Consumer behavior: Segmentation, target
Consumer Behavior: Segmentation, Target
Abstract
Marketing is a strategy that helps business executives to increase sales in their company. There are various ways a business developer can strategize to help the company increase sales. In addition, the strategies will depend on the objectives of the organization and the nature of products and services provided. Coast lamps Inc. is an organization that deals with lighting systems and interior décor. The company works alongside engineers, interior decorators and other contractors to provide interior decoration for the project in place. Initially coast lamps dealt with lighting systems. However, introductions of related products like lighting shades and aquarium that were accepted by the stakeholders to increase the company’s profits. Inspite of everything the company has had challenges in identifying new paramount clients to increase sales even more. Therefore, the manager opted to introduce the post of a business developer to assist in marketing strategies.
Background of the company
Coastlamps is an Indian based company that has branches in various countries like USA and Kenya. Started in 1982 as a family business, the company dealt with expressive lighting. Since then the company has managed to expand it working team and has profoundly initiated job opportunities to a number of job seekers. Through the company’s motto of serving customers with latest design and quality products, coastlamps has managed to win the trust of most businesspersons who need lighting services to increase their sales. In addition, Coastlamps has decided to engage business developer towards increasing sales of the products.
Marketing plan
It is important to note that marketing is an important aspect to many organizations. The reason being is to increase sales. As a company that is trying out new products related to interior décor, there has to be a qualified business developer who can manage the company’s situation (Fornell & Wernerfelt, 1987, P. 3). As a business developer, I would look in to various strategies that are in line with identifying new projects in place. A business development manager makes sure that sales targets are met in any company. In addition, the business developer works with a team of talented marketers who are in a position of identifying new projects in town and convincing the clients into making great deals with the company. In the end, the company will manage to maintain good relationship with most projects in locally and internationally.
Identifying new projects
Identifying new projects that are coming up is not an easy task. Competitors are always out there targeting the same thing therefore, it is vital to identify hidden skills that can attract clients. For example, there is a need to connect with a client by building a good relationship with other previous clients. Some clients can direct their fellow business friends to a trusted company when they appreciate services from a good company. This same concept applies to Coastlamps as previous clients can be a connecting tool towards identifying new clients before other competitors. A business developer should be in a position of doing research and attending forums or using social media t in order to identify clients who may need services of Coastlamps in future (Miller, 2009, para.2). Therefore, the need for a professional marketer or a marketing team that is reader to work under pressure can easily help to solve the company’s problem of identifying new clients locally and internationally.
How to market products
Situation Analysis
There are several things to consider before a company decides to undertake marketing. The most vital thing to consider is the situation of the company. This can be politically, socially, technologically, environmentally and economically. All these aspects are in a position to affect a business positively or negatively. For example in the year 2007/2008 in Kenya, a post election violence reduced investments in Kenya. Both the foreign and local investors fled away faring for their lives. Properties were damaged and people died. When there was political stability after some time, people decided to re- cover their business. For example, hotels that were destroyed had to renovate their décor. Therefore, the availability of coast lamps Inc helped in provision of lighting systems, decorative lamp shades that that aquarium that would attract local and foreign tourists. Therefore, the situation of country and the company plays a huge role in terms of marketing. Under this concept, there are different situation analyses that will be considered which play a role in the identification of new projects and new clients in place.
External Environmental Analysis
The environment to which a company is located will determine the nature of business that can occur. This means that the marketing team of Costlamps Inc. should make it a point to analyze the external environment of the organization, and find the best means of targeting identifying their competitors and getting hold of new clients before their competitors (External environment analysis, n.d., p. 3).
As earlier said, conditions of an external environment affects an organization in many ways. Therefore, the company manager should be in a position to identify these conditions for a number of reasons. When a business manager and his marketing team identify the conditions that affect an organization, they can take advantage of upcoming opportunities in order to increase sales. In addition, having the knowledge of the environment surrounding Coastlamps, will reduce the number of threats that can harm an organization.
