International marketing strategy Assignment Sample
Introduction
The task aims to have the best focus on developing the effective marketing strategy for international operations of Netflix; and will include various theoretical knowledge and sources to develop an effective marketing strategy and conduct the marketing audit. The approaches taken to conduct marketing audit along with theories and models will be defined while; the ethical and social issues which need to be kept in mind while developing the marketing strategy will be shown. Moreover; the target market and the target consumer will be discussed and the consumer persona will be developed (Deepak and Jeyakumar, 2019). Further, the marketing preferences of Netflix in the international market and in Canada will be evaluated to see what unique can be done. The marketing strategy developed will be discussed based on the skill audit and its basic tactics and actions for its immediate application while; the ethical and social issues related with new strategy will be discussed that may occur in future.International marketing strategy Assignment Sample
At the part of the marketing strategy, the marketing strategy statement will be developed to summarise the strategy, while; one of the marketing tactics will be justified to enhance sales with the use of theories and literature. The benefit of the new strategy and its measurement matrix will be discussed at last. The conceptual model of a marketing audit is being used as the approach to conduct a marketing audit, which is further supported by relevant questions as the guide for effective marketing (Chris Slocumb, 2018). The model aligns the efforts and strategies and then aligns them to the organisational objectives, research issues, and procedures that need to be done. As shown in the figure below, the model effectively shows the market orientation as the input, which is aligned with goals to modify it or recapitalise elements of orientation.
As the next step, a marketing strategy is to be developed that is aligned with organisational objectives. Then, the strategies for Netflix operations in Canada are approved or resent for modifications. Further; based on the approved marketing strategies, tactical marketing plans are being developed; they are aligned to organisational objectives, and changes are recommended, and all of the above steps lead to marketing excellence which is interpreted based on the objectives.
The specific process for this framework is to set marketing orientation based on the goals and objectives of the organisation. The issues with this stage are that; the marketing ordination needs to meet the needs of the consumer and the organisation (Hakimovna and Muhammedrisaevna, 2022). The marketing strategy needs to consider budget and ROI assessment; the strategies need to yield the best results with the least cost possible. The resource evaluation is done in the output section of the marketing strategy after aligning strategies with overall marketing objectives. Tactical and operational marketing de at last; consist of answers related to demand generation, lead management, handling resistance and public relation to having an effective marketing audit.
Figure 1 Conceptual marketing audit framework
(Source: Piotr Hadrian, 2020)
Analysis of ethical marketing issues makes the management of Netflix to focus on various ethical issues such as; marketing research issues as; the researchers may treat various respondents differently and have discrimination while; the employees needs to avoid old stereotypes, social paradigms need not to be avoided, and need not to manipulate vulnerable target audience. The lack of acceptance of responsibilities leads to ethical issues. Privacy issues or exploitation of the target market are a few issues that create ethical issues.
As per target persona, new strategies of Netflix will be to target youngsters in universities while; they will be working class and students further; the target audience will range from 15-45. The location of the consumer is urban areas. They are general unmarried. They aim to have music to influence their mood, reduce stress, and make them happy. Their challenge is that; that they do not have proper time to watch movies or shows and series. Netflix can have full time download or rental services (Mothersbaugh et al. 2020). The specific marketing preferences for Netflix would be to target youngsters and offer rental services. Based on Analysis of the marketing audit, the current strategy to be used by Netflix in Canada can allow rental services or can use Freemium strategy where; free membership or students by uploading their Ids can be made to encourage them to try Netflix for the month and encourage potential customers to try it and have product awareness.
Netflix can have various areas of improvement, such as allowing three-day premium lists that can ask members to continue as; part of attractive marketing. The management needs to remember and consider various marketing issues, such as; need not target customer based on their income while; not need to use the cookies from the app for commercial purpose as; the consumers enter their financial and personal information while; it is the responsibility of management to secure the customer data.
Marketing strategy
The strategies are very important for the marketing purpose as; they act as the guideline, and this leads to competitive advantages. Netflix needs to effectively manage the products and related features to effectively implement marketing strategies. The model such as marketing mix can be used. The strategy states to focus on freemium strategy; and rental services and target more to the students, and thus; as per the marketing strategies, the product needs to be served free in starting and rental movie services needs to be started (Ferrell et al. N2021). As per the part of product element, 3 days of premium service on the new account can be provided as this will encourage new customers to try Netflix and have marketing targeted to them. As per the price element, 1 month discount on the purchase of premium services for minimum 3 months can be made as per the pricing. Since; the brand name and image is high in the Canadian market with high brand awareness; and thus; premium pricing can be set.
As per the demographic Analysis of the Canadian market, most of the population is educated and belong to the middle and upper economic segment; thus; high charges can be charged. The place element is to be set where; the firm can reach customers via partnerships such as; vouchers and premium coupons on online payment for limited periods while; can get premium coupons on shopping. The sales of Netflix can be raised via its website that, allows purchasing premium, and via its apps and more. The promotion element is to purchase paid spaces on social media such as Instagram, Meta (Facebook), twitter and more. The use of search engine optimisation will be sued to have high visibility in search engines, paid marketing, Affiliative marketing and more are of great importance (Baker, 2017). Other sources, such as; mass media, can be used, but; since; Netflix is a modern concept, and it aims to target millennial and generation X, it needs to focus on modern ways of promotion to have the effective promotion.
