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Running head: CREATING CORE MARKETING STRATEGY 1

CREATING CORE MARKETING STRATEGY 10

Creating Core Marketing Strategy

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Marketing Strategy

Regardless of which location of the continent you conduct business, designing a marketing strategy remain one of the vital process you need to complete for your business. The process is very demanding and exciting as well. Therefore, designing product market strategy is also one more daunting process because it includes developing completely new product and launching it into the market (Margolis & Garrigan, 2008). Without a marketing strategy, the efforts to attract customers are likely to hit the rock, haphazard and inefficient. The aim of marketing strategy is to ensure your products and services meet the desires or the needs of clients, at the same time developing a long term engagement, and profitable and healthy relationships with those clients. To accomplish this, you need to develop a flexible strategy that withstand the changes in customer perceptions and demands. With this, it may assist your business identify the whole markets that you successfully place your target. The importance of marketing strategy is to help identify, and communicate the benefits of the business offering to your targeted market. Once the developed strategy is implemented, and well monitored, with its effectiveness ensure you make any adjustment needed to maintain your success.

Nonetheless, without an effective marketing and advertising strategy it will be hard to familiarize with customers. Your customers will not know anything concerning your company, products and services. A good marketing strategy starts with researching on the four basics P’s, of marketing that include, product, placement price and price (Steenkamp, 2017).

In light of the marketplace Simulation Game, the ideas mentioned above hold true because every week, our team is faced series of challenges through the processes. Our team was excited to launch two products. Our company launched into the market with a recreational Mountain bike in New York and intended to expand the market to Amsterdam. But considering the price to open the store we launched in Rio De Janeiro. The campaign report is important because we will utilize it to guide us through designing a core marketing and advertising strategy.

Further, it will help us portray how various elements within the market culture can impact the marketing campaign. Also, it will also show us how to incorporate both traditional and nontraditional marketing sources. Finally, it will guide us on how to calculate return on marketing investment (ROMI) and concepts on how to improve and learn from past mistakes in preceding quarters.

Creating a Core Marketing/Advertising Strategy

At the start of the second quarter, keeping the Mountain bike as primary bike was considered as a well executed plan. However, after the results we realized that our bike sold in a market target we didn't advertise. We had to redesign our product to ensure our ads matched or aligned with the design, and the potential market envisioned was achieved. First of all, we needed to evaluate our market and recognize our target market to ensure we understood our clients. How is their culture with riding? How much money are they willing to spend on bikes? What is their affordability power? What features are they looking for in a mountain bike? What is their intended purpose for the bike? All these questions pose a picture of how to design a new brand before we open our stores to the designated markets. As Steenkamp, puts it, discovering a market target will ensure the correct messages are delivered to the right people (Steenkamp, 2017).

Feasibility analysis conducts a critical role here. The research will assist our team to realize crucial steps to follow. The research needs to identify four areas, namely: issues with the brand, the advertising media, getting permission, and lastly, the clients. To address the needs, each step was evaluated, which included re-engineering the bike model, the second step and most crucial was to redesign the model to align with the target market needs. The third one was to create a unique advertising campaign for the new product. Outspokin is now confident that their move will yield in increased shares in the designated target market as well as other markets that we seek to explore in the next quarter.

Strategy Tailored to individual Markets and Culture

When deciding to penetrate global market, it is important to tailor the marketing strategy to align with other markets and cultures. Marketing is all about attempting to understand customers, and what they are willing to buy and how much they are willing to buy, where and when (Lorette, 2017). The aforementioned becomes complicated when taking into consideration of cultural biases that exist in acentric markets.

Aside from adjusting the prior mistakes arisen from the second and third quarters, Outspokin has one critical challenge ahead that needs to be addressed. The company intends to penetrate other markets such as Brazil, Amsterdam and India. As such, it is not economically possible to create an ad campaign to cater to each culture. However, tailor making a marketing strategy to capture individual markets as per their culture is hard and tricky. What we need to be aware of the fact that bike is the same regardless of any area in the world you are selling. Hence some adverts will appear appealing to some culture and not to others (Trompenaars & Woolliams, 2004).

Rio De Janeiro Market

According to market research, Rio was in 3rd place for both our bike models so we choose this option. Price comparison to Amsterdam was also less when added with New York. We have taken a very conservative approach in expenditure and went with Rio. The people in Brazil are very popular with bikes because of the short distances they cover such as going to the shops now and then. They prefer using the bike because they are economical. Also they are lovers of bikes not only in terms of saving but sporting. They like keeping fit and healthy and that way they use bike for recreational purposes. Finally, the marketing for bikes is homogenous in groups, from 3- up to 70 years of age.

