Discuss about the Effective Evaluation of Marketing Campaign.
In the present competitive business environment, it has become necessary for the organizations to focus on the effective development of marketing strategies for achieving sustainable growth in the market. The implemented strategies of the organizations play significant role in fulfilling all the business objectives in an appropriate manner (Paul and Bihani 2014). Specifically, organizations that are doing businesses in the extremely competitive business sectors like retail will have to be extremely cautious regarding the implemented marketing strategies. Otherwise, it will become very difficult for the organizations to sustain its position in the market. In this study, the focus will be provided on a retail organization namely JB HI FI that are doing business in the Australia and New Zealand market. The report will focus on the effective evaluation of the factors that can actually create impact on the overall business processes. The report will also highlight the prime areas that JB HI FI has focused to create maximum impact with the initiated marketing strategies. It has been assessed that effective evaluation of the factors will help JB HI FI to identify the threat factors in an appropriate manner. As a result, it will definitely help to increase the effectiveness of the implemented marketing strategies. The report will also focus on the effective evaluation of the strategies initiated by the competitors for the effective development of counter strategies for fulfilling all the marketing objectives. The report will also focus on providing recommendations to JB HI FI so that it can able to increase its market penetration power in an appropriate way.
Marketing background of the company:
JB HI FI is the retailer in the consumer goods segments that are primarily focusing on the Australian and New Zealand market for fulfilling all its business objectives. The organization is primarily focusing on to provide Blue-rays, DVDs, electronic hardware and CDs for achieving desired sales objective in an appropriate manner. With the innovative marketing and promotional strategies, it has able to create great amount of popularity in the potential market. In fact, JB HI FI is regarded as one of the most successful and fastest growing businesses of its kind. JB HI FI is a publicly listed organization that has head quarter in the Melbourne areas. Presently, the organization has around 135 stores in several prime areas of Australia. JB HI FI has able to enhance the revenue level around A$4 billion that suggested the market penetration power of the organization (jbhifi.com.au 2016).
It has been assessed that JB HI FI has always focused on the effective evaluation of the sustainability factors for creating desired impact on the marketplaces. Firstly, JB HI FI has focused on the development of the strategies for creating positive impact on the environmental condition. For that reason, JB HI FI has focused on the development of the strategies that can reduce the adverse impact on the ecosystem in long run. For that reason, JB HI FI has focused on reducing the use of raw materials on the operational process. In addition, it has also tried to utilize effective packaging system so that environmental condition of the society remains at the highest level (Kotler et al. 2015). Secondly, JB HI FI has also focused on the effective maintenance of employees so that they remain associated with the organization for a long period of time. For that reason, JB HI FI has always focused on providing additional benefits to the internal resources for enhancing the effectiveness of the operational process. Thirdly, JB HI FI has also focused on the effective utilization of the policies so that it can able to handle the issues related to social sustainability perspectives in an appropriate manner (Castaldo, Grosso and Premazzi 2013). For that reason, JB HI FI has also tried to influence all it s suppliers to conduct businesses in such a way so that it can able to meet all the social norms in an appropriate manner. JB HI FI has always focused on the maintenance of long-term relationship with all the stakeholders so that the entire business processes can be performed within the social norms. Fourthly, JB HI FI has focused on avoiding all economic sustainability risks associated with the businesses. For that reason, the organization has developed several operating plans so that it can able to produce desired level of output in an appropriate manner (Bhowal and Paul 2014). It has focused on the effective utilization of advanced machinery so that it can able to fulfil all the requirements of the market in an effective manner. Fifthly, JB HI FI has focused on the maintenance of legislative rules and regulations so that the entire operational process remains at the highest order. JB HI FI has focused on the maintenance of legislative rules regarding the trade practices for representing itself as a responsible corporate citizen. Thus, the initiated practices have helped the organization to achieve popularity in the desired marketplaces (Wedel, Zhang and Feinberg 2015).
