Application of Hierarchy of Requirements by Maslow in Ads
Title: Maslow hierarchy of requirements in advertising. The pyramid of requirements was developed in the 1940s by Abraham Maslow, and its theory is still suitable today for the understanding of management guidance, personal inspiration, and personal development. Maslow ideas in the hierarchy of needs of the employer’s responsibility to offer a work environment that enables and encourages employees to have their unique potential fulfilled are more related today.
There are various versions of Maslow’s pyramid of requirements explained by other scholars which have additional levels to the original model (Ciobanu and Ciobanu, 2015). The levels in Maslow’s order of needs are; safety needs, psychological needs, social needs, self-actualization needs, and esteem needs. The paper will discuss two international advertisements in relation to the Maslow’s needs Hierarchy, analysis of publications by use of market segmentation concepts, the international version of the ad, and the differences of the ads internationally, and finally the marketing and psychology aspects utilization in the advertisement for change.
Cadbury chocolate advertisements cater to the safety need in the hierarchy which is essential for making a buyer decide to purchase the product (Wells, 2015). Chocolates are known as friendship and love signs. There is social needs fulfillment in the Cadbury ads as there are special boxes provided by Cadbury used for the celebration of cultural events festivals that unite people giving a feeling of belongingness and love.
Maslow and Coca-Cola
Coca-Cola ad appeal to different needs at various levels of Maslow’s hierarchy. Coca-Cola makes its products to appear the most effective quencher of severe thirst as most of its ads are done in summer places such as baseball games, hence fulfilling the psychological need of its customers (Marlow, 2015). Coca-Cola ads portray the consumption of sodas at a family gathering of the party which emphasizes unity thus meeting the social belonging and love needs for its customers. In the Coca-Cola ads, sodas seem a famous symbol that brings respect and admiration to those who use them hence fulfilling esteem and self- actualization need.
Market segmentation is the combination of various customers into general needs and similar response to a marketing action. To segment a market there are different conducts to consider including psychographics, which looks into client’s psycho group, demographics, that concentrates on the type of client and behavior which bases on the actions of the client.
Coca-Cola organization uses consumer division of criteria and market into various clusters like profile, social and psychographic. Consumer value creation in Coca-Cola and good performance is a tragedy to convince people to buy their products. In its official website, the company outlays its pride in its partnership with the Olympic Games strengthening its reputation. In Coca-Cola ads, its seen people in summer quenching their thirst using Coca-Cola (Laudan, 2015). Its slogan of “open happiness with Coca-Cola” helps increase its sales as it shows highlights the consumption of Coca-Cola in family gatherings and parties. The Coca-Cola ads align with the company’s mission in that it refreshes an individual’s body mind and spirit, it makes a difference by creating value to customers and inspires happiness and optimism moments through actions and brands.
A Coca-Cola advert takes place in Naples, Italy where Simone Rugiati famous chef creates a dining room that is flashy and invites passersby to join him. They all wait after the chef sets a makeshift table and posts a sign saying “let’s eat together” they all enjoy the Coca-Cola Happiness table.
Coca-Cola international ad “teach the world to see” symbolizes a delightful and multiculturalism that is angelic. It portrays the Coca-Cola image as uniting people. Also, Coca-Cola presents an image of individuals that are bright future-oriented and are part of the process of its success (Aeschelmann, and Carus, 2015). Although the ad was American viewers targeted it has a universal and global message that makes people feel like it was made for everyone. Marketing and psychology are utilized in the Coca-Cola ad to bring emotional change in the viewers to boost its market, for instance when the Coca-Cola company changed its ad from “open happiness” to “taste the feeling” there was maintenance if happiness focus with people connecting and engaging in activities. This portrays the feeling of belonging and love.
Evidently,Maslow’s needs hierarchy is vital in marketing advertisement as the company’s show concern in various needs of its customers as outlined in the levels of hierarchy. The Coca-Cola international ad caters for psychological, social, emotional, esteem, and self- actualization needs. Cadbury chocolate advertisements cater to the safety and social needs of its customers. When the hierarchy of needs is considered in the advertisements, the firms can meet their missions on sales and marketing.
