Pinnacle Investment Management Group Ltd PDF

Preview

Summary

However, in China, the product has the potential to grow but is limited by the habit and needs of the people. The Chinese population highly prefer tea as compared to beverage drinks. Also, the population view this product differently since advertisements and other promotional activities can be diffe...

Description

Marketing Strategies 1

Marketing Strategies Analysis: Pinnacle Investment Management Group Ltd

Student Name Instructor Institution Affiliation Course Date

Marketing Strategies 2 Executive Summary Introduction: Developing and executing the appropriate marketing strategies is primary to business success as numerous reports on the central challenges facing business-marketing teams uncover the numerous questions within the marketing strategies framework. Study Aim: This aims at providing a critical review of consumer insights about the Pinnacle Investment Company and develop a strategic plan and recommendation to optimize the company marketing investment returns. Methodology: This paper substantially analysis the strategies employed by Pinnacle Investment Management Group Ltd. Company Background: Established in 2004, Pinnacle Investment Management Group Ltd is an Australian based multi-affiliate investment company Management Company that aims at establishing, growing, and supporting a diverse stable excellent investment management company. Marketing Strategy: Pinnacle Investment Management Group Ltd success in the investment industry in based on the companies robust marketing strategy that involves its product and services, place and distribution, price, and promotion-marketing framework. Consumer Insights: The Pinnacle Investment Management Group Ltd customer analysis follow three main steps which involves clearly defining its current and potential customer base, analysis of the information on the needs and expectations of its customers, and lastly an analysis of how its products and services meets the requirements its different set of customer segments. Conclusion: conclusively, the recommendations made will significantly change the firm’s marketing reputation and thus substantially enhance its reputation.

Marketing Strategies 3 Introduction Developing and executing proper marketing strategies is central to business success as recent reports on the primary challenges facing business-marketing teams uncover numerous questions within the marketing strategies paradigm (Jaworski 2018). Therefore, a better understanding of the state of contemporary marketing strategies is essential in developing theoretical understanding in marketing for positive consumer insights about a business and its brands. To understand the essentiality of proper marketing strategies, this paper substantially analysis the strategies employed by Pinnacle Investment Management Group Ltd, an Australian company traded in the Australian Stock exchange. Moreover, the paper provides a critical review of consumer insights about the Pinnacle Investment Company to develop a strategic plan and recommendation to optimize the company marketing investment returns. Company Background Founded in 2004, Pinnacle Investment Management Group Ltd is an Australian based multi-affiliate investment company management company that aims at establishing, growing, and supporting a diverse stable excellent investment management company (Pinnacleinvestment.com, 2020). The company’s philosophy is to provide specialist investment managers with superior distribution, support services, and fund infrastructure to enable them focus on offering investment excellence to its clients. As at 30 June 2020, the company consisted of sixteen investment affiliates that collectively manages A$ 58.7 billion in asset across a wide range of asset classes (Annualreports.com, 2020). For the Pinnacle business model, the company hold equity interest in its affiliate firms and provide them with a governance framework, seed funding, working capital, and a comprehensive range of institutional quality and cost effective distribution and other non-investment support services.

Marketing Strategies 4 Pinnacle Investment Management Group Ltd operates in two main business lines, offering distribution services and providing investment infrastructure (Pinnacleinvestment.com, 2020). In the distribution services, the company offers product distribution as well as marketing and business development. On the investment infrastructure, it offers business management services, licensing and insurance, Compliance and risk, company secretarial and legal counsel, financial reporting and accounting, Human Resources, information technology, operations and operational support, middle office functions, and responsibility entity services. The investment firm believes there is a superior way of undertaking investment management that require a boutique environment as well as institutional resourcing. Marketing Strategy Pinnacle Investment Management Group Ltd success in the investment industry in based on the companies robust marketing strategy. To understand the current marketing strategy for the company, a marketing mix model is applied involving its service, pricing, place and distribution, and promotion. Products and Services The company’s product and services marketing strategy elements reflects on the solutions to its clientele’s needs (Pinnacleinvestment.com, 2020). The company develops a unique product design, name, and features that stand out in the competitive marketing strategies. In developing its services, Pinnacle Investment Management Group Ltd considers their quality, variety, feature, augmented services, brand name, and packaging.

