Report: Analyzing Marketing Strategies of Nike and Starbucks

This report provides a detailed analysis of marketing strategies employed by various organizations, with a particular focus on the innovative and creative approaches required to capture the attention of target audiences in the competitive market. It explores the essential role of marketing in busine...Read More

ROLE OF
MARKETING
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Table of Contents
INTRODUCTION: .........................................................................................................................3
MAIN BODY:.................................................................................................................................3
PART 1........................................................................................................................................3
ROLE OF MARKETING IN A BUSINESS: -......................................................................3
MARKETING MIX AND COMMUNICATION MIX: -......................................................4
THE ROLE OF DIGITAL MARKETING: - ........................................................................5
..............................................................................................................................................6
THE ROLE OF SOCIAL MEDIA: -......................................................................................6
WHY DIGITAL MARKETING AND SOCIAL MEDIA MARKETING ARE ALL
IMPORTANT TO CONTEMPORARY BUSINESSES:-.....................................................6
PART 2........................................................................................................................................7
SOCIAL MEDIA MARKETING CAMPAIGNING: -..........................................................7
NIKE- ...................................................................................................................................7
STARBUCKS-.......................................................................................................................9
CONCLUTION:............................................................................................................................10
REFERENCES: ............................................................................................................................11
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INTRODUCTION:
The aim of this report is to analyse different marketing strategies used by
different organisations. Marketing strategies needs to be very innovative and creative in
order to attract the attention of the targeted audience in the market. The market is a
very wide and scattered place where people come and go but the business which uses
innovative and interactive strategies stays in the market (Chaffey, Ellis-Chadwick,.
2020). Every business in the market tries to be better than the rest of the businesses in
the existing market to get more and more customers in order to increase the production
of the company’s products and services. A marketing strategies are made in order to
plan ways to achieve organisational goals by reaching out to the audience and making
them customers of their products and services.
MAIN BODY:
PART 1
ROLE OF MARKETING IN A BUSINESS: -
According to Rowley, 2016, Marketing refers to the business activity of promoting
a variety of goods and services in the marketplace, it includes market research and
analysis (Milović, 2018). The company through marketing provides content to the
audience online or offline that demonstrates the product value, brand name and it
increases sales. It helps to understand the interests of company's targeted customers
and work accordingly. Marketing attains almost all the aspects of a business such as
product development, sales, advertisement, etc. There are various types of marketing
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such as internet marketing, blog marketing, social media marketing and so on.
Advertising is one of the element of marketing which helps the company spread
awareness about the existence of the company's products (Rowley, 2016). It is a
combination of different techniques and methods and not just a single strategy. The
company always needs to have an analytic thought processes and needs to react to the
factors affecting the business processes in a short duration of time.
MARKETING MIX AND COMMUNICATION MIX: -
Marketing mix refers to the activities, tactics, techniques to increase and promote
its product and services of the business organisation. Its element influence each other
they make a business plan and works on it (Grossberg, 2016). There are 4 P' s in
marketing mix: Product, Price, Place and Promotion.
1. PRODUCT: - It refers to the product which is meant to be sold by the company.
The product must be up to the expectation of the customers or else it will not give
the company the turnover it expected. The product should be in such a way that
it attracts and satisfies the needs and wants of the customers. For example coca
cola producing soft drinks, the company tries to fulfil the need of it customers.
2. PRICE: - The price of a product can only be determined by the demand for that
commodity in the market at that particular point of time. There are several types
of pricing strategies like cost plus pricing and discount pricing. It is the
responsibility of the marketer to implement the best pricing strategy for the
company.
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3. PLACE: - The location of the company plays a vital role. The place should be in
such a manner that it attracts the customers and promotes the production and
sales of the product served by the organisation. The company should set its
location at a place with high level of demand for the products.
4. PROMOTION: - Activities undertaken to create awareness among the customers
about the products and services availed by the organisation.
The communication mix refers to the tool used to communicate in order to promote the
product and brand name. It can be in the form of advertisement, events website and etc.
