BUSINESS PLAN

Running head: STRATEGIC MARKETING MODULE 1 CASE 1

STRATEGIC MARKETING MODULE 1 CASE 2

Strategic Marketing Module 1 Case

MKT501: Strategic Marketing

Introduction

To attain its peak potential and acquire massive success, it must know its customers very well. The interests, likes, dislikes, and trends of the customers must be deeply acknowledged. They play a significant role in ensuring the business targets the customer's satisfaction and thus ensures success to the business in the long run. Therefore, a customer profile is an essential document for any company since it provides all the information about the customers, including the buying patterns and demographic characteristics. This is a valuable tool for retaining specific target customers or appealing to new target customers through marketing.

Customer Demographics

Customer demographic involves the scientific study of the population of the customers concerning their size, structure, and changes in their environment. There are two essential tools the business can use to develop customer demographics. First, a count is a demographic tool that involves counting the absolute number of a population or any demographic event happening in a specific area at a given period (Philip, 2017). Second, another tool that can be used is cohort measure which is defined as statistics that measures event occurring to a group of people sharing a common demographic experience and are observed through time.

1. The average age of logistics customers, according to the U. S statistics, is 48years. However, the expected age ranges from 35 years to 65 years. Fifteen percent of them are above the age of fifty years and are reaching the age of retirement. The rest are below the age of 50 and above the age of thirty-five.

2. Seventy-six percent of these customers are male, while 24 percent are female. In addition, most of the female customers are business owners, while most male customers are employed and have other businesses.

3. The level of education of these customers varies to some extent. For example, 50% of them are degree holders in various fields. Of this number, 30% of them hold postgraduate’s degree. Thirty percent of the customers have college certificates, and approximately 20% reached high school.

4. Most of the customers are self-employed while most men are employed and separately run their businesses. The female is primarily self-employed and running their businesses themselves. Some of the self-employed men are in partnership with their spouses, making approximately 50% of the married population.

5. All the customers live in Melbourne city in Australia, with most of them living in apartments and townhouses. However, the customers are distributed across the city, and there are not concentrated at one point.

6. Most female customers are married and have children, with the average number of children being two in every family. 60% of the male customers are married, and some are divorced or are yet to marry. Those who are divorced have an average of two children with their ex-spouses. The customers who are married and have families mostly have pets, with the type of pets preferred in this family being a dog or a cat. Most of the children have attained the legal age and have moved out. Therefore, some families consist of a couple only.

7. The area that makes up the customers is primarily multicultural, with the most common ancestry being English, Australian, and Irish. 0.5% of the customers are indigenous Australians. 63% of the customers were born in Australia, and the remaining percentage comprises mainly immigrants and expatriates.

Psycho-graphics

A business needs to assess its customers' mental characteristics to identify the best marketing option to appeal to its customers (Li et al., 2021). This is what psycho-graphics tend to analyze, and it includes; the goals of the customers, beliefs, motivations, and anxieties.

1. The customers are mainly interested in skating, which is the most popular hobby among the customers. Some other practiced hobbies by the customers include cycling around the city, walking, and running in the parks and gardens present in the town.

2. Most of the customers prefer to read books such as business books and financial magazines. However, few customers also choose to read classical books, while most opt for books highlighting market trends and business focus.

3. Since most of the customers are business owners, they require transport and logistic solutions for their products and materials; therefore, their transport problems are solved using the logistic services of this company.

4. The customers are concerned about high prices of transporting their goods with the logistic company. They are also concerned about the security of their products in freight and the potential damage their product can get while on transit.

5. The customers can also be turned off by various factors from the logistic company, including delays of the logistic companies when transporting their goods, leading to the loss of valuable time and profits. They are also off-put by frequent accidents involving the logistic trucks and uncertainty that the situation presents to them.

6. The customer would be excited about the excellent customer service the logistic company offers, including constant communication with them to update them on various issues. They would also be keen to recommend the company to friends because of the many discounts offered by the company to customers. They would also be excited by the reliability of the logistics and the proper handling of their products.

7. The customers frequently use logistic services. Statistically, most customers use the services twice a month. Also, most customers prefer to seek logistics in a group b partnering together to share the cost. Therefore, reducing the cost of transporting may increase the frequency to which the customers purchase the services of the logistic company.

Customer relationship management

Customer relationship management is the process by which businesses tracks the interaction of the customers and studying the information through data analysis to enable them to know the behavior of the customers and their demands so that they can use the information to provide products suited for the customers' demand (Deepak & Jayakumar, 2019). Customer relationship management is vital for a business since it helps the company build a relationship with the customers, which in the long run creates loyalty from the customers and customer retention, therefore, resulting in increased profit. Customer relationship management tools are used to achieve this goal by storing the contact information of customers and prospects, identifying sales opportunities, and managing marketing campaigns. Two tools used by companies to track customers' information include Zoho CRM for scaling up a business and Salesforce for multichannel communication. The company will use Zoho CRM tools to provide affordable plans for the company, which will grow with it. This tool will provide information on how the company will scale up at the appropriate time. The company will also use Zoho CRM to respond to customers across channels in real-time. On the other hand, Salesforce will bring the customers together to form a community with the company. Different departments of the company will use Salesforce to access the shared view of every customer to enable the department to work with the feedback from the customers.

Conclusion

The company's future success mainly depends on its ability to use the customer profile brief presented and the tools for customer relationship management to track the data on the customers. Also, use the information to provide a base check for the company's continuous self-improvement and services to meet the customers' demand and standard.

Reference

Deepak, R. K. A., & Jayakumar, S. (2019). Marketing management

Li, F., Larimo, J., & Leonidou, L. C. (2021). Social media marketing strategy: definition, conceptualization, taxonomy, validation, and plan. Journal of the Academy of Marketing Science, 49(1), 51-70.

Philip, K. (2017). Principles of marketing. Pearson higher education.