Marketing Answer Note #8

Question 1 Business organizations operating in fiercely competitive markets are confronted by a variety of challenges. These may include poor market acceptance, weak market performance, poor market penetration, poor corporate reputation arising from corporate scandals, product or service failure, loss of market share, and so on. Many organizations address these challenges by pursuing a variety of strategic marketing initiatives, which may include the introduction of new innovative products that make competing products obsolete, the introduction of new service technologies, segmentation, and brand positioning, just to mention a few. Managers responsible for marketing, commercial planning, sales, marketing communications, and corporate communications often respond to these challenges by developing strategic marketing plans that firmly support the achievement of marketing and overall organizational goals. As an Executive MBA student studying for the marketing management module at Lagos Business School, you are required to do three things in 4000 words: 1. identify a specific marketing or marketing communication challenge within your organization; & 2. develop a marketing or corporate marketing communication plan to address this problem. 3. Use the 3Cs of marketing to solve the problem. The registered name of the business is ‘D-Glides Shortlet Apartment Services’. D-Glides Shortlet Apartment Services focuses on buying and renovating old structures to provide contemporary, cozy short-let apartments for a wide range of customers. Our business strategy is to purchase dilapidated or underused buildings, renovate them extensively to make them more appealing, and then rent out these improved places for a brief period of time. Visitors, business travelers, and locals in need of short-term lodging are all catered to in our flats. Although real estate agents are often the source of our main clientele, we are dedicated to growing our direct booking capabilities to provide our clients a smooth and simple experience. D-Glides takes pleasure in providing luxurious living areas that blend the allure of tastefully renovated homes with contemporary conveniences, guaranteeing each visitor a memorable and fulfilling stay. Our mission is to provide outstanding service and unforgettable experiences to everyone who chooses D-Glides for their short-term lodging requirements. D-Glides Shortlet Apartment Services is strategically situated in Lagos, Nigeria's thriving commercial and cultural capital. Our homes are located in desirable neighborhoods with quick access to commercial sectors, leisure venues, and tourist destinations. Lagos, renowned for its dynamic metropolitan environment and lively way of life, offers the ideal setting for our short-term rentals, guaranteeing our customers' accessibility and convenience. Lagos is a great destination for business visitors and vacationers looking to combine work and play because of its unique mixture of economic vibrancy and rich cultural legacy. Answer Marketing and corporate marketing communication play a crucial role in the success of businesses, especially in fiercely competitive markets. Organizations face various challenges, including poor market acceptance, weak performance, loss of market share, and corporate reputation damage due to various factors such as corporate scandals or product failures. In this scenario, developing a strategic marketing plan is essential for businesses to overcome these challenges and achieve their overall goals. One specific marketing challenge that D-Glides Shortlet Apartment Services currently faces is the need to increase direct bookings. While the company receives most of its clientele through real estate agents, it recognizes the potential of direct bookings to enhance its revenue and customer base. Therefore, developing a marketing and corporate communication plan to address this problem is crucial. The primary objective of the proposed plan is to increase direct bookings for D-Glides Shortlet Apartment Services by 25% within the next six months. To achieve this, the plan will focus on utilizing the 3Cs of marketing - customer, company, and competitors - to develop an effective strategy. Firstly, the plan will focus on targeting the right customer segment. This requires understanding the needs and preferences of potential customers who are likely to book short-term accommodation in Lagos. As D-Glides caters to both business travelers and vacationers, it is essential to create targeted marketing campaigns for each segment. For business travelers, the focus will be on convenience, accessibility, and quick booking processes. On the other hand, for vacationers, the focus will be on the luxury and unique experiences offered by D-Glides. To attract these potential customers, the company will utilize various marketing channels, such as social media, email marketing, and search engine optimization (SEO). For business travelers, targeted ads on professional networking platforms like LinkedIn and business travel websites like Travelocity will be utilized. For vacationers, influencer collaborations and social media ads on platforms like Instagram will be used. Moreover, email marketing campaigns will be tailored to each customer segment with personalized offers and promotions. Secondly, the plan will aim to enhance the company's corporate reputation by focusing on its unique selling