Marketing mix is a tool to shape and create a brand value of the business whereas
communication mix is a tool to communicate with the customers. Successful campaigns
are a result of good utilisation of all the elements of communication mix (Peattie. and
Director, 2016). Sponsorship helps to get the attention of new audience and also helps
to align and work together with them. It requires effective marketing and communication
to achieve and set clear objectives.
THE ROLE OF DIGITAL MARKETING: -
According to Mekonnen, 2018, Digital marketing is an online marketing tool,
some examples of digital marketing are social media marketing, blogging, website
marketing and so on. Digital marketing is great tool to promote a product and services
of any organisation, nowadays people prefer online marketing and get easily influenced
with the advertisement they see on websites or social media platforms (Mekonnen, A.,
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2018). The companies have shifted the mode of marketing online and it has become
necessary for any business to create an online presence in order to be better than its
competitor and to adapt with the latest technology and trend in the marketplace.
THE ROLE OF SOCIAL MEDIA: -
According to Kaur, 2016, The product and services of a company is promoted via
social media platforms and websites. Most of the social media platforms have in build
analytic tool which helps
the company track the progress and engagement of the audience with the company. It
creates a bridge between the customers and the business, that is it enables the
company to connect directly with the audience (Kaur, 2016.). It provides the company
to know the customer's likes and dislikes. It is one of the most effective mode of
marketing.
WHY DIGITAL MARKETING AND SOCIAL MEDIA MARKETING ARE ALL
IMPORTANT TO CONTEMPORARY BUSINESSES:-
Social media marketing is becoming one of the most important aspects of digital
marketing. It is beneficial for the company's progress and helps it reach out to the
customers worldwide and makes it easier spread the content or word about the product
in the market.
The social media marketing strategies are the most inexpensive strategies, and helps
the company attain increase in return on investments and the company can spend more
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on other marketing strategies (Hartsfield, Johansen, and Knight, 2017). Digital
marketing is the best way of engaging with the customers, the brand value can be
established easily without any hassle. Provides information on what exactly the
customer wants from the company and the company can work on the feedback in order
to keep better relations with the customers. The online competition is increasing day by
day therefore it is important for the company to go online and to have a competitive
advantage in the market. It is an advantage to many start-up companies who are new to
the market in order to grow more and more.
PART 2
SOCIAL MEDIA MARKETING CAMPAIGNING: -
Social media marketing campaigning are organised in order to assist all the
business goals of an organisation. It requires more than two three social media
platforms such as Facebook, Instagram, twitter etc. (Kotler, 2016). A business
organisation performs activities on their respective social media handles on a daily
bases but in social media marketing campaigning requires more effort, focus and
targeting in order to attain profit.
The report consist of the study on social media marketing strategies that were used by
huge multinational co operations like Nike and Starbucks.
NIKE-
It is a multinational co operations, the company manufactures, designs, does
marketing and sales of footwear, accessories and services. The company was founded
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in 25 January,1964 as Blue ribbons sports, Bill Bower-man officially changed the name
to Nike,inc. Nike is worlds largest supplier of athletic shoes and one of the major
manufacturer of sports equipments in the world. It is one of the most valuable brand in
sports businesses, and ranked on 88th position in fortune 500 list. They use marketing
strategies like influencer marketing , they use sponsors like high profile athlete and
sports clubs around the world.
The EQUALITY social media campaigning was a success for the company. Nike
wanted to use the power of sports and Nike athletes to spread the awareness about
Equality amongst all. Their marketing statement was “ The ball should bounce the same
for everyone” (Urban., Gosline, and Lee, 2017). The social media marketing campaign
encouraged people to take the fairness they see in the court and to take that off court as
well. A message that involved a diversified group of people and helped a lot of people
to raise their voices in the community. All the social media accounts of Nike posted a
black picture with white bold letter spelling out Equality. People who supported the Nike
equality moment changed their avatars on Bitmoji, people supported and loved the
social media campaigning held by the company. The company will defiantly increase it
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sales and did a partnership with MENTOR. The video advertisement consist of black
background to remind people of past struggles and continue to represent people from
all the background without discriminating them on the bases of sex, colour, race and
etc.
