Gsbs6041 Global Marketing Strategy And Assessment Answers
Physical strategies
Beyaz bazaar deals with the products of interior designing. It mainly offers unique and lavish products from around the world. The primary goal of the product strategy is to make differentiated and high quality goods for the customers. The core aspect of the product is making well-designed and high end products. The focus of the product strategy is to improve the intangible factors of the customer service. Beyazbazaar should focus on improving the products design and the consultant system in the styling department. The organization also needs to develop the local customer engagement strategy in order to build the purchase decision.
The organization also needs to improve the online website and the social media advertisement and consumer engagement to better the relationship with the customer such as messages, live chats etc. The customer engagement will give product recognition in the market which will ultimately increase the revenue of the organization.
Pricing strategies:
Beyaz Bazaar has product range starting from premium to an average price range. After doing a vast inspection the price are set according to the market competition. The company's pricing strategy will mainly involve offering low up-front prices for the products compared to skimming pricing strategy. Penetration pricing strategy will be more suitable for the increasing the competitive advantage in the present market situation. The penetration pricing strategy will be beneficial for the organization for gaining advantage over their rivals.
The price skimming strategy also needs to be used occasionally to target the less price sensitive customers, who want a high return on investment and great value from the products. The organization also maintains the quality of the product while using the price skimming strategy.
Integrated marketing communication strategy
The analysis of the touchpoints of the consumer in all the stages for the purchase decision is important for the company’s communication strategy. In case of pre-purchase, consumer should be capable of finding the exact information related to the product details, deliver & return information, finance options, and the after sales service. Beyazbazaar should also focus on improving the customer engagement from the website and social media platform. The consultants needs to be trained so that they can valuable and correct information, which will make the customer’s feel safe and respected.
Promotional mix strategy will apply both the digital and the traditional marketing techniques. Advertising campaign will mainly focus on the internet and the printed media advertisement in targeting the wholesale customers. Another effective advertisement media is the use of magazines. The organization can reach to its targeted market if they focus on collaborating with the famous magazines of interior designing such as ELLE DECORATION, HARPER´S BAZAAR INTERIORS, and ARCHITECTURAL DIGEST etc. Due to the high advertisements costs, Facebook advertising and other social media platforms can be used.
Distribution channel:
The key marketing channels for the firm are Wholesale shops and the home ware stores. The intensity of the distribution will be high in the cities and the towns.
Answer:
- Product Strategies
A closer evaluation of Beyaz Bazaar's product levels is established in the following figure 1: product levels of Beyaz Bazaar. The assessment of product levels provides a complete overview of the elements building the core, actual and augmented product levels of Beyaz Bazaar. It is expected that through the providing information, there will be possible few changes that are needed on the current augmented level to improve customer satisfaction. The primary goal of product strategy is to produce high quality and differentiated products for customers; however, the core and actual aspect of the product is quite high-quality and well-designed, so there's no need to change the elements of these levels. The product strategy will be focusing on improving the intangible factors of their customer services. The intangible factors of customer services involved both pre- and post-service support, which includes the function that potential consumers are provided before they decide on purchasing, during the purchase, and after-purchase care. Beyaz Bazaar should look at improving a better design and styling consultation system and development of local consumer engagement strategy order to help the customer with the highest support of appropriate purchase decision. Good consultation system is a useful way of enabling an organization to obtain different perspectives and insights from its customers, and encourage better working relationships between customers and organizations (Humphreys, 2002).
On a digital level, the company should look at improving their online website and social media engagement to enhance communication relationship among customers, for example, live chat, messages, emails. Moreover, the customer engagement on different social media channels is an excellent approach to streamline products and the company's contribution towards the usability. Products for homes or personal use must integrate with social or cultural values to contain emotional and sentimental attachments with customers.
- Pricing Strategies
Beyaz Bazaar has a premium to an average price set for its product. The trade-off between cost and product quality perceptions is perceived as either a fair price or a good return on investment. After careful inspection, it has been revealed that the competition in the homeware and giftware market is high, there are many other competitors in the market that are offering similar products to customers. Thus, the company's pricing strategy will mainly involve offering low up-front prices for the products compared to skimming pricing strategy. Penetration pricing would be more appropriate to enhance the competitive advantage in the current situation, and the plan intended to target middle or low-income people in the market. Spann, Fischer & Tellis (2014) noted the idea is to use a better mix of product benefits at a lower price to lure customers only modestly satisfied with existing products. However, the product quality is to be sustained or not to be compromised to enhance the attraction. A penetration pricing strategy is a right approach for the company to gain the competitive advantage. It appears as a great chance to target an immense range of customers. This pricing strategy is for different products and customers, and it is to be separated from the luxury segment.