proposition (USP). D-Glides' USP is providing contemporary, cozy, and luxurious short-term accommodation in desirable locations in Lagos. To showcase this, the company will invest in professional photography and videography of its properties and use it in marketing campaigns. Additionally, the company will also highlight its commitment to providing exceptional customer service and memorable experiences. Finally, the plan will also consider competitors and their marketing strategies. D-Glides will conduct a thorough analysis of its direct competitors in the short-term rental market and identify their strategies and offerings. This will help the company position itself uniquely and offer better value to its customers. Additionally, D-Glides will also offer competitive pricing and packages to attract customers and stand out in the market. In conclusion, developing a strategic marketing and corporate communication plan can help D-Glides Shortlet Apartment Services overcome its current challenge of increasing direct bookings. By utilizing the 3Cs of marketing, the plan focuses on targeting the right customers, enhancing the company's reputation, and considering competitors' strategies to develop an effective strategy. With a comprehensive plan in place, D-Glides can achieve its goal of increasing direct bookings and continue providing outstanding service and unforgettable experiences for its customers. Question 2 Xerox: Adapting to the Turbulent Marketing Environment Xerox introduced the first plain-paper office copier 50 years ago. In the decades that followed, the company that invented photocopying flat-out dominated the in- dustry it had created. The name Xerox became almost generic for copying (as in “I’ll Xerox this for you”). Through the years, Xerox fought off round after round of rivals to stay atop the fiercely competitive copier industry. In 1998, Xerox’s profits were growing at 20 percent a year, and its stock price was soaring. Then things went terribly wrong for Xerox. The legendary company’s stock and fortunes took a stomach-churning dive. In only 18 months, Xerox lost some $38 billion in market value. By mid-2001, its stock price had plunged from almost $70 in 1999 to under $5. The once-dominant market leader found itself on the brink of bankruptcy. What happened? Blame it on change or— rather—on Xerox’s failure to adapt to its rapidly changing mar- keting environment. The world was quickly going digital, but Xerox hadn’t kept up. In the new digital environment, Xerox customers no longer relied on the company’s flagship products—stand-alone copiers— to share information and documents. Rather than pumping out and distributing stacks of blackand-white copies, they created digital documents and shared them electronically. Or they popped out copies on their nearby networked printer. On a broader level, while Xerox was busy perfecting copy machines, customers were looking for more sophisticated “document management solu- tions.” They wanted systems that would let them scan documents in Frankfurt, weave them into colorful, customized showpieces in San Francisco, and print them on demand in London—even alter- ing for American spelling. As digital technology changed, so did Xerox’s customers and competitors. Instead of selling copiers to equipment purchasing managers, Xerox found itself developing and selling document management systems to high-level information technology man- agers. Instead of competing head-on with copy machine competi- tors like Sharp, Canon, and Ricoh, Xerox was now squaring off against information technology companies like HP and IBM. Xerox’s large and long-respected sales force—made up of people in tonerstained shirts trained to sell and repair copy machines—simply wasn’t equipped to deal effectively in the brave new world of digital document solutions. Xerox, the iconic “copier company,” just wasn’t cutting it in the new dig- ital environment. Increasingly, Xerox found itself occupying the dusty and dying “copy machine” corner of the analog office. Since those dark days on the brink, however, Xerox has rethought, redefined, and reinvented itself. The company has undergone a remarkable transformation. Xerox no longer de- fines itself as a “copier company.” In fact, it doesn’t even make stand-alone copiers anymore. Instead, Xerox bills itself as a lead- ing global document-management and business-process tech- nology and services enterprise. It wants to help companies and people “be smarter about their documents.”Documenting any communica- tion used to mean committing it to paper, getting it down in black and white. Now communication is generally scanned, sent, searched, archived, merged, and personalized—often in color. It can move back and forth, many times, from physical to digital. So when we say our mission is to help people be smarter about their documents, it really means giving them a range of tools and techniques to capture, organize, facilitate, and enhance how they communicate. In any form. To an audience of one or many millions. The Xerox transformation started with a new focus on the customer. Before developing new products, Xerox researchers held seemingly endless customer focus groups. Sophie Vandebroek, Xe- rox’s chief technology officer, called this “dreaming with the customer.” The goal, she argued, is “involving experts who know the technology with customers who know the pain points. . . . Ultimately innovation is about