Assignment Sample on MKT703 Marketing

• Executive Summary:  

If you have been analyzing customer behaviour and think of several factors, it makes sense to consider all the components that might have contributed to this behaviour. Here we prepare a marketing strategy and analysis based on the company CRC or Chain Reaction Cycles, Belfast (Toulouse, Peñaloza and Visconti 2020). The most obvious ones are the people. But you also have to consider the mix of people, tools, and formats. If you have to factor in that, if a specific marketing or public relations strategy for a couple of months, then that would be interesting as well. As soon as the company’s business needs are known, the marketing strategy and business model must be evaluated.

      If the strategy is not well thought out and fails to benefit the company, it should be changed. As with evaluating the existing process and the current tactics, the project’s scope should also include defining a measure of control to ensure business continuity, growth, and quality. The range of a research project is determined based on the potentiality of the research. Research into the development of products in a factory environment, for example, is more challenging because the environment is more industrial, whereas, in a research facility, it will be more of a problem concerning the production and use of natural resources. However, the needs of the public may be more specific to the research.

• Organizational overview –

Whether you’re looking for a basic bike for commuting or a super pro bike for racing, we, CRC, have what you need to get you up and running in no time at all. When you use our Website to shop online, you’re not limited to just one manufacturer or vendor. There is a more specific version of this story here (Chaffey and Chadwick 2019). In the early days, a company quickly became overwhelmed by the competition. At first, it wasn’t easy to find a supplier who had the expertise and capacity to compete. It wasn’t easy to locate the required raw material. It wasn’t easy to build the proper infrastructure, but we made it. If you wanted to produce a high-end, high-quality, fully integrated machine, you needed to invest in the technology to create that machine.

• The development and operation of CRC are based on a simple set of principles, and our focus is to provide a solution for a current business issue. If you choose a business problem and set out to solve it, leveraging your expertise in developing e-commerce and payments systems, you can also build a marketing system.
• The team of CRC understood that solving a problem is a continuous process, and when our team came across a problem, they solved it rapidly. We have the products you want at the best prices anywhere, at almost any time, under any conditions, and at nearly every quality level.
• We have the same commitment to our customers and business as in 2000. That’s really where we are focused. We want to make sure our focus is on our customers and how to serve our clients’ needs and wants (Chaffey and Chadwick 2019). For example, if you work in the supply chain for a manufacturer, there may be concerns regarding worker safety. There may be concerns regarding the environmental impact of manufacturing. Most successful negotiation skills can be learned.

Our comprehensive range includes a range of electric motors, scooters, and skateboards to suit all budgets and ability levels. Whether you are searching for a new set of wheels or a new set of wheels or tires, the range of bikes available at the online shop is always up to date and equipped with the latest wheels and tyres and most up-to-date parts (ERIKSSON, BIGI and BONERA, 2020. pp. 795-814). The range of bikes is designed to fit your needs and features a range of affordable bikes with the latest wheels and tires designed to perform on the highest level of puncture resistance. Although most Bicycles can meet the requirements of a home driver, some bikes offer full-wheel drive or docking stations to provide an additional degree of safety for any emergency driver who may need assistance.

• Literature Review:

You can get the latest electric bikes, mountain bikes, and road bikes, all in one convenient location. CRC is the one-stop destination you can visit anytime. If you want to take a closer look at your bike or repair your old one, visit our Website. In addition, you can order new bikes or upgrade your current ones (Fahy and Jobber, 2019); you can easily do this online. Cycling is the fastest-growing form of transportation across the globe. On average, almost 6 million new bikes and more than 10 million new passengers ride in the U.K. every year. Outlining and defining the difference between the marketing concepts of a networked firm and a distributed firm; and describing different types of distributed firms, with links between networks and companies (LI, DUAN and EDWARDS, 1999. pp. 209). It is the first of the five principles of effective strategic communication. It addresses issues of positioning the organization strategically and provides a way of communicating well. Effective strategic communication has received very little research attention in the market research literature.

• It has been suggested as a promising strategy for organizations to enhance their competitiveness by using self-managed teams to execute projects. The first research project from the U.K. involved the organization CRC of different kinds of self-managed teams.
• The value proposition for the new strategy includes the definition of the marketer’s brand and the use of social media in the marketing mix. The critical resources for all the participants, particularly their data and critical decision-makers; the current state of affairs regarding traditional marketing methods such as advertising, direct mail, newsletters, direct mail, and web-based marketing for future marketing research strategies.
• The study thus aims to discuss the role of communication in the marketing process in public versus private sectors of the economy; discuss the role of marketing research in the design of marketing strategies and programs; examine the role of different management approaches in implementing marketing research (Hooley, 2020).
• The findings of the research are presented in this paper. The main goal is to describe the current state of knowledge regarding marketing research; explain the practical methods and means of communication in the implementation of marketing research.
• The significant challenges in communication management examine the key factors influencing marketing research success and describe the implementation issues associated with managing effective communication.
• Matching and summarizing the main issues of marketing research is a complex and challenging area that various methods in the field should handle. However, the list is incomplete and will be expanded according to the participants’ interests, needs, goals, and preferences. The facilitators and the facilitators from the other organizations are responsible for the interaction and communication.
• So far, we have dealt mainly with digital marketing through advertising. This is concerned with online advertising, the other kinds of online advertising, and how it is different from other online advertising. In advertising, we look at the user experience and the user’s tendency to be interested and think for themselves.

