MG626: Strategic Marketing Individual Management Report Analysis

This individual management report for MG626 Strategic Marketing analyzes the market entry strategy of Ashanti Marketing Solutions Ltd. in the Indian educational industry. The report evaluates the extent to which the marketing mix should be standardized or adapted, providing justifications for the recommendations. It applies the Customer-Based Brand Equity (CBBE) model to analyze how the client can build and manage a strong brand in the new market. Furthermore, it critically assesses three effective integrated marketing communication (IMC) methods for the client. The report also evaluates how the client could measure its marketing success and its improvement. The analysis emphasizes the need for an adapted marketing mix, considering the diverse segments within the Indian education sector and the importance of promotional activities tailored to different age groups and educational levels. The CBBE model analysis focuses on brand identity, meaning, response, and resonance, concluding with positive brand reputation and equity. Finally, it highlights advertising, personal selling, and public relations as effective IMC methods for the Indian educational market.

STRATEGIC MARKETING
INDIVIDUAL
MANAGEMENT REPORT

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Marketing Mix Analysis..............................................................................................................3
Customer Based Brand Equity Model.........................................................................................6
Applying Integrated Marketing Communications Methods........................................................7
Measuring the marketing success and its improvement..............................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Strategic Marketing is a very exhaustive terms that can be associated with the different
strategies that are formulated for the purpose of accomplishment of marketing objectives and are
usually adopted in the international expansion and venture of the company. In the current report,
the expansion of Ashanti Marketing Solutions Ltd. in the educational industry of India will be
evaluated. The marketing mix analysis will be conducted i.e. whether it should be implemented
in the Standard form or in the adapted manner and the CBBE model will be evaluated. Further
the different communication methods that can be adopted will be analysed and lastly the success
measurement tools will also be evaluated accordingly.
MAIN BODY
Marketing Mix Analysis
In the process of globalisation and international expansion of the companies, the marketing
practices that should be adopted are often debated upon. The most common debates in such
instances is that whether the marketing mix elements that help in promotion of the product
should be kept in standardised manner or they should be adapted. The standardised marketing
mix indicates that the all the elements of marketing mix are implemented in the international
countries in a similar manner as they are implemented in the domestic country (Kraus and et.al.,
2016). For example, Coco Cola is one such brand that implements the standardised marketing
mix in all the international ventures in which the company operates at a global level. On the
contrary, the adapted marketing mix is developed when the international country in which brand
intends to expand has a different cultural and economical purview and hence the marketing mix
elements are modified accordingly so that the market can be targeted accordingly in a better
manner. Such adapted marketing mix helps in increasing the reach of the marketed products or
services (Larsson and Jakobsson, 2019). For example, the Nokia Company sold customised cell
phones that had built in features different for different markets depending on the social life and
usage habits etc. Although the adapted marketing mix is costlier but the results in the form of the
targeted market segments in the international markets are much higher and help in reaping the
benefits.
Since currently, the client intends to develop the educational development and integration
in the international market of Indian economy, it can be adequately ascertained that the different
models that were used to analyse the internal, external and competitive markets of India are
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different then the country to which the client belongs. Further the societal beliefs regarding the
importance of education, the technological advancement in this field, the existing competition
everything is different and hence the approach that should be adopted in the marketing should
also be different and adapted according to the norms prevalent in the Indian economy (Išoraitė,
2016). The different segments in the education sector of Indian economy need to be targeted
differently and hence adapted marketing mix can be adopted by Ashanti Marketing Solution Ltd.
in the following manner:
Elements of Marketing
Mix
Description
Product The product in itself is the enhanced access to educational
services in the Indian economy but for different segments
the outlet will be different i.e. for children, the play
schools with a fun learning approach would be necessary,
for teenagers properly structured and disciplined schools
would be the product and for youngsters, colleges with
adequate knowledge sources is the product here (Wu and
Li, 2018). Therefore in this manner the products will be
different for each segment that has been identified in the
overall educational industry of India.
