This presentation discusses the strategic marketing approach for Lyft as they expand into the UK market. It covers topics such as the adaptation and standardization of marketing mix, the CBBE model, integrated communication mix, measurement of success, and more.
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Group Management Report-CW2
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Cover Content Introduction Adaptation & standardization of marketing mix CBBE Model Integrated communication mix & methods Measurement of success Conclusion References
Introduction Strategic marketing is one of the most popular concepts that is part of every organization and is affecting the way they are forming different types of strategies. Lyft is a American ride- sharing brand that is based in California. They are willing to develop applications and markets in UK. For this present report is based on discussion of different components that are helping them in laying their functions in different parts of UK withthehelpoftheirexistingbrandimageinexisting countries. There will be new feature that will be added by Lyft in UK that is haring cab facility.
Adaptation & standardization of marketing mix Adaptation of marketing mix:It is a concept that is related to adapting of the different concepts that are related to changes that have to made according to the target market in which the organization is entering. standardization of marketing mix:In this concept there are no changes that are made by a particular brand when they are targetting a new country instead they are willing to keep a standard set of prices that can help them in establishing their functions.
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Continue. Marketing mix strategies of Lyft: There are different components of marketing mix that can be used by Lyft as a part of the their new strategies that have to be formulated in the course of their new market that is being targeted that is UK. Products:Lyft is offering different services such as car rides, scooters, deliver system and bicycle sharing system. Price:Prices of lyft are competitive enough but it varies according to the type of car selected by the rider. Place:Lyft is presently serving in many different locations across world such as European Union, south and central America, Asia, Africa, New Zealand.
Cont... Process:The overall process is based on a person willing to enter the destination and Present location according to there there are nearly available rides that are shown in the application with a estimation of price. Promotion: Promotional strategies are one of the most critical aspects that helps in attracting of new customer’s. Lyft is presently using hoardings, print media for the purpose of advertising their brand. People:It consist of all the stakeholder that are helping in ensuring functioning of the organization Physical evidence: Lyft serves their customers by using a application and a dashboard to notify their passenger as the drivers arrives
CBBE Model CBBE Model CBBEmodeliscustomerbasedbrandequity model that is adopted for the purpose of showing how the success of a brand can be attributed with the customer attitude towards the brand. This model was devised by Kevom Keller and is a part of the book mighty strategic brand management. It is a pyramid shaped model that is used for reflecting show to form a strong foundation of brand identity towards development of brand equity resonance.
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Cont... Level 1: Brand identity: This is the initial aspects of this model that is based on how the target segment of customers are looking at a particular brand in term of its different position as compared to other brands. Level 2: Brand meaning:This aspects of CBBE Model is to ensure that customers are becoming aware of the brand they are willing to know more aspects related to it. They are going to have questions about style, reliability, durability, value for money. This is divided in two categories: 1) Brand performance & 2) Brand imagery
Cont... Level 3: Brand response:In this level of CBBE model there is a scenario that feelings and judgment are very difficult to separate and it is very personal for each individual. Once customers are able to judge a brand in a irrelevant manner then it is very difficult to change their opinion related to it. Another type is the value comparison that is fairly or harshly and add this to the actual interaction and the prescribed reputation. Level 4: Brand Resonance:In this level of Kellers model is the resonance of customers. This factor related with the aspects that if a customer is loyal to a brand then they will it consider it superior. There are many elements that are relateto customers such as providing them with high value, lifetime services, customer service.
Integrated communication mix & methods •Integrated communication mix & methods:There are different methods that can be apart of marketing communication mix and can help in making a direct or indirect communication with their target segment of customers. In case of Lyft this Brand is willing to enter in UK for this they have to consider certain elements that can help in laying down channels of communication. Some of such modes of communication are mentioned below: •Advertising: This one of the most popular non personal form of communication. In this a organization can reach to large mass of audience in a very short period of time. •Direct marketing:It is also a communication channel that consist of making direct interaction with the end users with a objective of promotion of a product or a service and further communicating with a buyer to make a purchase.
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Measurement of success Measurement of success For the purpose of tracking Whether the set objectives have been achieved by a organization or not there is need to understand some of the methods that can be adopted for the purpose of making a check whetherthe set objectives have been achieved or not.For this there are certain methods that have been developed to to measure the level of success. Some of these methods that can be used by Lyft in order to make a detail assessment as mentioned below: Return on investment:This is a method that can be used for the purpose of understand the return that is on the investment that is made by a organization Lyft can also use this method for the purpose of understand what are the possible returns.
Cont... Conversion rate:This is also a method that can be used for the purpose of measuring the number of people who are converted into customers. This criteria is same for the individual customers. Profitability: This factor measure the profit earned according to firms investment level in their total assets. The calculation is based on net income divided by total assets. The higher percentage will result in higher growth.
Cont.. Market share:It denotes to quantification of impact of strategies and execution on business results. This is a external metrics that can be used for understand the level of competitiveness of a particular brand in the market. Above discussed are some of the Criteria that can be used by Lyft for the purpose of assessing its viability in the context of their new target market. This is also going to help them in making a detail assessment whether the decision is profitable for this brand in long run or not.
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Cont.. •There are certain ways that can be used for developing a understanding of posy pitch following up •Refusing to break with prospect: There is a need that sales execution has to politely follow all their leads and let the organization low that they will not be able to meet the requirements. •Generic followup: There is a need to understand that there should be fleshing of details about organization and after that further conversation must start to make the client understand how unique is their brand. •Long term thinking:There is a needto understand that what can be some of the prospective
Conclusion From the above discussed scenario, it can be said that there are different elements of a marketing mix that are designed according to the standardization or adaption of the marketing mix by a organization It is a very popular method in which the analysis is made by the client to adapt its activities according to customer expectations.
References Camilleri, M.A.,2018.Strategicplanningandthemarketingeffectivenessaudit.InTravel marketing, tourism economics and the airline product (pp. 117-135). Springer, Cham. Galli, B.J., 2020. Using marketing to implement a strategic plan: Reflection of practiced literature. In Start-Ups and SMEs: Concepts, Methodologies, Tools, and Applications (pp. 1518-1532). IGI Global. Davis, J. and Dishon, K., 2017. Unique Approach to Creating and Implementing a Social Media Strategic Plan. Journal of Extension, 55(4), p.n4.
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