Strategic marketing assignment developing the marketing strategies for Made.com

Question

Task: Develop a strategic marketing plan for your own organization for a period of THREE years. Present identified issues, define objectives, propose marketing strategies to achieve these objectives, and predict future outcomes in your strategic marketing assignment.

Answer

1.0 Introduction
Marketing is the key function of the business operating within a competing environment so that the customer can be attracted towards the product and services proposed. Morgeson et al. (2020) argued that as the number of substitute products isrising in the market, thus, the power to switch among customers has increased. It is found in this strategic marketing assignment, in turn, is developing the need for effective marketing strategies so that better engagement with the customer base is developed. Marketing needs to be done strategically so that the "pull factor" is developed and the measures are adopted so that the profitability is derived in developing sales and maximizing profitability (Grönroos, 2020). In this strategic marketing assignment, the measures are taken to develop the marketing strategies for the online furniture and home decor retailer “Made.com”. Focusing on the e-commerce businesses, the existing market competition is evaluated. A vivid demonstration of the current issues of marketing strategies is adopted, and thus, effective proposals for future implications are mentioned with the supportive argument in a critical manner in the strategic marketing assignment.

1.1 Company backgroundin the strategic marketing assignment
Made.com is an e-commerce business of British origin which is based in London. The company is associated with designing and selling furniture as well as accessories online. The business was founded 12 years ago in the year 2010 (Made.com, 2022). As per the findings of thestrategic marketing assignmentthe current revenue is $371 million in the year 12021. The company is currently employing 650 employees and ishaving its warehouse across Europe and Asia (Corporate.made.com, 2022). However, the business has been facing tough market completion from e-commerce leaders like Amazon. The company is keen to keep its customer base engaged. In the process of doing so, new collections are launched every week. This keeps the collection fresh and attractive. To keep the overhead less, online sales are adopted. The mission of the business is to produce its customers with great design and quality at a very affordable price (Corporate.made.com, 2022). The vision is to create furniture for customers with the help of reliability and flexibility. It is willing to adopt sustainability as the company has huge respect for the planet (Made.com, 2022).

2.0 Competitive analysis in the strategic marketing assignment
In the process of understanding the issues faced by Made.com in adopting the currentmarketing strategies, the detailed inspection of the environment in which it is operating and its key competitiveness is essential in the strategic marketing assignment. In this section, measures are adopted to develop a clear idea about the competitive analysis so that the proposal for each of the selected marketing strategies can be proposed in a well-organized manner.

2.1 Environmental analysis
It is found in this strategic marketing assignmentthat internet shopping is becoming popular in recent times. The e-commerce market in the UK is the world's third largest and is forecasted to grow by 26% through 2025, reach by £260 billion in transaction value (Finextra.com, 2022).

Figure 1: E-commerce users in the United Kingdom from 2017 to 2025
(Source:Statista.com, 2021)

As evident from the above graph in the strategic marketing assignment, there is a rise in the number of users of E-commerce in the UK. With the rise in seamless services a well-organized logistics, the demand for online shopping has increased. It is a developing prospect for a business like Made.com to thrive successfully in the competitive market conduction. It is estimated that by the end of 2025, the total number of users of e-commerce will rise to 62.1million. In the year 2021, the total revenues collected by the e-commerce business in the UK will be worth US$117.7 billion (Statista.com, 2021). As per the findings of the strategic marketing assignmentthe UK is determined to be one of the most advanced e-commerce markets in Europe. It currently accounts for 30% of the total retailer market in the UK (Finextra.com, 2022). Soava, Mehedintu&Sterpu(2022) argue that uncertainty in e-commerce is high, as reflected during the current outbreak pandemic. It is found in the strategic marketing assignment that the unavailabilityof employees and inefficient drivers for logisticshas been a threat to businesses. However, the use of technologically advancedandeffectivemarketingstrategies has allowed the e-commerce business to derive the customer’sattention and therefore ensure market success. In the UK, around 10.3% of the total market is occupied by e-commerce retailers (Finextra.com, 2022). This is effective in developing the prospect for retail businesses operating online like Made.com.