Aeschelmann, F., and Carus, M., 2015. Biobased building blocks and polymers in the world: capacities, production, and applications–status quo and trends towards 2020. Industrial Biotechnology, 11(3), 154-159.
Ciobanu, C. I., and Ciobanu, O. M., 2015. The Impact of Eco-marketing in Qol Improvement. Calitatea, 16(S1), 672.
Laudan, R., 2015. Cuisine and empire: Cooking in world history (Vol. 43). Univ of California Press.
Marlow, M. L., 2015. The American Dream? Anti-immigrant discourse bubbling up from the Coca-Cola ‘It’s Beautiful’advertisement. Discourse and Communication, 9(6), 625-641.
Wells, L., 2015. Photography: a critical introduction. Routledge.
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Science Marketing and Art Marketing: Marketing research and branding
Science Marketing and Art Marketing: Marketing research is the processes through which the marketing managers collect relevant information about their product and the customers. It also involves an evaluation of the necessary strategies required to develop the correct product that will capture the attention of the customer. It provides the basis for the development of the correct marketing mix and the correct style of marketing. Branding, on the other hand, is the process through which a business develops and creates a unique image and name for a product in the customer’s perspective.
Branding incorporates information marketing research to create a brand that is attractive and present in the customers’ mind. The information from marketing research is important as it presents the customer’s expectations. In other words, branding is the art through which the marketing management delivers the customer’s expectations. It is the means through which the marketing management showcases creativity and ability to meet the customers’ expectation. Combining the two strategies creates a mix of art and science that delivers the right product in the eyes of the customer.
Market research is the process through which managers gather important information about the product from the consumer. It is a science because it involves a combination of processes designed to gather information and knowledge. The science of market research is objective because it aims at gathering relevant information about the customers. Its main objective is to determine the viability of the product from the perspective of the customer. Market research is the process through which the company identifies the possible market and the customer base for the product. It involves understanding the needs of the customers and the means through which the company can modify the product to meet the customer’s expectation. Also, market research involves gathering the necessary information about the customers’ purchasing power and the ability to purchase the product. Through market research, the company can determine the best marketing mix that would help maximize revenue (Burns et al. 2014). Also, the company can use market research to gather information about preexisting segments in the market. Hence, market research is also useful in market segmentation and product differentiation.
Market research is an objective process that involves the identification of the desired market and the development of strategies for information gathering. The management must also analyze the data collected to extract useful information (Burns et al. 2014). It involves the collection of qualitative and quantitative data concerning the customers. The company can either correct the data directly or through existing research. Therefore, the company has to decide whether to use primary or secondary data sources. Primary data refers to the type of data that has not been used in prior research and that the company collects through primary data collection tools. Secondary data, on the other hand, refers to information gathered in a prior research.
The use of prior research implies that secondary data collection involves another entity. When a company chooses to use primary data collection methods, the management has to decide on the objective of the research. The management can decide to collect answers to previously identified issues. Therefore, the management identifies areas of concerns and seeks to collect answers to the questions through market research. The management may also choose to identify new issues in the market. Using this route, the management seeks to collect an array of questions that the customers would like answers to. Whether the company chooses secondary or primary data, the main purpose of market research remains the same, the company seeks to fulfill a certain set of objectives.
Market research is mostly applicable or put into use when an organization seeks to venture into a new market. It is also necessary when the company seeks to rejuvenate its market competitiveness or brand position. Organizations may also opt to identify the characteristics and needs of a special group in its marker. Researching the market may also be necessary when the company seeks to introduce a new product in its existing market (Burns et al. 2014).
