Market analysis and assessment reveal that the company's marketing strategy for the past one year has failed to produce the desired outcome. The financial statements from last year indicate a decline in the company's productivity, profit maximization, and an increase in unnecessary expenditure that requires an effective and efficient review of the company's marketing strategies. The company needs to put more effort to align its marketing approaches to current marketing trends (Cacciolatti & Lee, 2016). The modern market has drastically changed, and the transaction environment has become highly competitive. A way of streamlining the company's operations and gain market advantage, a few functions require alteration and modification.
Besides, the marketing team lacks motivation, and therefore, underperforming resulting in the dwindling profit margin. Most employees in the marketing department do not meet their targets as stipulated in their contracts. A productive workforce helps the company realize its goals and objectives. Every profit-making organization needs a successful marketing strategy to promote their brands, reach their consumers, and appeal to new customers. The firm's marketing strategies have generated profits in the past. However, an analysis of recent financial documents shows that the procedure requires an amendment to cope with modern marketing developments (Cacciolatti & Lee, 2016). The company also must review its policies on rewarding its employees to encourage and motivate them to use their energies productively in ensuring the company performs at its best.
Reasons and Recommendations for a New Strategic Plan
There have emerged several reasons as to why the company needs to review its current strategy to more robust and progressive approaches to maintain its market share and enjoy a market advantage. The reasons include the following in point form:
- Out of touch with customers
- Unclear goals
- Unsustainable plan
- Ignoring competitors
- No provision of value to consumers
- Use of one channel for advertising
- Lack of relationship building
- Lack of effective communication
- Outdated marketing approaches
- Lack of efficient result measuring methods
It is essential to know the consumers the company is targeting. The company needs to formulate a policy in which marketing researchers carry out marketing research regularly. Regular market research ensures the company does not generate content that does not resonate well with its potential consumers' preferences (Cacciolatti & Lee, 2016). Lack of knowledge of consumers' preferences and tastes leads to dissatisfied customers and makes a company unattractive to new customers. Considering the needs, values, and interests of potential consumers, not only their demographics offers the company an opportunity to increase its consumer base and build loyal customers. Such a change in strategy helps the marketing team to interact better with consumers in all aspects of promotions, including the avenues the company chooses for its marketing.
The marketing team lacks concrete goals on what they need to achieve. The company should, in the shortest time possible, redesign the contracts of the marketing team to stipulate the tasks they must perform. The goals must entail aspects like specific, measurable, attainable, realistic, and timely objectives (Cacciolatti & Lee, 2016). Clear goals help the marketing team in their planning to meet their individual, group, and company targets quickly.
It has surfaced that the marketing team lacks a plan for achieving their goals. The team should undergo refresher training on planning so that they have a specific list of action items for each objective. The creation of a RACI chart (responsible, accountable, consulted, and informed) enhances the team spirit in carrying out their duties effectively (Cacciolatti & Lee, 2016). The company can have the best plan for achieving its goals when it has a model that indicates the person responsible and accountable for each task, as well as the individual tasked with consultation and information.
In marketing, the essential factor involves knowing the activities and operational modules of your competitor. The company, therefore, must adopt the competitor research in its marketing philosophy. Experts suggest that competitor research helps in identifying keywords, networks, and schemes the competitors use, but also the ones they are not employing (Cacciolatti & Lee, 2016). It allows the company to discover gaps in their approaches, which enhances the chances of differentiating the brands and gaining market advantage. The company, therefore, has the benefit of providing consumers with a different and better alternative product.
The modern and competitive marketing environment requires more than just standard marketing approaches. The current marketing trend requires that companies offer value to their customers before they pay anything. The procedure involves the provision of the right content to the consumers through various modes such as creating articles, blog posts, graphics, and other digital content and posting them on the company's websites. Experts suggest that content marketing helps the company provide vital information to potential customers to choose the company's brands over other products from competitors (Patrutiu-Baltes, 2016).
