This report analyzes the competitive advantage of Keepcup, an Australian retail company engaged in reusable drinking vessels. It covers STP, marketing mix, marketing costs, customer relationships, A/B testing, and more. The report suggests using social media platforms to acquire new customers and A/B testing to test website traffic.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
COMPETITIVE ADVANTAGE ANALYTICS REPORT
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
TABLE OF CONTENTS INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Data:............................................................................................................................................3 STP:.............................................................................................................................................4 Marketing mix:.............................................................................................................................5 Marketing costs:..........................................................................................................................5 6. customers relationship............................................................................................................5 7. A/B testing and Multivariate testing........................................................................................6 9. Statement of Intent:..................................................................................................................7 CONCLUSION................................................................................................................................8 REFERENCES................................................................................................................................9
INTRODUCTION Competitive advantage is something that gives a business an upper hand in the market through which, the business manufactures and offers its goods and at the best prices. This leads to guaranteed sales of the company (Hagiu and Wright, 2020). Analytics of the competitive advantage is done by generating the scale of economies, scope of economies and by looking at the quality improvement. Keepcup is an Australian retail company which is engaged in reusable drinking vessels which helps in reducing the use of disposable coffee mugs. Here the following report will illustrate STP, Marketing mix, marketing cost, customers relationships, A/B testing and statement of the intent. MAIN BODY Data: Data obtained on the company by public searching: The company with its offerings was giving a solution to the problem that everyone was concerned about. The cups were purchased by the people because of their attractiveness and how they were experiencing the feel good factor with the cups. Using those cups were the very first change that they adopted . According to them the company was doing a wonderful job both in business and was doing a great deed to the environment. Data likely to receive by Keepcup dierectly Data which is expected to receive from the company in order to make the best digital marketing strategies is the actual goal of the company. This will give an idea of the company's vision and the marketing can be done according to it. It is also important to get an idea about the strengths and weakness in order to wo0rk on them effectively. Lastly, an ideaof whom the company's set target is, will help in mending the digital strategies. Additional data required for the consulting work As per the consultancy work regarding the digital marketing, the additional data of the company related to its clients and all the products and services will be required. Moreover, information about the company's sales period, its coupons and offers is required so that it can be used in an appropriate manner for the advertising. With all these relevant information the consultancy work can be completed with utmost effectively which will definitely guarantee good results to the company. Also the pricing strategies of the company can be mended properly with
the right idea or the costing the company. So yes, costing ideas will also be required in order to assure good pricing and attract maximum salesin the market. STP: Approach segmentation of the market Segmentation facilitates best marketing strategies and to do the following segmentation it requires a specific knowledge about the customers taste preferences, their needs etc. Therefore, there are 3 approaches for doing the segmentation namely:behavioural, needs-based and firmographic (Romppanen, 2021). ï‚·Behavioural-This approach is concerned with the identification of how actually the customers behave or act. After analysing it , then they are grouped together. ï‚·Needs-based-Out of the three approaches this is one difficult and also the best approach for segmentation. Here the main focus is on identification of the customers needs and mending of the marketing communications through which target can be done effectively and successfully. ï‚·Firmographic-This is the simplest approach as it concerns the age, size, gender, location and income. Target segment of the company- As the company deals in the reusable coffee mugs, the main target segment of the company is the teenagers and the corporate people. There is a fix schedule of these people which demands the use of cups on daily basis. Thus, with Frimographic approach, the company targets teenagers and the corporate people. Here the company has consider the age and the needs of the people and targeted the audience accordingly. Positioning of Keep cup Positioning is associated with the way the company communicate about its products to the customers or its about the product of the company from customer's point of view. Here as the company is manufacturing reusable mugs, the company operates online and delivers its products worldwide.Withitsbestpackagingandpricingstrategiesthecompanyisplanningto communicate with the people more effectively. Keepcup also uses its website to encourage people to become environment friendly and beside doing the business, it is also establishing a good understanding in the individuals.