Marketing Strategies 5 Pricing In marketing strategy, the pricing element requires an evaluation of the value of the products and services for the targeted consumers (Khan, 2014). The pricing strategy for the investment company focuses on setting the list price, offering credit terms, discounts, and payment periods. By choosing the pricing market penetration strategy, Pinnacle Investment Management Group Ltd sets the lower prices that most of its major competitor in the investment management industry (Pinnacleinvestment.com, 2020). However, the company faces the challenge of retaliation from competitors in the form of undesired price war. Therefore, the choice of skimming strategy requires a clear communication of the differentiation basis and how the intendent differentiation justify the extra price. In the contemporary world, the consumer are not significantly interested in knowing the price but the total cost involved in acquiring, consuming, and disposing off the product. Place and Distribution According to Shaw (2012), place and distribution, marketing strategy requires companies and their subsidiaries to make some important decisions when developing their distribution plan. To meet this requirement, Pinnacle Investment Management Group Ltd decides on whether the investment firm wants to make the product available to the targeted customer segments through its channels, or whether it needs a distribution partner to serve the customer’s needs (Pinnacleinvestment.com, 2020). Additionally, the company decides on whether the distribution will be direct without involving intermediaries or indirect. Where intermediaries are involved, the company selects the intermediaries and strives to minimize the distribution chain as much as possible. The company also decides whether it is interested in the traditional brick and mortal

Marketing Strategies 6 distribution network, digital distribution with distribution retailers such as E-bay and Amazon or a combination of the two. Contemporary customers give higher priorities to the convenience and easy availability of investment products and services and thus the selection of the right distribution channel forces Pinnacle Investment Management Group Ltd to make critical decisions. First, the company considers the product characteristics as involving intermediaries in distribution urgent material may be unwise. Secondly, the company analyses the market dynamics, customer preferences, the company resources and capabilities. If a client places more importance on the personalized services, then the distribution channel necessitates a significant modification to meet the customers’ needs. Lastly, Pinnacle Investment Management Group Ltd also studies its competitor’s distribution strategies by developing a comprehensive cost benefit analysis for each distribution channel and comparing it with the available resources and capabilities the company develop and effective distribution plan. Promotion Promotion is the most prevalent Pinnacle Investment Management Group Ltd marketing strategy as the company blends below and above the line promotional strategies to achieve its overall marketing objectives. The above the line promotional strategies used by Pinnacle Investment Management Group Ltd includes radios, televisions, and print advertising when the most used below the line promotional strategies are tradeshows, catalogues, and direct mail campaigns (Pinnacleinvestment.com, 2020). The promotional plan employed by Pinnacle Investment Management Group Ltd necessitates the company to consider a number of factors. The company starts by clearly defining its unique selling proposition and understanding why

Marketing Strategies 7 consumers require the product and how the product is different from the available products in the investment management industry. Moreover, the promotional plan requires the company to design the message content and evaluate how the crafted message helps its potential customers and creates a clear image of the offered products and services by considering the awareness, interest, desire, and action (AIDA) framework when developing the message. Promotional strategies such as direct selling, and high profile selling suits well where the company wants to push the product (Schlegelmilch, 2016). However, this strategy requires development of a prestigious brand image that could attract the customers towards the offered product. The company filters its promotional options based on age, gender, income, and social status by conducting cost-benefit analysis of the selected promotional alternatives as well as considering the budget constraints and the allocated budget to choose the promotional strategies according their nature, frequency, and importance. Consumer Insights For the development of an effective marketing strategy, it significantly depends on the Pinnacle Investment Management Group Ltd knowledge of its customer base. The developed strategies are more effective when the company substantially understands the needs, expectations, and the attitude of its product and services consumers (Kim, Jeon, Jung, Lu & Jones, 2011). This detailed analysis leads towards the identification of the different customer profiles or segments in a bid to understand the customer insights. In the investment industry, customers are often demanding. The aim at buying the best offerings available by paying the minimum prices as much as possible (Zablocki, Schlegelmilch & Schant, 2017). It put pressure on the Pinnacle Investment Management Group Ltd profitability in the end. The more powerful and the smaller the customer base is, the higher the bargaining

Marketing Strategies 8 power of the company’s customer and higher the ability to seek increasing offers and discounts. Therefore, by building a larger customer base, the company reduces the buying power of its consumers and provide an opportunity for the company to streamline its sales and production process. The Pinnacle Investment Management Group Ltd customer analysis follow three main steps (Pinnacleinvestment.com, 2020). First, the company clearly defines its current and potential customer base whereby a whole group of customers is identified and then divided into different segments based on their traits, motivations, and characteristics. However, identification of potential customers is more challenging than the current customers. Secondly, the customer analysis offer information about how the expectations and the needs of the different groups differ from each other and the possible reasons behind the differences. Lastly, the company conducts an analysis on how its products and services meets the requirements of the different set of its customers and whether the groups have more profit and growth potential. This strategy helps the company develop a good customer profile and personas. However, Pinnacle Investment Management Group Ltd does not take some significant customer insight elements into account. First, the company’s customer analysis does not identify the total market size including the current and the potential customers that can be divided into smaller measurable segments. Secondly, the company does not conduct a behavioral analysis that identifies the psychographic profiles. Conducting a behavioral analysis is crucial for investment firms as it identifies and weighting the relative importance of the factors that determines decision-makings commonly referred to as the buying criteria, including prestige, price, quality and convenience. Customer analysis and the development of segregation strategies are mutually exclusive and should be run together.