Based on the reason behind market research, every form of research will have different objectives and strategies for obtaining the required set of information. For example, a company seeking to venture into a new market has to conduct an investigation of the current interest for the product in the new market. In other words, the organization must collect information to justify the viability of the new product in the target market. Based on the outcome of the research and information gathered, the management can then decide on whether to actualize the plan. If the company establishes that the customers have a viable interest in the product, the move to invest in the new market becomes feasible. However, interest alone is not enough to make a decision to venture into the new market. The organization also has to investigate the price viability and customers’ ability to purchase the product. Hence, the management must develop a strategy that answers all the necessary questions
Branding is the means through which the management answers to the expectations of the customer by providing the product in a manner that the customers are likely to accept. It involves positioning the product in the mind of the customer and presenting the product in a likable manner. It is an art because it involves the use of knowledge and skills to develop a product. The art of developing a brand is subjective to the information gathered and the need to present a final product that meets the customer’s needs and expectations. Branding involves the development of the product and means to position the product in the minds of the customers (Latif et al., 2014). Therefore, the art of branding involves the physical aspect of designing and developing the brand in form of the product appearance and composition. The physical aspect of branding involves the development of an attractive and memorable product. The physical aspect of branding involves creatively designing the aspects of the company that relates directly to the customer. One is the physical appearance of the product. A good example of vigorous branding is the Fanta brand of Coca-Cola that continuously changes shape and appearance to capture the customers’ attention.
Similarly, physical branding involves the development of the company’s logo in a unique and appealing manner. The logo is the main identifier for any given organization. Its uniqueness determines the company’s ability to position itself in the market (Latif et al., 2014). Therefore, the company must design the logo uniquely and outstandingly. It also involves the development of a company slogan. The slogan must reflect the values of the company and appear in a manner that keeps it viable in the eyes of the customers. Like the logo, the slogan will most likely be visible to the customers at all times. Hence, the slogan must stand out in the market. Most companies identify by the brand. A well-established brand often appears to be similar to the company. Most customers consider the brand to be the same as the company (Latif et al., 2014). Even for companies that have a brand name different from the company name, customers often confuse the company with the brand.
The art of branding involves several aspects that define the company’s position in the market. Brand positioning is particularly important in marketing (Latif et al., 2014). It involves the setting up the brand in a manner that is noticeable and memorable. The brand position is a marketing strategy that is directed at creating a unique appearance to the customers. Other than the design of the logo and the slogan, positioning the brand may also include printing the brand name, logo, and slogan on the company products. The art of positioning has evolved to include online presence and ease of accessibility of information in social media and on the internet. The company can also improve the position of the brand by carefully placing the logo or the slogan in the customers’ daily activities. The Coca-Cola Company is usually very active in brand positioning. For example, the share a coke market campaign positions the company logo and slogan at the heart of summer celebrations. The company also uses promotional campaigns to position the brand in sports and other activities to keep the brand in the customer’s minds.
Science Marketing and Art Marketing
Marketing requires a combination of science and art to achieve its objectives. The application of scientific strategies in marketing allows marketing managers to collect sufficient data. It allows managers to track marketing expenditure and effectiveness. According to Gross (2017), the ease of data collection and marketing research through digital marketing enables the success of marketing strategies. Such a scenario indicates the importance of data collection and market research. According to Gross (2017), the integration between science and art in marketing guarantees the success of any marketing campaign. The organization must find a balance between the art and science of marketing in order to achieve the objectives set. Strategic marketing management is the simply the development of strategies that combine the art and science in marketing. It involves developing the necessary skills and techniques that enable the company to achieve its marketing objectives.
Therefore, market research and branding are simple methods of defining a multifaceted and complex science and art marketing. The discipline involves developing a synergy between the science in market research and the art in branding. The data collected in market research is helping the company to design and develop a unique and lasting market brand. Other marketing strategies whether art or science come into play to make the processes successful. For example, marketing managers can employ strategic marketing to develop strategies for the implementation of research and branding. Similarly, the marketing managers can employ product design in branding as described above to position the brand on the products. By combining marketing science and art, marketing managers develop strategies to achieve marketing objectives. Therefore, the two forms of marketing must work together for the betterment of the marketing department.