2.2Competative bench marketingin thestrategic marketing assignment
E-commerce in the UK is competitive, and sites like Shopify, EKM, Magento, Light Speed as well as Presta Shop have been effective in keeping the customer satisfied [refer to appendix 2 of the strategic marketing assignment]. The use of effective marketing strategies is adopted by the business, and therefore measures are adopted to fetch success in the long run (Clickpost.ai, 2022). Amazon in the UK is determined to be one of the most extensive e-commerce brands. Quality production and excludes services act as the USP of the company. Acquiring more than 300 million customers, it is actingas a threat to the businesses of Made.com. It is analyzed in the strategic marketing assignment that the popularityand brand equality of Amazon is high when compared to Made.com. ThusAmazon has been the first choice for customers when it comes to online shopping (Etumnu, (2022). E-bay, at the same time, has acquired a lot of popularity in the UK market. With the use of B2C product marketing, the company has developed a loyal customerbase. This is making it difficult for the business to attract the attention of the customer, and there is increasingrivalry in the retail e-commercebusiness (Altaweel&Hadjitofi, 2020). Made.com is developing its brand equity in the competing market, and the existing market rivalry is developing the need for strategic marketing measures so that the success in grabbing customer attention can be adopted.

2.3Conclusion
The detailed evaluation of the current market condition and existingcompetitionin the strategic marketing assignmenthas developed the urgency of adopting marketing competition. It has thus been helpful in developing a clear understanding of the strategic marketing for Made.com to services in the market and earnsprofitability at the same time. The realtybusinessesoperatingonline need to develop sources of full factor that re allowing the business to keep the customer attracted as well as informed about the new product range that is proposed by them.

3.0 Retailer marketing strategies addressed in the strategic marketing assignment
Retailbusinessesoperatingthrough the online platform are actively using smart marketingtactics. It allows businesses to stay engaged with their targeted customer base and thus encourages the enhancement of brand equity. Zhu& Gao (2019) stated in the strategic marketing assignmentthat the current use of the “digital mode” of marketing had overshadowed the traditional “word of mouth” marketing. It is not only allowing the businesses to stay connected with the customer but is effective in attracting the attaining for the new launches as well. As e-commerce retailing businesses have to operate in complex and competing market conditions, it is essential for the brands to select the best marketing channel. Shim et al. (2019) stated in the strategic marketing assignmentthat marketing strategies need to be out of the box so that the businesses can help grads the attention of the customers. The use of social media sites has become a very commonlypractisedmarketingmeasure within the e-commerce retailingbusiness operating in the UK market.

The measures are implicated so that the special media sites could be used to circulate information about the offers, discounts and new launches.
Rosário&Raimund (2021) stated in the strategic marketing assignmentthat e-commerce businesses are relying on virtual engagement with their targeted customer base. The measures are adapted to adopting interesting content and engaging in campaigns so that the customer bonds are building and thus measures are taken to gain brand satisfaction. “Pay per click” camping by Amazon has been helpful in developing smart digital marketing strategies (Reinartz et al., 2019). The use of Instagram to attract attention while they are scrolling the feeds has been effective in developing profitability in the long term. There are 62.86 million internet users; thus, the use of the online platform for product marketing by online retailers is effective (Statista.com, 2022) [refer to appendix 1 of the strategic marketing assignment]. It has the ability to fetch sales maximization and build competitiveness as well.It is found in the strategic marketing assignment that as most e-commerce retailing businesses are an option for the global customer base, the use of social media has become effective in reaching the masses and developing interpersonal bonds.

