Tuesday, September 25, 2012

Marketing Principles

Market Principles

Analysis of Eco Waters Marketing Strategy

Eco Waters needs to devise a unique strategy to strengthen its marketing effort. This necessitates a well designed marketing information system. A good marketing information system is based on four major systems. These are, a comprehensive and efficient internal records system, a market intelligence system providing managers with information of the external market milieu, a system for getting information about the problems in the market environment and a decision support system with decision models and statistical technique for enabling the managers to take better decision. Growth expansion as well as sustenance is extremely important for any business enterprise or organization. The workability of a current marketing strategy or planning for new market strategy has to be based on market study and research, as well as on specific problems in the market, research about the development both in the external(market) and internal (organizational) environment. Research of the market is extremely important to find out the opportunity for more market penetration. Apart from this there is also the need to study the market for opportunity for new market. An organization has to define its current and future objectives clearly. For example if it aims for local or geographical expansion the organization should explore opportunity for geographical expansion. The kind of strategy to be employed for expansion, market penetration strategy, new-market strategy or geographical expansion strategy has to be defined on the goals and research result.
Apart from this there is also a need to build an efficient and conscientious sales force. Selection of good sales and telemarketing team is the key behind successful sales operation. Equipping the sales team with information, data and statistic regarding targets customers, training them efficiently along various parameters, and providing them competitive commissions and incentives will go a long way in building a successful sales team. (Philip Kotler. 1995. Marketing Management. Analysis, planning, implementation and control)

Evaluation of Gray’s Business Strategy
Any profitable business enterprise cannot sustain on vision alone. It requires proactive planning, goal oriented research and implementation. Gray’s business idea does have great potential especially because it is a new and virgin business idea in her locality. Gray has a wide range of skill set, relevant for her business, ranging from telemarketing, direct marketing and sales, web designing, advertising, media planning and even formulating client proposal. In addition she has the support of her husband who has the requisite technical skills. However there are several lacunas in her approach that need to be identified and addressed appropriately. Gray doesn’t have expertise in any specific area. Another lacuna in her approach is that she has not given adequate time to find out about her target market, analyze the demand and supply gap, find out how best to fill the gap,  and study the local market for potential competitors. Her initial approach to inform the retailers about the services her website had to offer was good. This should have been followed by press releases. Most people have faith in press releases as compared to paid advertisements, as they seem to present an impartial view. Gray should have centered on press releases more as they had elicited some response. The press release would have garnered the attention of both her targets, namely the retailers and the customers (bride and bride-grooms). The initial fees for registration for the retailer $2400 seems exorbitant especially because her business is unexplored terrain. A good incentive would have been a free entry for both the customers and retailers for a short duration. The press release could have informed the target audience of the launch of the website as well as of the free incentive. This would have attracted customers initially. Apart from this telemarketing efforts should have been more aggressive in getting appointments with the retailers as well as of the target customers. She could have then been able to explain first hand the logistics, convenience, efficiency and practicality of her business. An option for keeping track of the generated leads should have been integrated to the business strategy. Apart from this being aware of the costs involved and the advantages and disadvantages of other media of promotion and advertisement would have enabled her to explain the economics and logic behind the price she sets for her targets (retailers and customers). A unique selling proposition should have been devised for the service during the advertising effort. A provision for displaying testimonial of satisfied customer should also be integrated into the website. Every new idea or method has the potential of risk and meeting with with resistance. Ample time and well planned effort is required educate people about the effectiveness of a new method. (Philip Kotler. 1995. Marketing Management. Analysis, planning, implementation and control)

Currency Calculation
Currently as of 2006 $100 U.S is equivalent to 4285.3   Thai Baht, 63.17 British Pounds and 91.53 Euro. In April 2003 $100 U.S was equivalent to 3748. 85    Thai Baht   53.47 British Pounds and 78.71 Euro.( X-rates.com. 2004)

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