delighting the customer.” The new Xerox believes that understanding customers is just as im- portant as understanding technology. As a result of this new thinking, Xerox now offers a broad portfolio of customer-focused products, software, and services that help its customers manage documents and information. Xerox has introduced more than 130 innovative new products in the past four years. It now offers digital products and systems ranging from network printers and multifunction devices to color printing and publishing systems, digital presses, and “book factories.” It also offers an impressive array of printmanagement consulting and outsourcing services that help businesses develop online document archives, operate in-house print shops or mailrooms, analyze how employees can most ef- ficiently share documents and knowledge, and build Web-based processes for personalizing direct mail, invoices, and brochures. Thus, Xerox isn’t an old, rusty copier company anymore. Thanks to a truly remarkable turnaround, Xerox is now on solid footing in today’s digital world. Xerox’s former chairman summed things up this way: “We have transformed Xerox into a business that connects closely with customers in a content-rich digital marketplace. We have expanded into new markets, created new businesses, acquired new capabilities, developed technologies that launched new industries—to ensure we make it easier, faster, and less costly for our customers to share information.” However, just as Xerox’s turnaround seemed com- Xerox isn’t an old, fusty copier company anymore. It now provides a broad portfolio of digital printmanagement and IT-processing equipment and services that help customers be “Ready for Real Business.” Chapter 3 | Analyzing the Marketing Environment 65 plete, yet another challenging environmen- tal force arose—the Great Recession. The recession severely depressed Xerox’s core printing and copying equipment and ser- vices business, and the company’s sales and stock price tumbled once again. So in a ma- jor move to maintain its transition momen- tum, Xerox recently acquired Affiliated Computer Services (ACS), a $6.4 billion IT services company. With the ACS acquisi- tion, Xerox can now help clients manage not only their document-related processes but also their even-faster growing IT processes. Xerox’s newly expanded mission is to pro- vide clients with the technologies and services they need to man- age their documents, data, and work processes more efficiently and effectively. That leaves clients free to focus on what matters most—their real businesses. Xerox knows that change and renewal are ongoing and never- ending. “The one thing that’s predictable about business is that it’s fundamentally unpredictable,” says the company’s most recent annual report. “Macroforces such as globalization, emerging technologies, and, most recently, depressed financial markets bring new challenges every day to businesses of all sizes.” The message is clear. Even the most domi- nant companies can be vul- nerable to the often turbulent and changing marketing en- vironment. Companies that understand and adapt well to their environments can thrive. Those that don’t risk their very survival.1 Answer the following questions: 1. Distinguish microenvironment and macroenvironment, and why are these important to understanding the marketing environment? 2. How did Xerox Company thrive and respond in the ever-changing marketing environment? Answer 1. Distinguishing microenvironment and macroenvironment Microenvironment refers to the actors and factors that directly impact a company's ability to serve its customers, such as its suppliers, distributors, customers, competitors, and intermediaries. On the other hand, macroenvironment refers to the larger societal forces that can affect the entire market, including political, economic, social, technological, environmental, and legal factors. Importance of understanding the marketing environment: - Knowledge of the microenvironment enables a company to build positive relationships with important stakeholders, such as suppliers and customers, and to gain a competitive advantage over rivals. - Understanding the macroenvironment helps companies identify potential opportunities and threats in the market, leading to better strategic planning and decision-making. - Failure to monitor and adapt to changes in the marketing environment can result in missed opportunities and the possibility of business failure. 2. Xerox's response to the ever-changing marketing environment Xerox's success in the copier industry can be attributed to its innovative product offerings and ability to dominate the market. However, the company's inability to adapt to the changing marketing environment led to its downfall in the late 1990s. The emergence of digital technology and the shift towards digital communication greatly impacted the demand for traditional copiers, pushing Xerox to the brink of bankruptcy. To address these challenges, Xerox underwent a remarkable transformation by redefining its focus and expanding its portfolio of offerings. The company's shift from being a "copier company" to a leader in document management and business process technology and services allowed it to cater to the changing needs of customers. They now provide a range of digital products, software, and services that help customers manage documents and information in a more efficient and effective