Use as many sources as needed. From a marketing standpoint compare 4 of the following companies/businesses (choose 4 from the list):
1.A commercial bank
2.A retail store (electronics, food, sporting goods, etc. Any of your choice)
3.Construction company
4.Mobile communications provider
5.Consulting company
6.Educational institution
7.Political party.
Whatever 4 you choose, if you make examples based on real companies/businesses, they must be Russian or British. Add images/screenshots/diagrams if relevant.
Comparison criteria:
1.How would you define a «key» customer for each business? What methods can be used to differentiate “key” customers from the rest?
2.What would be the best way to find out the «key» customer’s main requirements and build up long-term relations with them?
3.Which marketing functions can be delegated to business partners and how would you control co-operation with them?
4.What would you emphasize as essential activities of the marketing department in each business?
5.Specify differences/consistencies of marketing principles in each business chosen.
Specific Features of Marketing Activities in Various Branches of Business-Tesco, Vodafone, Deloitte, Cambridge
Introduction
Marketing is the backbone of the company. Every organization needs an effective marketing strategy to gain success in the industry. In each industry or business, different marketing principles can be applied. In contemporary business, the management is aware of different marketing traitors, which are pertinent to different industries to attract target customers and get an edge over other competitors. The study revolves around four British companies. Evaluating these companies from the marketing point of view seems interesting. It can help to derive several marketing approaches or intentions of companies in industries.
The study revolves around retail, education, consulting, and mobile communication companies along with their marketing strategies or approaches.
· Retail Store (Tesco)
Tesco is a British multinational retailer. It is the third largest grocery retailer in the world. Tesco deals with Supermarket, Hypermarket, Superstore, and Convenience shop. According to 2017 financial reports, the revenue of the company is £55.9 billion
· Mobile Communication (Vodafone)
Vodafone is a British multinational telecommunication company. This company operates in 25 countries. main services are Fixed line telephone, Mobile phone, Broadband, Digital television, Internet television, and IPTV. According to the 2018 financial report, the revenue of the company is €46.571 billion
· Consulting Company (Deloitte)
Deloitte is a professional service provider and is included in the big four accounting organizations. It contains the largest professional service network. Main services of the firm are the audit, tax, management consulting, financial advisory, risk advisory, and legal consultancy. 2018 financial reports show US$43.2 billion revenue of the company.
· Construction Company (University of Cambridge)
The University of Cambridge, founded in 1209, is the second oldest university in the United Kingdom. It is a public research university. The endowment of this educational institution is £4.9 billion.
Defining Key Customer for Each Business & Methods to Differentiate
Tesco has grabbed an immense range of customers in the competitive retail market. However, the firm is targeting everyday people. Key customers of this company are families. People containing low to moderate income are the key target customer. Interestingly, the company makes different family segments to find its target customers. For Instance, the first segment is the pro-family. These customers are young and usually emphasize the career development process. The second segment is Lower Affluent Families. The firm loses these customers due to low income. The third segment is Higher Affluent Families. These customers maintain a high-income level and balance the budget to buy products effectively. Tesco is differentiating customers through delight. The firms intend to market products for customers which are available at low prices. The customer’s delight can be gained or observed through creating the value. High-Quality products at low prices make the customer delightful, and it differentiates them from the rest (commentator, 2017).
Key customers of Vodafone are based on two major segments. In the demographic segment, the firm targets people (aged 13 to 65), including B2C and B2B customers. In the Psychographic segment, a key customer is a group of youth in the semi-urban and urban area. These people are also willing to pay high prices for premium services. Vodafone is differentiating its key customers by making them devoted. Customers in the mobile communication market are looking to experience speed, quality, and consistency. Rapid mobile phone services, premium services, and high expectations of customers have made them devoted and differentiated (B&T Magazine, 2014).
Key customers of Deloitte are the small and large organizations, which need effective business strategies and advice. Companies, especially in the financial industry, are main targets or key customers. Based on different segments, the firm creates value. To differentiate key customers, the firm is focused on the business, which can meet their needs. Deloitte is running a customer-focused business. Deloitte has depicted the proactive to attract and target customers. The purpose is to make client iDeal. Through, unmatchable services made these customers responsive and differentiated (Cameron, 2014).
Key customers of the University of Cambridge are students. Key customers are defined by the university by making the segment. In the demographic segment, the institution targets college students who like to work part-time. The age of these customers is 18 to 21. Geographically, the firm targets customers from different regions including the United Kingdom. The administration of this company is differentiating customers through delight as well. However, the way of delighting and differentiating them is quite different due to the different business nature. In the institution, researchers get the freedom to conduct research and contribute to the communities. It seems the lifetime value that makes them delightful (Customers.microsoft.com, 2017).
| Tesco | Vodafone | Deloitte | Cambridge |
| Delight | Devoted | iDeal | Freedom |
Best Way to Find out the Key Customer’s Main Requirements and Long-Term Relations
Tesco is finding customer requirements by understanding the need. Tesco, being a big retail giant, deals with a large group of customers in different regions. Mapping the customer’s journey is the best approach that the company adopts to find what the customer wants. Tesco navigates the customer’s journey by interacting with customers on a tough point. Customer interaction helps the firm marketing department to come up with the pertinent product lines. Mapping the customer journey is effective for Tesco because it also helps to identify several points of friction and chances for improvement. Customers are sources of data for the company, and accordingly, the marketing section interacts with the production department to produce pertinent products and strategies. Mapping the customer journey is a kind of marketing research. Tesco customers embrace grocery products according to requirements or expectations, and it increases the long-term relationship (commentator, 2017).