Price The price factor is again differentiated o the basis of low
medium and high income parents. In Indian structure,
parents are usually the ones that bear the weight of the
education of their children throughout their life and the
child does not study on their own. Hence the income
structure of the parents helps in ascertaining that what is
the educational level and preference that they can afford
over all the available options (Jindal and et.al., 2020).
However value pricing is the best strategy that can be
adopted in the lucrative industry of educational industry
where the children can be given in return at least
something that is worth their money if not extra in value
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addition.
Place The place i.e. location is not geographically advanced
since the aim is to integrate and develop educational
activities all over India. Further with the assistance of the
technological devices, the access can be increased to the
different areas that might otherwise not be connected very
well (Liu and et.al., 2017). Hence place in the current
marketing mix cannot be pinpointed but it will be in all
the major locations and further the access will be tried to
increase to as many remote areas as possible so that
overall spread can increase.
Promotion The promotional activities that will be conducted in the
educational segment of India is the major aspect of the
marketing mix that will need to be adapted. Unlike the
domestic country of UK, in India education is not just
limited to graduation from high school and almost 90% of
the students there pursue the higher studies of going to a
college which is an unlikely thing in UK (Massingham
and Pomering, 2017). Therefore the promotional activities
targeting youngsters would focus more on colleges with
good on campus placements and job earning
opportunities, the students going to schools can be
targeted with the quality of library, textbooks being used
etc. and the students in the playgroup can simply be
retained by the integration of learning with the amount of
fun activities that they are able to indulge in.
Hence, it can be collectively said that the marketing mix and activities need to be adapted
according to the different segments and behaviour patterns of the Indian population and their
tendency to perceive different aspects associated with education. Therefore adoption and
implementation of the marketing mix that has been moulded and specifically designed in such a
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manner that it targets the different segments in the consumer group according to their different
activities, perceptions and beliefs is the best strategy that can be adopted by the client as well.
Customer Based Brand Equity Model
The Customer Based Brand Equity Model or CBBE Model, devised by Kevin Keller is the
best and most significant model that can be used to measure the success of the brand directly
with the manner and attitude of customers towards that brand (Khanna, Jacob and Chopra, 2018).
The model is in the pyramid like structure where the brands can learn the method to develop a
strong foundation and based on that the brand develops a positive relationship thus working on
resonance as well. For the existing clients, this model can be implemented and evaluated in
following manner:
Brand Identity: The first aspect helps in evaluating the “who are you” aspect where the manner
in which the customers perceive the brand currently and further distinguish it from other
competing brands is established (Ande and et.al., 2017). In the present context, it can be
evaluated that Ashanti Marketing Solutions, the manner in which is it perceived currently by the
customers is an international organisation that aims to expand educational sector in the
organisation. They have been able to differentiate only on the aspect of international organisation
since currently there are not any major activities or plans that they have implemented.
Brand Meaning: After the initial phase of increasing awareness of the brand, there is the next
step that is where the customers begin using the products and services of the brand and evaluate
the overall experience that they had. This incorporates two aspects: Brand performance and
Brand Imagery (Tasci, 2018). Brand performance in the current aspect can be evaluated by the
educational ventures or options that are developed by the organisation where the better service
and access to the educational platforms can increase the overall performance. Brand Imagery on
the other hand indicates that how the social or psychological needs of the customers are being
met by the brand. The educational facilities that will be further developed would be mostly
focused on the integration of the technology so that better options for studies can be developed.
Brand Response: The brand response basically indicates the different feelings that customers
have towards the brand. Since the brand currently would be focusing mainly in the integration of
education in Indian economy in a better manner with improved and advanced teaching methods,
some of these will definitely view it as a positive change that will bring the best learning
methods but there will also be some of those customers who will perceive that this technological
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advancement is reducing the importance of traditional methods of education that were developed
earlier (Çifci and et.al., 2016). Therefore there will always be mixed reaction coming from
different customers but regardless of it, the brand should always focus on the development of
positive brand image and work on its improvement.