4.0 Marketing analysis and Proposals
4.1 Branding strategies
Branding strategies are holistic approaches that areeffective in reflecting the ways in which the brand is building its identity as well as satisfying potential customers (Boisvert &Ashill, 2018). Cesar (2018) commented in the strategic marketing assignmentthat the four key typesof brand strategies include line extension, brand extension, new brandsatisfied as well as fight brand strategy. Adoption of the think different campaigns iseffective in being the game changer. Andersson et al. (2020) mentioned in the strategic marketing assignmentthat customerneeds change from time to time, and the retail business, in grabbing customer attention and being their first choice, is adoptingeffective branding strategies. In the case of e-commerce retention, the business is in needs to develop distinct brand equity. It enhanced the brand to gain market identity. In the case of the UK market considered in thestrategic marketing assignment, the brands like Amazon and eBay have gained popularity. It is, therefore, difficult for the business to gain seamless brandequity. Katsikeas, Leonidou&Zeriti (2019) suggested in the strategic marketing assignmentthat adopting strategic measures like quality services as well as competitive pricing arehelpful in developing a positive brand image. It is essential for the online retail business to understand the customer needs and inspect the marketing situation so that effective branding measures are implicated.

4.1.1 Current issue
It is found in thestrategic marketing assignmentthat the outbreak of the pandemic has developed the financial crisis. The cost needed for the brandings is limited in case of Made.com. The business is operating in the UK, and thus the tough market conduction, the business is struggling to gain a proper brand image. Katsikeas, Leonidou&Zeriti (2019) stated that the overlook of the brand-buildingprocess is leading to the rise of the changing situation for effective branding strategies. Made.com is still in the evolution stage and facing tough rivalry from the completingbusiness like Amazon isacting as a threat to brand building. On the other hand, the adoption of brand strategies is in need of creative thinking. It demands creating a team of marketing that has the potential to grab the attention of the customers. Andersson et al. (2020) commented in the strategic marketing assignmentthat the brand often loses touch points. It is acting as a constraint to the business, and therefore the brand is unable to gain success in developing a positive brand image. Made.com is facingissues in presenting a positive brand image.

4.1.2 Objectives of the strategic marketing assignment
The adoption of clear objectives is a must. The following table in the strategic marketing assignmentoutlines the SMART objectives for the development of the branding image of Made.com in the UK market.

4.1.3Proposal
Made.com needs to hire a team of creativeexperts having theability to adopt box thinking strategies to build the brand image.Dash, Kiefer& Paul (2021) commented in the strategic marketing assignmentthat the brandings need strategic planning, and a proper understandingof the customer buying intention is needed. Made.com needs to adopt marketanalysis so that the existing market condition can be inspected for better strategic measures. Made.com needs to adopt the “sustainability approaches” to promote its productdistinctly and build a positive brand image. Nikbin et al. (2022) suggested in the strategic marketing assignmentthat suitability is an "in trend” measure that is actively adopted by customers.Thus, market success is gained and the measures are adopted to influence buying intention of the customers. Made.com is in need of developing a positive engagement with the customer; thus, measures like "personalized furniture" could be effective in deriving the attention of customers and thus adopt strategic means to gain a positive market image. On the other hand, the use of jingles will be helpful in building positive brand images and thus encourage success in the long run. Terech(2018) commented in the strategic marketing assignmentthat brandings need systemic execution. Therefore Made.com needs to understand the market risk and thus launch the strategic means for the development of branding strategies. Thus, the use of strategic measures like using AR facilities for the customer would be helpful in developing the brand image in the market. It has been helpful in developing effective branding strategies in complex market conditions.

4.2 Social Media marketing strategies
Social media marketing is in trend. It is used by the business to attract the attention of the customers so that profitable outcomes are gained. Mason,Narcum& Mason (2021) commented in thestrategic marketing assignmentthat the pandemic has increased the time spent on the internet by customers. Thus, it has been evident that the use of strategicmeasures likeadopting social media marketing and thus encouraging the virtual customer relationship is adopted. The social media sites like Facebook, Instagram, Youtube and Snapchat are actively used by the brands to enhance their market presence so that positive outcomes could be gained in enhancing the market share. The adoption of social media marketing is not only time efficient but cost-effective as well (Wibowo et al., 2020). In the tough market condition, it is a must for the business to derive customer attention and thus fetch engagement with the customers and build long-term relationships.

