Abstract
Implementation of an effective marketing strategy is an essential component of a profitable company. It is equally important to develop a good marketing strategy as it is to put that strategy into action. Implementing marketing strategies allows companies to use limited resources by using their marketing capabilities to achieve their objectives. In this case, the effectiveness of Fancy Bowls & Paper Plates has been demonstrated with time in the highly competitive business environment. It is achieved through direct and indirect penetration strategies to reach the customers. The objective has been accomplished by establishing robust marketing techniques, which the company employs to provide its customers with the highest quality goods. The company’s marketing strategies have been improved due to the adoption of methods such as acquisition strategy as an approach to enhance its growth. It has helped the company to grow into new markets or regions and increase its long-run competitive edge. Also, this has been achieved through franchising as a low-cost growth strategy. These techniques have been crucial in the growth of the company’s brand, developing a competitive edge, and stimulating economic expansion. The company has also implemented some robust communication strategies that help them reach prospective customers. For instance, through advertising, the company can reach more customers through media platforms. Therefore, the paper highlights some of the marketing strategies that the company has put in place to achieve its competitive edge. It remains devoted to exploring various business methods and constantly seeking ways to enhance its marketing strategy.
Key Words: Marketing, Business, Strategies. Customers, Market.
Market Penetration Strategy
Fancy Bowls & Paper Plates’ market penetration strategies entail using the product already on the market to gain a larger market share. Either the corporation increases the amount of merchandise it sells to existing consumers, or it makes an effort to increase the number of new clients it acquires within the same market. The primary focus is on the present market, and routes need to be discovered to boost the demand for the product to those already using it (Ferrell, et al., 2021). Besides, there are prospective consumers in the same market who have not used the product before; the company also targets these customers in the hopes that they would utilize the make they already have to its full potential. It has been put to good use by the business through its various promotional efforts. The incentives appeal to consumers who are already using the products while also appealing to customers unfamiliar with the product before but in the same market as those customers.
Similarly, the company has adopted a product development strategy to enhance its penetration prospects in the market. The approach necessitates producing new products or modifying existing ones to appear unique. These products are then offered to existing customers or new markets. It can contribute to increased sales and market share if it is carried out effectively. To make a sale of a product, it is often necessary to rethink methods in which one might generate a lead out of what already exists in the market (Ferrell, et al., 2021). For example, when an already established market is used to the company’s product and its marginal likelihood to consume it has decreased due to this familiarity, the company formulates a plan and develops a new product. This approach stimulates the desire to use the product again while satisfying the customers’ potential demands and preferences.
A Growth Strategy
Fancy Bowls & Paper Plates’s primary goal is to continue expanding its business. Considering this, business choices are frequently made based on what factors would contribute most to the company’s continued growth and general success. In this case, the company might use an acquisition strategy to enhance its growth. It is a practical growth strategy for companies aiming to grow into new markets or regions, increase long-run competitive edge, acquire emerging technologies and skills, and place the business in a better position when considering future exit alternatives (Ferrell et al., 2021). In this case, the company will seek potential emerging companies within the sector for acquisition and incorporate them as a new method to profit from its existing income stream. Also, the company may adopt a franchise strategy toward its growth trajectory. The company will leverage franchising as a low-cost growth strategy. The company will profit from this strategy since, unlike corporate-owned stores, a new franchised business will not require any capital outlay. The plan will serve as a road map to provide the company direction by identifying goals to promote growth, enabling it to generate strategies to attain its objectives, comprehend the environment in which it works, and prepare for any potential roadblocks.
Also, Fancy Bowls & Paper Plates has adopted various internal strategies to enhance the company’s overall growth. The company employs an internal growth strategy to streamline its operations and boost revenues. The method depends on a business utilizing its internal resources, like human resources, to improve employee engagement and performance. The key to any internal growth plan is making the most use of the resources already available (Ferrell, et al., 2021). Additionally, the business employs the horizontal approach by offering the same sort of items to various people. The strategy helps the company expand into new markets, diversify product offerings, and lower levels of competition. Additionally, by expanding on its current items, the corporation can grow its business through a vertical strategy. To improve the overall growth of the company, it aids in increasing the products by introducing an innovative element or expanding the product line.
Channels of Distribution Strategy
The distribution channel involves a product’s path through the supply chain from the manufacturer to the consumer. Even if a company puts significant effort into promoting its effects, if there are problems with the distribution channel, it will be difficult for such products to reach the end user. Fancy Bowls & Paper Plates have adopted various distribution channels that involve the company stores, wholesaler, and retailer in direct and indirect selling plans. In this case, the company uses direct distribution channels, enabling customers to purchase directly from the company’s retail stores (Agzamov et al., 2021). The direct distribution method often reduces customer prices since they deal directly with the producer. In addition, it uses the indirect distribution channel, which enables consumers to purchase products from wholesalers or retailers.
Communication Strategy
In marketing, the company has adopted various communication strategies to convey messages about its products to the target consumer. One of these strategies involves advertising their products (Krizanova, et al., 2019). Through advertising, the company can communicate with customers in a more engaging and flexible manner. Also, the company uses social media to convey information about its products to customers effectively. For instance, the company has amassed a customer following across several social media channels, such as Facebook and Instagram, where it displays different product ads. They can connect with a diverse group of customers by utilizing this method, particularly the younger people active on these platforms.
Also, apart from advertising as a communication strategy, the company has included other tactical elements of the marketing or the promotions mix, which provides for promotions, public relations and personal selling. The company employs personal selling to influence customers’ tastes, beliefs, and behavior. Additionally, it improves networking, relationships, and interpersonal engagement, enabling feedback (Krizanova, et al., 2019). Also, the business uses public relations as a very reliable technique that includes news articles, features, and sponsorships to reach numerous prospects that other types of advertising still need to get. Lastly, the company has employed online resources to establish a brand’s online presence, including portfolios, brochures, and online catalogues. When potential consumers visit the company’s website, they see these elements as a product promotion strategy.
In conclusion, the company has enhanced its marketing by embracing product and market expansion techniques and using various communication strategies to reach customers. These strategies have helped the business develop its brand, create a deeper emotional bond with customers, and spur economic expansion. The company can accomplish its objectives and succeed in the competitive environment by exploring various strategies and continuously improving its marketing plans.
References
Agzamov, A. T., Rakhmatullaeva, F. M., & Giyazova, N. B. (2021, June). Marketing strategy for the competitiveness of modern enterprises. In E-Conference Globe (pp. 1-3). https://papers.econferenceglobe.com/index.php/ecg/article/view/564
Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing strategy. Cengage Learning. https://fliphtml5.com/xzfda/vmfa/basic
Krizanova, A., Lăzăroiu, G., Gajanova, L., Kliestikova, J., Nadanyiova, M., & Moravcikova, D. (2019). The effectiveness of marketing communication and the importance of its evaluation in an online environment. Sustainability, 11(24), 7016. https://doi.org/10.3390/su11247016
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