Marketing Management Strategies Essay Example

considers a marketing initiative. In contrast, Scabbard is a cleaning company with two locations in the Yolk-Jimmie area. The company is privately owned by an individual and currently has 46 employees.

Scabbard operates in specific locations within the state, which contributes to its current reputation and serves as a marketing activity. To analyze the connection between marketing concepts and the business's decisions or actions at these locations, certain questions will be asked. These marketing concepts have been utilized by businesses of all sizes worldwide.

Some businesses unconsciously incorporate these marketing concepts, while others prioritize them due to their understanding of how it contributes to their business's success.

The General Notion of Marketing in Seems Within Yolk

As a small and emerging business (SEEM), it is challenging for companies to allocate resources for marketing due to their limited nature. Nevertheless, the SEEMs analyzed in this study were discovered to employ low-cost marketing strategies and make innovative marketing choices that directly or indirectly enhanced the value of their small enterprises.

The Internet has increased the impact of marketing for small businesses, whether intended or unintended. Some people incorrectly assume that advertising is the sole element of marketing and if they don't execute formal campaigns, they are not involved in marketing. Nevertheless, it is crucial to acknowledge that advertising is merely one part of a larger marketing approach.

The employees in certain small businesses may claim that the business is not engaged in any marketing activities, despite wearing a branded uniform. As a result, there can be a discrepancy in the understanding of marketing between employees and managers. This divergence is particularly apparent in Seems, where managers

prefer employees to concentrate on their job while they themselves handle marketing the brand alongside other managerial tasks.

The employees play an important role in the business and excluding them from the marketing initiative will hinder the business outreach. The employees' perspective on marketing and its current practice, including mouth and referrals, is as follows. Some businesses neglect the marketing tools they have set up, such as signposts, as they degrade over time due to managers' focus on other areas of business growth. Additionally, some small businesses make the error of placing these signposts in inconspicuous locations.

Some small businesses in the Yolk-Jimmie area have embraced the Internet to connect with individuals or other businesses at low cost. However, there are some who believe that marketing covers all aspects mentioned above and attempt to implement them all. Out of the small businesses analyzed, Scabbard stands out for utilizing various forms of marketing. They distribute custom calendars, cups, and other printed items to their customers.

The small business's website has links to its Facebook and Twitter pages. It also showcases signs at Yolk/Jimmie locations and prominently displays the Scabbard name and logo on its vehicles. Successful small businesses prioritize customer loyalty and repeat business by establishing a lasting connection with their customers. Some go the extra mile by providing contact information for easy customer assistance.

The primary responsibility of the business manager is to meet customers' needs, even when they are not present. This close connection between the manager and customers plays a vital role in promoting the business and improving customer value.

Market Segmentation

When a business identifies a specific market segment to target,

it is crucial for effectively communicating the value proposition to the intended recipients. By focusing on a particular segment, known as an SEEM, the business can not only maintain loyal customers but also leverage its advantages as a small business.

There are multiple methods of marketing and identifying a market segment. The goal is to create value for the selected market and determine a value proposition. According to Kettle and Armstrong (2012), one way to achieve this is by segmenting the market into smaller, manageable segments. This involves analyzing various segmentation variables, such as geographic, demographic, cryptographic, and behavioral variables.

Segmentation is beneficial for enterprises of all sizes as it enables them to concentrate on consumers who appreciate their offerings and can contribute to business success or growth. While many companies directly target the general population, some do not clearly identify their target market. For example, Scabbard is a cleaning company that selectively engages with high-end or high-class businesses known for their reputation, thereby enhancing its own reputation.

Scabbard has a roster of esteemed clients such as the American University of Nigeria, Federal Medical Center, and Guaranty Trust Bank. To qualify as a Scabbard customer, businesses must meet certain criteria, including their size and established reputation. On the other hand, Costless Services caters to the younger demographic, specifically targeting students at the American University of Nigeria. This business offers various establishments where young people can dine, socialize, and unwind. Understanding the preferences of its clientele, Costless Services hires young individuals to establish a positive rapport with customers.

The success of the business has been greatly influenced by this factor. Lukas Memorial Stores, like many other

businesses, aims to serve a large population due to the nature of their operations. Being a supermarket, the objective is to cater to the needs of the community where the store is situated, irrespective of age group or preferences. For a small supermarket, attempting to target specific customer segments can be detrimental. However, as the business expands, it can start categorizing its customers in order to better meet their requirements just like Walter Stores has done in certain neighborhoods across the United States.

