Secrets of Poundland
Poundland retailing company survived the recent recession despite the economic hardships. The company survived because of its effective marketing strategies. The retailing business used its ‘shrinking strategy’ to market its items to the consumers. For instance, a 600g bread was going for one pound. The same bread weighed 800g and retailed at the same price. The shrinking idea was effective and led to the success of the business.
The other strategy was the use of packaging tricks (Wallop, 2012). The packaging tricks used by the company communicated to the consumers effectively. The tricks also informed them about their offers and discounts. Poundland’s marketing strategies helped to market more products without making losses. The company has successfully competed in the retailing industry. According to the study by Dispatches Company, the consumers were getting the best deal from the company. Poundland is growing fast and is planning to open new stores in the coming years.
Haagen Dazs UK
After purchasing Pillsburry, Grand Metropolitan designed a new brand named Haagen Dazs. This would become the company’s ‘cash cow’ in two years. After the new brand was launched, long queues became a common experience in most of the parlors. This was observed despite the high prices of the ice cream. The marketing strategy for the brand succeeded because of its quality and nature. The advertising process for the product included proper coordination. This made the product competitive in the market (Marcousé & Lines, 2002). The marketers informed the consumers about the pleasure and sweetness of the new ice cream.
The adverts where characterized by sensual images and attractive slogans. The marketers also provided the targeted consumer with free samples. The product was available in different stores across the country. The company also adopted an effective distribution and sales team to deliver the products to the consumers. These strategies made it possible for the product to build a strong customer loyalty. This made the product profitable despite its high price compared to the other ice creams offered in the market.
The Marketing Plan
Brooklyn Bank managed to offer a low interest card thereby making it its new source of income. The bank was offering a credit card that charges an interest rate of 10 per cent per annum. The launch of the Visa Card was a sudden success for the company. The strategy was effective because it made the Visa Card cheaper compared to those offered by the major banks in the country. The successful launch of the low interest Visa Card made it possible for the bank to consider new goals towards business success (Marcousé & Lines, 2002). The most profitable approach was to target more customers for the Visa Cards within a period of two years.
This called for proper planning and effective advertising strategy. The success of the Visa Card was due to the reduced annual interest rates. The bank was able to get more customers and eventually increased its revenue from the Visa Card. This made the bank profitable and the reason there was need to promote its future business.
Comparing the Three Marketing Strategies
The first case explains how Poundland managed to overcome the ongoing recession. The company survived the recession through several strategies aimed at keeping the customers (Wallop, 2012). The company used various strategies such as discounts and new packaging tricks to reduce the quantities of the products. This was done while retailing the prices for the items. The customers continued to purchase from the company despite the economic challenges resulting from the recession.
Companies and businesses can use similar strategies to succeed in a similar market situation. In the second case study, the British Company Grand Metropolitan used various strategies to market the ice cream brand. The strategy included the use of proper advertising and proper packaging. This created brand identity and quality thereby attracting more consumers. The strategy made the product successful within two years after it was launched in the market.
The price of the ice cream remained high but this did not affect the marketing process (Marcousé & Lines, 2002). The strategies used by the company created a strong brand and developed a reputable customer loyalty. The two cases explain how packaging and brand identity can promote a new product. This process creates a unique identity for a product thereby making it profitable at the market. The third case presents a different approach to marketing. The bank decided to offer a stiff competition by lowering its interest rates. The small Brooklyn Bank decided to offer a new Visa Card at a very low interest rate.
Many customers decided to purchase the card because it was offered at a low annual interest rate. The strategy made it possible to compete with the other banks that offered their cards at 20 per cent interest rates. The bank employed an effective advertising strategy to inform more people about the cheap Visa Card in the market. From these cases, it is notable that the marketing strategy adopted by a company should increase profits and create a strong competitive advantage.
References
Marcousé, I. & Lines, D. (2002). Business Case Studies AS and A Level. Harlow: Longman.
Wallop, R. (2012). Secrets of Poundland: Feature. Web.