Marketing Strategies 9 Recommendations While Pinnacle Investment Management Group Ltd implements a robust marketing and customer insight strategies, there are some areas that the investment firm should improve to optimize the return of its products and services. This section recommends some of the most compelling aspects that can significantly change the firm’s marketing reputation and thus enhance its reputation. The areas touches both the company’s marketing mix and customer analysis aimed at improving its market reputation as well as the quality of its products. 

The company should include additional benefits for purchasing its products that include warranties, after sales services, delivery and credit, and helpline services to lure more customers to purchase its services.



The company should introduce new products and services in the investment paradigm in line with the latest trends in the market by identifying new opportunities in the market and make use of the opportunities.



The company should widen its product portfolio by offering new product lines that fulfil customers’ needs and test the newly introduced product lines in the test market before commercializing them fully.



The company should introduce new products with a price penetration strategy whereby it offers an initial lower price for its products and services than its competitors to gain market share. The strategy will ensure that the newly introduced products are highly consumed and more popular than the competitors’ products.



To enhance its current place strategy, the company should open up virtual shops whereby it can offer its products and services on the virtual platforms along social media posts.

Marketing Strategies 10 This strategy will enable the company to generate more sales as the shops will be integrated to provide a navigation to the consumers. 

The company should use multiple media channels to promote its products and services including hiring social media influencers such as popular business stars and media personalities to create commercial advertisements and increase its products acceptance by customers.



To increase its marketing process efficiency, the company should continuously look for ways to improve and innovate its processes in terms of cost and efficiency, which will ultimately lead to lower prices for its products.



The company should also continuously collect feedback from its customers to enhance its physical evidence strategy concerning products and services so that it could improve it. It should set up its own offices where it provides friendly environment and ambience to encourage its customers to purchase its products. Conclusion Conclusively, developing and executing the appropriate marketing strategies is primary to

business success as numerous reports on the central challenges facing business-marketing teams uncover the numerous questions within the marketing strategies framework. Contemporary customers give higher priorities to the convenience and easy availability of investment products and services and thus the selection of the right distribution channel. In the Pinnacle Investment Management Group Ltd, the company’s marketing philosophy is to provide specialist investment managers with superior distribution, support services, and fund infrastructure to enable them focus on offering investment excellence to its clients. The company implements a marketing strategy that includes products and services, pricing, place and distribution, promotion and

Marketing Strategies 11 customer insights strategies. It clearly defines its current and potential customer base whereby a whole group of customers is identified and then divided into different segments based on their traits, motivations, and characteristics. However, the company does not consider insights elements, as its analysis does not identify the total market size including the current and the potential customers. The recommendations made will significantly change the firm’s marketing reputation and thus substantially enhance its reputation.

Marketing Strategies 12 Bibliography Annualreports.com, 2020. Pinnacle Investment Management - Annualreports.Com. [online] Annualreports.com. Available at: https://www.annualreports.com/Company/pinnacleinvestment-management [Accessed 24 September 2020]. Jaworski, B.J., 2018. Commentary: advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34(1-2), pp.63-70. Khan, M.T., 2014. The concept of’ marketing mix ‘and its elements (a conceptual review paper). International journal of information, business and management, 6(2), p.95. Kim, K.H., Jeon, B.J., Jung, H.S., Lu, W. and Jones, J., 2011. Effective employment brand equity through sustainable competitive advantage, marketing strategy, and corporate image. Journal of Business Research, 64(11), pp.1207-1211. Pinnacleinvestment.com, 2020. About Us - Pinnacle. [online] Pinnacle. Available at: https://pinnacleinvestment.com/about-us/ [Accessed 24 September 2020]. Pinnacleinvestment.com, 2020. Approach – Pinnacle Investment. [online] Pinnacleinvestment.com.id. Available at: https://www.pinnacleinvestment.co.id/approach/ [Accessed 24 September 2020]. Schlegelmilch, B.B., 2016. Segmenting targeting and positioning in global markets. In Global marketing strategy (pp. 63-82). Springer, Cham. Shaw, E.H., 2012. Marketing strategy. Journal of Historical Research in Marketing, 4(1), pp.3055. Zablocki, A., Schlegelmilch, B. and Schant, E., 2017, May. Customer-Based Brand Equity in the Digital Age: Development of a Theoretical Framework: An Abstract. In Academy of Marketing Science Annual Conference (pp. 741-742). Springer, Cham.

Marketing Strategies 13...