Posted: May 25th, 2022
While the pharmaceutical industry generally designs marketing campaigns to focus on customers, leaders in this sector must be able to set themselves apart from their competitors . In ideally achieving a leadership role in this industry, such a firm would likely have developed a strong sense of reliability and loyalty among its customers. Furthermore, as customers will directly interact with the final products, it becomes increasingly important for a leading organization to ensure that its products are readily available and better advertised (relative to its competitors) in order to maintain a leadership position. This is regularly accomplished by ensuring superior quality and service through strategic research and marketing.
A follower in a mature market should certainly emphasize the importance of the customer and his or her needs. This type of market segment implies a more sophisticated and knowledgeable customer base. Therefore, such demographics will demand high quality production and service. What is more, customers in such markets will not be as receptive to cost-cutting tactics that are designed to gain a leg up on competitors. The ability to effectively meet the specific and individualized needs of each customer in a mature market will go a long way in the development of brand loyalty and customer-initiated referrals, both of which are essential aspects of growth in this type of organizational landscape.
1.3) Similarly to the structural composition of a mature market, customers in a niche market are often highly demanding of superior quality and service. Especially in the field of interior design for luxury homes, clients will undoubtedly come with a large set of highly personalized requests. Therefore, it is critical for firms operating in such an industry to make it very clear in their marketing endeavors that they are ready and willing to cater themselves to clients’ each and every desire. With the individualized nature of this particular industry, it would certainly be counterproductive to take a “cookie-cutter” approach to marketing campaigns. Being that pleasing the client is the ultimate goal, the firm’s capacity to do so should shine through in their marketing models.
1.4) Being that the concept of economies of scale almost always refers to a larger firm’s ability to initiate substantial intensifications in production causing market supplies to increase to such an extent that prices take an immediate drop, this type of resource and productivity surplus is exclusively geared to deter the profitable activities of competitors (Bernard & Schulze, 2000). The reason for the existence of this method lies in the fact that the operating costs for new market entrants are typically higher than those of incumbents because of their smaller size, undeveloped relationships with suppliers and creditors, and lack of historical market knowledge and experience (Spencer, 2009). Thus, if a firm (especially one with low margins) is able to achieve economies of scale, it should certainly be diligent in monitoring the activities of its competitors through strategic market management, in order to effectively implement this protective tool.
In this case, it would likely be much more profitable in the long-term if the hotel were to simply bundle everything together into one flat rate (including room and all mentioned activities). The concept of convenience would be the first reason for this approach. Knowing that all activities and excursions are included would allow travelers, couples and families to experience a heightened sense of relaxation, while enjoying their vacation. Being that rest, comfort and relaxation are among the top reasons why people go on vacation in the first place, this configuration certainly seems comprehensively appealing. Additionally, this structure would likely provide many vacationers with an added sense of security, knowing that they would not have to carry their wallets around with them for the entire trip. Furthermore, by bundling all activities into one price, it would allow vacationers to experience all that the hotel has to offer. Presumably, this would not be the case if everything were an additional cost because families would be more likely to pick and choose their activities (probably on the basis of price). Conversely, by being able to experience all the “extras” for one flat rate, hotel guests would surely be given a much more well-rounded experience and they will thus be much more likely to give favorable reviews and referrals as well as becoming repeat patrons. Ultimately, the hotel would be in a better position to sustain future profitability and customer loyalty.
Even if I was completely confident in the recommendation of my associate in the advertising firm, there is still quite a bit of information I would need to examine in order to make my final executive decision. Despite my overwhelming confidence in this individual, as the Vice President of Marketing I would be held responsible for any unforeseen mishaps or flaws. Therefore, I would require her to show me information from three key time-related areas of her institution’s proposal. First being the past. I would expect a thorough outline of the past marketing models and achievements of this firm, as well as reviews from other users in my industry (Leeflang & Wittink, 2000). Being that I am obviously aware of this company’s superior abilities (hence my extreme confidence in them), this information would primarily act as reassurance for my fellow executives and stakeholders. The next segment of information would regard the present task at hand. This data would outline the specific marketing model that she has recommended for our company, with two or three other alternatives for my peers and I to examine (Leeflang & Wittink, 2000). In addition to the specific details regarding these proposals, I would also ask her to include a feasible timeline as to when we should expect this model to be completed and ready for implementation as well as an estimated timeline for when the firm should expect to realize the results of this investment (Leeflang & Wittink, 2000). Finally, the chronological requirements of the previous data segment will segway into the future aspects of my information requirements. This section of data will detail the future marketing outlets created by the proposed campaign as well as providing information about the model’s transformability for future product differentiations and diversification (Leeflang & Wittink, 2000). Thus, by acquiring this data, I believe that I will be able to better project my confidence onto my constituents and stakeholders as well as provide myself with some personal insurance in the unlikely case of failure.
The idea of creating buzz through advertising is often very enticing, yet also somewhat tricky. That is, the components necessary in creating buzz are often very difficult to precisely quantify and thus execute. Nevertheless, social media expert Dr. Amy Henry recently devised a list of generic requirements for a “buzzable” brand: “invasive but invited, individualized, experiential, provocative, conspiratorial, connective and creative” (Henry, 2003, p. 4). Therefore, knowing that advertising is ultimately a means of educating customers about a firm’s products and services, the means by which these aspects are portrayed are the determinants of whether or not a buzz is generated. Depending on the product or service in question, marketing executives must be extremely diligent in assuring that the portrayal of their firm somehow fits this relatively controversial mold. And while the creation of significant buzz has been massively successful for countless brands, there are some potential dangers that must also be scrutinized. With the aforementioned controversial nature of many “buzzworthy” campaigns, there is always the potential for offending large segments of the market (Henry, 2003). Models intended to create buzz should include just the right amount of controversy to intrigue potential customers but not so much as to scare them away (or perhaps scare parents so much that they forbid their children from becoming patrons). In order to successfully achieve this balance, firms must engage in extensive market research in order to determine the specific tastes and preferences of their targeted demographics (Henry, 2003).
Angell, M. (2002). The Pharmaceutical Industry: To Whom is It Accountable? The New England Journal of Medicine, 3 (42), 1902-1904.
Bernard, J.C., & Schulze, W. (2000). Teaching Marginal Cost, Supply, and Efficiency with an English Auction Experiment. Journal of Economic Education, 52-59.
Dalgic, T., & Leeuw, M. (2001). Niche Marketing Revisited: Concept, Applications and Some European Cases. European Journal of Marketing, 28 (4), 39-55.
Henry, A. (2003). How Buzz Marketing Works. International Journal for Young Consumers: Insight and Ideas for Responsible Marketers, 4 (3), 3-10.
Leeflang, P.S., & Wittink, D.R. (2000). Building Models for Marketing Decisions: Past, Present and Future. International Journal of Research in Marketing, 17 (3), 105-126.
Moschis, G.P. (1994). Marketing Strategies for the Mature Market. Westport, CT: Quorum Books.
Spencer, T. (2009, March). Economies of Scale. Retrieved August 25, 2011, from http://www.tomspencer.com.au/2009/03/01/economies-of-scale/
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