Notably, one sure way of collecting data is to conduct a market survey. In most cases, surveys are designed to read the mind of the consumer ((Marketplace Live, 2017). Applying these surveys to international markets complicates the work because each culture has a different interpretation. Therefore, in essence, it appears hard to validate the informant since it is perceived differently based on cultures and information gathered. (Marketplace Live, 2017) Although surveys are just one way to conduct research that help business make decisions, it matters how they are placed in the strategy. In light of marketplace live simulation, the work has been simplified for Outspokin through the market research for each quarter. These researches will guide the team to make the right decisions in the preceding quarters.

Calculating ROMI

ROMI is a metric used by many entrepreneurs in their businesses to measure effectiveness of their marketing campaign (Raben, 2015). When tailor-making our marketing campaigns on Return on Market Investment (ROMI). Our chosen brand is Mountain Spokes and we are required to design a marketing plan for it. Mountain bikes are popular in New York and we anticipate increasing the sales due to its considered priority. A marketing plan will be designed for the brand. However, the marketing brand will take the following shape or considerations.

The metric utilizes the below simple formula

ROMI = UPLIFT/COST

Core Unified Message

Customers who value our product would expect a high powered, strong, durable and distinct styling product which are preferred by customers. Outspokin should attempt to provide all rounded options to their clients demand, but convey the messages in a prospective way their customers will understand. Brands like Pentane, Phoenix communicate their High end mountain bikes and other accessories and products that are desirable and durability. Outspokin core message should do the same.

Logic- Mountain spokes bike

From the marketing research, Outspokin decided to direct their efforts at the New York as its priority by offering re-engineered brand for mountain bikes. The location also was a primary market for our 2nd priority bike Recreation so opening a store in New York was our default choice.

Integrating Traditional/Non-Traditional Sources

Traditional sources for advertisement includes newspaper, radio ads and television. Different cultures view various sources differently. Some may prefer newspapers and others televisions or radio ads. It is important for us to direct their ads to campaigns that seem effective and the one that will reach a wider market potentials. Conversely nontraditional sources include media such as Billboards, websites such as iTunes and social media such as Facebook and Most companies looking for systems in bikes segment look in traditional sources such as magazine, ads, and tech and business articles. Marketing campaign must integrate both sources to reach prospective customers. Also business newspapers, technology magazines and websites seem more viable that fashion and blogs. The marketing plan must consider all these.

Measuring the Results

After the onset of the market campaign, strategies should be put in place to gauge how successful the campaign was. This is where ROMI calculations come in and used on the region to establish the baseline. The ad review can determine if the campaigns were worth or needed more reworking. However, if the results turn out unexpected, comparing the results from a similar campaign from competitors could provide an insight into what can be improved.

Conclusion

Conducting market research and designing advertising profile is a significant strategy in brand positioning and creating massive sales in the potential market. For the success of any business, proper implementation of the action plan, must be well thought and executed. Failure to conduct research will be difficult to identify customers for your business. Also, without effective advertising campaigns, customers will not be aware of what you are offering in the market. One way to determine your market is through the use of 4P’, which include Product, Placement, Price and Promotion. For your business to flourish, there is a need to strike a balance on the four Ps. Riders Mountain bike is making desperate efforts to incorporate all this.

Kaynak, E., & Herbig, P. (2014). Handbook of cross-cultural marketing. Routledge.

Lorette, K. (2017). Core Strategies for Marketing Products. Retrieved from http://smallbusiness.chron.com/core-strategies-marketing-products-1721.html.

Margolis, J., & Garrigan, P. (2008). Guerrilla marketing for dummies. . Retrieved from: http://common.books24x7.com.lib.kaplan.edu/toc.aspx?bookid=27325

Marketplace Live. (2017). Retrieved from: https://web5.marketplace live.com/engine.php?tpl=student&studentID=10753865&sessionID=219ccff392159c026a5dbd86c8605e2c&quarter=4&language=en-us&resource=welcome-to-marketplace&tab=task .

Raben, F. (2015). The benefits of market research. Research World, 2015(52), 34-37. https://doi.org/10.1002/rwm3.20233

Steenkamp, J. (2017). Global marketing mix decisions: Global integration, not standardization. Global Brand Strategy, 75-109. https://doi.org/10.1057/978-1-349-94994-6_4

Trompenaars, F., & Woolliams, P. (2004). Marketing across cultures. Capstone.