The Marketing Environment

The significance of the business environment in marketing cannot be understated as it significantly impacts a company's worth. It is imperative for small businesses to strike a balance between external factors and internal objectives. Suppliers, competitors, marketing intermediaries, and the public are all external entities that have an effect on a firm's marketing efforts. The diagram provided illustrates that while there is a direct link between a company and its customers through marketing, other layers within micromanagement also exert influence.

The PESTLE framework can depict a broader environment, but Games primarily rely on micromanagement activities. Due to their small size, Games are highly sensitive to changes in the immediate environment. In the Yolk-Jimmie setting, macro environmental fluctuations are minimal for small businesses because of a stable government and its policies. However, participants in the smaller environment play a vital role in the marketing endeavors of small businesses.

Supermarkets heavily rely on supplies from outside the Yolk-Jimmie area, making logistics crucial for timely delivery of products. Lukas Memorial Stores, for example, would not benefit from marketing a new product to customers if it has not yet been delivered by

the supplier. Suppliers play a pivotal role in ensuring the availability of products for effective marketing. Marketing managers should closely monitor supply availability and costs.

The possibility of supply shortages or delays, labor strikes, and other occurrences can lead to lost sales in the short term and damage customer satisfaction in the long run. Marketing intermediaries are essential for helping a company promote, sell, and distribute its products to end consumers. Small businesses often have limited interaction with intermediaries due to their small market size. Like suppliers, intermediaries are an important part of a company's overall value delivery network. In terms of competition, marketing managers must work hard to establish a strong position for their products in consumers' minds compared to competing offerings.

A firm called BAG Communications, located in Dammar, has intermediaries in various locations inside and outside the state. These intermediaries collaborate with the company to distribute its services to customers. The activities of the intermediaries are seen as actions of BAG Communications by the customers. Therefore, the company closely monitors the intermediaries' activities in order to prevent any distortion of its brand image. To ensure consistency in delivery across all locations, BAG Communications provides the intermediaries with identical information and marketing materials.

BAG Communications' marketing strategy includes closely observing competitors to understand the impact of their actions on SEEM (Strategic Event and Experience Management). In the marketing field, businesses must position their products or services effectively against competitors in customers' minds. Even if a company offers similar offerings as its competition, establishing a stronger connection can attract more customers. For instance, Costless is a company that faces competition in this regard.

Costless

Services has gained an advantage over its competitors, like Whammies Bites, which is also situated on the ANN campus in Yolk. Both businesses serve the same market and offer similar products, but Costless Services provides discounts to students, particularly towards the end of the academic session. This has become a fixed mindset among customers, so even when discounts are not available, they still prefer Costless Services over Whammies Bites.

Product Strategies

The main objective of product strategy is to provide value to customers and create a favorable perception of the company.

When developing a product strategy, firms often question what the customer is truly purchasing. Scabbard, as a cleaning company, differentiates itself from competitors by emphasizing that it offers more than just cleaning. The motto "More than Just cleaning" reflects this strategy. Businesses that choose to outsource their cleaning services to Scabbard understand that they will receive more than just a clean office or environment. Scabbard provides a higher level of quality, excellent after-service, and presents itself as a well-packaged company that customers can connect with.

Outsourcing a cleaning service to an untidy company is not attractive to any business. The diagram below illustrates the three levels of product that firms must consider during product creation. Customer loyalty towards a company is driven by more than just its product or service; it also depends on factors such as excellent customer service, top-notch products, a strong brand presence, and various other variables. These elements increase the cost for customers to switch companies and make them inclined towards the company that offers superior value.

Scabbard makes efforts to maintain strong customer relationships and gather feedback in

order to retain its loyal customers. The manager personally visits clients and values their input, regardless of the cost. Scabbard also provides multiple communication channels, such as Facebook and Twitter pages, for customers to provide feedback that the manager can review.

The company's website includes a review section to provide customer feedback. Moreover, the company strives to improve the perceived value of its products or services. Small businesses that have a distinct value proposition have an edge in their target market as they can easily modify their offerings to meet changing customer demands.

Their compact size enables them to offer better post-purchase service or product support, thereby enhancing customer retention and loyalty. For instance, Cravings Cafe, owned by Costless Services, exemplifies this approach. They capitalize on their small scale by offering a select range of items tailored to meet the needs of specific customer segments. Furthermore, they place emphasis on delivering high-quality packaging, design, and delivery services to attract their target customers and foster repeat business.