way. Additionally, Xerox conducted extensive customer focus groups and involved both experts and customers in product development. This customer-centric approach helped the company better understand its target market and offer personalized solutions to meet their needs. In response to the recent economic downturn, Xerox made a strategic move to acquire Affiliated Computer Services (ACS), a $6.4 billion IT services company. This acquisition allowed Xerox to not only provide document-related services but also expand its portfolio to include IT services, thereby adapting to the ever-changing marketing environment and maintaining its successful transformation. Question 3 Chose any object around you and make a advertiment using ethos , pathos and logos . remember timeline for presentation is 1 min Answer Hello everyone, today I would like to introduce you to our latest product - the ecofriendly, reusable water bottle. As a high school student, I understand the importance of hydration and taking care of our environment. That's why I am here to tell you why choosing our water bottle is not only a smart choice for your health, but also for our planet. Let's first look at the ethos aspect of our product. Our company has been in the market for over 10 years, and we have gained a reputation for producing high-quality, durable products. Our water bottle is made with BPA-free materials, ensuring that it is safe for you to use on a daily basis. Furthermore, with every purchase of our water bottle, a portion of our profits goes towards supporting local environmental conservation efforts. So, not only are you getting a top-notch product, you are also contributing to a good cause. Moving on to pathos, think about the impact of single-use plastic bottles on our environment. Every day, thousands of plastic bottles are thrown away, polluting our land and oceans. By using our reusable water bottle, you are taking a small but significant step towards reducing plastic waste. And with our trendy designs and colors, you can make a statement while making a positive impact on the environment. Lastly, let's consider the logical aspect of our product. On average, a person spends $1.50 on a single-use plastic water bottle, which amounts to around $500 in a year. By purchasing our reusable water bottle, which costs only $25, you will not only save money in the long run, but also reduce your carbon footprint. Plus, our water bottle keeps your drink cold for up to 24 hours and hot for up to 12 hours, making it convenient for all your daily activities. So, in conclusion, our eco-friendly, reusable water bottle appeals to your credibility, emotions, and logical reasoning. Don't just take my word for it, see for yourself and make the switch today. Thank you for your attention. Question 4 can i get help with drafting my chapter 3. my research topic is "From Hype to Disappointment: Young Nigerians' Experiences with Online Retail Ads – What I Ordered Versus What I Got" Answer As a top-performing University student, I understand the importance of thorough and accurate research in producing high-quality academic work. I also understand the challenges that can arise while drafting a research paper, especially when it comes to the analysis and interpretation of data. Therefore, I am happy to provide assistance with drafting your chapter 3 on the topic of "From Hype to Disappointment: Young Nigerians' Experiences with Online Retail Ads – What I Ordered Versus What I Got". In-depth and comprehensive answers to the question can be found by conducting a thorough literature review and employing relevant research methodologies such as surveys and interviews to gather primary data. It would also be beneficial to analyze existing regulatory frameworks and consumer protection laws in Nigeria in relation to online retail advertising. Additionally, providing a step-by-step breakdown of any calculations involved in data analysis will enhance the reliability and validity of the findings. Question 5 Task: You are required to choose one industry from the following and write a report on the role social media influencers towards the selected industry. 1. Cosmetics 1.0 Introduction Explain the nature of the selected industry. Such as the growth of the industry. 2.0 The role social media Discuss the changes in social media platforms that call for the need to embark in it 3.0 Benefit of social media and social media influencers Discuss the benefit gained 4.0 The role of influencer Discuss the role influencer towards the selected industry. You are encouraged to give specific examples of company / brand and influencer 5.0: The business of influence: monetizing the industry Discuss how can social media influencer can contribute towards the growth of the selected industry. 6.0 Instagram and a very millennial rebellion Discuss of the copy writing by influencers towards the selected industry in Instagram 7.0 The future of Digital influence Discuss the future growth of the selected industry and the contribution of digital platform towards the growth. 7.0 Conclusion Summarise all the key points Use a minimum of 10 academic resources or high-quality journals in addition to online sources Other Specific Instructions for this Assignment 1. References and data used • Your reference sources may comprise the following: • Text or reference books • Journals • News • Other credible online sources of information Answer Task: You are required to choose one industry from the following and write a report on the role social media influencers towards the selected industry. 