The concept of new, fast-moving technologies in and outside business has become so pervasive and complex that most organizations cannot adequately measure how successful they’ve been in developing, leveraging, and deploying them (Toulouse, Peñaloza and Visconti 2020). This inability to manage and measure the value of new, fast-moving technologies has created a failure to develop a consistent vision of the future to sustain innovation and productivity. Some companies have identified four critical factors to establishing and maintaining a technology-driven culture. Leadership is the chief executive determines what is considered in defining the business culture. This is critical when creating a technology-driven culture because the culture must include both a product-centric and personnel-centric culture. Business strategy is the strategy and set of vision for the business.

           The chief executive must determine the role of technology in business strategy and define how it will contribute to business strategy. Strategic integration should be done to increase interoperability within the firm. Strategic integration should be done to increase the value of e-services to customers. Strategic integration should be done to improve cross-functional cooperation, with the customer in the middle (Kotler, Keller and Hansen 2019). This is evidenced by the shift towards more digital tools such as blogs, social media, emails, websites, podcasts, videos, etc. As we approach the end of the period covered, the challenge of digital marketing will become more outstanding. In turn, the benefits from digital marketing managers will be more significant as the value of e-commerce and e-marketing combined will create value for organizations.

          Here in this CRC context, we need to understand the marketing strategy and its importance and introduce key models like SWOT, Porter’s 5 Forces, Segmentation, etc. The best practices used in marketing today and how to use them to deliver a winning e-commerce solution and a better customer experience in the end. Marketing is not done in a vacuum. We have to make sure that the way we organize, communicate, execute and interpret the messages we receive is also aligned with the business needs or, in other words, the business objectives.

Analysis of the Selected Organisation’s Marketing Approach –

A key component for any successful eCommerce business is customer relationship management. CRM involves managing customers, inventory, customer relationships, and all other aspects of the customer relationship from a business perspective. The concept is to continuously collect records to track what customers want, when, and where. That is the first key component in any successful eCommerce business (LI, DUAN and EDWARDS, 1999, pp. 209). To create a successful eCommerce business, you will need to communicate and collaborate with customers, build a team, develop business strategies and analyze business needs to make eCommerce a success (Rogers, 2016). This is about creating a customer service organization with the right personnel to succeed. The main components of the strategy consist of the target audience, internal sales, internal cash flow, and internal costs that are responsible for the organization’s income statement and profit margin.

• Current marketing strategy –

The sales strategy was first set up in 2001 to improve customer satisfaction in its products and services to remain competitive. The business model is to develop a relationship with the customers. This is done using communication and the organization’s online presence to connect with customers and obtain their feedback and support (Mishra and Ranjan 2019). The aim is to improve customer satisfaction through customer insights in all aspects of the business. Marketing teams must identify which of the two strategies is the most effective regarding the specific target market, and hence, the strategic success of marketing campaigns. There is an increasing interest in social media management and a general understanding that social media is critical to a successful and effective social media strategy.

• For the development and growth of social media, it is essential to find new methods and tools that support the community’s growth. A PESTLE analysis is a way for gaining a broad view of a firm’s surroundings.
• PESTLE is an acronym that stands for political, social, economic, legal, technological, and environmental aspects. It enables a corporation to generate opinions about the elements that may influence a new business or sector. Companies are often characterized as having several competitive strengths and weaknesses.
• In competitive terms, the more competitors a company has and the more markets it has to contend with, the more competitive it can be. If you want to be a competitive player, you must understand your competition’s characteristics, strengths, and weaknesses. You must understand the competitive environment your company operates to respond to this environment by increasing efficiency and competitiveness.
• To achieve a foothold in a new market, a firm must first understand its need. A firm that can understand its current and prospective customers can gain a foothold in the new market, gaining market share in the process.
• In the traditional sense, the customer is a human being who needs or wants something and can be satisfied with it (Toulouse, Peñaloza and Visconti, 2020). A product or service can be a new or different kind of customer. The customer is not so much an individual but rather a social entity in the digital sense. So, digital transformation must include a social change of the customer.
• Therefore, digital transformation is a multi-faceted process that seeks to engage social capital in social network integration, support and support social relationships, and facilitate information transfer and knowledge exchange.
• The customer must be part of the overall value creation process. There are five levels of social capital in an organization. They are customer relationships, customer loyalty, the customer’s commitment to and commitment to the brand, customer service, the ability of an organization to provide quality and customer care continuously.
• A company’s competitive environment is defined by the number of competitors, the strength of its current product portfolio, the extent to which it is competing in every available market, and the extent to which it is negotiating on an equal footing with all its competing enterprises.