Whammies Bites is a business that is similar to Cravings Cafe but positioned at the opposite end of the spectrum. Although considering themselves a competitor, Whammies Bites lacks focus on the augmented product, which aims to enhance customer value. The shop sells items that are not well packaged and can be easily found in other smaller shops nearby. Moreover, the employees do not wear uniforms to identify themselves with the business, and little attention is given to maintaining cleanliness in the surrounding area. As a result, Whammies Bites attracts fewer customers compared to Cravings Cafe.

Marketing Communication Strategies

Once the product strategy, segmentation, and environmental analysis are finished,

it becomes essential to effectively convey the business offering to the target customers. This communication links all the efforts made with the end consumer, who ultimately decides whether a business strategy is successful or not. To guarantee customer satisfaction, specific actions must be taken. Likewise, customers should comprehend and recognize the value they gain from utilizing the product or service. Implementing a strategy is more crucial and difficult than merely conceiving it.

To guarantee consistent performance and communication, a business must persist in maintaining and sustaining the established strategy. It is also crucial for the strategy to evolve over time to effectively address changing consumer needs and adapt to competitive tactics. According to David K. Smith (2001), perception (the selection, processing, and storage of information in memory) and retrieval (finding and utilizing existing information) are two vital aspects of information processing.

These two processes help marketers to comprehend how to strategically position their proposition in the customer's mind. The implications include: 1. Due to the constant exposure to numerous stimuli, marketers must have a thorough understanding of their target audiences to increase the likelihood of customers processing communications from the marketer. 2. The communications from marketers should enable customers and prospects to effortlessly and dependably connect with concepts and categories already present in their minds.

Information that contradicts existing beliefs or doesn't fit into a current category is less likely to be processed. Successful communication between customers and marketers requires continuous exchanges of information to increase the likelihood of the aforementioned steps. Engaging customers in ongoing interactions is likely to help marketers develop a comprehensive understanding of their customers, making relationship marketing highly beneficial.

Source:

David K. Smith (2001) Small and Medium Enterprises in Dammar State SE have several options for communicating their offerings to the general public or directly to their target market. Since their target market is typically small, they can gain strong and lasting competitive advantages by maintaining an effective communication strategy between the firm and customers.

Most small businesses in Dammar utilize radio jingles due to the popularity of radios among citizens and the limited access to television caused by insufficient power supply. Another effective technique employed by Seems is the establishment of brand networks. If an SEEM aligns itself with a well-known brand, it is more likely to attract a larger customer base. Additionally, they communicate their strategy to customers through their contact information.

Businesses now understand the significance of using technology to manage a flexible customer database. This enables them to interact with customers whenever and however they need. Communication is highly important, and businesses strive to connect with both current and potential customers through various channels. By doing so, they ensure that their value proposition stays prominent in customers' thoughts.

Pricing Strategies

The price of a product or service depends on the value it provides to consumers.

The text discusses different pricing strategies and the opportunity cost of acquiring a product/service. It mentions that larger businesses like Seems can utilize these strategies to increase their market share. These strategies include analyzing competitors' prices, formulating a pricing policy, offering discounts to different customers or clients, and considering conditions and terms of sales. In Dammar State, Small and Medium Enterprises have a less formal approach to determining the final price for their products or

services.

Most businesses utilize a cost-plus-markup approach or market price to determine their pricing strategy. Lukas Memorial Stores, in particular, employs both methods. When dealing with products that are easily accessible in other supermarkets in the state, the store adopts the market price as the standard. Conversely, for items exclusively offered at Lukas Memorial Stores or are hard to find elsewhere, the store relies on a cost-plus-markup approach.

Currently, there is no fixed percentage for determining the markup rate at this supermarket. The manager sets the percentage individually for each product. While the supermarket does not run promotions, they occasionally provide discounts to customers who make large purchases. In contrast, Costless Services and Scabbard Cleaning Services both utilize the cost-plus-markup method to determine their prices.

Scabbard Cleaning Services prioritizes investing more in their product/service to improve it before delivery, even if it means higher expenses compared to competitors. They do not set their prices according to market prices as they believe it would be unwise. However, customers are still willing to pay for their services because of the exceptional quality they offer. Scabbard Cleaning Services works closely with clients to establish a contractual agreement on the value of their service.