STARBUCKS-
It is a multinational coffee roasters company headquartered in Seattle,
Washington. It operates in more than 30,000 location across the world and is situated in
more than 70 countries. It is worlds largest coffee house chain and roastery reserves. It
serves hot and cold coffees and beverages, it serves in different region and cultural
diversified areas. For example due to the increase in Indian customers the company
started producing tea chai latte. The brand named coffee and beverages are available
in grocery stores as well.
In festive season more and more companies implement marketing strategies in order to
get attention of the targeted customers (Sharma, and Verma, 2018). All the competitors
in the market tries to overpower the strategies of each other, the strategy was
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implemented not just to acquire highest sales in Christmas season but also to get new
customers as the repeated once. People were eagerly waiting for there chance to take
part in twinkle surprise campaign, it was obligatory by the customer to first download the
Starbucks app and send a video of them wishing the receiver and both the sender and
receiver would receive discount of buy one get one free coupon. It boomed the social
media market and the company way too many responses. No doubt this social media
campaign of Starbucks was success.
CONCLUTION:
Capturing the attention of the targeted audience and persuading a person to buy
the companies product is known as marketing. Marketing is to identify who is likely to
purchase the product and services produced by the business. Providing customers with
special actions that satisfies the needs and wants of the consumer. The main objective
of advertisement is to make a new customer constant, the rise of social media platforms
has also increased the social media marketing and advertising (Turner,and Lecoeuvre,
2017). Marketing is not limited to a particular economy or just to the profit oriented
organisations, even public and not for profit organisation can also promote and use
marketing strategies.
Social media channels have given opportunities for companies to grow more and attain
a brand value. Different social media platforms provide different sort of data to the
company to take decisions accordingly. It becomes company's responsibility to interpret
ate the data collected online. Marketing campaigns are a never ending procedure, it
keeps on changing according to the technology, trend and taste and preferences of the
consumers.
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REFERENCES:
Chaffey, D., Ellis-Chadwick, F.elt. 2020. Marketing digital (No. hal-02927026).
Grossberg, K.A., 2016. The new marketing solutions that will drive strategy
implementation. Strategy & Leadership.
Hartsfield, S., Johansen, D. and Knight, G., 2017. Entrepreneurial orientation, strategy,
and marketing capabilities in the performance of born global firms. International
Business: Research, Teaching, and Practice, 2(1).pp.12-38.
Kaur, S., 2016. Social media marketing. Asian Journal of Multidimensional Research
(AJMR), 5(4). pp.6-12.
Kotler, P., 2016. A framework for marketing management. Pearson Education Limited.
Mekonnen, A., 2018. Digital marketing strategy for affinity marketing: Utilising the new
marketing arena. In Digital Marketing and Consumer Engagement: Concepts,
Methodologies, Tools, and Applications. (pp. 87-105). IGI Global.
Milović, B., 2018. Developing marketing strategy on social networks. In Social Media
Marketing: Breakthroughs in Research and Practice .(pp. 73-89). IGI Global.
Peattie, K. and Director, B.R.A.S.S., 2016. Rethinking marketing. Long Lasting
Products: Alternatives To The Throwaway Society. pp.243-272.
Rowley, J., 2016. Information marketing. Routledge.
Sharma, S. and Verma, H.V., 2018. Social media marketing: Evolution and change.
In Social media marketing (pp. 19-36). Palgrave Macmillan, Singapore.
Turner, J.R. and Lecoeuvre, L., 2017. Marketing by, for and of the project: project
marketing by three types of organizations. International Journal of Managing
Projects in Business.
Urban, G.L., Gosline, R. and Lee, J., 2017. The power of consumer stories in digital
marketing. MIT Sloan Management Review, 58(4).
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