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Propose a Marketing and Operations Strategy
XYZ Company has now decided to rework its marketing and production strategies to increase market share and reduce overall costs. Since I oversee marketing and operations, top leadership has requested that I prepare a formal proposal for the Board of Directors that focuses on a new marketing and production strategy. In my proposal, I will evaluate the following:
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Market segmentation, channels of distribution and logistics, and supply chain management. Marketing research tools that XYZ should use to understand their products and marketplace including quality management ideas, quality improvement ideas, project management ideas in terms of operations, and the overall new marketing/production strategy that we will be using.
When you look at the meaning of market segmentation, it is defined as the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics (BD, 2019). Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segments (BD, 2019). This only illustrates the importance to defining XYZ Company’s marketing policies and procedures for the Chicago Bulls in Chicago Illinois. I will have XYZ Company provide shirts, hoodies, watches, shoes, and books, and as well as kid toys. Heterogeneous markets are related to customers of fans attending Chicago Bulls games and homogeneous markets are those customers that would like to go see a Bulls game. When looking at segmenting, there are six things you can go by to help your company. Knowing what XYZ is trying to accomplish and providing Chicago Bulls apparel to various markets within each segment. The first thing I would do is look at the market of the Bulls during the time that they were winning, to where the franchise is right now. So, you look at the market from 1990 – 1998, then you look at 2000 -2019. So, for XYZ would it benefit them to sell things in the small market for the Bulls or looking at things as far as a heterogeneous market, we need to define who the Chicago Bulls will attract. Which type of fans, age of the fans, criteria, location of where fans will be, and other demographic opportunities to maintain successful completion of market segmentation. We know that the Chicago Bulls have an 82-game season and will be playing in the United Center in Chicago. Looking at the age groups from teenagers to adults as well as many attendees participating, we can really focus on assessing proposed market segments (Step-by-step Guide et, 2017). Now we can really define in detail the segments that should be similar in needs (homogeneous), and the varying groups of ages with various needs (heterogeneous) markets to define SMART goals. XYZ company segment will market extensively conducting more research on the selling products during the Chicago Bulls games in Chicago (Bulls t-shirts, hoodies, watches, shoes, and books), while associating experts and publication to advertise the products for a greater sale (Lake, 2017).
Channels of Distribution and Logistics
XYZ company to continue become a big company and to compete with other companies, all employees of XYZ should really understand channels of distribution and logistics. They both generally are used in businesses to obtain, deliver and sell goods in the industry. However, logistics focuses on the detail and planning, why distribution describes the actual movement of products. Logistics is the foundation (planning, management, coordination, and design) that gets goods up and running (Kokemuller,2017). Nevertheless, it initially is on the internal side of systems, whereas channels of distribution are on the collaboration side. Distribution has more channel partners to collaborate with in order to make faster moves with information and goods. Due to the greatness of automated inventory systems and electronic integration, the fulfillment of information being sent, merchandise ordered, and transporting goods in a quickly matter would be great success for the XYZ company.
So, we want to increase our market shares so how can we do it, XYZ Company must come up with a great marketing strategy. According to this study, market segmentation is an important are of marketing (Daniel, Frost, & Baier, 2015). So how do we begin, well, the first step will be to determine Market Segmentation. It would not be fair to try to appeal to an entire market, marketers will try to find out which customers will like the product and try to get that product into their hands of everyone (Peregrine Academic Services, 2019). The heterogeneous group is every potential purchaser living or visiting the Chicago Bulls in Chicago. The homogeneous market is just those individuals who are interested in attending the Chicago Bulls games. XYZ Company will need to determine what types of shirts and styles of shirts the Chicago fans will desire and produce that type and style of shirt. The company will only successfully achieve this process through the implementation of marketing research tools. These are defined as gathering the facts through design, collection, interpretation, and reporting of facts (Peregrine Academic Services, 2019). XYZ Company need to employ focus groups of 8 to 10 people as an exploratory technique to determine products and competitor’s products (Peregrine Academic Services, 2019). With this information in hand, the company will then be able to create the kind of t-shirts that the fans can enjoy and love.
There are so many marketing researches tools that can be used to address the market segments of the XYZ Company distribution and supply demands. Jami Oetting provides 17 tools and resources for conducting market research (2016). Most of these resources are very helpful, but cost minimum to none on the pocket of XYZ Company marketing directors. A very good resource to use Google: Marketers’ Almanac (a free service) provides helpful tips on how people browse and buy online (Oetting, 2016). American Fact Finder and Country Business Patterns are both free services that use United States census backed information that can otherwise help provide information on various market segments. XYZ Company can utilize tools such as Survey Monkey, Survata, MakeMyPersona, Ubersuggest, Pew research Center, Social Mention, and Hubspot Research, all at minimum or no cost, provides research, surveys, and/or performance of XYZ Company consumers (Oetting, 2016). All the tools are a great resource for determining marketing functions, performance, supply and demand chains, distribution channels, and understanding XYZ Company’s market segmentation
It is safe to say that that XYZ Company market segmentation for the Chicago Bulls seeks much resource and performance production analysis. The resources, developments and preparation of this proposal illustrates the probability of a successful return and analysis of supply chain and distribution. While many can say that supply chain is simple, the analysis speaks for itself when distribution and management functions delve into the interests of the consumer with high demand, especially when dealing with online market adjustments. Finally, the tools recommended all reveal the appropriated research, questionable, and interest-bearing probability to problem-solving adventures within XYZ Company’s products, quality management ideas, quality improvement ideas, project management ideas in terms of operations, and the overall new marketing/production strategy.
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