Burns, A. C., Bush, R. F., & Sinha, N. (2014). Marketing research (Vol. 7). Harlow: Pearson.
Gross, J. (2017). Marketing: The Convergence of Art and Science. Forbes. December 1. 2017.
Latif, W., B. Islam, A. & Mdnoor, I. (2014). Building Brand Awareness in the Modern Marketing Environment: A Conceptual Model.
I hope you enjoyed reading this post on Science Marketing and Art Marketing. There are many other titles available in the Marketing Dissertation Collection that should be of interest to marketing students and practitioners. There are many dissertation titles that relate to other aspects of marketing such as branding, corporate advertising, marketing strategy and consumerism to name a few. I would be grateful if you could share this post via Facebook and Twitter. Feel free to add your thoughts in the comments section. Thank you.
E-Marketing Strategies for Changing Brand Perception – A Case Study of Nike
E-marketing manages to promote the product across the globe so that required market can be grabbed in a short interval of time. Academics suggest that e-Marketing strategies are found to be effective in this era as customers are more related to the technology this is why E-marketing supports in the quick expansion of product. The study is based on the case of Nike and its consumers, therefore the target respondents of the study included the consumers of the brand Nike.
In addition to this the marketing managers of Nike were also participants if the research since their views were important for evaluating the online marketing strategies used by a brand and its impact realized at the company’s end. A comparison of traditional approach and modern approach of marketing has also been presented to assess that which marketing communication channel is appropriate for an organization and what are the benefits an organization can acquire after the application of modern marketing approach. This study supports in understanding the involvement and impact of involving technology in the marketing procedures; the impact of such practices in the advancement of the sales of the firm is also stated as the scope of the study.
The assessment of the impact of E-marketing in shifting the customer’s perception is the significant fact that further supports in understanding the importance of advanced technologies in marketing. In this era, internet has become the basic tool that has been used by the customers for their daily routine affairs; internet is known as basic implement that has been expended for communication, business, shopping and other affairs. Moreover, in this study, the impact of different strategies such as emailing, text messaging and visual messaging on the consumers’ brand perception is realized through this study.
In order to conduct the research, it is important to create some objectives based on which the conclusions and analysis can be made. The objectives of the research are cited below:
To study the conceptual framework of e-Marketing tools used by organizations
To highlight the use of e-Marketing by organizations to boost brand image
To analyse the impact of e-Marketing on the brand image of Nike
To present a set of recommendations to Nike on how to improve their brand image and use e-Marketing tools
1 – Introduction
Background of the Study
Scope of the Study
Motivation of the study
Outline of the study
2 – Literature Review
Concept of E-Marketing
Traditional Marketing in contrast with E-Marketing
Framework of E-marketing Tools and Techniques
Strategies of E-Marketing
Advantages and Disadvantages of E-Marketing
Brand Perception of Customers
E-Marketing and Brand Image Integration
Benefits of E-Marketing and Brand Image Integration
3 – Methodology
Customers’ brand Perception
Visual illustration of text message
Means for social sharing
The Variables and Measurements
Sampling and Data
Description of Data
Data Collection Instruments
Techniques for Data Analysis
4 – Data Analysis
Descriptive Frequency Analysis
5 – Discussion
6 – Conclusion
Findings of the Study
Area of Future Studies
Limitations of the research
I hope you enjoyed reading this post on E-Marketing Strategies for Changing Brand Perception and how it affects Nike. There are many other titles available in the marketing dissertation collection that should be of interest to marketing students and practitioners. There are many dissertation titles that relate to other aspects of marketing such as branding, corporate advertising, marketing strategy and consumerism to name a few. I would be grateful if you could share this post via Facebook and Twitter. Feel free to add your thoughts in the comments section. Thank you.
