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H15004 Marketing Management Assignment Answers to Questions

H15004 Marketing Management Assignment Solutions

 

Assignment Details:-

  • Subject Code: H15004
  • University: Holmes Institute
  • Subject Name: General Management

 

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Q1. Marketing strategy of the tourism industry for COVID -19

 

The spread of COVID-19 has created a world crisis. Coronavirus is one of the major pathogens by which the human respiratory system is attacked (Hao et al. 2020). The virus, which is said to be originated from Wuhan city of China, has gripped the entire world and has affected every sector. The spread of the virus affected the business across the globe which led the financial markets to be shut down, corporate offices were too forced to stop functioning, business and events all were forced to shut down the operation throughout the world (Ozili and Arun 2020). Business sectors throughout the world had to adopt restrictive measures, monetary policy measures, fiscal policy measures and public health measures (Verma and Gustafsson 2020).

 

 The tourism sector has encountered severe challenges caused by the COVID-19 virus (Gossling et al. 2020). Due to the travel restrictions and social distancing rules, a huge decline has been observed in tourists’ willingness and access to the travel. Owing to this reason, the travellers are cancelling their travel plans and bookings of the hotels. It has directly and indirectly affected the life of the people employed in the tourism sector. Although all the industries have been plagued by this virus, the tourism industry has been struck the worst. As the tourism industry is entirely based on mobility and close interaction of the people.

 

As it is clear that travel and tourism is about moving from place to place and transport plays the role of vector for the pathogen’s distribution at local and international scale (Hall 2019). Business sectors throughout the world need to plans effective strategies to overcome the current situation. Although the COVID-19 situation has created havoc among the world population, it has come with some opportunity for growth of the tourism. It can be observed through the review of the positive results of the COVID-19 pandemic. As an example, the major decline in demand resulted in airlines having to remove their old and useless aircraft. Home office workers started doing video conferencing which reduced the demand for the transport as the business fliers avoided non-essential air travelling. Travel companies should inspire potential customers as after the relaxation in virus spread restrictions; people have started making a tour plan.

 

Apart from this, companies need to create a marketing plan to boost up their business. They can offer the customers short-term or midterm plan. Companies can inform the customers about the lucrative plan encouraging them to buy it. Product development will be another important part of the marketing strategy. Companies can perform surveys of the customers and alter and design products to attract them. As the pandemic has caused a demand reduction, the tourism companies should also cut the number of suppliers. They should work with the minimum required suppliers negotiating better payment terms trading terms in the future. Working together with other SMEs in the sector can help match the larger regional or national tourism and marketing with new ideas and packages. Another strategy is to overview the old products of the company as it is very important to make the necessary changes to attract

 

Q2. The Lovemarks concept

 

I strongly agree with the Lovemarks concept of Kevin. The reasons for this belief are many. Every new brand that tries to take its place in the highly competitive market should adopt it in their marketing strategy. To make a strong connection with the customers, it is very necessary to win their hearts and this is the place where this concept works. People get connected heart to heart very quickly. As it is obvious that the maximum number of customers exists in the world are youth and youngsters who have a deep sense of love and emotion. In such a condition, if a company adopts the strategy of love marks, it can easily attract the youth towards its products. It is the result of such a factor like Lovemarks, many companies advertise their products keeping the same in their market strategies.

 

Companies are introducing their products that relate to the symbol of love and affection like a shape of heart on clothes, or a heart-shaped cake and many more things. It is love and respect on which an ideal relationship develops. The most of the businesses become successful where people are attached to something or someone. It may be the work they do or the colleague they are working with. It gives them a reason to not to miss the workplace and devote entire time and effort in the work. It is time when one should stop running after internet applications and websites for the solution one is looking for and turn to the humans for addressing the same. It will ultimately develop affection among humans and provide the organizations with more productive employee as it has been observed that greatest connections are built on love. It connects people in many different ways- as parents, as couples, as children, as close friends, as lovers etc.

 

Q3. What are the benefits for the company to understand about consumer behaviour?

 

It is highly important to understand the customers’ behaviour. The practice of understanding customers improves customer experience, increase customer satisfaction and enhance business performance along with optimizing the shopping ability of the store. For example, if a store manager can find out what a customer buys, he/she can anticipate customers’ needs and desires. One can discover the customers’ engagement points and obstacles in the shopping process and improve the retail experience while observing the response of the customer.

 

 To understand customer’s behaviour in a store, an experiment was performed in Marsh store which is very active in using technology such as UPC scanner (the store was the first to use such technology 40 years back) which they used to improve the operational efficiency at the checkout. It resulted in understanding what a customer looks at while navigating through the store. Collecting the information from such technologies helps to understand the customers’ mind and helping them with the thing they are looking for. It is done by connecting their mind with the things available at the store. These data help to perform customer research too. The stores nowadays provide customer loyalty cards which also proves to be beneficial in collecting customer’s data for research. The shoppers’ bills can be also used to understand the shopping habit of the customer and understanding their shopping profile that what they are going to buy in the future.

 

To understand customers’ behaviour several tools can be used such as the CCTV camera present in the store which helps in collecting customers’ data. It helps in understanding customer’s behaviour. Through the images that the camera captures can help in observing the customer’ shopping activities like what are they reaching to, where are they looking at, where do they stand, and how their facial expressions are while they shop.

 

Q4. Define the term “target market”, and suggest a potential target market for new ‘Amazing Thai” noodle in 300 words.

