Marketing Strategy and Concepts Applied to Waitrose Sample Solution

Questions: 1. Methods for maintaining and developing brand image for new products, marketing principles? 2. Value change concept for product promotion? 3. Marketing research for launch of new product? 4. Plan for diversify the product range? Answers: Introduction New product launch and the strategies followed for implementing essential changes has to be planned by the management. Launching new products in the market is an expensive task, and thus marketing research needs to be done in the right manner. The process followed for increasing the sales has to be analysed and related to the objectives of the company. Strategic change sand implementation of the corrective steps has to be evaluated before introducing the plan for new product launch. Expectations and preferences of the clients have to be evaluated as this helps in introducing the changes that will benefit the company (Gil et al., 2007). 1. Methods for maintaining and developing brand image for new products, marketing principles Waitrose is a recipe Indian meals service provider that supplies readymade meals to the clients. The company proposed to collaborate with Noon Products and both would together sell readymade food products to the customers. Waitrose was aware about the increasing demand for readymade food, which is meant to save time and efforts for the clients. Quality was one of the prime requirements that were carefully handled by the company for improving the brand image. The motive of the company was to sell top quality food products to the clients at acceptable price rage. Customers preferences were handled by introducing the concept of fit for purpose food products. Both the companies worked towards improving the quality standards for the food products, which was essential for creating brand image (Hawabhay et al., 2009). New products Partnered companies had proposed to launch new products with improved qualities for the clients. Noon products had submitted a range of different products that would attract Waitrose buyers. Quality and services were analysed by the company, as this was meant to attract the potential buyers. The products were refined, until the buyers were completely satisfied with the quality and taste of the products (Jones, 2010). Brand image management requires coordination of the communication process directly with sales inducing methods. Brand concept management requires planning, control, and implementation of the products after analysing the life of the brand. Successful branding process adds value to the reputation and sales value for the company. Both the companies are aware of the uniqueness of the brand value and image for the products sold to the clients (Gatignon Xuereb, 2007). The name and symbol of the products identify the quality of the services offered to the clients. These acts as a distinguishing characteristic that helps in create positive aspect about the products in the minds of the customers. Strong brand and its maintenance process helps in retaining the customers and improving sales (Frei Shaver, 2002). Brand identity is useful in marketing the services and products sold by the company to the clients. Promotional expenses for attracting the clients are usually high and in some cases unaffordable. Through brand management system, the expenses can be controlled by the management. Branding helps the company to capture a share in the market, which helps the buyers to differentiate the quality and product from the competitors. The objective of the company to increase the brand image is to improve the willingness of the customers to buy the products along with the premium amount (Hendrick Hendrick, 2006). Vision and image approach Brand positioning is associated with the strategic objectives created by the top management of the company. The management of Noon Products and Waitrose intends to launch new product range that would handle the requirements of the clients (Goodwin et al., 2002). The vision, culture and image about the company and the brand name have to be highlighted in this process. 1. Vision - The vision of the company is to launch wide range of products that would cater the requirements of the clients. Quality, price, and services are some of the basic factors that are concentrated by the management. Improved quality for the products and features would provide improved benefits to the company and the clients (Broyles et al., 2009). 2. Culture The culture of the company is to research of different types of products which can be sold to the clients. Product quality and tastes are redefined as per the requirements of the customers (Christensen Askegaard, 2001). 3. Image The image is attempted to be created positively by increasing the range and taste for the products sold to the clients. After analysing the preferences of the customers, the company has proposed to introduce different products that will increase the sales and goodwill for the management (Carroll Ahuvia, 2006). The above mentioned three factors have to be planned and aligned in an effective manner. This helps in maintaining the brand image, and promoting the services to the clients. Strategic value for the company can be increased by adopting the process of improved core values (Chung Tsai, 2007). Different factors that affects the decision making process for the products and services are analysed in this process. Quality of internal and external communication process within the company is developed. Factors considered while analysing the challenges involved with the process are Analysing the need to develop and implement new range of products (Davies Chun, 2002). Quality check and analysis method that would be followed for introducing new products for the clients Adopting an effective strategy that will help in approaching clients and improving the sales (Esch et al., 2006). Marketing principles Through marketing principles, the management of the company can work towards developing and implementing effective strategies for brand maintenance. Strategy includes building marketing activities, which analyse the requirements of the clients and handling the requirements in the right manner. The company proposed to launch new products and services that would be useful in increasing sales (Davies et al., 2010). Product differentiation was the quality, price, and the availability of wide range of products for the buyers. The market targeted by the company was to promote English and India readymade foods to the customers (Eisenhardt and Tabrizi, 2007). Integrated common approach An integrated-common approach can be created by the marketing team for building and brand management system. The tasks expected to be performed by the members has to be associated with the corporate goals of the company. Necessary product related information is shared with the members and stakeholders who are an integral part of the core value analysis system. The proposed values like promoting the services, analysing the price, approaching clients and others has to be frequently controlled, maintained, and monitored (Cooper and Kleinschmidt, 2007). New product development The best method for improving the brand image for the company is by developing new products for the clients. Different stages and activities involved in the new product development are evaluated, to find the challenges involved with the process. The overlapping nature for the activities involved in the marketing and branding process are analysed. The network interactions and external factors involved with the process are evaluated by the management (Einwiller Will, 2002). Quality for the products and services are improved by producing the goods from reliable suppliers. The proposed recipe is redefined until majority of the clients are satisfied with the quality of the services. Brand development process needs to be implemented in a structured manner, as the management can easily overpower the challenges involved with the process (Clark Wheelwright, 2005). Assessment of brand strategy Analysing the relevance of brand strategy enables the management to approach clients and increase sales. Brand awareness is associated with the process followed for analysing the preferences and views about the customers for the products and services. Through demographic analysis the management can analyse the knowledge about the products gathered by the clients (Ahuvia, 2005). The regions selected by the company for promoting English meals in the country are Goa, Hyderabad, Punjab, and Madras. Brand equity is another method for evaluating and marinating the value of brand. Product awareness is created by adopting different forms of promotional activities like SEO, online promotions, and others. These steps are followed for increasing the knowledge about the products with the clients. Differentiating features about the products and services are created and implemented by the management for approaching and convincing the customers about the products and services sold to the clients (Brakus et al., 2009). By increasing the quality of the products and services, the company proposes to increase positive relationship with the customers. This is associated with building trust in the minds of the customers for the brand and the products sold by the company (Babin et al., 2003). The targeted market for launching the products is Goa, Hyderabad, Punjab, and Madras. 2. Value change concept for product promotion Brand positioning enables the management of the company to retain larger share of market in the industry. Waitrose specialises in the manufacture and sales of quality and reasonably priced eatable products to the clients. Through brand positioning, the management attempts to create brand awareness for the products that is sold to the clients. Brand positioning is possible by analysing the expectations of the clients and handling the preferences in the right manner. Factors impacting the competition level for the products in the market, along with the challenges enable the management to develop an effective strategy for increasing sales for the products and services (Albert et al., 2008). Competitive level can be analysed and different factors that could attract the clients towards the products and services sold to the clients are evaluated. Such factors help the management to gain competitive advantage, which is one of the core requirements for the successful business conduct. Waitrose has proposed to introduce recipe Indian means that would be available for the customers. Through the Porters five force analysis, the management intends to analyse the challenges that exists in the product development and maintaining brand image for the clients and the company. The tool helps in developing and implementing the competitive power that could positively influence the business performance (Bansal et al., 2004). Five important factors that are analysed for developing plans for product improvement are mentioned below Supplier power Noon products and Waitrose together has proposed to launch new product range for the clients. Waitrose basically concentrate on the product development and analyse quality for the services that is rendered to the customers. Noon and Waitrose has a list of suppliers who can supply the required raw materials and products to the clients in the country. The selection criteria followed by the management to streamline the suppliers are the price, quality, and time for the product deliverance. Noon products ensure to analyse the ingredients used for the manufacture of the products and services. Ingredients are procured from the suppliers in the right process, price, and time (Chen et al., 2008). Product specification and quality check helps the management to analyse the quality requirements for the company. Suppliers for the company are driven up by various forces like the price and quality. Through the technical supplier code, the company develop uniqueness for the products and services procured from the clients. Suppliers are listed down on the basis of the quality for the services rendered to the company. This acts as the controlling process for the companies (Langerak et al., 2004). Buyer power Buyer power is one of the strongest points that help the company to design and implement new process and methods for increasing sales. New products along with the regulations have been introduced by the company. Price regulation along with the quality check is some of the features through which the client would be attracted towards the products sold by the company. Noor products have provided a wide of the products that is expected to attract the clients. Quality check process helps in evaluating the preferences of the clients. Product launch and development is meant to analyse the preferences of the groups of customers (Kim et al., 2003). In order to improve the quality of food materials sold to the clients, the key areas that needs to be worked upon by the company is highlighted. The products sold to the customers undergo through raw material tests, recipe