BUS 5112 Group Activity Draft PDF

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Marketing strategy and value proportion Sports clubs, schools, colleges and local consumers will be our distinct groups of fashionconscious shoppers targeted by Sole`s. While all the groups are looking for Sole shoes, the professionals will also be looking for fashionable shoes that they can wear with their professional attire (Varadarajan, 2010). Sole is aiming for reaching a global market as soon as possible. An attractive, eye-catching storefront in a popular mall will be used to target these markets. Malls are where the majority of the target markets are located. Malls will allow people to shop at a variety of stores all in one location. These will our product receive walk-in customers simply by having a visible storefront in a well-traveled mall. While leased space in a mall is costly, one of the benefits you pay for is the mall association's marketing of the mall and its stores. Customer retentions strategy 1. Create a feedback loop for your customers. This strategy is used by sole company. If you don't know how your customers feel about your business, it's difficult to improve it. To begin retaining customers, you'll need a system for collecting customer feedback and sharing it with the rest of your company. 2. Keep track of all customer communications in a calendar. Even if your customers aren't reaching out with feedback, your team should communicate with them on a regular basis. 3. Develop a relationship of trust with your customers. When it comes to establishing trust between your company and your customers, two things are true: don't assume they trust you just because they buy from you, and trust takes time to establish.

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4. Provide one-of-a-kind services. Offering a product or service that is superior to your competitors' in the eyes of your customers is a difficult task, but the payoff is well worth the effort in the end (Wayland & Cole, 1997). Pricing strategy Pricing is the one strategy you should consider for your new business that can truly make or break it. If you set your price too high, your competitors will take all of the business (Yan, 2008). If you set your price too low, you will not make enough money. When sole company sets its price it considers the following: Factors we considered before setting the prices of our shoes Customers. What will be the reaction of buyers? We looked at three key factors: whether buyers think the product is valuable, how many buyers there are, and how sensitive they are to price changes. In addition, we gathered information on market size. Businesses must try to determine how price sensitive their customers (Ali, & Talwar, 2013). Competitors. We also looked at how our competitors price and sell their products, as this has a big impact on a company's pricing decisions. Companies will frequently match their competitors' prices in order to establish and maintain loyal customers and this helped us to come up with our prizes. The Economy and Government Laws and Regulations. The economy has a significant impact on pricing decisions. Companies often lower their prices when the economy is weak and many people are unemployed, and this is what we always do when the economy is bad. Also, laws are in place to protect consumers, promote competition, and encourage businesses to act ethically and fairly.

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Cost of production (Product cost). This includes the cost of product development, testing, and packaging, all of which must be considered when deciding on a price. The costs of promotion and distribution go up as well. It is one of the most important factors we consider when determining our shoe prices. Current marketing and implementation Strategy for Sole shoes It's important to keep in mind that marketing isn't a one-size-fits-all solution. It's important to remember that marketing is a marathon, not a sprint, if you want your efforts to be successful (American Marketing Association, 2013). As a result, for its efficient operations, Sole applies the following marketing strategies. Set the right expectations. Set realistic goals for yourself. Because marketing success takes time, it's critical that your company's leadership and team are aware. Sole is setting the right expectations from the start, which will aid everyone's understanding of the company's products (shoes). Make the plan known (communicate the plan). Once you've assembled your marketing team, make sure to share your marketing strategy with your target market. This strategy aids Sole in comprehending and achieving its objectives. Build out timeline and tasks. If you didn't include a detailed project timeline in your marketing strategy, it’s important to do so. To make the effort manageable for the sole company, it makes sense to break each project down into smaller tasks and deadlines. Monitor and check-in regularly. Sole conducts a monthly review of its results to determine what is working and what isn't. It began doing this on a weekly basis for larger efforts.

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Be willing to adapt. One of the most important reasons for regular measurement and monitoring is so that as a shoe company, you can easily see what is working and what it’s not working. Factors influencing customer loyalty Hearing directly from the source is a foolproof way to improve your customer loyalty strategy. It will take longer to build a loyal audience without your customers' honest feedback (Tiwari & Abraham, 2010). The following are factors Sole Company uses to influence customer loyalty. Prioritize Customer Service. Servicing your customers' needs is a simple way to build loyalty, and this is what Sole is doing. A company can have a cutting-edge product line that wowed its target market, but it won't get very far if it can't provide dependable customer service. Reward Customer Action. How many of your customers return after making their first purchase? If the answer is no, it's possible that it's because you don't reward them for returning. Collect Customer Feedback and Data. Hearing directly from the source is a foolproof way to improve your customer loyalty strategy. Sole is ensuring customers' honest opinions, but cultivating a loyal audience will take longer. Display Social Proof. Displaying social proof on your website is a great way to increase customer trust. When someone recommends your products and gives you positive feedback, this is known as social proof. References

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Ali, H. , & Talwar, V. (2013). Principles of marketing (page 18). University of London International Programmers in Economics, Management, Finance and the Social Sciences, London School of Economics and Political Science (LSE). http://studylib.net/doc/8082686/principles-of-marketing---university-of-londoninternational American Marketing Association . (2013). https://www.ama.org/AboutAMA/Pages/Definitionof-Marketing.aspx2007. and was approved in July 2013. Tiwari, R. K., & Abraham, A. (2010). Customer Loyalty and Perceptions-Underlying Constructs. Journal of Marketing & Communication, 6(2). https://www.aabri.com/manuscripts/131680.pdf Varadarajan, R. (2010). Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 38(2), 119-140. https://www.academia.edu/2435870/Strategic_marketing_and_marketing_strategy_domai n_definition_fundamental_issues_and_foundational_premises Wayland, R. E., & Cole, P. M. (1997). Customer connections: new strategies for growth. Harvard Business Press. https://www.amazon.com/Customer-Connections-New-StrategiesGrowth/dp/0875847994 Yan, R. (2008). Pricing strategy for companies with mixed online and traditional retailing distribution markets. Journal of Product & Brand Management. https://www.researchgate.net/publication/241700005_Pricing_strategy_for_companies_w ith_mixed_online_and_traditional_retailing_distribution_markets...