Vodafone, on the other hand, is trying to identify customer requirements through learning with customers. In the competitive market, Vodafone has evolved with time regarding its products or services. The company, along with the comprehensive market research, conducts seminars or business exhibitions to integrate with the customer counterparts. For Instance, if customers in a particular region are facing speed issues, it can be highlighted in business seminars, events or exhibitions. Vodafone is developing its products from the perspective of customers and experts. Even before the customer knows what he requires, the firm usually comes up with a remarkable output. It makes customers loyal and satisfied, and it provides a lead to long-term customer relationships.
Deloitte is defining customer requirements by implementing four step approaches. The main pillars of this four-step approach are to identify, collect, analyze and translate. In the first phase, the marketing team of the company identifies its customers. The management identifies the client regarding the nature of the business, issues, and the industry. After it, the firm collects the needs. It usually includes either qualitative or quantitative surveys. The firm can find the varying requirements in this phase. When analyzing, the firm usually makes several segments of requirements. The firm keeps this data and translates it in the final phase to understand what actually customer requires to improve the business process and performance (Cameron, 2014).
Cambridge, the second oldest educational institute, is identifying the customer requirements by conducting the “Follow me Home” research. The marketing team usually follows customers in their homes, workplaces, and many other public places. People are to be enrolled due to their educational requirements. Accordingly, the firm designs its study program and fee structure to find the right people in the research department. Students or customers are satisfied with outputs, and they want to spend good time for the long run.
| Tesco | Vodafone | Deloitte | Cambridge |
| Understanding the Need | Learning with Customers | Identify, Collect, Analyze, Translate | “Follow me Home |
Delegating Marketing Functions to Business Partners & Controlling Co-Operation
Promotion is a key marketing function that would be delegated to the business partner or third party. Tesco conducts comprehensive market research. Based on the research, the firm has to develop the product. Thus, it seems tough for the company to manage or maintain all key marketing functions. Promotion can be done by the third party. For Instance, Tesco would delegate the advertising process to both traditional and digital media channels. I would like to co-operate with the business partner in the concept identification. Also, collaboration can be made to share the content with the business partner, which is relevant to the retail industry. The business partner may have a good promotional network that can create immense customer traffic and depict valuable results.
Vodafone contains effective market functions such as market research & development and promotion. However, sales and distribution are to be delegated to the business partner. The company has business in different regions to reach an immense range of customers. Thus, this delegation would be effective in reaching maximum customers. The big benefit that Vodafone can gain is integration with a well-planned or established distribution network. The co-operation with the business partner can be enhanced by identifying those areas which are undone, especially in Southeast Asia. Being a market expert, I would like to work with this business partner to streamline potential areas to reach customers.
Comparatively, the nature of the business and functions of marketing are different at Deloitte. Compared to Tesco and Vodafone, this firm will delegate the data storage and warehousing functions of marketing to its business partners. Customer data is to be kept by the company safe and secure, and therefore, the delegation of this marketing function can be justified. It looks the main marketing function of Deloitte because it has to make key marketing strategies for SMEs. I would like to co-operate with business partners regarding data integration, data mining, and the metadata management process. Comparatively, cooperation with the business partner is more than any other company or business.
Cambridge, in the educational industry, has to pick up different market functions. The marketing process of Cambridge is different from Vodafone, Deloitte, and Tesco. Standardization and testing is a key marketing function, which is to be delegated to the business partner. When firm designs services for its target customers, it has to affiliate with the UK’s higher education commission. This business partner can provide government support and let customers know about the standard, quality, rationale or the services. Comparatively, other marketing functions are well customized in this institution (Customers.microsoft.com, 2017).
| Tesco | Vodafone | Deloitte | Cambridge |
| Promotion | Sales and Distribution | Data Storage and Warehousing | Standardization and Testing |
Essential Activities of the Marketing Department in Each Business
In Tesco, I would like to emphasize the market research to map customer needs. It is a fact that retail trends have changed with time. Now, the market research should be streamlined or emphasized to integrate with new retail trends and meet the needs and requirements of customers effectively. The most important thing for me is to make an effective retail strategy, based on the mare data that can lead towards a competitive edge over other rivals.
Vodafone needs to focus on promotional activities, especially on digital media channels. I would like to emphasize the content strategy in digital promotion to get the customer’s attraction. The data-driven approach is the best choice to think strategically and enhance learning on digital channels. In promotional activities, the firm needs to be detail oriented, and therefore, this marketing activity is the main focus (Jenkins, 2017).