Further for the effective marketing strategies and their implementation for Netflix, the marketing strategy statement would be very effective. The Marketing strategy statement consists of three elements: objective, scope and competitive advantages. The objective of Netflix is to enhance sales in international markets while; its scope is to cover a wide range of area; scope of marketing for Netflix is high; and it aims to have better service options and comfort to enhance sales, reach new markets to enhance sales while; competitive advantages from new marketing to Netflix is to have more profit margins, enhance sales, enhance customer base; have brand building and more market share.
Marketing strategy statement:
“Reach all major markets; to provide wide range of options with quality to enhance sales and profits and meeting all needs of consumers in all situations.”
The statement aligns well with the corporate goals to have sustained growth and further enhance it. The statement encourages marketing department to focus on quality and variety to expand to various markets, as done in case of Canada; and aims to have more sales via strategies such as; Freemium, partnership sales, Free premium account for three days and more with new marketing strategies and marketing strategy statement; Netflix can better achieve its growth.
One of the new marketing strategies tactics is a “1 month discount on the purchase of premium services for minimum 3 months“. Customer retention is more important as the market competition is rising; thus, making customers purchase more to get extra will enhance sales and have happy and satisfied customers (Annemarie Hanlon, 2022). Developing 3 months plan which will be slightly less than the yearly plan can make the customers to purchase more and have more sales (Chaffey and Ellis-Chadwick, 2019). As per the STP (Segmentation, targeting and positioning) model; the behaviour category states to focus on purchase, brand loyalty, usage level, the benefit sought, reaction to marketing factors, and more, makes them purchase the specific factor; and post-Covid with fall in purchase power; the demand for music to be stress-free; and value for money has increase and customers have become price oriented and thus the majority of market can be targeted based on benefit sought which makes them to purchase as per new marketing strategies (Aïvodji et al., 2019).
As per the black box model as shown below; the consumer mind is blank, and it gets influenced by various internal and external factors such as; values, beliefs, motives, needs, and lifestyle, while; external factors include; problem-solving, post-purchase and more, and this leads to results in the purchase such as; selection of product, brand, amount need to spend and more; and all of these factors influences consumers to purchase 3 months or 1 year premium plan to get 1 premium month extra.
Figure 2 Black box model
(Source: consumerbehaviorgroup9, 2015)
The tactics will encourage the customer to have more purchase them before and will support to promote sales.
Conclusion
The new marketing strategies will lead to various benefits for Netflix, such as; the greed to enjoy premium services via its Freemium model, and this will encourage more sales and high brand awareness while; there are many web series lovers and reality shows that make the individual access premium services for a temporary period, and Netflix can target such peak seasons; and it can allow consumers to have high sales. Free premium services for 3 days can provide a sense of consideration and care to employees and can encourage them and attract them to be more effective will be made while; partnerships lead to attract customers from other services. All of the benefits of marketing strategies can be measured and monitored such as; average retention rate, average time spend on website while; income from other sources such as rents and via partnerships and more. Data analytics can be used for online sources and tools such as Google Analytics can be made to monitor effectively.
Reference
Books and journals
Aïvodji, U., Gambs, S. and Ther, T., (2019). Gamin: An adversarial approach to black-box model inversion. arXiv preprint arXiv:1909.11835.
Baker, M.J., (2017). Marketing strategy and management. Bloomsbury Publishing.
Chaffey, D. and Ellis-Chadwick, F., (2019). Digital marketing: strategy, implementation & practice. Pearson uk.
Deepak, R.K.A. and Jeyakumar, S., (2019). Marketing management. Educreation Publishing.
Ferrell, O.C., Hartline, M. and Hochstein, B.W., (2021). Marketing strategy. Cengage Learning.
Hakimovna, U.M. and Muhammedrisaevna, T.M.S., (2022). Audit and Marketing Audit in Small Business and Private Entrepreneurship: The Order and Process of Inspection. Journal of Ethics and Diversity in International Communication, 2(3), pp.84-88.
Mothersbaugh, D.L., Hawkins, D.I., Kleiser, S.B., Mothersbaugh, L.L. and Watson, C.F., (2020). Consumer behavior: Building marketing strategy. New York, NY, USA: McGraw-Hill Education.
Online
Annmarie Hanlon, (2022). The segmentation, targeting, positioning (STP) marketing model. [Online] [Accessed through] https://www.smartinsights.com/digital-marketing-strategy/customer-segmentation-targeting/segmentation-targeting-and-positioning/ [11th October 2022]
Chris Slocumb, (2018). Auditing Your Marketing Department: A No BS Framework for Improvement. [Online] [Accessed through] https://www.clarityqst.com/blog/auditing-your-marketing-department-a-no-bs-framework-for-improvement/ [11th October 2022]
consumerbehaviorgroup9, (2015). BLACK BOX MODEL. [Online] [Accessed through] https://consumerbehaviorgroup9.wordpress.com/2015/08/09/black-box-model/ [11th October 2022]
Piotr Hadrian, (2020). The Various Models of Marketing Audit. [Online] [Accessed through] https://sciendo.com/article/10.2478/minib-2020-0022 [11th October 2022]
Assignment Services Unique Submission Offers:
