Research Paper Sample: SteveMart's Branding, Pricing and Distribution Strategy

Date:  2021-04-07 03:49:26
7 pages  (1829 words)
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University of Richmond
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Research paper
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This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.

SteveMart' is a large retail store that offers various brands under one roof. The company, however, has chains of stores in different regions. The company has been targeting to achieve top position in the market. With its retail mission, it aims to ensure that it best serves all its customers. It has been striving its level best to ensure that it improves its loyalty and in turn maintain the customers. Through the honest, while serving its customers, 'SteveMart' has been in the position to win the loyalty of clients and employees. With this in hand, the company has been in the position to utilize its financial budget to accommodate all stakeholders that include the customers, suppliers and eventually overcome its competitors in the market. Its marketing mission is to win many customers (Porter, 2004). It does this by ensuring that the customers receive quality goods and services. The strategies that the company has been adopting has made it achieve its mission and eventually making people enjoy their lives. The competitive strategies which have been adopted by the organization are very significant for ensuring that it reaches many customers from different parts of the world.

The company's logo "Enjoy with us" is considered to be a new slogan for marketing its products. Through this slogan, it targets to make the customers understand that what they buy from the organization is quality and will enable them to enjoy every bit of it. This makes the customers feel worth of the money they have used to purchase the goods and services from the company. The SteveMart is also targeting to offer luxurious goods that they have not been offering before. Through this, it will be in the position to win customers from across the divide. The luxurious goods will involve the provision of goods for high profile people.

The brands of the products that will be distributed will be differentiated. Differentiation of the products is very significant because it ensures that the needs of all the customers are taken care of. The different brands will be position in all the line branches of the company and this very significant for ensuring a high number of customers visiting the mart (Segal-Horn, 2004). Furthermore, all the customers will feel satisfied and enjoy the offers from the mart. It will adopt a direct marketing strategy to ensure it reaches all its customers and explain the features of the product them.

Pricing of the 'SteveMart' products will be made in such a way that it favors all customers from different social and economic backgrounds. Odd pricing strategy will be adopted to gain the hearts and minds of the customers (Porter, 2004). Furthermore, pricing will be done based on the competitor's prices.

Integrated Marketing Communications

The 'SteveMart' will be built through the aspect of communicating the products that are found in all the branches. This is very significant because it targets all the segments and will be done through various methods. The most important method of marketing communication will be the strategically placed advertisements. The advertisements will be carried out in such magazines as the liberal arts magazine, the Willamette Weekly magazine (Wood, 2014). They are important means of communication because they serve all the target customers. It is also because the demographics of their readership cover the targeted customers and eventually ensure that the customers are provided with the quality goods as they deserve.

The other strategic marketing communication that will be used by the company are the radios and the televisions. These media will enable the mart marketing management to market the goods and services to the areas which have high number if potential customers. Furthermore, they are important because they cover a wider region and enable the mart to gain more customers in turn. There will also be the strategic development of the relationship that is mutually beneficial to both the customers and the mart. This strategy is important because it will ensure visibility for all the players.

The "grassroots" advertisement will also be adopted. This an important strategy because it will enable the SteveMart' to distribute coupons to the customers. The customers can then provide the cards to their customers to try their 'SteveMart' products and services. The coupon will act as an economic incentive to the newcomer to try and shop with the 'SteveMart.' Also, the coupon will have a referral slot where such customers can refer their friends to try the same products. The strategy is important because it will eventually ensure that the organization gains customers from different parts of the world (Segal-Horn, 2004). The referral plan is important because it will act as a chain of gaining customers and with time, the chain will grow. With time, the marketing mission will then be achieved.

The objective that will be targeted to be achieved through these marketing communication strategies will include the development of brand awareness through a month to month and steady increment of new customers. The strategies will also target to ensure that there is an increase in the sales that will eventually see the mart achieving the status quo and also decrease in the marketing expenses. Additionally, the development of the awareness structure will be targeting the customers from different regions and ensure that such customers gain the experience from the goods and services offered by the company (Bergenstock, 2004). When 'SteveMart' has achieved all this, it will be in the position to reach a double digit growth rate every year and eventually reduce the costs through the efficiency gains. In the end, the 'SteveMart' will be in the position to reach profitability within the years of operation and gain more of what is being undertaken.

