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Marketing Strategy

The goal for any business is to grow profits, which can be achieved via multiple paths,

such as increasing sales volume, changing prices, or decreasing variable or fixed costs. To

increase profitability, businesses can grow the market, increase their market share, up-sell to

current customers, get current customers to buy more frequently, steal customers from

competitors, find new customer segments, create new products, reduce brand switching, and

raise prices. To decrease costs, businesses can find less expensive suppliers, outsource expensive

business areas, become a niche provider, spend less on R&D and advertising, and "milk the

brand. (Iacobucci, 2018).

Two popular strategic marketing frameworks are Ansoff's Product-Market Growth

Matrix and the BCG Matrix. The former emphasizes sales growth through four possible product

and market combinations. At the same time, the latter is used for portfolio analysis and

categorizes products based on their market share and the industry's growth rate. It classifies

products as stars (substantial market share in a growing market), cash cows (substantial market

share in a non-growth industry), question marks (weak market share in a growing industry), and

dogs (weak market share in a non-growth industry). The article suggests optimizing the

company's products for growth and profitability within these frameworks (Iacobucci, 2018).

The General Electric model is a strategic tool used to assess a company's performance

and assumptions about expected performance by measuring market attractiveness and business

strength. Ratings are given on a scale of 1-5 for various sub-dimensions under each dimension,

and the weights are given for each sub-dimensions importance. The values are multiplied and

summed up to plot an overall score on a chart. The Porter strategy classifies a company's

dominant market position as either cost leadership, differentiation, or focus. Cost leadership
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focuses on producing goods and services more efficiently than the competition; differentiation

strives to distinguish its products as unique in the industry. The focus strategy serves niche

markets by doing one thing very well (Iacobucci, 2018).

Treacy and Wiersema offer three business strategy philosophies: operational excellence,

product leadership, and customer intimacy. Operational excellence is the ability to deliver

products or services smoothly and reliably, while product leadership is achieved through

consistently excellent quality or being a market leader in innovation. Customer intimacy involves

knowing and fulfilling customers' unique needs. Examples of companies that follow each

philosophy are provided, and the chapter notes many other ways to think about strategy.

(Iacobucci, 2018) .

Companies should regularly revisit their assumptions, especially when launching new

products, facing contextual issues, or experiencing changes in profitability. SWOT analysis is

vital in identifying a company's strengths and weaknesses. Companies may have different

tendencies, such as offensive or defensive actions, and how a company's role in the marketplace

can change over time. Strategic planning should consider the 5Cs, including the economic

context, and a company's actions should be consistent with its corporate identity (Iacobucci,

2018).

Examine strategic goals in response to changes in external factors or the effects of 5Cs on

perceived opportunities and threats. Three strategies are outlined: doing nothing, maintaining the

status quo, or doing something different. Various goals are also presented, such as making more

money, delighting customers, repositioning the brand, or addressing broader social concerns. The

importance of examining the impact of changes on all 4Ps and ensuring consistency in

messaging to customers is emphasized (Iacobucci, 2018).

Marketing metrics are essential for assessing a company's strengths and weaknesses

through the eyes of customers and competitors. They help in both the assessment phase and

strategic planning phase. Marketing metrics like sales, share, average prices, levels of awareness,

and penetration in the trial should be correlated with a company's financial health. Dashboards

can help companies oversee multiple measures to manage the company optimally. They can take

any shape and collect several diagrams in different formats. Ultimately, if a company thinks

about its customers and tries to like and please them, it will beat the competition. (Iacobucci,

2018)

Marketing Plans

Various elements constitute a marketing plan, such as the situation analysis of the 5Cs

(company, customer, competition, collaborators, context), the STP process (segmentation,

targeting, positioning), marketing and financial goals, and the action plan for implementing the

marketing mix (4Ps)—potential customers, which includes the demographics, psychographics,

and buying behavior of donors to understand customers to create a successful marketing plan.

Assessing macro-environmental issues, such as legal, technological, societal, and political

changes, when developing a marketing plan is crucial. Consider each factor, including

competitors, collaborators, and the organization’s current situation. (Iacobucci, 2018)

STP Segmentation, Targeting, and Positioning are essential for selecting the right

segments to target, choosing the profitable ones that have growth potential, fit in with corporate

goals, and are actionable. Perceptual mapping and writing a positioning statement can help

position. The 4Ps are the tactical decisions used in marketing to achieve product positioning,

including product, price, promotion, and place. Each of the 4Ps has critical questions to be

answered. For example, in the case of product P, questions include whether to offer high-end
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quality or value to customers, what assortment of product features to offer, and what customer

service plans to supplement the core business. Regarding price P, questions relate to whether to

have a high or low price, what supplement pricing components to use, and how to be beneficially

priced differently from competitors (Iacobucci, 2018).

Including time and budget estimates in a marketing plan ensures it is realistic and

actionable. More detailed and precise estimates can lead to better planning, cost audits, and

identifying weaknesses in the plan before execution. The marketing plan is a crucial document

that should be detailed and cover every factor relevant to achieving the goals. It is an iterative

process, and the plan should be modified as situations change. The plan should be consistent,

every detail should be listed, and it should be readable and speak to the intended audience. The

goal is to remind the team of the goals and serve as a guide in achieving those goals (Iacobucci,

2018).

White Rock

White Rock's strengths include its long history in the beverage industry, brand

recognition, recent success in reviving its brand through acquiring the Old Brooklyn brand, and a

revamped production process that aligns with its healthy and unique brand positioning. However,

the company also faces significant weaknesses, such as its mature brand status and historical

reliance on a single customer for distribution. The opportunities for White Rock include the

potential for continued growth through the Old Brooklyn brand, particularly in premium outlets

and supermarkets with premium beverage sections. Finally, the company must also be aware of

threats, such as competition from other established and emerging brands and potential changes in

consumer preferences and market trends. Overall, the SWOT analysis highlights the need for
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White Rock to continue to evolve its brand and distribution strategy to remain competitive in the

beverage industry.

White Rock has used market segmentation, targeting, and positioning to ensure the

survival and success of the company. Firstly, they have segmented the market by identifying the

health-conscious and premium beverage consumers as their target audience. They have targeted

this segment by acquiring the Old Brooklyn brand, which allowed them to enter premium outlets

and supermarkets with premium beverage sections. Secondly, they have positioned themselves

as a healthy and unique brand by revamping the Old Brooklyn production process to make it

tastier and healthier. This has allowed White Rock to differentiate itself from its competitors and

appeals to health-conscious consumers who value premium and unique products. By adopting a

hybrid distribution system and acquiring a new brand, White Rock has been able to adapt to

changes in the market and keep the business afloat.

White Rock has used the 4Ps of marketing in developing and executing a plan to ensure

the company's survival and success. In terms of product, White Rock has expanded its product

line by acquiring the Old Brooklyn brand of beverages and revamping its production process to

make it a tastier and healthier product. This move is consistent with White Rock's positioning as

a healthy and unique brand. Regarding price, White Rock has aimed to offer competitive pricing

for its products while positioning them as premium beverages. White Rock has used a hybrid

distribution system to expand its place strategy, entering premium outlets like Trader Joe's and

Whole Foods and supermarkets with premium beverage sections. Finally, in terms of promotion,

White Rock has used advertising, social media, and public relations to build brand awareness and

communicate the unique health benefits of its products. White Rock has partnered with popular

events and organizations to promote its brand and reach a wider audience.
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References

Iacobucci, D. (2018). Marketing management (5th ed). Cengage Learning, 2018.