formulation, and samples for preparing the recipe. Strategic changes for developing the quality of the products include refining the quality of the recipes until the buyers are satisfied with the quality, value, and price of the products (Kowalczyk Pawlish, 2002). Competitive rivalry An increase in the sales is possible by analysing the rival offers for the products and services offered by the company. Customer service quality for the products is improved by improving the quality of the services and packaging of the materials that is being offered to the clients. The designs are selected for retaining the quality and attracting the customers attention towards the products and services (Koak et al., 2007). Competitive rivalry is improved by providing more information about the products that is being sold to the clients. In this process, the details about the products are provided to the clients who encourage the members to buy the products sold by the company. Majority of the information about the products are provided to the clients in an organized manner. The supplier specification is included while sharing the details about the products with the client. Preferences of the customers in terms of products and services are analysed as it helps in increasing the sales (Pappu Quester, 2006). Threat of substitute The demand for Indian recipe food products is quite high. Customers dont have to spend time in cooking the food of their choice. This has encouraged the management to adopt and implement an effective method that would attract the clients and increase sales for the products and service. Food products are basically designed and cooked as per the preferences of the customers. Preferences of the customers are analysed based on the food eating habit. This has helped the management to develop new products that would cater the needs of the clients (Morsing, 2006). Changes in the product viability has been introduced by the management range of products has been designed to overcome the threat associated with substitution of products intended to be sold to the clients. Taste, price and variety of the products are some of the features that are assumed to attract the clients. The company concentrate on such factors as this will help in approaching the buyers and retaining the clients (Phau Lo, 2004). Threat of new entry The competition level in the food industry has tremendously increased. This has increased the threat of new entry for the company. The management of the company concentrate on analysing the ability of the people Threat of new entry into the industry is minimised by the company by introducing new products that would excite the clients. The threat of new product is designed and implemented by developing and implementing product concept system (Moore Reid, 2008). Products are developed and sold to the clients after evaluating the development brief. Improved technology is adopted and implemented by the management to attract the clients. Barriers to the entries in terms of customer preferences are analysed to overcome the challenges that impacts the sales. Safety measures and quality standards are followed by the management to improve the value of the products that are sold to the clients. Product distribution method enables the management to introduce newer methods for manufacturing and selling the products to the clients (Podsakoff et al., 2008). 3. Marketing research for launch of new product New product development plan is essential for the progress of the company. Companies research to introduce new products to retain the customers and improve the sales for the products. Through research and developmental process, the management design strategies for improving the existing products or lunching new products for the clients. Clients prefer newness in the products, which is one of the positive aspects for increasing sales for the company. It is essential to design and implement improved marketing strategies that would help in achieving the desired target. With the help of target market, it is possible for the company to target marketing efforts and sales for the products (Nysveen et al., 2005). Process for new product development is expensive, and it is a time consuming process. Through this process, the management aims to develop and overpower the compete edge that exists in the industry. The research task for marketing for new products includes exploring new marketing opportunities that is necessary for the growth of the company. Customer demand can be easily handled by the company but implementing changes with the range of products that is sold to the customers. The process includes analysing challenges associated with market development, positing of the products in the market, analysing the supply development, and product launch. These are considered to be some of the important and essential business growth objectives (Singh, 2008). As per Ramaseshan, et al., 2002, the marketing research for product development evaluates the supportiveness for the organizational changes that can be used for determining the plan for market orientation. The variance factors like competition, price, and customer expectations are analysed to evaluate the challenges involved with the process of product development. Cultural context for the test for the requirements of the new product is made to analyse the expectations and preferences of the customers. This helps in increasing the performance of the new product that is being proposed to be offered to the clients by the company (Schultz de Chernatony, 2002). Marketing strategy for communicating about the new products and services are some of the important tools that help in determining the success of the product. It is necessary to adopt and implement effective strategy that enables in improving the promotional activities for the company. Marketing strategies are quite critical for implementing changes in the product launch for the customers. Through marketing policy and principles it is possible by the management to implement changes that would attract the customers for buying the new products sold by the company (Taylor et al., 2004). The performance of the new products has to be analysed and implemented in the right manner. Marketing analysis helps the company to determine the requirements of the clients, which is one of the most important factors that is required for increasing the sales for the products and services offered by the company to the clients. Through market research it is possible for the companies to