Major Competitors

The company's primary competitors will be those organizations and businesses that sell comparatively similar products. The competitors will include the Colloquy Grog Shop that sells a variety of products under one roof. This company may provide result even during stiff competition to the company because it has similar customer demographics (Chang, S. et al, 2002). The marketing strategies that have been developed by this company have enabled it to gain more customers from different areas. It is thus advisable that the 'SteveMart' come up with strategies that will enable it to counteract these tactics and win the customers that the Colloquy Grog Shop has been serving.

Another competitor to 'SteveMart' is the Multnomah Athletics Company, a company that markets the athletics wear. It is an important company because it sells the products that are being sold by the 'SteveMart.' Since 'SteveMart' has been selling a variety of wear for the athletes, it will face tough competition from the Multnomah Athletics Company. Strategically, it will be of great significance for the 'SteveMart' to ensure that that the products that it sells to the customers served by Multnomah Athletic Company are of high quality (Wood, 2014). This in effect will allow it attract the clients who have been continuously served by the Multnomah Athletics Company and eventually dominate the market.

For the 'SteveMart Company to compete favorably in such a market, it will be of great importance to come up with strategies which allow it to woo many customers. The most important strategy that it need to develop is producing goods and services of high quality. 'SteveMart will ensure that all the customers are served with goods and services which are quality and satisfy the customers needs and aspirations. The other strategy that will adopt by the organization is intensive marketing of the products. This will include using such tools as the social media advertising to gain more customers and eventually outcompete its competitors in the market.

These competitors are intra-competitors to the 'SteveMart since they are all found in the same region. The customers are also found in such regions and thus have the similar characteristics. However, the strengths of the 'SteveMart company include high technological applications the production and marketing of its products and services. It produces goods and services which are market-researched, unlike the other companies (Chang, S. et al, 2002). Furthermore, the 'SteveMart' has a higher market share since its customers are found in a wide geographical area. Thus, it can easily outcompete these other companies as they do not have large market share. However, one weakness of the 'SteveMart' is the financial constraint and thus cannot engage in all the activities to ensure success.

Companies Intention

The Company is trying its best to ensure it provides its target market with low-priced goods which are of high quality. Thus, the 'SteveMart' position of its products is centered on striving for excellence. It focuses on the provision of shopping experience that is geared towards quality goods and services (Chang, S. et al, 2002). Therefore, customers who aspire to achieve the best can be accommodated by the 'SteveMart.' Out of the strategies which adopted by the 'SteveMart,' it can be seen that it targets to be a leader in the market. It has been trying to come up with competitive technologies that utilized for full display of its products and make customers of the companys offers.

Social Media Tools which are used in the Marketing Plan

The primary social tools that will be utilized during the marketing plan include the Facebook, Twitter, and WhatsApp. These are essentially social media tools where the organization can reach many customers. The organization can then utilize these type of platforms for reaching potential clients. It is through these media that the 'SteveMart can describe the products it products. Furthermore, pictorial representation of the company's products can be undertaken through these platforms. The customers have the opportunity to view the products and can also make orders through the platforms. These types of media platforms are very significant in marketing because unlike other media; the customers have the opportunity to view the products with their prices, their features and how they can get them.

An account bearing the name of the company will be created on every platform, and the customers will be required to like the company's page. They will then be in the position to view the adverts of the company's products and can then their decisions. Since the 'SteveMart has invested in technology, it will be very easy to come up with these accounts. The communication regarding the company's products will be undertaken in these social media platform (Wood, 2014). Whenever the customers have problems regarding the products, they can always ask through these platforms, and the marketing support can answer them through such media. This eventually makes it gain the loyalty of customers and thus sale more goods to such clients, therefore, gaining high profits.

References

Bergenstock, D. (2004). An analysis of the international diamond market. Lewiston, NY: The Edward Mellon Press.

Chang, S. et al. (2002). The global diamond industry. Chazen Web Journal of International Business.

Porter, M. (2004). What is strategy? In S. Segal-Horn (Ed.).The strategy reader (pp. 41-62). Victoria, AU: Blackwell Publishing.

Segal-Horn, S. (Ed.), (2004). The strategy reader. Victoria, AU: Blackwell Publishing.

Wood, M. B. (2014). The marketing plan handbook. Harlow: Pearson.

 

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