Investigating the Impact of “Price” As a Positioning Factor in the UK Supermarket Industry: A Study of Tesco
Dissertation Topic: Price Positioning in the UK Supermarket Industry. Tesco is currently the market leader in the UK retail industry (and has been since 1995), since the launch of the Tesco Clubcard. It has been claimed that Tesco has created customer loyalty by introducing the Clubcard. However, it is possible that the Clubcard does not necessarily create loyalty; rather, it helps the company to understand and predict customer behaviour, and to an extent, influence customer behaviour through various price deals and offers.
It has been established that customer loyalty can certainly improve the probability that an organisation’s profits will increase. In the case of Tesco, loyalty has not actually been created although the company has established a way of predicting and influencing consumer behaviour (to an extent) through the loyalty card. Since customer satisfaction is one of the key ingredients that contributes towards customer loyalty, it can be said that at the moment, Waitrose, Aldi, and Lidl are at a better position to create customer loyalty, for whatever reasons.
Customers generally do not differentiate the companies based on the prices they offer, rather, they differentiate the products based on the perceived quality. The problem is that companies such as Tesco, Morrisons, and ASDA have similar price structures, and as such, pricing may not be the point of difference for the consumers. Tesco’s positioning on the basis of price (every little helps) may not help the company to gain a significant advantage over the competitors, although it may contribute to maintaining this advantage.
Based on the assumption that pricing is not the factor by which consumers differentiate companies, the following research objectives have been composed:
To analyse the extent to which pricing is a differentiating factor (as seen by the customer) that influences consumer buying behaviour in the supermarket industry
To identify whether price positioning (as seen by the customer) is a viable option for supermarkets
1 – Introduction
Statement of the Problem
2 – Research Methodology
The Research Philosophy
Position on Philosophy
Data Collection Techniques
Sampling and Population
Focus Group Interviews
Scope and Limitations
Gaining Access and Research Ethics
3 – Literature Review
Price Image Dimensions
Price as a Market Cue
Ego-involvement and Price
Price and Retail Patronage
Price Premiums and Brand Equity
Role of Price in Strategic Positioning
Expectation Theory in Consumer Behaviour
Henry Assael Model
4 – Discussion and Analysis
Qualitative Research Report and Analysis
Quantitative Research Report and Analysis
Discussion on the Findings
Is price a differentiator in the supermarket industry?
Is the low end price position viable for retailers?
I hope you enjoyed reading this post on the Impact of “Price” As a Positioning Factor and how it affects the UK Supermarket Industry. There are many other titles available in the marketing dissertation collection that should be of interest to marketing students and practitioners. There are many dissertation titles that relate to other aspects of marketing such as branding, corporate advertising, marketing strategy and consumerism to name a few. I would be grateful if you could share this post via Facebook and Twitter. Feel free to add your thoughts in the comments section. Thank you.
Domino’s Pizza is a company that has been in existence since the 1960s and has used various marketing strategies in order to ensure it achieves its marketing goals. The organization’s logo was initially planned to include another dot with the expansion of each new store, yet this thought immediately blurred, as Domino’s accomplished quick development. Reflecting Domino’s development, the organization had extended to 200 saves by 1978. During 1975, Domino’s confronted a claim by Amstar Corporation, the creator of Domino Sugar, asserting a trademark encroachment and uncalled for rivalry. In May, the Court of Appeal in the New Orleans found for Domino’s Pizza. This strategy helped protect their market and customers from copyright infringement.
Evaluation of current competitive advantage
In evaluating the current competitive advantage for Dominos, it is quite imperative to understand the company’s current market and how it has survived through the market to gain its marketing niche. Evidently, the company has achieved great success in its current market due to various marketing strategies such as the use of SWOT analysis to help in ensuring it identifies its strengths and weaknesses in order to carry out its activities in an effective environment.
The company has a competent leadership that will steer it towards success through effective marketing.
The provision of after sales services and other support services for the clients will give the company a competitive advantage such as Pizza deliveries
The company is venturing into new territory with no prior experience. This might work as a disadvantage to them as they might not know how to handle any arising issues due to lack of experience.
