This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Strategy is long term planning to achieve the goal and objectives of any organisation by utilization the different resources in the different environment to fulfil the market need and stakeholder satisfaction.
Vodafone's strategy is that to give satisfaction to the customer by the utilization of advanced technology and product led to the its purpose the company is continually developing new products.
Marketing strategy plays a vital role in the development of corporate strategy which has directly concerned to fulfil customers demand and wants and efficiently meeting their requirements. Marketing strategy is also help full in the development of business.
Vodafone's marketing strategy:
Vodafone's marketing objective in the UK is to keep market leadership on revenue per customer, network quality and customer satisfaction. Vodafone's strategy is customer focused and product led for this purpose the company is continually developing new products and services which utilize the advance technologies. For example, young people think hard about which mobile phone to buy for this purpose they go wide range search for only best services with best value of money. It is very difficult to sell them. In order to keep market leadership, Vodafone has established a set of marketing objectives.
Keep the existing customers.
Increase infiltration of new data service (i.e. Vodafone live!)
Introduce new technologies and best services (e.g. Vodafone live! and mobile internet)
Continue to expand the Vodafone brand
Attain new customers.
Vodafone is achieving these objectives by continually updating the variety of phones and services offered to keep ahead of its competitors. Also, Vodafone's distinctive 'How are you? & live!' advertising is helping to improve the brand image and saliency to all mobile users.
Vodafone's at micro and macro level:
Vodafone is the one of the leader in the international mobile communication market with over 200 million customers all over the worldwide 25 different countries. To fulfil the requirements of the stakeholders, Vodafone's invents brands and products by using the different technologies in the tough competition of the modern market.
In 2005, in Kenya, Vodafone's did partnership with the safaricom which is the local telecommunication of the Kenya. Vodafone also did partnership with the UK Department of international development and commercial bank of Africa by providing local banking service.
In start Vodafone feels that it is not about the new technology, it was about the new application of existing technology. At the first task, Vodafone won £1m from the financial deepening challenging fund. There are different services available to M-PESA like making loan repayments, making payments from authorised agent and also cash withdrawal as well.
Growth of telecommunication brings positive benefit for wider economy development. It increases efficiency of trade at micro level, specifically in the rural areas. More stable economy is helpful to bring benefits for long term business of Vodafone.
Methods of marketing research:
Quantitative marketing research:
Quantitative method usually based on sampling. That sample data is estimated level of accuracy, population or universe which they are drawn.
It is classified in the three groups:
Customer files or segmentation
Qualitative market research:
Qualitative market research is classified in the following group:
Projective interviewing techniques
Customer complaints departments:
For the effective marketing strategy organization has to give focus on the complaints departments which are more helpful to improve the business. Through this organization also came to know either we are following the right marketing strategy.
Customer hotlines means through using the internet and telephone. On the organisation specific website customer can give feedback, do complaints and many other option are there. This also a best way to know about the condition of the effective marketing strategy.
"PORTFOLIO" is the Collection of Products, Services, or Brands that are offered for sale by a company".
"PORTFOLIO MODEL"Â means a company's strategy for allocating different organization resources between various units of business. Product portfolio is the best example of portfolio model. In building up a product portfolio model a company can use different analytical methods and techniques including.
â€¢B.C.G. Boston Consulting Group-Analysis
â€¢Contribution Margin Analysis
â€¢GE General Electric. Multi Factorial Analysis
B.C.G. Analysis is a 1st method used in Brand marketing, Product management and Strategic management to help a company decide what products to add to its product portfolio. Products rating includes in it according to their relative Market Share and Market Growth rate. The products are then planed on a two dimensional map.
Products with high market share but with low growth rate are referred to as "cash cows".
Products with high market share and high growth rate are referred to as "stars".
Products with low market share and also with low growth rate in market are referred to as "dogs".
Products with low market share and high market growth rate are referred to as "question marks" or "problem children".
BCG Matrix Each circle shows a product or brand. The size of the circle shows the value of the sales of that specific product. A "question mark" shows that product has the potential to become a "star" in the future if it is developed. Balance portfolio is the best for any organization or business. There should be at least one "cash cow" which can generate maximum revenue and results develop one or more "question mark". BCG Matrix with Cash Flows
BCG Matrix with Cash Flows, B.C.G. Analysis was originally developed at the Boston Consulting Group by Bruce Henderson n the early 1970s.
G.E. Multi Factorial Analysis is 2nd method or technique used in brand marketing and product management to help an organization what types of product(s) to add to its product portfolio. One dimension includes nine industry attractiveness measures and other comprises includes twelve internal business strength measures.
Contribution Margin Analysis is a 3rd method or technique used in brand marketing and product management to help an organization what types of product(s) to add to its product portfolio. Calculations includes additional revenues, additional costs, effects on other products in the portfolio (referred to as cannibalization), and competitors' reactions.
Marketing Strategic alternatives:
Vodafone is one of famous organization and big telecommunication company in the UK. There are three major group to which Vodafone provide the services that are private individual, small and large business and the organization. Vodafone's strategy is to become a leader in the market. Vodafone take care of the customer's needs, demand and want. Customer demands new up to date products and seek added value new packages with the modern technology.
A long term planning is helpful to make effective strategy which will take towards the successful marketing strategy. Marketing mix includes four P's.
a product provide different facilities like to chat with others, play games, exchange ring tomes, sending and receiving pictures, capturing pictures and making video call, send up to date news about weather and news as well and there are many other services as well. Vodafone give live information the every move and up to date service as well.
Vodafone wants to extend their business as much as they can to the youngsters, mature persons, executives, professional people and to also to the senior citizen. Vodafone's have different price package which is suitable to the every age group of customers and these different packages are added value which fulfill the requirement of the customers. Vodafone is offering monthly price plan package and also pay as you go package. Vodafone has provided online top up facility as well. Vodafone also giving NECTER benefiting by using the text messages, sending picture and many other things as well.
There are more than three hundred stores in the UK which is beneficial for the customer for the easy accessibility. Vodafone also sell their mobile phones and also independent to the other retailers like car phone ware house. Customer can come to the stores and check out their favorite mobiles and deals which is reasonable for them. Due to easy accessibility, customers are able to see and handle the products as they are purchasing the different products. In the different stores, there are well experienced customer service representatives are required which explained each and every thing to the customers and also give information about the coming new mobiles and the new packages. Through this way customer can be satisfy.
Vodafone have connection and communication with the famous icons like David Becham which increase its value. Best ways of promotions which is adopted by the Vodafone is adverting on TV, billboards, magazines, media out lets and also on the internet which has helped effectively and promoted Vodafone successfully. This is known as above the line promotion.
Below the line promotion is to offer different package which do promotion of the company and also increase the annually sales of the company by using the attracting sales posters inside the stores to buy. In the marketing mix, promotions include Vodafone's stores, staff and its different offer which increase its brand image. Vodafone's also have good public relationship in the U.K by using the press release and up to dated articles and by using new source or media.
Marketing mix of the Vodafone is the best way to explain about the different price offers which are reasonable foe every one. Promotion of the Vodafone Company gives shape a successful strategy. Different products of the Vodafone are reliable because of their quality and brands. Vodafone stores are located on those place which customers can access easily at the time of need.