MARKETING STRATEGY IMPLEMENTATION PART 1 6
Research has indicated that one of the primary tragedies that facebusiness corporations is the failure to develop relationships andpartnerships or trying to achieve goal and objectives alone. Whereasa business may hire qualified employees to help it deliver on itsmandate, it is evident that there are other approaches that abusiness can use to have a better market competitive advantage overits competitors (Bergquist et al., 2010). For the departmental storeto compete effectively with Nordstrom and Macys, it imperative for itto develop strategic partnerships that will give it a competitiveadvantage over the competitors. The departmental store must developstrategic partnership with the suppliers. It is evident that thesupplier who may be the manufacturers of the various products such asclothes, shoes and accessories will form a strategic partnership thatwill be extremely beneficial to the departmental store. It is evidentfrom research that strategic partnerships with suppliers ensure thatthe business gets supplies in not only a timely manner, but also at adiscount and at time at lower prices. Additionally, the supplier mayoffer to manufacture products that are tailored towards the demandsof the departmental store. This will greatly help the departmentalstore in competing with its competitors such as Nordstrom and Macys.The departmental store will be able to sell high priced products atrelatively lower prices and therefore expand to the west coast.
The departmental store can also develop strategic partnerships withbusinesses that offer complimentary products and services (Bergquistet al., 2010). Beauty shops can be effective strategic partners wherethey can refer clients to the departmental store. This would reducethe cost of marketing significantly and the two businesses wouldlargely benefit. Marketing for the products from the departmentalstore would ensure that the market expands to the west coast part.
Strategy for managing the higher-ranged product brands
Brand is the primary selling point for every business thatsets it aside from its competitors. In this regard, brand managementis an essential activity that a business must put in place. Thedepartmental store must plan how the high-ranged product brands arepositioned in the market through proper and effective communicationwith the target clients. The departmental store must adopt the mostappropriate and most effective marketing channel position the brandin the market. Social media is one of the platforms through which thedepartmental store can place its brad in the market. This is anextremely effective tool since many people can have access to it eventhrough their mobile phones. The company must ensure that itmaintains the tangible elements of the brand such as the color,packaging and the appearance (Chaffey & Ellis-Chadwick, 2012). Itis also prudent for the departmental store to create a relationshipbetween the product and the client. In other words, the high-rangedproduct brands must offer satisfaction to the clients hence creatingan emotional attachment with the client. It is evident that if theclient is satisfied with the product brand, he or she willcontinually buy such a product. It is also vital to continue toremind the clients of the products brand through various forms ofadvertising such as the television, radio and print media.
Pricing strategy for the higher-ranged products
Market-oriented pricing strategy will be an extremely effectiveapproach towards selling the high-ranged priced products. Thestrategy will require the departmental store to carry out marketresearch and find out the prices of the existing products and thenmake a decision based on the market rates. For instance, thedepartmental store may chose to offer their products at a relativelylower price than the competitors. A study of the market will indicatewhether the current prices are appropriate or they requiremoderations. It is also essential to know the prices charged by thecompetitors in order to make an informed decision with regard to theprices you will charge.
Ideas for sales promotion and advertising
With the advent of technology and the social media, advertising hasnot only become cheaper, but also interactive. Through the use of thesocial media, the departmental store can reach numerous potentialcustomers and can also get feedback from them. Social media such asFacebook and Twitter are extremely useful and effective advertisingplatforms that are both cheaper and accessible to numerous people.For the departmental store to have a sales promotion that is personcentered, it must embark on the process of collecting customerinformation. For instance, the departmental store must send salespromotions to specific people who may be interested (Chaffey &Ellis-Chadwick, 2012). For instance, promotions on male shoes must betailored towards men only and not towards every customer to thedepartmental store. This can be done through direct messaging orthrough emailing specific customers. This is an extremely effectivetool since clients are not bothered by unnecessary emails or messagesthat do not concern them.
Digital strategy for the departmental store
It is essential to have a digital strategy by the departmental storethat will enable it to compete effectively with its competitors. Withthe presence of technology, there are numerous digital facilities anddevelopments that the departmental store can adopt to try and keepthe pace with the competitors. The digital strategy will involve theanalysis of the departmental store to find out the goals of the firm,the vision and the opportunities and how digital initiatives withinthe enterprise will lead to maximum benefits to the firm. Technologyagnostic strategy will find out the opportunities and or thechallenges within the departmental store, as well as how digitalinitiative can provide a solution. After the identification ofchallenges which are mainly the customer’s unmet needs, there isthe need to have integrate digital programs such as data management,CRM, public relations, social marketing to solve the challenges(Chaffey & Ellis-Chadwick, 2012). These digital efforts areimplemented and monthly reports such as social media reports areprovided. This ensures that the needs of the clients are met and thatthe customers are satisfied.
Measuring marketing performance
The success or failure of marketing is mainly measured through theamount of sales recorded after a specified time. For instance, thedepartmental store can set aside a period of 6 months as theassessment period for marketing performance (Sloma, 2012). The salesof the particular product being marketed must have improved withinthe six months. Failure to record any improved sales indicates thatthe marketing plan has failed. Since the advent of the social media,the level of awareness that clients have over a product can be usedas a way of assessing the success or failure of a marketing program.It is evident that the clients can offer timely and specific feedbackon specific products.
Chaffey, D., & Ellis-Chadwick, F. (2012). Digitalmarketing: Strategy, implementation and practice.Harlow: Pearson.
Bergquist, W. H., Betwee, J., & Meuel, D. (2010). Buildingstrategic relationships: How to extend yourorganization`s reach through partnerships, alliances, and jointventures. San Francisco, Calif: Jossey-Bass Publishers.
Sloma, R. S. (2012). How to measure managerial performance.Washington, D.C: Beard Books.