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Marketing mix: Products-The company deals in all kinds of reusable cups, bottle and kits. It has press as well as twisttypes bottles and mugs, different colour options, different material such as stainless steel, brew, plastic etc. not just this, the company offers different products fro different purpose for example it has the bottle for dishwashing, vacuum insulated, microwave etc. All these huge varieties give an upper hand to the company (Nikbin and et.al.,2021). The company can also come with spare parts in order to enhance the sales. Promotion-The use online channels in order to promote its brand. It uses SEM, SMM and also uses it own website for promoting the brand. It promotes the brand with inspirational and motivational quotes, which has a good impact on the customers and also help the company to expand its customers base. Place-The place refers to the actual area of operation and here, the company does its business through the online website and deliver the products worldwide (Wichmann and et.al., 2022). Price-It refers to the pricing of a company. Keepcup as it promotes a good thought beside doing the business, the company also has kept its pricing affordable enough so that people can use it and actually contribute to the company's motive. Marketing costs: The fixed cost of the company remains constant and even if it changes, it is not that relevant as the variable and marginal costings. Here, for the company Keepcup, variable and marginal costing are most relevant as they can impact the company's pricing strategies and its operations.They both are most relevant as they have a direct impact on the company's functioning and which also keeps changing time to time. Customers relationship Customer relationship management istechnology particularly for managing all the company's relationships as well as interactions with customers or potential customers. The main goal of CRM is improving business relationships (Kumar, and Reinartz 2018). A Customers RelationshipManagementsystemgenerallyhelpsorganizationsstayconnectedtotheir customers, streamline processes, as well as improve profitability. The keep-cup use CRM because it can analyse, prioritize and sort their sales that leads so that business sales team can also focus on opportunities generally are likely to close as well as provide the accurate answers
to their customers efficiently and quickly. Generally Customers Relationship Management allows organizations to capture the customers' data particular in one place then it will use to develop or create strategies that is based on the customers wants and needs. As it give many benefits such as increase sales, more satisfied employees, improve marketing efforts and many more. The Keep Cup have to focus on social media platform to acquire new and loyal customers. Having social media presence generally does not have to expensive. By creating company account on Twitter, Instagram, LinkedIn, Facebook and many more platform is free. So simply join group that particular pertains to industry. By the social media platform the company can easily acquire new customers, as many users see the company advertising, and then they will search and it may lead their interest. This is the best way to acquire new customers easily as well as quickly (Guerola-Navarro, ,and et.al., 2021). A/B testing and Multivariate testing A/B testing is also known split testing its refers to random experimentation process wherein particularly two or more versions of the variable that is web page, and page element etc. are generally shown to various segment of the website visitors mainly at same time particular to find out which version leaves maximum impact. Multivariate testing isan technique particular for testing a hypothesis under which multiple many are modified. Here the main goal of multivariate testing is to find out which combination of variations carry through the best out of all the possible combinations (Hu 2018). Mobile and Websites apps are made of combinations of changeable elements. The min different between these two testing is the A/B tests generally look at performance of just 1 variable at particular time or overall pages, however Multivariate tests are testing which takes multipal variable at a time. So keep Cup use A/B testing as it gives various benefits such as : Better user engagement: This testing is smart manner to improve content on the company site as well as increase engagement. When business analyse result of test and also use them to inform that their decisions moving forward, the A/B testing generally helps business to make improvement to their content that they drive engagement. Reduced bounce rates:
The analytics can also tell business what to optimize. Si this help Keep cup to determine the high traffic areas of their site or even app, and also low converting or high drop off pages particularly that can be also improved so the business can test new ideas mainly on how to improve their pages. So A/B testing help Keep Cup (Azevedo, and et.al., 2018). Statement of Intent: Keep Cup generally target middle working class as well as college students who particularly frequently buy coffee every morning as they are going to school or even work. Here target market has individuals who mainly use Facebook particular to communicate, which generally means that it will also be good platform mainly to pass the promotional messages to their customers. The digital technology is the best way to communicate with the public. So social media platform usually create good impact on the target customers. It also improves readability of the report for target customers. CONCLUSION From the above report it concluded that they are use A/b testing to test their website or traffic. Along with this report also give suggestion to that is to social media platforms to acquire new and potential customers for the company. The above report includes data and then STP that is how the company can approach segment the market, their target segment and also discuss how to position Keep cup for that particular target segment. Moreover, the report also includes marketing mix and marketing costs that company is used. Along with this it also discusses customers relationship briefly, what the company should do with this and how to acquire the new customers. Furthermore, the report also includes two testing that is A/B and Multivariate testing and also suggest which one is used by the company.
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
REFERENCES Books and Journals Kumar, V. and Reinartz, W., 2018.Customer relationship management. Springer-Verlag GmbH Germany, part of Springer Nature 2006, 2012, 2018. Guerola-Navarro, V.,and et.al., 2021. Customer relationship management and its impact on innovation: A literature review.Journal of Business Research.129. pp.83-87. Azevedo, E.M., and et.al., 2018. A/b testing. InProceedings of the Nineteenth ACM Conference on Economics and Computation. ACM. Hu,Z.,2018.Newdevelopmentsinmultipletestingandmultivariatetestingforhigh- dimensional data. Hagiu, A. and Wright, J., 2020. When data creates competitive advantage.Harvard business review,98(1), pp.94-101. Romppanen, J.M., 2021. Segmentation, Targeting & Positioning (STP). Nikbin, D. and et.al.,2021. Marketing mix strategies during and after COVID-19 pandemic and recession: a systematic review.Asia-Pacific Journal of Business Administration. Wichmann, J.R. and et.al., 2022. A global perspective on the marketing mix across time and space.International Journal of Research in Marketing,39(2), pp.502-521.