The company could face challenges in the lack of enough finances to propel the strategy and goals of the company.
The company’s employees and management can engage in tactical marketing by promoting their services in the local newspapers.
Dominos faces threats from the bargaining power of its suppliers. This makes it challenging for the company to grab a large market share.
In May 1983, Domino’s got to open its first worldwide store, in Winnipeg in Canada. Domino’s also opened a 1,000th store. In 1985, they opened the first store in the UK in Luton. In 1985, Domino’s had the first stores in Tokyo, Japan. By 1996, Domino’s had stretched to 1,200 global areas. In 1997, Domino’s launched its 1,400th universal area, opening seven saves in one day over five continents. Between 2007 and 2012, Domino’s bit by bit secured the vicinity in India with no less than 1,000 zones by 2012. By the start of 2014, the organization had developed to 6,000 worldwide areas and wanted to stretch to the pizza’s origination, Italy. President Patrick Doyle during May 2014 said the organization would focus on its conveyance demonstration there. This paper seeks to look at how Domino’s will use the various marketing strategies in their African outlet in South Africa.
Domino’s Mission Statement
Dominos has a simple and clear mission which states, Sell more Pizza, have more fun!
Reasons for choosing South Africa
South Africa is situated as an upper-focus wage economy by the World Bank and is viewed as of late industrialized country. Its economy is the second greatest in Africa and the 28th-greatest on the planet in the extent of buying. South Africa has the seventh most elevated for every capita for each wage in Africa, notwithstanding the way that poverty and predisposition stay in all cases, with around a quarter of the masses unemployed. In any case, South Africa has been perceived as a middle power in worldwide issues and kept up huge territorial effect (Blecker, 2006).
Market Analysis Summary
South Africa comprises a mixed economy, the second greatest in Africa after Nigeria. It similarly has a reasonably high GDP for each capita stood out from distinctive countries in Sub-Saharan Africa. The food business in South Africa has united liberally starting late, and today a discriminating number of the greater pizza makers have budgetary associations or key plots with the critical South African retailers. The pizza industry, on the other hand, has greatly improved altogether. So have the five greatest retailers, and together this record for about a large portion of total retail bargains in South Africa.
The Pest Investigation
It suggests the courses in which the government can intercede in an economy in regards to natural and work laws, obligations, exchange confinements and obligation methodologies. It moreover exhibits how the organization can impact preparing and prosperity and how it will impact the base the associations. As a South African government Plan follows, the structure of the economy will be changed over through industrialization, wide based dim budgetary fortifying and bracing and broadening the piece of the state in the economy. The company currently has a soft landing due to the implementation of various government strategies to the South African market. In order to achieve the best service delivery in the market, the firm has come up with the best strategies that can be used to ensure that the marketing environment favours them. Additionally, the government tariffs in South Africa are affordable for the company hence allowing it to carry out business activities effectively without having to face strict policies (Stevens, 2007).
South Africa has jumped over two spots to transform into the thirteenth most-appealing end of the line for outside quick financing, according to a late survey by overall guiding firm AT Kearney.
The outcome of the 2014 Foreign Direct Investment Confidence Index, which takes in the viewpoints of senior executives from 300 of the world’s heading associations in 26, separates countries. South Africa being one of the best performing nations in Africa, investment factors directly favour the company hence allowing it to have as much outlets as it can manage.
Strong economies have more money being differentiated in a given gathering; there are various financing assumptions that impact retail arrangements, and these need to get explored with a determined eye. One of the best-budgetary parts that impact retail arrangements is occupation open entryways, which particularly prompts the included discretionary pay of people that imagine that it hard to contradict inspiration buying, and who have no issue gathering gigantic charge card commitment to keep up a certain lifestyle. South Africa’s economy is seen as “unobtrusively free,” being surveyed as the 74th autonomous economy of 177 countries. It is situated sixth, out of 46 countries in sub-Saharan Africa. The economic factors in South Africa are quite useful since they have allowed the company to gain popularity and increased the earnings of the company over time (Stevens, 2007).