4.2.1 Current issues
Wibowo et al. (2020) stated in thestrategic marketing assignmentthat the main hurdle with social media marketing is the spread of rumours. The fake information for the brand is affecting the market image of the business. It is affecting the market strategy and thus ishampering the market reputation in a well-organized manner. Chen& Lin (2019) opined that cultural barriers are effective creative marketing on social media. The content might hamper the sentiment of any race or cultural group, which is thus affecting the customer bonds. Made.com is facing issues in developing social media content due to the lack of experience. The quality of the marketing content is very complex. It has hampered the online presence of Made.com, which is affecting the sales rate as well. Tafesse& Wien (2018) commented in the strategic marketing assignmentthat making the reliability of the content for social media marketing is difficult. Thus, Made.com is struggling toestablish contents that customer can relate to and develops the busing intention in them.

4.2.2 Objectives
The objectives to develop effective social media strategies for Made.com are presented using SMART criteria in the strategic marketing assignment:

4.2.3Proposal
It is a must for Made.com to look for influencers having a positive brand image and effective engagement with the customer. The audience could serve as the potential customer base, and thus the measures to gain market success Made.com could be gained. Zollo et al., (2020) stated in the strategic marketing assignmentthat the use of the correct marketing channel is needed so that the success in gaining attracting customers. Made.com need to increase their presences on social media sites so that the customertouch point could be enhanced and the company could develop a positive image in the mind of the customers. The use of content that is reliable would trigger the buying intention of the customer. It is thus essential for Made.com to use marketing experts so that the strategic implications can be done in deriving market competitiveness. Tafesse& Wien (2018) was of the opinion in thestrategic marketing assignmentthatmarketers need to keep track of the rumours and make strategicdecision to handle them. It is a must for a brand like Made.com to adopt strategic thinking when handling social media marketing measures. Thus, measures like “quick responses" to rumoursunder the guidance of marketing expertswould be effective in fetching positiveoutcomes in the complex market situation, as in the case of Made.com.

4.3 Conclusion
As per the strategic marketing assignment findings, the customer has lots of options for switching to online retail. It is thus not allowing brand like Made.com to build their branding strategies. The strong influence of Amazon and its qualityservices are making it difficult for Made.com to set a distinct image in the market. In the process of gaining customers' trust, the need of strategic marketing is a must. It encouraged the sale hike and enabled market success as well. The e-commerce business is struggling to build a personal bond with the customers, and thus they are willing to use digital platforms to gain market success in the long run. Social media sites empower customers to express their views. Thus, it it is found in thestrategic marketing assignmentthat it increases the threat of negative comments that might hamper the market's reputation. Made.com has to face issues of providing seamless social media services, and thus, it is a must for the brands to plan their social media strategies and ensure positive outcomes in deriving a potential customer base.