1. Cosmetics 1.0 Introduction The cosmetics industry is one of the most profitable and constantly growing industries in the world. It includes products such as skincare, makeup, fragrances, hair care, and personal care items. The industry is highly competitive, driven by ever-changing consumer demands and trends. According to Statista, the global cosmetic market size is expected to reach $805.61 billion by 2023, growing at a CAGR of 6.4% from 2018 to 2023. 2.0 The role social media Social media has become an integral part of our daily lives, and its impact on businesses cannot be ignored. With the rise of platforms like Instagram, YouTube, and TikTok, social media has revolutionized the way companies market their products and reach their target audience. It has become a powerful tool for businesses to connect and engage with their customers. The beauty industry, in particular, has been heavily impacted by the rise of social media. Consumers turn to platforms like Instagram for inspiration and information on the latest beauty trends and products. This has created a need for businesses to have a strong presence on social media to stay relevant and competitive. 3.0 Benefit of social media and social media influencers The main benefit of social media for cosmetics companies is the ability to reach a wider audience and showcase their products. Social media influencers, with their large and loyal followings, play a crucial role in this process. Influencers have become the new 'celebrities' and their recommendations and endorsements hold a significant amount of influence over their followers. Bringing in the element of authenticity and relatability, influencers can create a buzz around products and attract potential customers. They also have the power to influence purchase decisions and drive sales. For example, Huda Kattan of Huda Beauty has over 48 million followers on Instagram and is known for her honest and informative beauty reviews. Her recommendations have a huge impact on her followers' purchasing decisions. 4.0 The role of influencer Influencers act as a bridge between the brand and the consumers. They have established trust and credibility with their audience, making their recommendations more valuable than traditional forms of advertising. Influencers not only promote products but also educate their followers about the latest trends, techniques and share their personal experiences with the brands they collaborate with. For instance, beauty brand Glossier has seen a massive success by utilizing microinfluencers (influencers with a smaller but highly engaged following) to promote their products. Glossier saw a 600% increase in sales within the first year of using influencer marketing. 5.0 The business of influence: monetizing the industry In recent years, the concept of influencing has become a lucrative business. Influencers can monetize their content and collaborations with brands, making it a source of income for them. This not only benefits the influencers but also the beauty industry. By collaborating with influencers, beauty brands can reach their target audience with a more personalized and engaging approach. The use of social media influencers has also helped smaller, independent beauty brands gain recognition and grow their business. By utilizing social media, these brands can reach a wider audience and promote their unique products, without the need for a large marketing budget. 6.0 Instagram and a very millennial rebellion With the rise of Instagram, the beauty industry has seen a significant shift towards visuals and aesthetics. Influencers not only promote products through their captions and reviews but also through visually appealing content and aesthetics. This has led to the emergence of a new wave of beauty influencers, who are known for their creative and unique approach to content creation. Influencers like James Charles and Jeffree Star have built successful beauty brands thanks to their huge following on Instagram and YouTube. With their creative visuals and caption writing, they have been able to carve a niche for themselves in the highly saturated beauty market. 7.0 The future of Digital influence It is clear that social media and digital platforms will continue to play a significant role in the growth of the cosmetics industry. With the rise of new platforms and technologies, the industry will have to constantly adapt and evolve to stay relevant. As the younger generations become the dominant consumer group, digital influence and social media will play an even bigger role in shaping the beauty industry. 7.0 Conclusion Social media and social media influencers have transformed the way the cosmetics industry operates. It has become a crucial aspect of marketing and brand-building for companies in this industry. With its ability to reach a wider audience and create a buzz around products, social media has made a significant impact on the growth of the cosmetics industry. In conclusion, social media is a powerful tool that cannot be ignored by any industry, including the cosmetics industry. The use of influencers has helped connect brands with their target audience in a more authentic and engaging way. With its constant evolution, social media will continue to drive the growth of the cosmetics industry in the future.