Target Segment and Marketing Strategies
The target of Domino’s pizza is to serve the locals with a grouping of types of foods that they encounter issues finding in one spot at any supportive time. We will serve every ethnic gathering with a blended pack of pieces of foods depending upon their feelings. These business segments get underserved in the noteworthy retail outlets. In South Africa, the potential for the clients to purchase will be higher. Since it has a marginally lower unemployment level as contrasted with other African nations consequently, they can buy our items
Domino’s Pizza needs to ensure that it carries out an effective research on the market needs of various prospective buyers by including its list of preferred products in the brochures that should be distributed to the customers within the shortest time possible. In addition, identifying the market needs will also help the firm in ensuring that it achieves the best competitive advantage strategies that will help in making sure its marketing strategies are effective.
Practicality is basic to the organization’s long haul achievement. It has risen up out of the need to certification it continues succeeding inside an unquestionably pressurized and eccentric nature, by making fitting abilities and breaking points. The manageability wander has helped the social event expand a deeper understanding of nature’s turf in which it meets expectations, clearing up the specific internal and outside issues most separating to long term viability. Moreover, the approaching examples and change in plans that will help Domino survive is its values and takes after styles and new examples among youngsters (Pliniussen, et al., 2002).
The GDP in South Africa annually was about 0.6 percent during the first three months of 2014 over the past quarter. GDP Growth Proportion in South Africa found the middle value of 3.16 Percent between 1993 and 2014. The growth proportion in South Africa is encouraging since it encourages investors in South Africa. As a result, it is quite imperative to help in ensuring that the market is fully occupied by their products in order to gain access to more customers. Marketing being one of the factors that guide the development of a firm’s products or services, there is need to help in ensuring that the products will lead increase in profitability.
Domino’s competitive position in 3 years’ time
In the next three years, the company aims at covering the best market share and giving the best services to their customers. As a result of intense marketing strategies that involve proper market research and consumer acceptability, the firms aims at being one of the largest in the South African market. Additionally, it is apparent that proper market analysis and use of Porter’s Five forces of competitive advantage will allow the firm to gain the best customer trust. It is also evident that firms need to ensure that they give the best services since there is need to have as many customers as possible.
In order to achieve the best competitive position in the next three years, the company needs to ensure that it works with the industry analysis to ensure that it identifies the gaps in the market. Our thorough appraisal of South Africa’s working surroundings and the viewpoint for its heading divisions are structured by bringing together an abundance of information on worldwide markets that influence South Africa, and in addition the most-recent industry advancements that could affect South Africa’s commercial enterprises. This interesting coordinated methodology has provided for us an impeccable record of accomplishment for foreseeing imperative movements in the business sectors, guaranteeing we are mindful of the most-recent business open doors and dangers in South Africa before our rivals (Kim, Fiore & Kim 2011).In the year under audit, South Africa was a solid entertainer regarding the matter of getting credit (first), securing financial specialists (tenth) and instalment of assessments (32nd). It got positioned at an impressive 39 for managing development allows, and beginning a business in South Africa is additionally simpler (53rd). Moreover, the best approach to powerful arranging is using a showed wanting to look at your product’s marketability (Stevens 2007).
Understanding the major competitors is important in helping the company chat its way towards the achievement of its marketing goals. Knowing our competitors’ sales technique and the apparent nature of their stock will help us know how to come in, as a new Pizza business. Dominos is the largest pizza manufacturer in the country. It supplies major retailers such as Woolworths, Truworths and Econ. Domino’s has been experiencing financial difficulties since 2008, this provides us with a good opportunity Armani is financially stable (Okonkwo 2007).