collect information about the clients expectations and preferences. Such details enable the management to upgrade the product value and increase the performance for the products and services. Market information is collected from different reliable sources. The information basically concentrates on developing new and improved strategies that will help in increasing the client database essential for improving the business performance (Stuart, 2002). While drafting policies for increasing the customer value, the internal environment and external environment is analysed. This helps in implementing the development plan that is necessary for achieving the business goals. Changing market trends has to be checked as it helps in analysing the challenges involved with the process associated with the product growth and development. Noor products and Waitrose analysed the expectations of customers for quick food, which required less time to cook or eat. This was one of the reasons the management proposed to introduce new products through which the sales for the products and services can be improved. Essential market information includes analysing the changing needs and preferences of the customers, availability of different types of products in the market, and preferential changes of the buyers. Research activities analyse the changes in the market, which is important for developing new products and selling the same to the clients (Thomso n et al., 2005). Market research for demand of new products Product research is an important factor that helps in the development of new products for the clients. The stages involved in the process have to be analysed to evaluate the challenges involved with the process. Through his method, the key issues associated with the products can be identified and corrective steps can be introduced by the management. Initial research for the product helps in evaluating the concept associate with the development of new products. Noor Products and Waitrose proposed to introduce wide range of new products to the clients expecting quality food products. The preferences of the customers are analysed by evaluating the products available in the market. Developed concept for the product development is analysed to evaluate the steps expected to be followed for analysing the expenses expected to be incurred for developing the product. The process enables the management to design newer methods through which the changes can be implemented by the company for impro ving the product value (Zacchilli et al., 2009). The key factors associated with the customer preferences like the price and quality of the products are analysed in this process. Through such factors, the company develop and implemented effective marketing strategies that will help in reaching out to the clients. Analysis is done to find the features of the products, price variances, and willingness of the customers to pay price for the products and services. Essential information is collected by the researcher through surveys and contacting the customers. Collected information enables the management to design new method for increasing customer satisfaction level. Collected information about the products and services helps the company to develop and implement new ideas for promoting the services to the clients. Analysing customer based challenges Challenges associated with consumer expectations and preferences have to be analysed. This process enables the management to analyse the fundamental advantages associated with the process. The quality, performance enhancement methods, and the price are some of the features that are associated with the product improvement strategies. Customer value services provided but the company with added benefits. More benefits improve the decision making for the company, which is one of the core requirements for approaching the clients. Noor Products and Waitrose provide wide range of product options to the clients. While doing so, the management ensure to share appropriate information about the services with the clients. Details about the product quality, services, and prices are readily shared with the buyers (Whang et al., 2004). Benefits of the products are communicated through marketing process. This is one of the important factors that enable the management to introduce better methods that will help in increasing sales for the products. Marketing strategies helps the management to improve the product value, which is required for increasing sales. The company has adopted and implemented an effective product packing process, which provides maximum information about the ingredients on the package. This helps the customers in selecting the best product that would take care of their requirements. The product appearances have been improved as this helps in attracting the clients. Appearance attributes of the product has been take care of by the company. For this, the details about the products and services along with other necessary information have been shared with the clients. Designers perception about the appearance of the product, and the benefits associated with the same has been included in this process. Attempt has been made to increase the product value, which will highlight the service features to the clients (Wren et al., 2000). The packaging process and the method expected to be followed by the company is evaluated by Waitrose and suppliers. This is done for increasing the accuracy of the services and the product services intend to be provided to the clients. Designs are exclusively selected by the management as this would help in improving the visibility of the products and services to the clients. In order to cope with the challenges existing with the product launch, the management of the company distribute the samples to the clients. This is done to get an approval about the quality and price which is necessary for improving the visibility of the products for the clients. Such factors help in increasing the visibility of the products and services for the buyers. The prime motive to adopt and implement an effective packaging material is to communicate with the potential buyers about the product features. The steps enable the management to improve the campaign process and hep in adopting and introducing better methods for increasing sales (Urde, 2003). Target market Through target market, the company can analyse the expectations of the clients, and new methods for improving the visibility of the products and services offered to the customers. The process includes analysing the below mentioned factors 1. Buying ability of the buyers Through this process, the expectations of the customers along with the willingness to pa price for the products are analysed. This helps in developing and implementing the necessary changes that would attract the clients towards the products sold by the company. 