A more competitive environment means a more competitive product portfolio with a higher probability of success, higher success rates with potential customers, a lower likelihood of failure with suppliers, and a greater chance of success with other customers (Lewrick, Linkand and Leifer, 2018). A more competitive customer environment means that a product may not fit its current needs perfectly. One of the challenges related to marketing strategy is understanding what one wants to achieve and achieve it. A marketer wants to develop an effective marketing strategy that fits a business objective. By doing so, they will have a clear product and service vision and a clear line of sight, leading to their business strategy. As well as helping help identify where people from staff’s ethnic group may be at a disadvantage in their employment, it may also be possible to improve the chances of successful recruitment if the suitable types of people. In this way, ethnic minority groups may not have to give up their positions to improve their chances of being recruited into top management positions.

• Marketing Mix (7ps) – 

The organization’s approach follows the elements of the marketing mix: how the product fits into the organization’s corporate plan; the effectiveness and suitability of its marketing mix; the role of the organization in terms of sales, marketing, consultancy, and distribution; the energy of individual marketing mix processes; the influence of strategic decisions on the organization’s marketing mix decisions; the effectiveness and utility of unique marketing mix processes; and the importance of marketing mix processes and processes involved in supply chain management (Toulouse, Peñaloza and Visconti 2020). There are four major stages in the supply chain for products: discovery, design, production, and distribution. The discovery stage of the supply chain is the critical process of determining the best location, the most suitable manufacturing facilities, and the products to be produced.

       A fundamental step in the supply chain discovery phase is to specify which data needs to be generated, used, stored, and retrieved in the search. This step will also help the organization identify which data items can be combined with other things. At this point, the organization determines which data items must be combined with other data items. This step may require additional information from the data items in the system (Mishra and Ranjan, 2019). The importance of the customer focus element in the customer mix is not generally well understood as the concept has been interpreted as the ability to understand the customer, to be able to engage with the customer and to know what the customer wants and needs. It combines all three, with the customer focus element linked to understanding and engaging with the customer.

• The customer focus element is the relationship between the vendor and the customer. This is often a one-on-one or two-on-one relationship, where the vendor deals with the specific customer (Kotler, Keller and Hansen, 2019). The vendor cannot directly communicate with the customer because this would violate business rules. The focus element is about the actual relationship.
• It is about how and when the supplier deals with the customer. The supplier cannot directly communicate with the customer because this would violate business rules. If your vendor focuses primarily on a one-on-one basis and does not have the required resources for a full-fledged program, it can often be a good idea to explore outsourcing a vendor.
• Our dedicated team of technicians continuously adds to your skills at our leading shop, making sure you can quickly and easily upgrade the right bike for your needs. We’re located at the heart of the cycling season, with an easy access point to the town and the stunning Blue Mountains.
• Our shop also has the facilities to accommodate a large clientele, allowing you to train and race on new or pre-owned equipment or rent a new customized cycle or scooter from our store.

We can provide you with bike racks, equipment, and other training courses to help you develop your cycling skills so you can enjoy more of the outdoors and make the most of your cycling experience. CRC shop offers more than just the latest electric bike; you can browse for bikes with a wide range of performance features to match the customer’s riding style. Our online shop is fully connected to the internet network and offers a vast range of products to fit the daily needs of our customers and partners. Customers who are already engaged in our products can also register their interest in a product.

• Conclusions and Recommendations –

The shop CRC has extensive tools for training or racing, including training courses, courses for children and family, or lessons on using a particular product or technology. For those new to the concept of a bike shop, we have plenty of bikes that you can choose from to suit your needs and budget. We’ve also got the latest on-sale models to keep you cycling while saving on parts and labour. Finally, the best way to manage and manage your supply chain is to think globally. Organizations today have all kinds of information and information technology in their supply chains, so they must take steps to protect their information assets and data. A global supplier network is a great way to go about this. It requires an organization to do business globally and connect with suppliers in many different locations and nations (LI, DUAN and EDWARDS, 1999. pp. 209). It also addresses that an international business situation characterized by many other players can quickly become a one-sided, self-serving conflict. We also sell all kinds of accessories, bike parts, and parts from the Bontrager, Yuba, and other renowned companies for making quality products.

