Assignment on Marketing Strategy Development
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Added on 2020-04-07
Assignment on Marketing Strategy Development
Added on 2020-04-07
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Marketing Strategy Development 1 Marketing Strategy DevelopmentName:Course:
Marketing Strategy Development 2Executive SummaryIn 2007, the American Marketing Association (AMA) accepted the definition of marketing as“Marketing is the activity, set of institutions, and processes for creating, communicating,delivering, and exchanging offerings that have value for customers, clients, partners, and societyat large (Marketing News, 2008)”. Marketing strategy focuses on market segmentation, customertarget identification and positioning while choosing how to compete in the markets identified.The marketing tactics focus on the 4-7Ps of the marketing mix and support the marketingstrategy (Varadarajan, 2009). According to Kotler (1997), marketing is one very dynamic area ofmanagement and new challenges keep cropping up every time and businesses need t respond tothem. New marketing ideas are thus needed to meet the new emerging marketing challenges. Anexample is the influence the internet has had on marketing in education, research and practice(Varadarajan, 2009). All firms must therefore constantly analyze review their marketingactivities, decisions and behaviors if they are to remain relevant and competitive.
Marketing Strategy Development 3Table of ContentsExecutive Summary ......................................................................................... 2Issue 1: Company Description ............................................................................. 41.1Background of Fosters Group ................................................................ 41.2Foster Group Guiding Principles ............................................................. 42Issue 2: Analysis of the 5Cs of the Organization .................................................... 62.1Company SWOT Analysis ..................................................................... 62.2Customers ....................................................................................... 72.3Collaborators .................................................................................... 82.4Competitors ..................................................................................... 82.5Context .......................................................................................... 93. Issue 3: How the firm collects information ........................................................... 114. Issue 4: Developing Marketing Strategy .............................................................. 114.1 Potential market segments ................................................................... 114.2 Value Proposition ............................................................................. 124.3 Positioning Statement ........................................................................ 125. Issue 5: Developing Marketing Tactics ............................................................... 136. Conclusion ................................................................................................ 147. References ................................................................................................ 15
Marketing Strategy Development 4Issue 1: Company Description1.1 Background of Fosters Group Fosters group is a wine and other beverages manufacturer from Australia that sells inover 150 countries in the world making one of the biggest Australia’s selling beer brand in thewhole world. It was started by William and Ralph Foster in 1887. The company manufacturesmarkets and also distributes a large international portfolio of alcoholic and non alcoholicbeverages. Their products include beers, cider, spirits and wines and some non alcoholicbeverages with some famous brands such as Crown Lager and Victoria Bitter for beers and WolfBlass and Chateau St Jean for wines (Fostersbeer.com). Some of the brewing operations operatein Australia, USA, France, Germany, Fiji, China, India, Vietnam, among other places. Thecompany has grown to become a global beverage manufacturer through a series of acquisitions(Fostergrp.com, 2017).1.2 Foster Group Guiding PrinciplesThe company is committed to serving its customers and ensuring that they flourish as seen in the vision and mission statements. Through these guiding principles, the company celebrates the customers and the relationships that have been formed and retained over the years, as the company boasts of 97% annual customer retention rate. The vision and mission statementsthus captures this commitment as per below (fostergrp.com, 2017).Figure 1: Foster group Vision and Mission Statements. Source: https://www.fostergrp.com/who-we-are/our-guiding-principles/
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