 

A target market consists of consumers requiring a particular product or service and is ready to pay the required price for it (Curtis and Allen 2018). Such markets have special qualities that put impacts on their selections as customers. Understanding the target market’s particular needs or product preference is very important such as whether it’s appropriate or free-range or fair trade (Kelley 2016). Many methods have been developed for business organizations to identify their target market such as pricing trials, consumer survey, personal interview, focus group etc. from the primary research method. Secondary method is to acquire data from government agencies, consulting firms etc. To develop a valuable product and to implement a successful brand promotion a business firm needs to identify its target market.

 

Potential target market for “Amazing Thai Noodle”

 

Identifying a target market for a noodle brand is comparatively easy than other eatables. Thai Amazing noodle can be introduced to the school going kids especially those who are of the age of 8-15 years. Although this product attracts the kids the most, it is loved and appreciated by people from all age groups. However, targeting children for the brand promotion of the Amazing Thai noodle can be proved to be highly beneficial as children love to eat noodles. Thanks to the colourful appearance and delicious tangy taste of the noodle, it easily attracts the children and become their most demanding food. Many parents cannot resist the demand of their children asking for noodles in their plates. They find it easy to cook as it does not take much time and toil and satisfy a child’s desire instantly. Children feel immense happiness when they open their lunchboxes during their recess period and find noodle in it. So, there is a huge possibility for Amazing Thai Noodle to dominate the noodle market if it targets children for its marketing strategy.

 

Q5. What is Zara’s product strategy? How did Zara take over the industry using “fast fashion”?

 

Zara opened its first store in 1975 in a city of northern Spain by Amancio Ortega and Rosalia Mera which was under the holding of Inditex which was set up in 1985. The marketing strategy of ZARA includes creating a customer-focused product that will set ZARA apart from its competitors by introducing a fresh look to the plus-size segments. ZARA has adopted a policy to establish its stores only in the centre area of large cities which acquire a minimum size of 1000 square meters. To dominate the Italian market the company partners with its competitor Benetton in certain countries where it does not get the required space store. To win over the fashion industry, the effective marketing strategy of ZARA played a vital role. The company kept its costs low to maintain low prices while making good profits.

 

The company did not focus on producing niche products as most of the ZARA designed are copied either from the catwalk or some other stores. However, the company succeeded in making itself a successful store thanks to the excellent supply chain which make it possible for the company to introduce new designs promptly. ZARA had developed an ability to produce the same design introduced by the high-end brands within a couple of weeks. The company advertised its products through store displays in different world locations through their attractive customer service. The advertisement strategy of the company also included advertising on the internet and sometimes in median forms too. The distribution system of the ZARA involved a technology-based complex system that ensures the goods to be delivered to all its stores simultaneously regularly.

 

Q6. What step in the selling process is being carried out here? What is the importance of this step?

 

The preparation/Pre-approach process is being carried out by salesperson. According t this process, it is necessary to perform a research on the customer before making a sales call, sending an e-mail or paying a visit (Carnegie et al., 2003). It gives an idea to the salesperson about what he/she has to ask from the customer or which information he/she requires from the customer (Kestane 2019). The symbol of a good salesperson is to perform a research prospect, familiarize to the customers’’ need and to learn all the related background information about an individual or an organization. This is a critical step that can help earn customer’s trust and sell adaptively; this is true whether one is meeting with a new customer- a target account, or an existing customer-one of one’s key account. It suggests that one should collect all the information about the customer before calling or meeting to know the objective of the meeting or the call.

 

Pre approach research is a very important step for the following reasons:

 

It includes information such as company demographics, company news, and economic performance to help one to make sales opportunity and goes deeper in one’s qualifying process.

It helps research the company ‘s customers, current buying situation, and one’s contact person at the company to alter someone’s sales approaches.

It helps one’s existing customers to find opportunities for expanding the relationship and creating more sales.

 

References

Carnegie, D., Crom, J. O., and Crom, M. A. 2003. The Sales Advantage: How to Get It, Keep It, and Sell More Than Ever, pp. 1-304.

 

Curtis, K. R., and Allen, S. 2018. Target market identification and data collection method. Finance and Economics, pp. 1-4. [Online]. Available at: https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=2959&context=extension_curall [Accessed on 7th October 2020]

 

Gossling, S., Scott, D., and Hall, M. 2020. Pandemics, tourism, and global change: a rapid assessment of COVID-19. Journal of Sustainable Tourism. Doi: https://doi.org/10.1080/09669582.2020.1758708

 

Hall, C.M. 2019. Constructing sustainable tourism development: the 2030 agenda and the managerial ecology of sustainable tourism. Journal of Sustainable Tourism, 27(7), 1044-1060. Doi: https://doi.org/10.1080/09669582.2018.1560456

 

Hao, F., Xio, Q., and Chon, K. 2020. Covid-19 and China’s hotel industry: impacts, a disaster management framework, and post-pandemic agenda. International Journal of Hospital Management, 90.

 

Kelley, K. 2016. Understanding your customers: how demographics and psychographics can help. Penn State University Extension. [Online]. Available at: https://extension.psu.edu/understanding-your-customers-how-demographics-and-psychographics-can-help [Accessed on 7th October 2020]

 

Kestane, S. U. 2019. Dynamics of Personal Selling and Changing Sales Skills in the Digital Age. 287-304. [Online]. Available at http://www.pazarlama.org.tr/dergi/yonetim/icerik/makaleler/208-published.pdf [Accessed on 7th October 2020]

 

Ozili, P., and Arun, T. 2020. Spillover of COVID-19: Impact on the Global Economy. Doi: http://dx.doi.org/10.2139/ssrn.3562570

 

Verma, S., and Gustafsson, A. 2020. Investigating the emerging COVID-19 research trends in the field of business and management: a bibliometric analysis approach. Journal of Business Research, 118, pp. 253-261. Doi: https://doi.org/10.1016/j.jbusres.2020.06.057

 

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