As per the article by Berthon et al. (2012), marketing mix is among the most popular tools that marketers utilize to penetrate the desired market in an appropriate manner. It allows marketers to identify the elements that can provide competitive advantage in the market. The marketing mix of JB HI FI described as follows:
JB HI FI primarily deals in the retail segments where it offers comprehensive range of electronic products. The product segment of the organizations includes items like CDs and DVDs and other computer appliances that people require in their daily life. JB HI FI product portfolio also include products like advanced video games, electronic wrist bands, play stations, which are capable of grabbing the attention of the potential customers in an appropriate way. The organization has included top electronic brands like Sony, Casio and Microsoft Xbox products to create maximum impact on the market (jbhifi.com.au 2016). Furthermore, as JB HI FI is selling advanced electronic gadgets, it has focused on the effective enhancement of the popularity among the youth aged between 12-35 years. For that reason, JB HI FI always has focused on highlight all its products in a colourful way so that it can easily grab the attention of the potential customers in an appropriate way.
As per the article by Armstrong et al. (2012), effective utilization of pricing strategy is extremely crucial for reaching to all potential customers in an appropriate manner. JB HI FI has focused on the effective utilization of low cost strategy for enhancing its reach in Australian and New Zealand market. In fact, the business slogan of JB HI FI “Always cheapest price” indicates the fact that the organization is looking to gain competitive price advantage from all its competitors in order to attract people from the desired market in an appropriate manner. The prime objective of JB HI FI for selecting economic pricing technique is to penetrate different portion of the market. In fact, JB HI FI has initiated range of pricing strategies with the objective of gaining market share even at the expense of loss (Sheau-Ting, Mohammed and Weng-Wai 2013). Moreover, JB HI FI has also focused on the discounting pricing technique on broad range of computer and gaming products for ensuring the attention level of the potential customers remain at the highest order.
As highlighted by Huang and Sarigöllü (2014) promotional strategy can create major impact on the overall effectiveness of the business processes for an organization. For that reason, each organization is looking to include unique marketing or promotional strategies for creating maximum impact on the potential market. JB HI FI has primarily focused on the direct marketing and sponsorship programs for grabbing the attention of the potential customers. In addition, JB HI FI has also focused on effective utilization of personal selling technique for retaining the customers for long period of time. JB HI FI also has focused on the effective utilization of advertising technique for increasing the popularity level in the market. Now, JB HI FI has focused on the print media and official website for the effective utilization of advertisement techniques so that the promotional message can reach to all potential customers. Moreover, as social media has become an integral part of youth’s life, JB HI FI has tried to utilize it in such a way so that the promotional strategy can create maximum impact on the overall business processes.
As highlighted by Leonidou, Katsikeas and Morgan (2013) development of well-structured physical distribution network is necessary for fulfilling the business requirements in an appropriate manner. It has been assessed that the process by which products actually reach to its potential customers can have major impact on the overall revenue level of the organizations. For that reason, JB HI FI has tried to develop retail outlets in almost all the prime areas in Australian market. Presently, JB HI FI has 124 retail outlets in the Australian market and 10 in New Zealand market. Furthermore, JB HI FI has focused on effective enhancement of the number of outlets for increasing the revenue level in an appropriate manner. Furthermore, JB HI FI has consciously tried to develop stores in prime shopping malls or popular places for creating maximum impact on the potential market (Berman and Evans 2013). In addition, JB HI FI also has focused on the development of smaller outlets to enhance the present level of business in an appropriate manner.
As per the article by Glanz, Bader and Iyer (2012) competitor analysis is important for the organizations in order to create desired impact on the marketplaces. Specifically, as the competition in the global market increasing in continues manner, it has induced all the organizations to focus on the development of effective counter strategies for fulfilling all the business responsibilities in an appropriate manner. Now, JB HI FI is regarded as one of the fastest growing electronic and gaming products selling organizations in the Australian market. Therefore, it also has to face immense competition from different competitors including The Good Guys, Harvey Norman, Big W, David Jones and Target Australia for sustaining its position in the market. It has been assessed that all the competitors of JB HI FI has focused on providing similar types of products in the Australian market. Furthermore, organizations like Harvey Norman and Target Australia has able to develop retail outlets in different parts of the Australian market. As a result, it has helped the organizations to capture prime portion of the potential Australian market. Hanssens et al. (2014) have highlighted organizations like Harvey Norman has created direct competition with JB HI FI for capturing the attention of the youths living in Australian market. On the other hand, organizations like Big W and Target Australia has created indirect competition, as they have tried to diversify the product range in other departments as well (Kim et al. 2014). For instance, David Jones and Big W have also focused on providing clothing garments to the potential market as well. On the other hand, organizations like Harvey Norman and The Good Guys have restricted their businesses within the electronic sectors only.