Pricing is a part of the advertising blend that decides your organization’s profit potential. In a focused business sector, the objective is to offer what clients need and to set costs that the market is ready to endure (Engle 2008). We will utilize different estimating routines as part of the request to draw in our clients. By using the most favourable prices, the company aims at becoming the customers’ most preferred outlet in South Africa and the African continent.
A pricing strategy involves setting your apparel prices below or above the competition. As a firm that needs to build the best marketing strategies, competitive pricing is one of the most preferred strategies that the firm seeks to use in order to gain the highest market share in three years. In addition, the firm seeks to provide special services that are not offered by other firms in order to gain more customer loyalty. In three years, the firm seeks to include delivery services to customers who might need the products of the company but are not able to reach the firms premises (Mills, 2002).
Markup Based on Cost
A mark-up-based-on-expense procedure considers the assembling expense of a thing and the most-elevated value the business sector can stand to return adequate net revenue. In three years, the firm seeks to come up with the most effective way of attaining customer trust by selling its products such the high quality pizza. Regularly evaluating involves multiplying the assembling expense of a particular thing to yield a real or proposed retail cost. In order to become the best firm in South Africa, Domino needs to utilize this strategy in order to gain the highest number of customer.
There are a few approaches to Discount Pricing to expand client loyalty and helps guarantee overall revenues, for example, by offering coupons, gift certificates, occasional deals and in-store cross-promotions (Harrison St. John, 2008).
Clear recommendations on what the company needs to do to achieve the three strategies
In order to achieve the above strategies, the company needs to use Porter’s five forces of competitive advantage. Ideally, the strategies will help in ensuring the company attains the best in the market in order to beat its competitors and gain the highest market share.
The first force I would look into is Supplier Power: Here I would assess the ease of driving up prices by suppliers. Under this force, I would asses various suppliers and their prices. In addition, I would evaluate their effect and control on the business the management is intending to buy. The lesser the supplier choices the business has, and the more the business need the help of suppliers, the more powerful our suppliers would be (Blecker, 2006).
The second force is Buyer Power: under this, the company should ask the ease at which buyers can drive prices down. Moreover, this force would be driven by the number of buyers, as well as each buyer’s effect on the business that the management intends to buy. If the company deals with few buyers, who are powerful, then the buyers can often dictate terms to the business.
The third force that I would use is Competitive Rivalry: here, it is essential to look at the capabilities of the firm’s competitors. If the firm’s competitors have high quality products that are of more friendly prices, then I would advise the management not buy the business. On the contrary, if the firm has weaker competitors with low quality goods and services, then I would advise the management to carry out the purchase.
The forth force that I would consider Threat of Substitution: This factor is mainly affected by the customers’ ability to find an alternative source of what the company supplies. If substitution of the firm’s goods or services is easier for the consumers and substitution is viable, then I would advise the management not to buy the business since this would weaken the power of the firm. The last force, according to Porter, is the Threat of New Entry: this is looked in the perspective of other firms entering the market. If the business would cost little time, legal requirements or money to enter our market and compete efficiently, then I would advise the management to buy the new firm. In addition, if the economies of scale are few, then I would advise the company not to purchase the business since that would weaken the company power. In case the business has strong and durable entry barriers, then I would advise the management to take advantage and purchase it. This would eventually have a great impact in helping the company gain the best market share.
Another major factor that needs to be used in order to access the largest market share is technology. Specifically, the firm can use technology in advertising and making good use of its available computers to reach customers via the social media channels and other technological adverts. As a result, the company will have better access to the best clients who will help in improving its profits and marketing strategies (Kalb, 2007).
Domino’s Pizza needs to ensure that it implements all the strategies mentioned in the paper in order to achieve its marketing objectives and in order to get a larger market share for its products. In addition, the company needs to ensure that it works towards achieving the best sales from the products due to better pricing and marketing techniques. Besides, Domino’s has to come up with the most achievable objectives that will help it work towards maintaining the current marketing position. This can be done by opening a number of international branches. The South African branch should, therefore, work with other branches to help Dominos become successful in its marketing strategies.
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