Introduction
Marketing strategies for any organization are important for sustaining their market share and revenue of the company. Companies aquire different types of marketing techniques to implement them, in their processes. Here, the discussion is about Pandora, which a famous Danish jewellery manufacturing company. Their main products are bracelets and charms, but their product line also include earrings, rings, and necklaces. This research is aiming towards the new marketing strategies, Pandora will aquire to increase their marketing growth and business overall.
Pandora is originated from Denmark, which is a manufacturer and retailer of all jewellery products. It started as a family business from Copenhagen in 1982, and currently it is considered as one of the top brands in jewellery manufacturing. When a company engages into creating certain strategies of their marketing, it increases the visibility of the brand and helps in getting into any market quite easily. It also increases the brand awareness amongst customers, and creates a relationship of trust between consumers and the firm (Zeriti et al., 2014). When a customer witnesses certain marketing of a company, their purchase decisions are also improved with that company (Zeriti et al., 2014).
The purpose of this research is to create adequate marketing strategies for Pandora, to make them grow in their market and develop new business strategies. The basic marketing strategies included in this research are the CRM and promotional mix techniques, which will be effective for Pandora in their longer run. It will help the company analyze and plan certain marketing areas where they can improve themselves.
Discussion
Currently, Pandora is using different strategies which are not effective, that’s why new techniques are to be implemented. Most of their techniques are overlapped with their business strategy, and they do not have any specific marketing objectives. They are providing excellent brand retailing, where they focus on displaying all of their products, in a number of retail stores around the world. Their expertise in retailing helps them, in providing a long range of products to their customers. They are also providing products online to their customers, which is also one of their business development strategies. Moreover, Pandora uses a segmented technique which let them offer their products to a target market. They focus on a specific market, and make full efforts to increase their sale from that market. Their brand remains consistent globally, but they have made their brand different in each segment, to meet the customer needs.
Pandora also aims to enter new markets and maintain their position in that market. This makes Pandora a multinational company, where they do not stay in one market, but develop new strategies to enter new markets. These are the techniques currently used by the company.
In order to transform into new techniques, company needs to be diverse and able to accept the techniques, as a way to increasing strength of the organization. For this purpose, CRM techniques are used, which aims for the relationship of customers and how the company manages it, by making certain strategies (Khodakarami and Chan, 2014). Customer Relationship Management is a technique acquired by companies to manage the current and potential customers. In order to manage this, company create certain strategies to achieve the customer needs. If a company needs to last, they need to make some strategies for the future. Every company has targets relating to sales, operations, and other departments. Managing the sales staff, customer service staff, and the marketing department can be sometimes difficult. So, using a CRM system can make many things clear. It can make a clear view of the objectives, a company needs to meet the customers demands. Without CRM, it would be like having whole office filled up and no income at the end of the month. acquiring CRM can improve the overall efficiency of the business. Past researches have shown that the company acquiring CRM techniques, tend to have their sales increase by 37%, with their sales forecast accuracy by 48% (Taylor et al., 2015). CRM techniques which will be discussed in this study for Pandora may include tracking of costumer contact, staff development, analyzing customer experience strategy, operational CRM, analytical CRM, and collaborative CRM. These processes will be discussed in detail in the further study of marketing strategy that Pandora will aquire.
One of the widely used strategies by all type of organizations is the promotional mix technique. It contains different approaches, which are acquired by companies to include in their marketing campaigns (Oladepo and Abimbola, 2015). These techniques are for the purpose of the promotion of any company. These promotional mix contains sales promotion, promotion, personal selling, direct marketing, public relations, sponsorship, corporate image, product placement, and guerilla marketing. It is vital for any company to create a mix out of these techniques, which could be successful for the company. In the optimal budget allocated by any company, marketers find certain ways to take in account their promotional strategies and what should be benefical for them (Yang and Lee, 2016). For Pandora, promotional strategies would turn out great as the company already has global brand image and it will be helpful for them to take advantage of the promotional strategies, to increase their annual revenue. Promotional mix will be discussed in detail for Pandora, as an important marketing principle.
In the study, the analysis will be done that how these strategies can turn out to be benefical for the company in the longer run, and how they can take advantage from it.
References
Khodakarami, F. and Chan, Y.E., 2014. Exploring the role of customer relationship management (CRM) systems in customer knowledge creation. Information & Management, 51(1), pp.27-42.
Oladepo, O.I. and Abimbola, O.S., 2015. The influence of brand image and promotional mix on consumer buying decision-a study of beverage consumers in Lagos State, Nigeria. British journal of marketing studies, 3(4), pp.97-109.
Taylor, J., Roberts, J., Oram, C., Gupta, A., Itani, M., Baroudi, S. and Smith, R., SugarCRM Inc, 2015. Customer relationship management system and method. U.S. Patent 8,972,876.
Yang, D.J. and Lee, C.W., 2016. In-store promotional mix and the effects on female consumer buying decisions in relation to cosmetic products.
Zeriti, A., Robson, M.J., Spyropoulou, S. and Leonidou, C.N., 2014. Sustainable export marketing strategy fit and performance. Journal of International Marketing, 22(4), pp.44-66.