Context analysis
Context analysis is process of analyzing the environment of an organization on which it operates. The In order to understand the status of the environment in order to market products of Coastlamps, the business developer can use three approaches. These include scanning monitoring and competitive intelligence( External environment analysis, n.d., p. 4). Scanning involves looking for early signals of threats that can affect the marketing system. For example, the marketing team under the leadership of the business developer can undertake round table discussions weekly or in a fortnight to discuss situations that may affect their marketing strategies. In addition undertaking surveillance within the environment occasionally can help to determine any changes that can be there. This can be identified through research and on social media. Most people update current situations on facebook or twitter. In the end, in case of any situation that can hinder marketing the lighting products is identified, a strategy can be implemented to protect the company’s sales. When a business developer monitors the environment, he helps pays close attention to certain developments that can harm the marketing procedure or create a proper platform for marketing. Finally considering competitor intelligence heps the marketing team to know the tactics of their competitors and find alternatives that can boost Coastlamps before any other related organization. When a business developer considers all these three approaches and undertakes a SWOT analysis then the company will be in a position to out compete its competitors and make more sales (What is context analysis, n.d., para. 1).
Competitor analysis
Research has proven that most businesses in progress have competitors. This means that, the people have some people may be intrigued to start a business because a friend is doing the business and gets super profits. However, it is vital to not that, anyone can start a business with or without money. The only difference will be the capacity to stay in the race whatever the circumstance. While undertaking competitor analysis it is vital to note that, identifying the right consumers will make marketing easier (Medivo: Finding the right investors and customers is key to business success, n.d., para 4). This can be done via locating people who are directly connected with upcoming projects for example, contractors, engineers or interior decorators. Proving to them the importance of the company’s product will help marketer get more clients via such personalities.
Customer Environment Analysis
Customer Analysis
Through ideas, tactics and research, many business executives have been able to make their business succeed. For example, Coastlamps Inc started as a family company and ended up having different branches in different nations. When Coastlamps was introduced in Kenya, their main aim was to target tourists and projects related to tourism. For instance, hotel and restaurants are important necessities for tourists when they decide to visit Kenya for vacation. Therefore, Coastlamps decided to provide impressive interior décor in terms of lighting systems to impress the tourists. On the contrary, Coast lamps had challenges in gaining the confidence of most business entrepreneurs. Some already had other suppliers who were equally cheaper. Therefore, the company decides to implement a manufacturing system in Kenya that could manufacture locally made lampshades. Through the help of forums and conferences and exhibitions, the company managed to sale and get super profits. In addition, after identifying their competitors, the business developer came up with a marketing strategy that involved hiring a designer who could help the local crafts men make stylish lampshades from things like bamboo, calabashes and other things.
Internal environment analysis
Apart from understanding the external environmental environment of an organization, it is important to note that all problems start from within the company. This means that the people who are carrying out the marketing issues should be well equipped. They should have good knowledge of the products they are marketing and they should follow the best strategy to achieve higher sales. A marketing team should encourage constant research to be up to date with the current market trends. For example, the business developer at Coastlamps should endeavor to organize meetings and invite prominent business marketers to talk to the marketing team. Such events can allow the marketing team to understand their roles and initiate new strategies of identifying new clients. In addition, it is important to note that allowing employees to go on additional training that are related to their roles and responsibilities will increase their intelligence on marketing issues, motivation and productivity (Nadeem, 2010, para. I).
Conclusion
When developing a marketing strategy it is important to allow other departments within the company to take part in the strategy. Stakeholders also play a huge role in giving ideas that may be hidden to the business developer. In addition, the company should consider the needs of the marketing team and do its best to help them achieve their goals. Through an external and internal environmental analysis, the business developer will be in a position to create the best marketing alternative that will increase the company’s sales.
Reference List
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