Reference
Altaweel, M., &Hadjitofi, T. G. (2020). The sale of heritage on eBay: Market trends and cultural value. Big Data & Society, 7(2), 2053951720968865.Retrieved on 2.10.2022 Retrieved from https://journals.sagepub.com/doi/abs/10.1177/2053951720968865
Andersson, A., Baksås Martinsson, E., &Kopakkala, J. (2020). An investigation of online branding strategies in D2C firms: With an emphasis on social media.Retrieved on 2.10.2022 Retrieved from https://www.diva-portal.org/smash/get/diva2:1436359/FULLTEXT01.pdf
Boisvert, J., &Ashill, N. J. (2018). The impact of branding strategies on horizontal and downward line extension of luxury brands: A cross-national study. International marketing review.Retrieved on 2.10.2022 Retrieved fromhttps://www.emerald.com/insight/content/doi/10.1108/IMR-10-2017-0208/full/html Cesar, H. L. (2018). Private label branding strategies: the impact on perceived quality and the hedonic and utilitarian dimensions of consumer attitudes (Doctoral dissertation).Retrieved on 2.10.2022 Retrieved from https://repositorio.ucp.pt/handle/10400.14/25529
Chen, S. C., & Lin, C. P. (2019). Understanding the effect of social media marketing activities: The mediation of social identification, perceived value, and satisfaction. Technological Forecasting and Social Change, 140, 22-32.Retrieved on 2.10.2022 Retrieved from https://www.sciencedirect.com/science/article/pii/S0040162518311570
Clickpost.ai (2022), Overview of eCommerce Companies in United Kingdom (U.K.)Retrieved on 2.10.2022 Retrieved fromhttps://www.clickpost.ai/blog/best-ecommerce-companies-in-uk-united-kingdom Corporate.made.com (2022),Made.comRetrieved on 2.10.2022 Retrieved from https://corporate.made.com/investors/results-reports/
Dash, G., Kiefer, K., & Paul, J. (2021). Marketing-to-Millennials: Marketing 4.0, customer satisfaction and purchase intention. Journal of business research, 122, 608-620.Retrieved on 2.10.2022 Retrieved from https://www.sciencedirect.com/science/article/pii/S0148296320306688
Etumnu, C. E. (2022). A competitive marketplace or an unfair competitor? An analysis of Amazon and its best sellers ranks. Journal of Agricultural Economics.Retrieved on 2.10.2022 Retrieved fromhttps://onlinelibrary.wiley.com/doi/abs/10.1111/1477-9552.12495
Finextra.com (2022), UK e-commerce market projected to exceed £260 billion by 2025, Worldpay from FIS study findsRetrieved on 2.10.2022 Retrieved from https://www.finextra.com/pressarticle/91701/uk-e-commerce-market-projected-to-exceed-260-billion-by-2025-worldpay-from-fis-study-finds
Grönroos, C. (2020). Service marketing research priorities: service and marketing. Journal of Services Marketing, 34(3), 291-298.Retrieved on 2.10.2022 Retrieved from https://haris.hanken.fi/ws/portalfiles/portal/20751558/10_1108_JSM_08_2019_0306.pdf
Katsikeas, C., Leonidou, L., &Zeriti, A. (2019). Revisiting international marketing strategy in a digital era: Opportunities, challenges, and research directions. International Marketing Review.Retrieved on 2.10.2022 Retrieved from https://www.emerald.com/insight/content/doi/10.1108/IMR-02-2019-0080/full/html
Made.com (2022), Made.com Retrieved on 2.10.2022 Retrieved from https://www.made.com/ Mason, A. N., Narcum, J., & Mason, K. (2021). Social media marketing gains importance after Covid-19. Cogent Business & Management, 8(1), 1870797.Retrieved on 2.10.2022 Retrieved from https://www.tandfonline.com/doi/abs/10.1080/23311975.2020.1870797
Morgeson III, F. V., Hult, G. T. M., Mithas, S., Keiningham, T., &Fornell, C. (2020). Turning complaining customers into loyal customers: Moderators of the complaint handling–Customer loyalty relationship. Journal of Marketing, 84(5), 79-99.Retrieved on 2.10.2022 Retrieved from https://journals.sagepub.com/doi/abs/10.1177/0022242920929029
Nikbin, D., Aramo, T., Iranmanesh, M., &Ghobakhloo, M. (2022). Impact of brands' Facebook page characteristics and followers' comments on trust building and purchase intention: Alternative attractiveness as moderator. Journal of Consumer Behaviour, 21(3), 494-508.Retrieved on 2.10.2022 Retrieved from https://onlinelibrary.wiley.com/doi/abs/10.1002/cb.2018
Reinartz, W., Wiegand, N., & Wichmann, J. R. (2019). The Rise of Digital (Retail) Platforms. Selected Publications of the IFH Sponsors, 9.Retrieved on 2.10.2022 Retrieved from https://library.oapen.org/handle/20.500.12657/25879
Rosário, A., & Raimundo, R. (2021). Consumer Marketing Strategy and E-Commerce in the Last Decade: A Literature Review. Journal of Theoretical and Applied Electronic Commerce Research, 16(7), 3003-3024.Retrieved on 2.10.2022 Retrieved from https://www.mdpi.com/0718-1876/16/7/164 Shim, J. P., Avital, M., Dennis, A. R., Rossi, M., Sørensen, C., & French, A. (2019). The transformative effect of the internet of things on business and society. Communications of the Association for Information Systems, 44(1), 5.Retrieved on 2.10.2022 Retrieved fromhttps://aisel.aisnet.org/cais/vol44/iss1/5/

