Posted on : 2023-12-03 21:04:31
Article : 4th Dec 2023- Good morning Monday perceptive solution for TASK 270- Different categories-different marketing strategies but the result is achievement of business goal-Learn from expertise.
In this solution part of this article, we have shared few marketing strategies followed by each company mentioned in our TASK park. You will find the strategies are worth trying as they are business development oriented.
1.McDonald strategy - Each year McDonald distributes coupons and each year they advertise that they are distributing coupons. This year they tried different, instead of advertising of coupons distribution- they made the coupons as advertisement. They made it so simple that they created animated mobile banners and what consumer to do is take a screen shot of the mobile banner and show it to McDonald restaurant. The mobile banner has large bar code for scan and authenticity. This media promotional campaign was a big success for McDonald.
2.Marks & Spencer’s immediate outlook is to getting back their customers with a feel of Value at heart for M&S. To start with- for their food business they have added more choices at affordable cost to get the feel of great value for what they pay and for comfort of increasing customer visits they have changed their store formats to bigger. To extend this visit turn easier to getting products home they partnered with Ocado for online shopping to increase M&S sales revenue as well as customer base.
In clothing they have reduced the price of many of their merchandise to be competitive to the other equal status retailers in the market but still they are little high which is considered on the point of quality. M&S thought of marketing is aiming about working mums and dads, people who are a bit time-poor but they’ve got money- they are not totally driven by discount and price and they look for a bit more quality and wearability as they have kids.
Over the past year, Marks and Spencer’s has removed 70% of its confusing promotions and instead invested in lower prices on more than 400 lines, meaning its price positioning is the most competitive it has been in four years. Now they want to utilize their huge customer business data in focus to create a single view of the customer that can improve their digital marketing and communication. In doing so they aimed at select group of customers to return to growth of their business. Working towards these market and marketing plan M&S were nearing success of reaching customers as value at heart retailers.
3.Career experiences of leading marketing personality Ms Anna Chokina- In Avon beauty products as Global marketing vice president she was responsible for major innovations of brands from zero to launch so thought process is- concept, the product and then the advertising which is very difficult. To do so her past P&G experience of shopper marketing which is tactical working with the retailer has helped. This is a great commercial marketing aspect of working with the retailer and work with the sales team to know their business plans for retailers and make them implement to win the markets.
During working with Procter and Gamble pet foods- it has gone ruthless in marketing promotion of their pet care business. P&G pet care division killed all of the initiatives except for two things, one was a specific campaign for cat food business IAMs and the other was a promotional strategy change from half price events. They were smart, and focused on these two key drivers by putting all marketing spend in these two marketing modes and it started to work. For the first time in five years P&G managed to grow share, so that was just brilliant and very rewarding though very difficult.
In fem personal care division assignment, it was protecting P&G from downgrading their products with high discount price offers- As an answer to the market war of price discounts to match the opponent a 15% market share cosmetics company, P&G developed and launched a Tier Three brand designed to address the needs of consumers understanding i.e the main benefit consumers looking for. Then commercially P&G decided to match what other brands were doing – even if they did 75% off P&G would match it by doing so. With this move of launching Tier Three brand, profit wise P&G improved their position and their market share grew.
End point- In every product category marketing sales and marketing managers should understand the market situation, research the reality then plan and execute what is planned. These examples further clarify that every product category and company have their marketing strategy based on their business aims and market realities. Work in the market to feel that pulse, keenly observe your competition, openly discuss with your team members and plan an achievable marketing strategy suiting your organization and execute the same then you will end up as a successful leader.
Log on to www.wingsofmanagement.com to know more about our Management consultancy’s versatile capabilities, clients and you can as well read our previous posts and our projects.