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Marketing Management - Reliance Assignment

   

Added on  2021-02-19

15 Pages5111 Words46 Views
MarketingManagement

TABLE OF CONTENTS.INTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Outlining the industry, market positioning and unique selling proposition................................1Marketing audit, outlining the market attractiveness and identifying the potential for futuregrowth.........................................................................................................................................4Marketing mix actions to achieve gap between present marketing strategy and externalenvironment................................................................................................................................9CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONMarketing management is concerned with the analysis, planning, implementation andcontrolling of all the programmes that are designed to produce desired products and services forthe achievement of organizational goals and objectives. Marketing management is considered tobe an effective process for the growth of an organization as it helps in reducing the cost andmaximizing the profits. It has become imperative for every company to perform marketingmanagement if they wish to achieve competitive advantage in the long run. Founded in the year2006, Reliance retail is a subsidiary of Reliance Industries limited and is said to be the largestretailer in the country in terms of revenue. The company initially started off with just one store inMumbai but as of 2019, it has more than 10800 stores located across the country. The companygenerates employment to more than 100,000 people and has diversified its operations throughopening branches like Reliance digital, Reliance trends, Reliance fresh and Hamleys. The currentstudy will highlight the importance of marketing management in building customer loyalty,contribution of market positioning and marketing audit in the growth of Reliance and the newmarketing mix actions to achieve the goals and objectives effectively and efficiently.MAIN BODYOutlining the industry, market positioning and unique selling proposition.Reliance retail is a leading food retailer company in India with a huge market share andthe company has 10800 stores across India that not only sell food items but also provide otherproducts and services like technology, clothing, household items and groceries. Although, thecompany operates in a competitive environment but the unique marketing strategy of Reliancehas helped it in achieving an edge over other players in the industry. The organization has alwaysfocused on providing innovative services to its customers at economic prices which has nothelped in attracting new customers but also helped the company in retaining its previouscustomers thus leading to customer loyalty. Moreover, the company has always maintained goodrelations with its suppliers which has helped them in allocating good quality raw materials atcompetitive prices which has further helped in maximizing its profitability. Reliance groupachieved competitive advantage in this highly competitive industry through:Diversification: The major reason behind the growth of the organization has been itsdiversification strategies. The company initially started off as a food selling store but later1

diversified its operations into various fields like retail stores, digital banking, mobile andinsurance services (Pierce, and Lai, 2019).Distribution system: Reliance company's effective distribution system has helped thecompany in reducing their cost and maximizing their profitability. Also, with the help ofeffective distribution channel, Reliance retail has been able to provide fast delivery tocustomers at a very low cost thus achieving the customer loyalty.Motivated employees: The employees at the company are provided with proper trainingand development that helps in increasing their overall productivity to perform the duties.Also, the organization continuously provides motivation to its employees by providingthem incentives and rewards that helps in achievement of organizational goals andobjectives effectively and efficiently.Market positioning is concerned with customer's perception for a brand or product whichmeans that it basically involves creating a brand image for the product or service so that thecustomers perceive it in a certain manner. The positioning of brand includes strategic marketingof a product/service in such a manner that it creates a positive image in the minds of the targetcustomers and also it is imperative that market positioning is performed during the entire courseof business. The concept of market positioning is very important as it helps in meeting customerexpectations which further contribute towards increasing the brand image of the company.Reliance retail uses STP model (segmentation, targeting and positioning) to establish the brandimage of the organization and communicate it to the target customer so that it increases theiroverall profitability. The STP model is as follows:Segmentation: Segmentation is concerned with identifying all the target customer andsegregating them on the basis of their different needs and wants. The customers aredivided on the basis of their age, income level and personality traits. Marketsegmentation has helped Reliance retail in understanding the needs and wants of differentgroups of consumers and developing products accordingly. Segmentation can be done onthe basis of:Demographics: Demographics refers to differentiating consumers on the basis of age, gender,income group and education. Differentiating customers on the basis of demographic basis hashelped Reliance retail in manufacturing goods and services for people of ages thus ensuringmaximum consumer satisfaction.2

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