MKTG 600 UIU Management Great Value Brand Wal Mart Discussion – Description
DQ
There are many types of research methods depending on your industry, position, and research goals. One area of focus is loyalty and collecting research to understand loyalty best and increase it.
In a competitive industry, it is essential to understand who you are marketing to, and then you can best create a loyalty program that speaks to this market.
Research
Research loyalty as it applies to your final paper topic in this course. Brainstorm how you will create loyalty for this new offering.
Discuss
Who is in the target market for your final marketing plan? Make sure to provide the rationale.
What type of research methods will help you to understand this market best?
How will you obtain loyalty from this market?
Briefly describe the competition in this industry and any loyalty efforts that the major competitors are using.
In your peer responses, address whether you agree or disagree with their target market focus.
R1
Understanding the target market for the marketing plan is the crucial first step in fostering loyalty. In this case, the intended market for Tesla’s African expansion includes the rising middle class in urban areas, government bodies interested in reducing carbon emissions, and companies investing in renewable energy and sustainable transportation. (Tesla, 2023) The rationale behind targeting these groups lies in the potential alignment of their interests with Tesla’s product offerings.
A combination of primary and secondary research methods will be employed to understand this market in depth. Secondary research will involve analyzing industry reports on the African EV and renewable energy markets, scholarly articles on marketing strategies in emerging markets, and data from international agencies. (Kindzeka Wirajing et al., 2023) On the other hand, primary research will be conducted through reviews of surveys and interviews, providing first-hand information about potential consumers’ attitudes, preferences, and behaviors. (van Deventer & Habtemichael Redda, 2023) These combined methods will ensure a comprehensive understanding of the African market and its unique attributes.
Cultivating loyalty in this market will involve various strategies. At the heart of these strategies lies creating a value proposition that aligns with the values and needs of the African market. For the rising middle class, this could mean focusing on the cost-effectiveness of EVs in the long run. For government bodies, the emphasis would be on EVs’ contribution to reducing carbon emissions. For businesses, the focus might be on the return on investment in renewable energy technologies. Creating a robust post-purchase service infrastructure will also be crucial in gaining and maintaining customer trust. (Viola, 2021)
In terms of competition, Tesla’s major competitors globally include traditional automakers that have ventured into the EV market, such as General Motors, Volkswagen, and Nissan. (Tesla, 2023) However, in the African context, the competition could be more sparse due to the no existent nature of the EV market. Chinese automakers, such as BYD and BAIC, have made inroads into the African market and have begun building a loyal customer base. While their loyalty efforts are not explicitly known, their current market presence suggests a strategy of offering affordable EV models combined with adequate after-sales service.
Thus, understanding the target market through primary and secondary research methods is critical to cultivating loyalty. In Tesla’s case, the loyalty strategy would revolve around aligning the product offerings with the needs and values of the African market and creating a robust service infrastructure. Although less dense than other markets, the competitive landscape still poses a challenge that needs to be addressed through a unique and effective marketing plan. (Kindzeka Wirajing et al., 2023) This understanding will inform the final marketing plan to ensure Tesla’s successful expansion into the African market.
R2
Plantible Foods Inc., an innovative startup focused on developing Lemna-based protein products, represents an exciting player in the rapidly expanding plant-based food sector. Identifying the target market, formulating research strategies, enhancing customer loyalty, and understanding the competitive landscape are integral aspects of the company’s marketing plan.
Target Market: The core target market for Plantible Foods’ protein products consists of food manufacturers seeking high-quality, plant-based protein ingredients for their product lines. Additionally, health-conscious consumers shifting towards more sustainable, plant-based diet alternatives form a crucial secondary target group (Balaji & Roy, 2020).
Research Methods: Understanding the complex dynamics of these markets can be accomplished through a combination of primary and secondary research methods. Surveys and interviews can help assess the needs and preferences of food manufacturers and consumers. Furthermore, database research using IBISWorld, Statista, Euromonitor, and academic articles can provide valuable insights into industry trends, competitor analyses, and market statistics (Saitone, Sexton, & Sumner, 2020).
Building Loyalty: Loyalty within the B2B context can be fostered by ensuring consistent supply, maintaining high product quality, and providing excellent customer service. For the consumer market, communicating the sustainability benefits of Plantible Foods’ products, alongside potential health advantages, can foster brand loyalty. A loyalty program offering incentives for repeat purchases, or educational content about plant-based diets and sustainability, can further enhance loyalty (Beverland, 2020).
Competition and their Loyalty Efforts: The plant-based food sector is characterized by intense competition, with players ranging from innovative startups to established food and beverage companies. Beyond Meat and Impossible Foods, for instance, have developed sophisticated marketing campaigns to enhance brand visibility and consumer loyalty (Ferdman, 2020). For Plantible Foods, differentiating its product through its unique aquafarming and non-GMO attributes, and potentially creating loyalty programs focused on sustainability and health benefits, can provide a competitive edge.
In conclusion, Plantible Foods can leverage its unique positioning in the plant-based food sector to attract both food manufacturers and consumers. By conducting thorough market research, devising effective strategies to build loyalty, and understanding the competitive landscape, the company can enhance its brand recognition, gain market share, and ensure long-term business sustainability.
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