Resonance: The term resonance indicates how strong a relationship of brand is with their
customers i.e. the loyalty of the customers towards the brand is evaluated here. The relationships
between the customers and the brand currently would mostly be positive because the education is
one of the key aspects in everyone’s life and especially parents that will be engaging with the
client in order to develop better future of their kids and hence they would be concerned as well
(Khanna, Jacob and Chopra, 2018). The overall relationships that will be developed will be
positive and would lead to an increased relationship building as well with the client.
Thus overall the analysis of the CBBE model clearly indicates that the brand reputation
and equity that will be developed by the Ashanti Marketing Solution Ltd. would be extremely
well developed and inclined towards positive side more than the negative side.
Applying Integrated Marketing Communications Methods
Integrated marketing communications (IMC) is a marketing concept that is developed
and applied in order to ensure that all marketing messages and communications of an
organisation such as the Indian Educational System, are effectively linked together. IMC
effectively integrates together the distinct marketing communications of the Indian Educational
System, so that their marketing and promotional activities can cohesively be successful towards
accomplishing the organisation's marketing objectives (Batraga and et.al., 2019). There are
various tools or methods through which the Indian Educational System can effectively apply
IMC such as:
Advertising: Advertisement and promotions are amongst the most effective approaches through
which the Indian Educational System can promote their services within India. The Indian
Educational System can advertise their services using both traditional and digital channels of
marketing i.e., both online and offline. Indian Educational System can make use of traditional
marketing tools such as magazines, TV and radio commercials, billboards, newspapers to
effectively advertise their services to a large section of the Indian population. Indian Educational
System can also make use of digital marketing tools such as online websites, social media
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platforms, emails etc., to advertise their services digitally through the internet, advertising to a
large section of the Indian population at comparatively decreased costs.
Personal Selling: This method is also an immensely effective IMC tool, as it takes place when a
sales or marketing representative of the Indian Educational System directly sells its services to
potential clients (Pavenkov and Rubtcova, 2019). This IMC method is also immensely effective
as the real interactions between the sales representative or marketer of the Indian Educational
System and their client results in the formation and strengthening of the relationship between the
organisation and its customers.
Public Relation Activities: This IMC tool can be used by the Indian Educational System to
promote their brand and increase its awareness, value and reputation in India. The Indian
Educational System can make use of public events, charities and functions in order to present the
organisation to the Indian population in a positive light in order to further their marketing
operations.
Measuring the marketing success and its improvement
Once the organisation is closely integrated and established in the educational industry in
Indian economy, it is very essential to regular monitor the success aspect as well where the
performance will be regularly evaluated and the achievement of the organisation can be
compared and worked upon regularly. The success can be measured using a variety of methods
some of which can be illustrated as follows:
Benchmarking: Under this technique different targets can be set for the company where the
maximum limit of the certain revenue generating activities such as sales, or revenue figure etc.
can be set as a benchmark and the company should work towards its achievement (Xia and et.al.,
2017). The achieved figure is then evaluated in context of the benchmark that was developed and
the performance is then evaluated i.e. whether it was adequate or there should be any more
improvements or not.
Returns on Investment: This is also one of the most effective techniques that can be used by the
company where they can evaluated the amount of returns or revenues that they are able to
generate on the basis of investments that they are making i.e. the assets that they are buying etc.
This helps in measuring that whether the returns are adequate against the investment that are
being made or they need to be increased further so that correct ratio can be established.
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Market Share: The market share indicates the total percentage of the overall market in the
educational industry of India that the company is able to capture so that the overall success of the
company can be measured. The higher the market share, higher is the success of the company
and its reach within the customers (Kristan and et.al., 2016). Therefore, this is another method
that can be used to improve the performance of the company by constantly developing strategies
and methods that are in accordance with the market performance.
Therefore the utilisation of these techniques will indicate that what are the performance
levels of the companies and how are they able to capture the significant market share of the
economy in which they have deicide to expand i.e. in the education sector of Indian economy.
The strategies can be further improved by conducting a regular analysis that points out the
manner in which the consumer opinion, market trends, competitors strategies are regularly
observed and evaluated and thus developing those strategies which are in accordance with the
results hence obtained. Therefore, the regular strategic evaluation is necessary to formulate
correct strategies in the company at all times that can help in the better market capturing and thus
ultimately improve the performance of the company increasing the success quotient.
CONCLUSION
The analysis done in the report above helps in concluding that development of correct
strategies that can help in the better performance of the company in the overall market share. The
marketing mix strategies were concluded to be adopted in the adapted manner where they were
modified according to the market requirements. Further the CBBE model was applied and
analysed and the different communication methods that could be implemented were also
analysed and evaluated. Lastly the report presented the success measurement techniques that
could be adopted by the company so that they could regularly monitor their venture into the
educational industry of India.
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REFERENCES
Books and Journals
Ande, R.A., and et.al., 2017. Brand resonance score for CBBE model: an application in financial
services. Benchmarking: An International Journal.
Batraga, A. and et.al., 2019, May. Influence of Integrated Marketing Communication Tools
Upon Consumers’ Buying Decisions in the Context of Sustainability. In Proceedings of
the Conference “New Challenges of Economic and Business Development–2019 (pp. 53-
62).
Çifci, S., and et.al., 2016. A cross valıdatıon of consumer-based brand equıty (cbbe): drıvıng
customer equıty ın retaıl brands. Journal of Business Research, 69(9), pp.3740-3747.
Išoraitė, M., 2016. Marketing mix theoretical aspects. International journal of research
granthaalayah, 4(6), pp.25-37.
Jindal, P., and et.al., 2020. Marketing-Mix Response Across Retail Formats: The Role of
Shopping Trip Types. Journal of Marketing, 84(2), pp.114-132.
Khanna, M., Jacob, I. and Chopra, A., 2018, July. Analyzing factors that influence brand
resonance among alumni (as past customers) to develop brand equity for higher education
brands. In 2018 global marketing conference at tokyo (pp. 385-385).
Kraus, S., and et.al., 2016. Standardisation vs. adaption: a conjoint experiment on the influence
of psychic, cultural and geographical distance on international marketing mix
decisions. European Journal of International Management, 10(2). pp.127-156.
Kristan, M., and et.al., 2016. A novel performance evaluation methodology for single-target
trackers. IEEE transactions on pattern analysis and machine intelligence, 38(11),
pp.2137-2155.
Larsson, M. and Jakobsson, K., 2019. The Role of Standardization and Adaptation in the
Marketing Mix: A case study on a professional service firm.
Liu, Y., and et.al., 2017. The effects of products’ aesthetic design on demand and marketing-mix
effectiveness: The role of segment prototypicality and brand consistency. Journal of
Marketing, 81(1), pp.83-102.
Massingham, P.R. and Pomering, A.A., 2017. Introducing Knowledge Management to the
Marketing Mix.
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Pavenkov, O. and Rubtcova, M., 2019, February. Development Priorities and Trends of
Integrated Marketing Communications in Russia. In WRFER-International Conference
on Business Management and Social Innovation (ICBMSI), Chennai, Tamil Nadu, India
(Vol. 10).
Tasci, A.D., 2018. Testing the cross-brand and cross-market validity of a consumer-based brand
equity (CBBE) model for destination brands. Tourism management, 65, pp.143-159.
Wu, Y.L. and Li, E.Y., 2018. Marketing mix, customer value, and customer loyalty in social
commerce. Internet Research.
Xia, G.S., and et.al., 2017. AID: A benchmark data set for performance evaluation of aerial
scene classification. IEEE Transactions on Geoscience and Remote Sensing, 55(7),
pp.3965-3981.
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