Competitive Advantage
The 5Ps of marketing mix are defined by Product, Place, Price, and Promotion, and People as part of market segmentation. The Yash Water World’s products such as the Annual Water Rush, Beauty in the Water, and the Children Park give the company a competitive advantage, since it is in a position to create a barrier for its competitors by proliferation the products. This strategy was beneficial for the Yash Water World when it became the first company in the Middle East to provide an annual entertainment for adults and children through its creative Annual Water Rush festival (Yash Water World 2014). As the first in this type of entertainment product, the company reaped from the first mover advantage and created a strong customer base.
The company has experienced metamorphosis from the loss leader pricing into the ‘good, better, best’ pricing due to the acceptance of its products by the satisfied customers. Through the ‘good, better, best’ pricing strategy, the Yash Water World Company has an unlimited potential for further growth as more people embrace its affordable prices (Yash Water World 2014). In addition, the company has a flexible and proactive advertisements meant to appeal to each customer segment.
The company also has series of after sales services such as discounts, coupons, and rewards through the Annual Water Rush event, which appeals to families from the low-end and high-end customer segments. The company uses direct, online, and database marketing through its Business-to-Consumer (B2C) marketing model. In addition, the company uses persons from the Arabic origin to advertise the entertainment products (Yash Water World 2014). This has succeeded in attracting the target market segment, since the members of the UAE society find it easy to associate with the products as recognizing their unique culture.
How Competitive advantage was built
The competitive business strategy of the Yash Water World functions within the parameters of brand momentum, market innovation, and product excellence. Under the brand momentum, the company has created an effective system for maintaining visibility and product strength to position the Yash Water World brand as a market leader. As a result, the elements of attractiveness, digitalisation, brand recognition, and direct market interaction have become part of the company’s business culture. For instance, the company’s logo is easy to identify in the UAE (Jobber 2012).
The element of product excellence ensures that the company is in a position to create and maintain quality in its entertainment centres through continuous focus on core icons of heritage and innovative product design. The product excellence strategy has been successfully implemented in the Annual Water Rush, Beauty in the Water, and the Children Park products. This strategy has been instrumental towards product hierarchy control. The company’s market innovation strategy functions on the pillars of actual market expansion through innovation, brand connection, and leveraging the content of its brands. As a result, the Yash Water World has been a market leader in digital advertisement and outdoor investment to ensure that its entertainment spots are strategically located (Jobber 2012).
The Yash Water World has developed a highly structured marketing distribution channel that is relevant to the Middle East market. As a result, the company has been in a position to capture the fastest growing consumer subdivisions such as the family, children, sports, and adult segments. The Yash Water World has a strong presence in the UAE entertainment industry. The company has successfully used the above business and generic strategies to guarantee competitive advantage over its rivals (Jobber 2012).
References
Jobber, D. (2012). Principles and practice of marketing. New York, NY: McGraw-Hill Publishers.
Yash Water World. (2014). Home, ride, pearl masters, and cool schools. Web.