Soava, G., Mehedintu, A., &Sterpu, M. (2022). Analysis and Forecast of the Use of E-Commerce in Enterprises of the European Union States. Sustainability, 14(14), 8943. Retrieved on 2.10.2022 Retrieved from https://www.mdpi.com/2071-1050/14/14/8943
Statista.com (2021) Commerce users in the United Kingdom from 2017 to 2025 Retrieved on 2.10.2022 retrieved from https://www.statista.com/topics/2333/e-commerce-in-the-united-kingdom/#dossierContents__outerWrapper
Statista.com (2022), Internet users in UKRetrieved on 2.10.2022 Retrieved from https://www.statista.com/topics/3246/internet-usage-in-the-uk/#:~:text=The%20UK%20has%20one%20of,million%20monthly%20users%20by%202026.
Tafesse, W., & Wien, A. (2018). Implementing social media marketing strategically: an empirical assessment. Journal of Marketing Management, 34(9-10), 732-749.Retrieved on 2.10.2022 Retrieved from https://www.tandfonline.com/doi/abs/10.1080/0267257X.2018.1482365
Terech, A. (2018). An introduction to marketing and branding. Generations, 42(1), 45-49.Retrieved on 2.10.2022 Retrieved from https://www.ingentaconnect.com/contentone/asag/gen/2018/00000042/00000001/art00010
Wibowo, A., Chen, S. C., Wiangin, U., Ma, Y., &Ruangkanjanases, A. (2020). Customer behavior as an outcome of social media marketing: The role of social media marketing activity and customer experience. Sustainability, 13(1), 189.Retrieved on 2.10.2022 Retrieved from https://www.mdpi.com/938326
Zhu, G., & Gao, X. (2019). Precision retail marketing strategy based on digital marketing model. Science Journal of Business and Management, 7(1), 33-37.Retrieved on 2.10.2022 Retrieved from https://www.researchgate.net/profile/Guoan-Zhu/publication/333678454_Precision_Retail_Marketing_Strategy_Based_on_Digital_Marketing_Model/links/ 5cff05274585157d15a1fda4/Precision-Retail-Marketing-Strategy-Based-on-Digital-Marketing-Model.pdf Zollo, L., Filieri, R., Rialti, R., & Yoon, S. (2020). Unpacking the relationship between social media marketing and brand equity: The mediating role of consumers’ benefits and experience. Journal of Business research, 117, 256-267.Retrieved on 2.10.2022 Retrieved from https://www.sciencedirect.com/science/article/pii/S0148296320302885

Appendicesto the strategic marketing assignment

Appendix 1: Internet users in UK

https://www.statista.com/statistics/507392/uk-number-and-penetration-rate-of-internet-and-mobile-internet-users/

Appendix 2: Top e-commerce platform in UK

https://topecommerceplatforms.online/epr/?gclid=EAIaIQobChMIivKHjYjB-gIVwTUrCh0AdgbyEAAYAyAAEgKndvD_BwEAppendix 3: