Marketing strategy of Yale School of Management

Posted by Zander Henry on Aug-22-2018

1. The vision of Yale School of Management

The vision of Yale School of Management is to be the leading quality service and product provider for customers. Being the best and the leading player means that Yale School of Management 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 Yale School of Management

Yale School of Management marketing strategy is grounded in its mission. The mission for Yale School of Management is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Yale School of Management 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 Yale School of Management

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

3.1. Brand awareness

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

3.2. Brand association

• Yale School of Management is directly associated with the brand name and product category
• Yale School of Management has a broad product portfolio
• Yale School of Management is associated with promising and delivering quality and innovative products
• Yale School of Management is also associated with excellent customer service

3.3. Brand loyalty

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

3.4. Brand asset

• Yale School of Management has a substantial brand value
• Yale School of Management also enjoys the high financial worth
• Yale School of Management focuses on building a reliable and robust employee base

3.5. Brand element

• Yale School of Management 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 Yale School of Management

The situational analysis will help in developing the marketing strategy of Yale School of Management 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 Yale School of Management.

4.1. SWOT

4.1.1. Strengths

Yale School of Management marketing strategy can benefit from the following internal advantages:

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

4.1.2. Weakness

Yale School of Management faces challenges in marketing strategy because of the following weakness:

• Slow organizational processes
• High product prices

4.1.3. Opportunity

Yale School of Management has the following possibilities of business growth:

• Green lifestyles
• Regional expansion
• Diversification

4.1.4. Threats

Yale School of Management faces business threats because of the following factors:

• Increased competition
• Increased imitation

4.2. PESTEL

4.2.1. Political

• Yale School of Management operates I markets with political stability
• Yale School of Management has funding support from the government for small businesses

4.2.2. Economic

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

4.2.3. Social

• Higher education and awareness increases sales of Yale School of Management predict
• Yale School of Management focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

• Yale School of Management has an active CSR program
• Yale School of Management ensures environmental safety in all its operations

4.2.5. Legal

• Yale School of Management is aware of local and global laws of business and human resource management
• Yale School of Management 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 Yale School of Management: The Marketing Strategy of Yale School of Management

Yale School of Management marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

• Increase top of mind recall for Yale School of Management brand and products by 30%
• Increase sales for Yale School of Management 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 Yale School of Management 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 Yale School of Management

Yale School of Management marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Yale School of Management has consumers of age groups

• 20-45 years
• 45-60 years

6.1.2. Gender

• Yale School of Management has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Yale School of Management, 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 Yale School of Management consumers:

• Professionals
• Students
• House makers

6.2. Psychographic segmentation

6.2.1. Social class

• Yale School of Management focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Yale School of Management 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

• Yale School of Management 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 Yale School of Management 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 Yale School of Management, such as:

• Determined
• Confident
• Ambitious
• Hardworking

6.4.2. Usage frequency

• The consumer segments for Yale School of Management 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 Yale School of Management Positioning of Yale School of Management

The marketing strategy of Yale School of Management targets consumer groups based on segmentation as follows:

7.1. Target market

• The target market for Yale School of Management 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 Yale School of Management focuses on quality control

7.2. Mass marketing

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

7.3. Undifferentiated marketing strategy

• Yale School of Management does not differentiate between market segments
• It uses a single marketing strategy to target all segments and consumer groups
• Based on this, Yale School of Management 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

• Yale School of Management 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 Yale School of Management 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 Yale School of Management

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

8.1. Cost-effectiveness

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

8.2. Innovation

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

8.3. Strong market research and consumer understanding grounded

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

9. Distribution Strategy of Yale School of Management

Yale School of Management marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

• Yale School of Management makes use of intensive distribution strategy because it is mass marketing
• Yale School of Management’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, Yale School of Management 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

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

9.3. Indirect distribution strategy

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

The industry in which Yale School of Management operates is very responsive to market and consumer trends. Yale School of Management, 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

• Yale School of Management 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
• Yale School of Management 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

• Yale School of Management 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 Yale School of Management

The marketing mix for Yale School of Management as per the marketing strategy is the following:

11.1. Product

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

11.2. Place

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

11.3. Price

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

11.5. People

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

11.6. Process

• All activities at Yale School of Management - from raw material procurement to the final sale to the end consumer - undergo systematic processes
• The processes at Yale School of Management 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 Yale School of Management

11.7. Physical evidence

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

12. Promotional tactics for the marketing strategy of Yale School of Management

12.1. Digital marketing

• The company uses social media for reaching consumers effectively
• The Yale School of Management 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
• Yale School of Management 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 Yale School of Management brand

13. Monitoring and evaluation of the marketing strategy of Yale School of Management

13.1. Changes in sales

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

13.2. Surveys and focus groups

• Yale School of Management 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 Yale School of Management to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

• Effectiveness of marketing strategy of Yale School of Management can also be seen through the revenue and profit growth
• Return on investment allows Yale School of Management 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 Yale School of Management 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 Yale School of Management