The marketing team must have an in-depth insight into their consumers to provide the most needed content to sway their preferences. The marketing team must learn their consumers' desires to know about the company, its brands, and the entire industry. Besides, the marketing department must discover their consumers' purchasing decisions. After a keen examination of the current company content, a review of the existing material can enhance the ability of the company to reach out to more customers (Patrutiu-Baltes, 2016). The effectiveness of providing consumers with relevant content on the company, its operations, and brands depends on the quality of the material. Content marketing ensures the company maintains a consumer base made of loyal customers who have information and actively involved in its operations through active interactions and feedbacks.
Globalization has created both competition and opportunities for companies. There exist several channels for marketing. Limiting marketing promotions to mainstream media only locks out a majority of potential customers. Most consumers have access to the internet, a platform that can enhance the sales of the company if utilized effectively and intensely. Experts suggest that a combination of various channels can increase sales (Patrutiu-Baltes, 2016). The application of search engine optimization, pay-per-click, content marketing, and conversion rate optimization can convert the company's website visitors into potential customers. The deployment of e-mails and social media platforms also enhances the efforts of the company to attract more customers and keep them engaged (Key & Czaplewski, 2017).
The marketing team must understand that consumers can drive revenues through various engagement activities. The customers have more value than just mere revenue drives through purchases. The marketing team needs to build relationships with the customers to create brand loyalty and generate a loyal customer base. Experts argue that relationship marketing is essential because acquiring new customers is more challenging than retaining the current ones (Patrutiu-Baltes, 2016). Building product reputation also requires relationship marketing. Content marketing, excellent customer service, and active engagement indicate the company's commitment to valuing its customers. Customers' concerns help in improving weak areas while at the same time enhancing areas it excels.
Communication is a vital component of running a successful company. Lack of communication creates an overlap in duties and responsibilities. To avoid such occurrences, heads of departments need to hold regular meetings to plan and project activities aimed at achieving the goals of the company. Various departments must have information regarding new campaigns, promotions, and objectives to ensure that customers can receive vital from any department within the company regarding a particular product launched or under development (Patrutiu-Baltes, 2016). The sales team knows customers' needs since they continually interact face-to-face with customers; their input in modeling an effective strategy is vital. The campaign message must resonate well with potential customers to generate high numbers of qualified leads.
Marketing approaches have changed over the past years due to the shifting marketing environment. Traditional methods of marketing, such as advertising in mainstream media and billboards, are no longer the most effective concerning expenses and outcomes. E-commerce has entirely gripped marketing space. Online channels and social media marketing appeals to new consumers. Investing in technology and digital marketing has a long term positive effect on the company's market share and advantage (Patrutiu-Baltes, 2016). An effective and efficient network system, easy-to-use platforms, and quick response to queries have the potential of creating a high conversion rate of visitors to consumers. A marketing strategy that utilizes online content cost less than that involving print and broadcast channels (Key & Czaplewski, 2017). Since the company has for several years used the same approaches in marketing, it is essential to review these strategies since trends and best practices evolve frequently. The company can lose its market share to its competitors in case it does not keep up with technological advances.
Tracking and analyzing data relating to the marketing performance of the company ensures that the company can review its approaches to focus on the most effective models and eradicate the ones that do not appeal to new customers (Key & Czaplewski, 2017). To achieve such a result, the company must continuously analyze and monitor the outcomes of its promotions.
Motivating the Marketing Team
Another problem that the company needs to review involves methods of motivating its marketing team employees and other workers within the organization. The creation of a conducive work environment, recognizing employees' achievement, and positive communication ensures that employees feel motivated (Cacciolatti & Lee, 2016). Besides, encouraging friendly competition, creating a career path, inspiring creativity, and incorporating team spirit ensures the workforce remains committed to the company.
The target audience consists of all stakeholders within the company involved in the sales and marketing of the company's brands. The priority audience consists of line managers with the responsibilities to influence policy-making within the company, such as supervisors and senior managers. The importance of this memo is to review strategies that remain redundant and implement progressive and modern approaches to marketing.
Since the memo remains a proposal on the needed changes, the audience has the liberty to make contributions, alterations to the projects highlighted. Although people expect change to bring negative consequences and like doing things in the same way they have always done them, effective and efficient move-in policies and frameworks are essential for improvement (Cacciolatti & Lee, 2016). Since communication plays a significant role in an organization, the channels of communicating thi...
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