2. Education - Knowledge about the clients to invest in the purchase of ready meals are analysed. This would help in developing and introducing changes that are necessary for improving the sales and marketing strategies adopted by the company. Educated customers prefer to collect maximum information about the products and services, which is required for improving the visibility of the products (Wanjohi, 2009). 3. Gender - The product sold by the company will be useful for male and female customers. Food recipe are easy to cook and taste good. 4. Age The food products are tested and approved by the health authorities. This is one of the reasons; the product is suitable for clients of different age groups. 5. Geographical location The plan to sell the product and services to clients located in different locations. This is expected to increase the sales and visibility of the products for the clients. 4. Plan for diversify the product range The management had proposed to launch new products that would take care of the clients requirements in four different states in India. Customer expectations were analysed, as this helped the management in selecting the better option that would help in developing and introducing new products that could cater the requirements of the customers. Product diversification is a challenging task, which can be implemented through proper planning process. Product development process incudes analysing the issues existing with the product launch process. The best strategies are analysed for approaching the clients and convincing for the sales for the new products. Strategies developed and implemented by the company enables the management to analyse the existing products and design for new products that will take care of the clients requirements. Such strategies are required for introducing changes that are necessary for increasing sales for the products in different markets. Through target marketing, the management analysed the expectations of the clients. This helped in developing and introducing changes that is essential for product development. The present objective of the company is to adopt strategies for product diversification. This is required for adopting defensive approach, which highlights the objective of the company to increase sales for the products and services. Competition in the food industry is constantly increasing, and this has encouraged the management to implement improved strategies that will help in offering the best services to the clients. New products are developed to increase profit and goodwill for the company. The management has opposed to adopt offensive method, wherein the market opportunity for the new products can be analysed. At present, the company has concentrated to approach clients from 4 different states of India which are Punjab, Madras, Hyderabad, and Goa. Customer preferences vary from each other. Strategy to adopt diversified method for attracting clients from different markets is possible by implementing changes in the product that is intended to be launched in other states (Ramaseshan et al., 2002). Approach for reaching clients The approach selected by the company to highlight the service features to the clients is an important task. Existing products and its quality can be improved or enhanced. This includes changing the recipe as per the requirements of the customers from different states and providing more options to the potential buyers. Improved appeals for new version of products can be designed and implemented by the company to approach the clients. Awareness about the product and service details can be increased by sharing maximum information with the buyers. The process includes analysing the importance of developing new products and communicating the same with the clients. This will help in approaching new clients and convincing about the product quality. Sources The process of product diversification is essential and thus needs to be effectively planned. While implementing the changes the management has to analyse the expenses and time required for introducing the required changes. The product development has to be done internally, as this enables the management to analyse different options that would be available for implementing changes with the product sale. The process to distribute the products and services and effective methods adopted for communicating with the clients are some of the other factors that are considered in this process (Singh, 2008). In order to develop and implement new products for the clients, the management has to be analysing the expected strategy for marketing the products. Budget and the process expected to be followed for promoting the services are some of the important factors that helps in designing an effective method through which the product diversification plan can be undertaken by the management. New suppliers and distribution channel has to be identified by the management. This will help in developing and implementing the changes that are required for increasing the product value and costs. The process expected to be followed for increasing the production activities has to be planned and introduced by the management. This helps in selecting the best distribution challenge and network that would hep the management to increase the sales process. Risks analysis The risks involved with the process of product diversification have to be analysed. This helps the management in focusing on different factors that would help in increasing sales for the company. The challenges involved with the market growth and the methods that would be followed for overpowering the issues can be analysed. This will help in increasing the business performance for the company. Plan The plan for the business development and diversifying the products includes the below mentioned steps 1. Analysing the places where the product is intended to be launched 2. Developing new methods for promoting the service 3. Developing risk management plan, through which the products can be sold to the clients form different market 4. Analyse the level of competition existing in the industry (Stuart, 2002). 5. 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