      With our vast online range and expert support, we offer a good range of different equipment. This gives you everything you need to take on any race in the U.K. and worldwide (Fahy and Jobber, 2019). The online shop offers several payment options, including credit, debit card, and cheque. In addition, the retailer allows customers to add a comment to their purchase with the opportunity to include their photo as a small image or text in the transaction note. The shop offers a limited number of customized items, but most are standard stock items suitable for most customers (ERIKSSON, BIGI and BONERA, 2020. pp. 795-814). The store is open 24 hours. The online retailer CRC launched its mobile application. The service is also rolled out globally across other retailers like JC Penny and Amazon.

• Reflective statement –

The definition process involves an empirical analysis of the question to be researched. We need to identify core and related product attributes. We also need to identify the key marketing questions and key results indicators and define the target marketing message. It is also essential to analyze the target audience. For example, you can identify the target demographic and potential market (Hooley, 2020). Identify the critical components of the target strategy. Define the key deliverables, including the relevant activities and the associated revenue streams. For example, you can determine the relevant revenue streams for social media campaigns, customer interviews, product launches, customer loyalty programs, e-commerce launches, and more (Chaffey and Chadwick 2019). The framework will be based on essential elements: the strategic message, the target, the resources, the objectives, the targets, and the methods. The framework is developed with the marketing process, including communication channels, communication equipment, media, and human factors to get global approval. Communication within the company, communication out of the company, communication with customers and external stakeholders is essential.

           It will help to understand the importance of communication to the organization. For this purpose, it is essential to realize the level of control that the stakeholders have over the contact. The more the stakeholders feel that their concerns are being taken seriously, the more likely they are to take them seriously. The stakeholders are therefore more inclined to give feedback to the communication. Communication with an external agency can help to create a shared vision. Identify this target market segment through a series of marketing tests and compare their characteristics. To identify the most appropriate marketing mix, use benchmarking tests to place a new piece (Kotler, Keller and Hansen 2019). Also, remember the potential areas of weaknesses. You may wish to consider the marketing analysis and strategy as one unit and refer to it as a business case or strategy. To establish the organizations strategic plans, you will need a clear understanding of your business or strategic environment. This will allow you to develop the appropriate communications strategies, support and build a solid and reliable communications network.

Reference

https://www.chainreactioncycles.com/

https://www.cyclescheme.co.uk/retailer/chain-reaction-cycles-belfast

https://www.bikeradar.com/features/chain-reaction-cycles-behind-the-scenes/

https://www.irishnews.com/business/2020/09/16/news/62-jobs-threatened-at-chain-reaction-cycles-as-workers-offered-relocation-to-wolverhampton-2068658/

Chaffey, D. and Chadwick F.E. (2019) Digital Marketing – Strategy, Implementation and Practice, Seventh Edition, Pearson. Ebook in stock

ERIKSSON, T., BIGI, A. and BONERA, M., 2020. Think with me, or think for me? On the future role of artificial intelligence in marketing strategy formulation. TQM Journal, 32(4), pp. 795-814.

Fahy, J. and Jobber, D. (2019), Foundations of Marketing. 6th edition. London: McGraw-Hill Higher Education.

Hooley, G. (2020) Marketing strategy and competitive positioning. 7th ed. Harlow, UK: Pearson Education Ebook in stock: https://catalogue.library.ulster.ac.uk/items/1483616

KATSIKEAS, C., LEONIDOU, L. and ZERITI, A., 2020. Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review, 37(3), pp. 405-424.

Kotler, P., Keller, K.L., Brady, M., Goodman, M. and Hansen, T., (2019). Marketing Management. 4th European Edition, Harlow: Pearson Education. Ebook in stock

Lewrick, M., Link, P. and Leifer, L. (2018) The design thinking Playbook: mindful digital transformation of teams, products, services, businesses and ecosystems. Hoboken Fl: John Wiley & Sons, Incorporated. Ebook in stock: https://catalogue.library.ulster.ac.uk/items/1466480

LI, S., DUAN, Y., KINMAN, R. and EDWARDS, J.S., 1999. A framework for a hybrid intelligent system in support of marketing strategy development: [1]. Marketing Intelligence & Planning, 17(4), pp. 209.

Mishra, A.P. and Ranjan, A. (2019) A Modern Playbook of Digital Transformation. New Delhi: SAGE Publications. Ebook in stock: https://catalogue.library.ulster.ac.uk/items/1498390

Rogers, D.L. (2016) The Digital Transformation Playbook: Rethink Your Business for the Digital Age. Columbia University Press. . Ebook in stock: https://catalogue.library.ulster.ac.uk/items/1431205

Toulouse, N., Peñaloza, L. and Visconti, L.M. (2020) Marketing Management: A Cultural Perspective. 2nd ed. Milton: Taylor & Francis. Ebook in stock: https://catalogue.library.ulster.ac.uk/items/1487599

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