGENT THINKERS faces business threats because of the following factors:

Increased competition
Increased imitation

4.2. PESTEL

4.2.1. Political

TO INNOVATE BETTER FIND DIVERGENT THINKERS operates I markets with political stability
TO INNOVATE BETTER FIND DIVERGENT THINKERS has funding support from the government for small businesses

4.2.2. Economic

TO INNOVATE BETTER FIND DIVERGENT THINKERS enjoys high sales because of higher GDP
Lower interest rates make business expansion and loaning easier for TO INNOVATE BETTER FIND DIVERGENT THINKERS
Low inflation strengthens the financial position of TO INNOVATE BETTER FIND DIVERGENT THINKERS

4.2.3. Social

Higher education and awareness increases sales of TO INNOVATE BETTER FIND DIVERGENT THINKERS predict
TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

TO INNOVATE BETTER FIND DIVERGENT THINKERS has an active CSR program
TO INNOVATE BETTER FIND DIVERGENT THINKERS ensures environmental safety in all its operations

4.2.5. Legal

TO INNOVATE BETTER FIND DIVERGENT THINKERS is aware of local and global laws of business and human resource management
TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS: The Marketing Strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS

TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

Increase top of mind recall for TO INNOVATE BETTER FIND DIVERGENT THINKERS brand and products by 30%
Increase sales for TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

TO INNOVATE BETTER FIND DIVERGENT THINKERS has consumers of age groups

20-45 years
45-60 years

6.1.2. Gender

TO INNOVATE BETTER FIND DIVERGENT THINKERS has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for TO INNOVATE BETTER FIND DIVERGENT THINKERS, 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS consumers:

Professionals
Students
House makers

6.2. Psychographic segmentation

6.2.1. Social class

TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS, such as:

Determined
Confident
Ambitious
Hardworking

6.4.2. Usage frequency

The consumer segments for TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS Positioning of TO INNOVATE BETTER FIND DIVERGENT THINKERS

The marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS targets consumer groups based on segmentation as follows:

7.1. Target market

The target market for TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on quality control

7.2. Mass marketing

The marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on mass marketing
This also requires unique marketing designs and product promotion programs
TO INNOVATE BETTER FIND DIVERGENT THINKERS makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

TO INNOVATE BETTER FIND DIVERGENT THINKERS does not differentiate between market segments
It uses a single marketing strategy to target all segments and consumer groups
Based on this, TO INNOVATE BETTER FIND DIVERGENT THINKERS 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

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

The marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS stands out from the clutter and competition. TO INNOVATE BETTER FIND DIVERGENT THINKERS has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that TO INNOVATE BETTER FIND DIVERGENT THINKERS has utilized:

8.1. Cost-effectiveness

TO INNOVATE BETTER FIND DIVERGENT THINKERS focuses on reaching consumers effectively rather than grandeur
TO INNOVATE BETTER FIND DIVERGENT THINKERS 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
TO INNOVATE BETTER FIND DIVERGENT THINKERS has in-house copywriters for marketing campaigns which also helps in controlling costs
TO INNOVATE BETTER FIND DIVERGENT THINKERS also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS

TO INNOVATE BETTER FIND DIVERGENT THINKERS marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

TO INNOVATE BETTER FIND DIVERGENT THINKERS makes use of intensive distribution strategy because it is mass marketing
TO INNOVATE BETTER FIND DIVERGENT THINKERS’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, TO INNOVATE BETTER FIND DIVERGENT THINKERS 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

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

9.3. Indirect distribution strategy

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

The industry in which TO INNOVATE BETTER FIND DIVERGENT THINKERS operates is very responsive to market and consumer trends. TO INNOVATE BETTER FIND DIVERGENT THINKERS, 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

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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
TO INNOVATE BETTER FIND DIVERGENT THINKERS 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

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

The marketing mix for TO INNOVATE BETTER FIND DIVERGENT THINKERS as per the marketing strategy is the following:

11.1. Product

TO INNOVATE BETTER FIND DIVERGENT THINKERS has a broad product portfolio
TO INNOVATE BETTER FIND DIVERGENT THINKERS provides mass marketed products for all segments across the market undifferentiated
TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
TO INNOVATE BETTER FIND DIVERGENT THINKERS also makes use of e-commerce to increase penetration and sales

11.3. Price

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

11.5. People

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

11.6. Process

All activities at TO INNOVATE BETTER FIND DIVERGENT THINKERS - from raw material procurement to the final sale to the end consumer - undergo systematic processes
The processes at TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS

12.1. Digital marketing

The company uses social media for reaching consumers effectively
The TO INNOVATE BETTER FIND DIVERGENT THINKERS 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
TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS brand

13. Monitoring and evaluation of the marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS

13.1. Changes in sales

TO INNOVATE BETTER FIND DIVERGENT THINKERS regularly tracks its sales to identify the effectiveness of its marketing strategy
Increase in sales reflect the success of marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS
Sometimes, TO INNOVATE BETTER FIND DIVERGENT THINKERS experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

Effectiveness of marketing strategy of TO INNOVATE BETTER FIND DIVERGENT THINKERS can also be seen through the revenue and profit growth
Return on investment allows TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS 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 TO INNOVATE BETTER FIND DIVERGENT THINKERS

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Available at: https://open.lib.umn.edu/principlesmarketing/chapter/15-3-pricing-strategies/ [Accessed 24 April, 2017].

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