However, Lund and Marinova (2014) highlighted the fact that utilization of economic pricing strategy has helped JB HI FI to gain popularity in the market in a greater way. For that reason, Harvey Norman and The Good Guys also have tried to utilize economic pricing strategy in order to created desired impact on the potential market. However, the price level of these organizations is still higher than the JB HI FI, which has played a major part in grabbing the market share in an appropriate manner. As JB HI FI is ready to sale products even at loss, it has become very difficult for the competitors to gain advantage from pricing strategies. In case of promotion, all the competitors of JB HI FI have focused on the effective utilization of several promotional tools for creating desired impact on the market. For instance, Harvey Norman has tried to utilize direct marketing campaign for educating potential customers regarding the products and services of the organizations (Samli 2015). On the other hand, The Good Guys have focused on the personal selling approach for enhancing the satisfaction level of the customers, which is necessary for retaining them for a longer period of time. The promotional strategies of the competitors also have focused on the effective utilization of increasing popularity of internet for reaching to the potential customers (Singh 2012). For that reason, all the competitors have developed prominent websites for providing information to the customers in an appropriate way. Moreover, social media also has been used by the competitors for grabbing the attention of the young generation for achieving sustainable growth in the market (George 2015). Finally, competitors also have focused on the effective utilization of physical distribution network for fulfilling the business objectives in an effective way. For that reason, organizations Big W and Target Australia has focused to developing retail stores on all the prime areas in Australian market. The competitors have also targeted popular shopping malls and multiplexes for achieving desired sales revenue from the market.
The above discussion has highlighted the fact that the implemented business or marketing strategies of JB HI FI has able to create huge impact on enhancing the popularity in the Australian market. However, as the competition is increasing, JB HI FI has to face several challenges associated with the business processes in order to maintain the growth rate in an appropriate manner. Thus, the recommended business strategies for JB HI FI are provided as follows:
Effective utilization of pricing strategy:
As mentioned earlier, JB HI FI has focused on selling products even at loss for grabbing major share of the market. However, selling products at loss is not an optimal business strategy, as it can create difficulties for the organizations in achieving sustainable growth in the market (Singh 2012). Therefore, it is necessary for the JB HI FI to set the price at such level where organization can actually grab fare share of the market.
Increase number of tools used for promotional campaign:
Now, in order to set the price level high, JB HI FI will have to focus more on the effective utilization of promotional tools. It has been assessed that utilization of more number of promotional tools help to educate people in an effective manner. Therefore, JB HI FI also has to utilize television advertisements, radio advertisements to educate the people regarding the quality of products and services they provide to the market.
Diversify product range:
JB HI FI also needs to focus on increasing the product range for maintain the growth rate in the market. For instance, JB HI FI can also diversify its product range apart from electronic products for increasing the revenue level in an appropriate manner.
Presently, JB HI FI is primarily doing businesses in the Australian market and it also has few branches in the New Zealand market as well. However, the organization is still has not focused on the global market for enhancing the revenue level. Therefore, it has become necessary for the organizations to focus on the global market to achieve sustainable growth in the market.
The above discussion has highlighted the fact that effective utilization of marketing or promotional technique is necessary for fulfilling all the business responsibilities in an appropriate manner. Organizations will have to focus on the effective evaluation of several factors for fulfilling all the responsibilities in an appropriate manner. It has been assessed that JB HI FI has able to utilize effective marketing campaign for fulfilling all the business objectives. However, there is still scope for JB HI FI to enhance the effectiveness of the marketing campaign for achieving sustainable growth in the market.
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