On the other hand, skimming pricing strategy should be occasionally used to target less price-sensitive customers, who want the excellent return on their investment and great value. In this case, the company ensures that the quality of the products is not compromised. Skimming pricing strategy will be necessarily targeting the price-sensitive customers to attract them so that they cannot consider buying cheap products from the competitors of the firm. New product development needs the skimming pricing to generate the revenues initially. After gaining high revenues initially, the firm may alter the strategy. Sales promotion will also be applied where discounts will be offered on the products to attract more customers. For instance, quantity discounts on bulk purchases, VIP program system development, holiday discount, birthday discount, survey discount, etc.
- Integrated Marketing Communication Strategy
The analysis over touchpoints of consumers during all stages of the purchase decision is incredibly critical to the success of the company incorporated communication strategies. During pre-purchase, consumers need to be able to find extensive and precise information regarding all the product details, finance options, delivery & return information, and after-purchase care service. Beyaz Bazaar should look at improving engagement in customer support from both website and use of different social media platform rather than booking an appointment online. Previous studies highlighted that there are positive effects between the quality of the site and influential structures affecting the purchase decision (Ghaffari & Ashkiki, 2015). The consultants must ensure they are trained in providing information in a friendly manner to make the consumers feel comfortable and respect. There was a significant positive relationship between pre-purchase satisfaction and post-purchase satisfaction (Chae, Black & Heitmeyer, 2005). A high level of post-purchase dissonance is negatively related to the level of comfort which the consumer draws out of product usage. Conflict can be reduced by manufacturers providing warranties, trial periods, after sales communication, and so on.
The promotional mix will implement both digital and traditional marketing strategies. An advertising campaign will focus on printed and internet media advertisement that in targeting wholesale customers. Magazine advertisement is very effective in further enhance the influence of the products, which it allows brands to stand apart in an overcrowded digital market and create lasting, memorable engagement, and the printed content can be repurposed in digital channels to reach a broader audience. It is recommended that increase magazine campaign's collaboration with popular interior design magazine, such as ARCHITECTURAL DIGEST, ELLE DECORATION, VOGUE LIVING or HARPER´S BAZAAR INTERIORS be implemented in reaching the target market. The theme of the advertisement will be a clear-sell approach with the ad focusing on creating an eye-catching graphic to the target audience, make it easy for potential customers to purchase your product or service. In which the advertisement would include the phone number, website, and retail locations edit at the bottom of each ad. Advertising will be displayed on a monthly basis to better increase awareness amongst the target audience through each subsequent newsletter.
Due to high advertisement costs, it will be necessary to run complementary and small-scale digital campaigns such as Facebook to make sure that there are suitable touchpoints for the customers during the whole process of purchase-decision-making. As a result, the strategy will bring about product loyalty and trusts as well as the establishment of personal relationships between the brands and potential consumers.
The final IMC strategy will be implemented in a social media engagement strategy. Online platforms will use Facebook, Instagram, Twitter, and YouTube. It comprises advertising, sales promotion, direct responses, public relations, and personal/social media selling. This strategy will involve collaboration or sponsorship with local or online interior-designed base YouTubers or people who are famous on social media. This strategy will help in building brand trust and loyalty and establish personal connections with the target market. Integrating with customers on different social media channels can help to contain the effective engagement. People can become loyal and show their assertiveness in providing feedback and making buying decisions. Participating in local communities or events such as Ekka, or Toowoomba flower festival are good options to justify the communication strategy (Westwood, 2002 ).
- Distribution Strategies
The distribution process can be initiated through selective distribution channels. This opportunity has been streamlined by the management to target customers in specific outlets. The chain of the distribution depicts produce, wholesaler, retailer, and customer. Through the selective distribution, the company can sell products in particular outlets and appeal to different target markets. The local engagement strategy can be implemented by the company to integrate with the local players. The intensity of distribution is expected to be higher in town and cities, the products are marketed via wholesale shops and homeware store. Based on the different locations and outlets, the firm can make different customers segments and streamline its products. In towns and cities, segmentation and targeting are high due to the senior population. Wholesales shops and home ware stores are key marketing channels for the firm to make the difference (Doole & Lowe, 2008).
References List
Chae, M. H., Black, C., & Heitmeyer, J. (2005). Pre-purchase and post-purchase satisfaction and fashion involvement of female tennis wear consumers.
Doole, I., & Lowe, R. (2008 ). International Marketing Strategy: Analysis, Development, and Implementation. Cengage Learning EMEA.
Ghaffari, A., & Ashkiki, M. F. (2015). The impact on the quality of the website to buy online customers. Journal of Applied Environmental and Biological Sciences, 5(11S), 516-526.
Humphreys, P. C. (2002). Effective consultation with the external customer.
Spann, M., Fischer, M., & Tellis, G. J. (2014). Skimming or penetration? Strategic dynamic pricing for new products. Marketing Science, 34(2), 235-249.
Vivek, S. D., Beatty, S. E., & Morgan, R. M. (2012). Customer engagement: Exploring customer relationships beyond purchase. Journal of marketing theory and practice, 20(2), 122-146.
Westwood, J. (2002 ). The Marketing Plan: A Step-by-step Guide. Kogan Page Publishers.
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