Deloitte needs to focus on customer support services. Compared to Tesco and Vodafone, Deloitte needs an effective customer service strategy to satisfy customers. I would like to create complaint handling teams to improve this function. The sales of the services depend on customer satisfaction, and to me, it is my top priority.
Cambridge, due to its different nature of the business, will need to focus on the service design and development. Based on the customer feedback in the university and market, service strategies can be changed and streamlined. The purpose of this marketing focus is to position better in the minds of customers and get more people enrolled in departments.
| Tesco | Vodafone | Deloitte | Cambridge |
| Market Research to Map Customer Needs | Promotional Activities | Customer Support Services | Service Design and Development |
Specifying Differences/Consistencies of Marketing Principles in Each Business
Tesco depicts the marketing principle called “Strategy before Tactics” Tesco effectively makes an effective marketing strategy to attract customers. For Instance, in the marketing mix, Tesco intends to penetrate to offer low priced products. In media and distribution channels, further tactics are used by the company to make the difference. Tesco is successful in different countries due to its core marketing strategy. Instead of aligning with market tactics, the firm utilizes market resources to come up with a different market strategy in a different region (Bourn, 2017).
Comparing Vodafone with Tesco, the big difference is the differentiation. Vodafone intends to communicate with customers to rationale differentiating factors. It is a different market principle that makes products and services visible in the competitive market. The difference is quite visible in these two principles due to priority. Tesco wants to increase sales through strategy formulation. Vodafone increases sales by creating the perception in the market (Jenkins, 2017).
The marketing principle of Deloitte is quite different as compared to Vodafone and Tesco. The firm usually classifies its business objectives. Interestingly, business objectives are crammed into the marketing process. Thus, in each marketing activity, the firm depicts its purpose of the business. This firm operates as a solution provider. Over ten thousand professionals are ready to provide high-quality services to select clients. Firm mentions a diverse skill set in the marketing process to attract customers (Talbot, 2018).
Delivering the right message at the right time to the right customer has emerged as a key marketing principle. In this digital world, Cambridge always tries to use this principle in the marketing process. Different messages to different customer segments are the base of the marketing strategy. If people get the right message at the right time, they can make positive buying decisions in the competitive educational industry. The educational industry or business is becoming competitive and administrators, especially marketing experts, are emphasizing how to utilize this marketing principle. This marketing principle is different due to the difference in the marketing approach (Consciouscomms.com, 2018).
| Tesco | Vodafone | Deloitte | Cambridge |
| Strategy before Tactics | Differentiation | Classification of Business Objectives | Right Message at the Right Time to the Right Customer |
Conclusion
In the end, it is to conclude that different businesses perceive the marketing process differently. The purpose of the marketing process is to communicate with target customers, provide them with pertinent information, and attract them to make buying decisions. However, the approach in different business is not the same. In this comprehensive analysis, Tesco, Vodafone, Deloitte, and Cambridge are analyzed from a marketing point of view. It seems an interesting comparison that describes the rationale of adopting different marketing approaches.
References
B&T Magazine, 2014. Vodafone’s customer experience strategy. [Online] Available at: http://www.bandt.com.au/marketing/vodafones-customer-experience-strategy [Accessed 19 October 2018].
Bourn, J., 2017. What can you Learn From Tesco’s New Marketing Approach? [Online] Available at: http://digitalmarketingmagazine.co.uk/digital-marketing-features/what-can-you-learn-from-tesco-s-new-marketing-approach/4348 [Accessed 19 October 2018].
Cameron, N., 2014. Deloitte describes four-step model for customer-led marketing. [Online] Available at: https://www.cmo.com.au/article/553969/deloitte_describes_four-step_model_customer-led_marketing/ [Accessed 19 October 2018].
commentator, E., 2017. How Tesco refreshed their marketing strategy to get back on track. [Online] Available at: https://www.smartinsights.com/online-pr/reputation-management-online-pr/tesco-turned-marketing-strategy-around/ [Accessed 19 October 2018].
Consciouscomms.com, 2018. 3 steps to social media success. [Online] Available at: https://consciouscomms.com/3-steps-to-social-media-success/ [Accessed 19 October 2018].
Customers.microsoft.com, 2017. University of Cambridge increases student learning with open source Azure service. [Online] Available at: https://customers.microsoft.com/en-us/story/university-of-cambridge [Accessed 19 October 2018].
Jenkins, H., 2017. 999 Vodafone: New market differentiation campaign links to emergency services. [Online] Available at: https://www.clickz.com/999-vodafone-new-market-differentiation-campaign-links-to-emergency-services/6943/ [Accessed 19 October 2018].
Talbot, P., 2018. How Deloitte Helps Clients Build Better Marketing Budgets. [Online] Available at: https://www.forbes.com/sites/paultalbot/2018/10/16/how-deloitte-helps-clients-build-better-marketing-budgets/#5032bbc44590 [Accessed 19 October 2018].
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