If you can't compete on good prices, you'll need innovative products and ideas to make your business stand out from the crowd of competition. Coca-Cola have had the Coke product for so long that they need to express their innovation through marketing because they cannot change the way their products are produced, and potential customers will have no drive to buy from them if there is no element of differentiation from competitors. Coca-Cola has really done a good job recently with their campaigns. They have done an incredible job at connecting with their audience through understanding their motivations and the nostalgic feelings behind craving a can or bottle of Coke. Another impressive aspect of recent campaigns is the attention that Coke puts into making each message global.
It is almost unimaginable for any firm or company to survive in this vast local and global market without any kind of advertisement or promotion. A company needs to create a brand image not only to create an exceptional image of itself to attract new customers, but also its brand loyalty would retain its existing consumers. Brand image of a company infers that the organization is offering something unique and differentiated products among the vast bevy of identical items of consumptions. Branding also serves to inform customers of the type and quality of products and services they are supposed to expect from the company. Without the brand image, a product would be reflected as ‘just another good in the market’, because of the crowd of many indistinguishable collections of goods and services offered to the customers.
The company’s strategy is to produce the healthiest products in the market. It sells only pure and unmodified products. It promotes its own brands such as Whole Creamery, Whole Catch and 365 Everyday Value products as substitutes for processed foods. The company has gained its competitive advantage when was designated as the first national "Certified Organic" grocer by Quality Assurance International, a federally recognised independent third-party certification organisation (Thomson, n.d.). Moreover, to be able to maintain sustainable competitive edge, Whole Foods Market has changed its core legacy systems with scalable solutions and leveraged technology improvements to deliver a better-quality end-to-end shopping experience to its customers.
Moreover, the retail business has been unable to apply the same tactics that are implemented in America. Wal-Mart is famous for the fact that it offers low-cost goods to customers who purchase the goods from the stores in bulk. However, the Chinese clientele understands the need to get value for their money thus requires more from Wal-Mart than simply low prices. Moreover, the China market is hostile to the western companies (Huang & Yu, 2015). Usually, the local businesses see the international industries as a threat, and this may pose a challenge even to the customers.
Additionally the project bidding process creates little incentive for quality awareness, since it is mainly focused on price value rather than quality value. A change in order to shift the focus on quality criteria would require radical changes in the project awarding system to avoid price competition. Apart from the characteristics of the industry itself, cultural related reasons might have an impact too. TQM can only work on an environment where team work, constructive discussions and collaboration are part of the overall company policy. A lot of the Chinese traditional social structures do not include some of the modern approaches to improve team work between employees.
This may have been the case, but Leary made no effort to learn more about the Chinese culture or foster mutual adaptation. She lacked cultural intelligence, which is the ability to interpret cross cultural situations accurately. Thus, she cannot control Ted Chung as a decision maker over him. Besides, it seems that Ted Chung was unable to adapt to the organizational culture of Merrill Lynch. Ted Chung was doing a good job with his one large account, but, he had not yet further developed the market as requested by his manager.
Selling pet food online was a good start, but they needed that extra kick, the value proposition that was going to make the market focus on their company. Similar to Petopia being supported by Petco, I think Pets.com should have taken advantage of their biggest investor in Amazon and used them to build a stronger brand and take advantage of their loyal customers. Failing to get a clear understanding of customer needs, Pets.com did not allow themselves to also take advantage of the traditional pet’s business model which is an essential component when it comes to building a connection with the consumer. As a result, I would have recommended to team up with supercentres to have displays of the variety of their products. This way they are not only promoting their brand and core product, but they are setting up a information/sales team that can also connect with the customer and use their role to set up a call to action.
Executive summary KWANPEN is experts in making luxury with good quality crocodile leather, but has lack of brand awareness, brand value as well as brand image. Thus to overcome all these problem, KWANPEN needs to create awareness through various marketing platform such as advertising, celebrity endorsement, campaign, renovate store layout and window display to attract customer. KWANPEN has an opportunity of increasing sales through all the marketing platform by develop social network and get in touch with consumer, understanding their needs and wants as well as their fashion lifestyle trend. However, KWANPEN has many strong competitors with good brand image, brand value, brand awareness and brand equity such as Hermes, Louis Vuitton, Chanel, Celine, Prada and FENDI who has been established many decades ago. As for Singapore PEST analysis, Singapore are country with lack of resources effecting KWANPEN’s economy in terms of production cost making the product expensive although Singapore has a stable economy.
The general population is becoming progressively health conscious and search for healthier food options. Although Kiss produces a few breads that are slightly healthier, they should expand to also to include cakes for this segment of customers. Competitor, Bakery Treatz already tapped into this niche however, they mostly cater to persons with higher incomes leaving an opportunity for Kiss to swoop in with more competitively priced products. Lastly, Kiss being a trusted household name, has amassed thousands of loyal customers over the years. However, they currently face high competition from smaller bakeries such as Bakery Treatz, Puff N Stuff and Linda’s Bakery.
YK emphasizes and prides its product which is the Kaya toast and preserves its authenticity at every outlet. By doing so, YK enjoys economies of scale due to its efficiency in marketing, research and promotion costs. Additionally, such strategy improves brand identity where customers may associate YK with Kaya toast and the quality of the product itself. There is a substantial level of consistency with its menu selection and quality of dishes served in outlets among Singapore and other countries as well. However, the undifferentiated targeting strategy is ineffective for the company since it is seen to appeal more to the business and corporate consumers than families or students.