Comprehensive Analysis of WeWork's Marketing Strategy and Planning

This report provides a detailed analysis of WeWork's marketing strategy, focusing on its planning process, mission, and market audit. It examines the company's SWOT analysis, highlighting strengths like high-quality online services and innovation, and weaknesses such as poor employee relati...Read More

MARKETING
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Table of Contents
EXECUTIVE SUMMARY .................................................................................................................3
MARKETING PLANNING PROCESS .............................................................................................4
1. Business Mission.........................................................................................................................5
2. Marketing audit............................................................................................................................5
3. SWOT analysis............................................................................................................................5
4. Marketing objectives....................................................................................................................6
5. Core strategy: ..............................................................................................................................6
6. Marketing mix decision...............................................................................................................7
7. Ansoff Matrix...............................................................................................................................7
8. Implementation............................................................................................................................7
9. Control.........................................................................................................................................7
Controlling marketing activities...........................................................................................................8
1. Online marketing ........................................................................................................................8
2. Techniques for controlling marketing activities..........................................................................8
3. Objective .....................................................................................................................................8
4. Techniques...................................................................................................................................8
ROLE AND SKILLS OF MARKETING MANAGER ......................................................................9
CONCLUSION..................................................................................................................................10
REFERENCES...................................................................................................................................12
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EXECUTIVE SUMMARY
The marketing planning can be defined as proper method used by corporation for boosting
the promotion and sales of its offering. It further help in proper selection of the means of
communication between company and its potential customers. The WeWork is leading company
that provides co-working office spaces. The marketing activities play a important role in ensuring
the promotion of services of cited company. The marketing planning is a method through which
Wework can assess the present market so as to develop a strategy through which entity can expand
in present as well as new market. The marketing process will involve functions like, determining
business mission, internal, external position, deciding marketing objectives and strategy to attain
them etc. From the SWOT analysis it has been identified that new technology, innovation and
improving market share are some strengths of WeWork. While, poor employee relation is one of the
weakness of brand. In terms of online marketing, it can be stated that WeWork is effectively
carrying out marketing of its services in order to attract customers. Here, online marketing channels
such as social media and emails are used by WeWork.
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INTRODUCTION
The marketing planning is a method that enables an organization in managing advertising
and marketing efforts for the future. It can be determined as a road map that determines the business
environment, ascertain possible business issues, and ascertain threats and opportunities for progress
in the sector. It is important aspect as it helps in providing benchmarks of performance for
assessment and comparison of actual work (Strauss, 2016). The present report presents a critical
analysis of the marketing strategy adopted by WeWork as well as illustrates various techniques,
which can be adopted to control the activities pertaining to marketing. Wework is an American
company in which physical and virtual communities are designed to provide shared workspaces to
freelancers, start ups and small business. The company carries out effective market research in order
to identify need and demand of all its customers. On the basis of information gathered, it carries out
online marketing in order to attract more and more customers. For example it has developed an
official page on Facebook from where it communicates messages and information related to its
products and services.
MARKETING PLANNING PROCESS
The term marketing planning is a broad concept that enable organization is analysing market
opportunities. It further helps Wework in developing effective marketing strategies to maximize the
sales and profitability of business (Fortenberry and McGoldrick, 2016). Overall, it can be stated as
effective method used to determine and meet the requirement of customers and the organization.
The marketing process is considered by Wework at both product and business level. The detailed
description of which is as follows:
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The internet marketing planning process of Wework consists of different stages. In the first
stage , the selected organization defines its customers whom it is planning to target. Here,
businesses and start-ups in the country are mainly targeted. In the second stage of online marketing
plan, Wework determines the tools and techniques of marketing which it is going to use. On the
basis of selected tools, appropriate online marketing budget is defined by the selected organization.
At last the plan is implemented in order to increase sales and profits of Wework.
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1. Business Mission
The mission of Wework is to build a world where individual strive to make a life and not
just living. The organization aims at building a community by assuring maximum satisfaction of its
stakeholders (Bhattacharya, 2016). The mission of company is different from its rivals such as
Nash Work and Co-work where success is calculated in terms of revenues while Wework focuses on
personal fulfilment.
2. Marketing audit
It is important framework that enable broad, organized, autonomous and periodic assessment
of a organizations online marketing assets. The online marketing audit can be performed with help
of PEST analysis which is as follows: Political: The rules and regulation of US government can affect the operations of wework. It
is important for company to follow taxation policies, employment, environment protection
laws etc (Baena, 2016). Economic: The change in economic variables has direct consequences on the working of
company. Such as, change in GDP, interest, inflation rate, disposable income etc. At present
Fed interest rate is 0.5% if it increases it will make borrowing costly for entity. Low rate of
economic growth created obstacles for Wework in terms of investing large amount of
financial resources in carrying out its online marketing. Social: It regards to change in social factors like, needs, preference, attitude education level,
income distribution of customers that have direct impact on sales of company. The brand
needs to make changes in its online marketing plan on the basis of changing customer’s
needs and demand in the market.
 Technical: It refers to change in technology and processes that impact the operations of
business (Brosche and Kumar, 2016). Such as with the increase dependence on internet,
wework use social media sites, brand site for increasing its leasing volume. Technological
advancements support Wework to carry out more effective flow of its online activities and
processes.
3. SWOT analysis
Strengths:
 It can be stated that high
quality of online services is
one of the major strength of
Weakness:
 Less improvement in
employee relation can be
termed as one of the major
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Wework. This helps in attract
more and more customers.
 Wework has developed strong
goodwill in the marketplace
and this supports the company
to gain high market share.
 Wework always seeks for
innovation in its online
services and this can be
termed as it’s another major
strength which helps in
getting competitive advantage
over other market players
weakness of Wework. It has
resulted in creating a
negative environment at
workplace
 Products lack customized
needs of customer. Wework
is not able to provide online
services as per customer
demand and needs. This has
created sense of
dissatisfaction among
customers.
Opportunities:
 Wework has an opputunmity
to make use of new
technology for carrying out
wide scale of operation and
increase sales
 Wework also has an
opputunity to enter new and
potential markets of the world
either with existing products
or with new products.
 Strategic alliance is another
opportunities which is present
in front of Wework in order to
enhance its existing sales.
Threats:
 Competitors like Uberm
Carr Workplaces have
emerged as a major threat
for Wework. These market
players have created several
kinds of obstacles in
increasing sales and profits.
 Financial crisis is another
major threat which has
created obstacles in growth
and development of Wewor
SOSTAC: It is important framework that help in marketing planning of Wework by doing
situational analysis, developing objectives, strategies, determining tactics, taking actions and
ensuring proper control. As per the situational analysis the company is growing business with
around 54 co-working locations across the Europe, US and Israel market. The objective of company
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is to expand its market share in both domestic and foreign nation. The strategy used by company is
differentiation strategy which enable it to use innovations and creative aspect in designing physical
and virtual communities (Gainsbury and et.al., 2016). The company use tactics like, improving
internal social networks to strengthen its business. To attain the objectives, it keep track of market
needs, increased competition and developing new techniques etc. It also ensure proper follow up
and control of business activities to avoid any kind of loss(Bilgihan, Kandampully and Zhang,
2016).
4. Marketing objectives
The aim of company is to enhance its market share and build its market reputation through
social networking sites. The corporation Weworks aims at connecting with global communities so
that better services can be provided to them. The entity wants to increase its corporate customers
while it is already serving big brands like, General Electrics, Pepsi, Cognizant Tech Solutions. On
the contrast, its rival Carr Workplace objective to improve its domestic market share by improving
its offline and online promotions. The entity provides executive office space, virtual office solutions
for different clients (Koo, Kim and Kim, 2016). One of the major and most important online
marketing objectives of Wework is to increase targeted traffic on its website. Another key objective
of the selected business enterprise is to enhance its online visibility. Establishment of Wework on
social media as a brand is another main online marketing objective.
5. Core strategy:
The strategy of company is to increase its business by improving its relationship with
community. In this respect, it is focusing more on increasing the number of members (Du and Sen,
2016). For this aspect, organization makes use of social sites, brand page where they provide
updates to members across the US, Israel, Europe and other continents. The corporation is thus,
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focusing on market expansion strategy. On the other hand, Carr workplaces focus on providing
services to individuals and firms in home country such as Newyork, Washington, Virginia, Georgia
etc. While, Wework wants to increase its reach in overseas market, the Carr workplaces is still
emphasizing more on domestic market (Strauss, 2016).
6. Marketing mix decision
The term online marketing mix is blend of 4 Ps, product, price, place and promotion. It is
offering its products such as shared workspaces and community through online platform. The online
prices of company are based on the location but it tries to lower the leasing expenses for customers
by reducing expenses like, administration, designing and construction, cleaning and maintenance
etc. Since, company also provide membership services, the prices for the same are $45/mo (About
us. 2016). The place determines location from where the services of entity are accessible. Here also
online presence or platform is used by Wework to sales its different services. Therefore, services of
Wework can be obtained directly from contacting its offices as well as official site. Thereafter, for
promotion company use both online and offline methods such as advertisement in newspaper,
magazine, social media sites and search engine optimization etc.
7. Ansoff Matrix
It is important framework that helps in determining the growth strategies of company. There
are four growth strategies that can be considered by company, market penetration, market, product
development and diversification. The Wework can focus on market development strategy that will
enable it in offering existing products to new markets. Here, the brand can enter growing and
potential markets such as India and china with an objective to increase its sales and profits.
However, it can be argued that, Wework can carry out online marketing of all its services in order to
attract customers. Online channels such as Pay per click and social media marketing can be carried
out for increasing sales and profits.
8. Implementation
In order to employ the marketing strategies, it is important for company to ensure proper
planning and strategy. Therefore, it can use strategic alliance such as merger where it can integrate
its operations with property rental companies in overseas market. The expansion requires huge
funds therefore, a budget must be prepared and entity should ensure the expenses are not more than
the funds allocated for the same (Kumar and et.al., 2016).
9. Control
In order to implement the plan, proper training and development opportunities can be
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provided to market personnels. In order to effectively meet the future demand of shared
workspaces, market research can be done. In addition to this aspect, wework is required to assess
competition within sector and accordingly control its activities. The marketing activities on own
sites, social media, advertisement and trade shows must be controlled properly. This will further
help Wework Company in attaining the marketing objectives within the provided time frame
(Fortenberry Jr and McGoldrick, 2016).
CONTROLLING MARKETING ACTIVITIES
1. Online marketing
The majority of promotional aspect of Wework is dependent upon internet media. The online
marketing refers to the techniques accessible to business to boost the promotion and marketing of
its offerings on the world wide web. The online marketing plays a crucial role in ensuring the
maximum sales of services of company (Du and Sen, 2016). The organization use its corporate
connections with entity like Pinterest, SpaceX, Snapchat etc for improving its brand awareness. The
company is increasing its marketing through sites like, Facebook and Instagram.
2. Techniques for controlling marketing activities
In order to ensure overall effectiveness of marketing function of company, it is important for
Wework to assure proper control. This further help the entity in attaining the marketing objectives
in effective manner. In this respect, cost assessment can be done by Wework which enable company
to compare cost incurred on different marketing activities and compare them with benefits received
from them (Gainsbury and et.al., 2016). This further help in identifying the costly and ineffective
marketing efforts. In addition to this, Wework can ascertain the customer needs their preference,
feedback, purchasing pattern and accordingly decide their marketing activities. In order to stay
ahead of the rivals, it is important for company to have proper control on marketing activities. In
order to control all its online marketing activities a digital marketing team can be created by
Wework. Here, the team will be entirely responsible to make sure that online marketing plan is
implemented in the best possible manner. The key performance indicators are going to be online
website traffic, sales and profits of Wework.
3. Objective
The objective of Wework is to increase the number of members by accelerating the
promotion. At present the number of members is more than 250. In addition to this aspect,
corporation wants to increase the footfalls on the brand page. The smart objectives are for Wework
are mentioned below as:
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 To increase online sales by 12% within next 6 months
 To increase website traffic by 25% within next one year of time
 To enhance profit margin by 12% in next 14 months
 To increase 50 number of members within 2 months
4. Techniques
There are various processes that can be used by Wework for comparing its activities with its
rivals. Such as competitor analysis can be done to identify information about the rivals. In this
respect Wework company can compare its online popularity with that of its rivals like Carr
workplaces. In this respect, company can analyse the search engine performance of its own and that
of its competitor. In order to increase the traffic on its own site, Wework can use methods like pay
per click etc. Thereafter, to improve the quality of marketing functions company can take feedback
from its customers (The marketing controlling process. 2016). With the help of customer analysis,
corporation can ascertain the target individual to whom company wants to provide its services.
Thereafter, for ensuring the success of new marketing approach, organization can use testing
research. It will further help in choosing the appropriate marketing channel that have maximum
customer reach.
Hence, from the above section, it can be concluded that marketing plays a important role in
determining the present as well as future success of Wework. Therefore, it is recommended that
company should use new techniques for improving the marketing of services like, content
marketing, conversion rate optimization, automation, social CRM etc.
ROLE AND SKILLS OF MARKETING MANAGER
Marketing manager is a person who assists for development of business and implementation
to achieve organization goals. Sales manager of WeWork has increased their sales with the help of
following skills which are discussed below: Sales skill: In B2B market buyer interacts direct with the seller so that first the vendor must
know the consumer wants and according to their needs product provide to the Individual.
Manger of company focuses on consumer choice that would help for attracting the
individual towards the products (Baena, 2016). Social media skills: today is an era of social media which dynamically spread over the
world. It is a new style of marketing strategies adopted by the WeWork that can assists to
more interaction with the consumer and motivated for online shopping. Analytical skills: In the marketing, Research skill is technical tool in which individual
gathered all required customer data and use this information for improvement in marketing.
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Company uses this skill for controlling unnecessary expenditure. Leadership and communications: A marketing manager should have a good
communication skill that can assists better convincing power about the company schemes
and products (Bilgihan, Kandampully and Zhang, 2016). WeWork arrange coaching and
classes for their marketing manager for enhancing their potential and skills for finer selling. Teamwork skills: Manager of WeWork focuses on teamwork because marketing leaders
interacts with other department at that time teamwork skill is helpful for collaborating with
others. Technical proficiency: Manger must possess understanding ability of marketing factors
such as proper way of presentation of the brands are necessary to show the value of the
products with the help of marketing message. Ultimately manger of WeWork evaluating
organization goals and mission through this skill (Pongpaew, Speece and Tiangsoongnern,
2016).
 Critical thinker: Manger should have analyses of power for future needs and determine
their chance of fulfilment. WeWork has tried to develop creative thinking in the executive
and that can analysis the problems (Marketing manager. 2016.).
A marketing manager play a crucial role in the effective management of organisation.
Individual of company tries to achieve the sales targets and objectives of the entity. The roles and
responsibilities of a marketing personnel are as follows:
 The marketing manager is responsible planning and using different idea for achievement of
marketing targets.
 Manger plays a role as a budget maker for better investment of financial resources in
different marketing activities.
 The marketing manager develop tools and techniques to manager the execution of marketing
programs (Strauss, 2016).
 Marketing manager is also responsible for look forward towards the new opportunities and
also evaluating the threats for controlling upcoming factors.
 To develop innovative and effective marketing campaigns to attain the sales target.
CONCLUSION
From the above report, it can be concluded that marketing is among the core activities of
Wework incorporation. With the help of marketing planning process, company can attain the sales
target in the best manner. From the report, it can be concluded that, company is progressing at high
speed. In order to ensure promotion, it uses both online and offline marketing channels. Thereafter,
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it has been identified that success of the marketing campaign depends upon the skills, efficiency and
knowledge of marketing manager.
RECOMMENDATION
 To consider proper budget for managing the expenditure on varied marketing activities.
 To consider the marketing strategies of competitors while functioning to stay ahead of them.
 To provide training and development to marketing managers so that they can provide better
quality of work to company.
 To identify the customer requirement before designing a product or choosing a marketing
channel.
 To improve the focus on customer feedback to ensure continuous improvement of business
functions of WeWork.
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REFERENCES
Books and journals
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Bhattacharya, C. B., 2016. Responsible Marketing: Doing Well by Doing Good. GfK Marketing
Intelligence Review. 8(1). pp.8-17.
Bilgihan, A., Kandampully, J. and Zhang, T., 2016. Towards a unified customer experience in
online shopping environments: Antecedents and outcomes. International Journal of Quality
and Service Sciences. 8(1). pp.102-119.
Brosche, K. and Kumar, A., 2016. Realtime Data Accelerates Online Marketing. In Programmatic
Advertising (pp. 221-232). Springer International Publishing.
Du, S. and Sen, S., 2016. Challenging Competition with CSR: Going Beyond the Marketing Mix to
Make a Difference. GfK Marketing Intelligence Review. 8(1). pp.18-23.
Fortenberry Jr, J. L. and McGoldrick, P. J., 2016. Internal marketing: A pathway for healthcare
facilities to improve the patient experience. International Journal of Healthcare Management.
9(1). pp.28-33.
Gainsbury, S. M. and et.al., 2016. Exposure to and engagement with gambling marketing in social
media: Reported impacts on moderate-risk and problem gamblers. Psychology of Addictive
Behaviors. 30(2). pp.270.
Koo, K. R., Kim, S. J. and Kim, K. H., 2016. The effects of internal marketing capability on export
marketing strategy, B2B marketing mix and export performance. Journal of Global Scholars
of Marketing Science. 26(1). pp.51-65.
Kumar, V. and et.al., 2016. Research framework, strategies, and applications of intelligent agent
technologies (IATs) in marketing. Journal of the Academy of Marketing Science. 44(1). pp.24-
45.
Pongpaew, W., Speece, M. and Tiangsoongnern, L., 2016, January. Customer Brand Engagement,
Perceived Social Presence, and Brand Trust and Loyalty in Corporate Facebook. In 2016
Annual Conference of the Emerging Markets Conference Board, Chulalongkorn University,
Bangkok, Thailand (pp. 6-8).
Strauss, J., 2016. E-marketing. Routledge.
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