- Global Gadgets Imports (GGI) began operations in 1992 as an importer of home decor and gift items
- This decision to open one store in one retail location was fueled by a desire the owner had to be closer to the consumer and capture the high profit margins possible through eliminating the distributors
- Declining revenues from the wholesale business have been slipping due to weaknesses in marketing
- Judging by the declining sales and revenue streams at Global Gadget Imports (GGI), there is an increasingly higher need for the company to review in marketing strategies in order to bring in new growth potential and increase profit generating capabilities (Strauss, 2009).
- Luckily, distribution and manufacturing issues are optimized, and hence, the major area that should be given consideration in order transform Global Gadget Imports into its initial profit generating capacity is marketing
The current market situation is characterized by high profit margins and informed consumers
- The first objective entails the expansion of GGI’s product line to include housewares.
- Second, image is everything and therefore, Global Gadget Imports must consider repacking and rebranding its products to improve its image and as well, increase brand loyalty within the market
- Third, the expanded product portfolio should be strengthened by opening up additional stores under a new brand name and image. The stores will increase on the region and surrounding states.
- Third, the expanded product portfolio should be strengthened by opening up additional stores under a new brand name and image
- GGI needs to design and implement major marketing campaign that will enable it to generate brand awareness and as well, increase the availability of its products.
- Realization of the above-mentioned objectives calls for the identification, implementation, and execution of specific marketing strategies. Based on the analysis of the current market situation and the nearness of the company to the consumers, direct marketing and other related direct marketing communication modes would be essential in the realization of the marketing goals and objectives (Kotler, and Keller, 2008)
- Direct mail involve sending well-designed product catalogues to prospective consumers to keep them informed of the new product varieties at the company (Scott, 2009).
Closely related is the mode of permission email whereby consent is sought from the customers to send them frequent mails or company newsletters giving products relating to new products and/or information from the company (Butler, 2009).
- Short but detailed messages will be sent to customers using this strategy. Customer numbers and contacts will be obtained from the company’s customer records.
- Businesses have identified the capabilities associated with internet marketing hence; they are increasingly utilizing their websites to market products. Marketing strategies in websites can take different forms that include banner ads, fan pages, discussion forums, and product descriptions (Jones, 2008).
- There is a higher likelihood that this marketing project will affect a number of departments within Global Gadgets Imports. These departments include marketing and public relations department, accounting and finance, Information Technology (IT) department, and Upper management department.
- The accounting and finance department will be affected in terms of budgeting constraints; the information department will be affected on issues related to the internet, the marketing and public relations will be affected due to the need to develop and implement new marketing strategies, and the upper management department will be affected on approval matters.
- sales department due to increased buyer traffic, the logistic department due to enhanced import and distribution responsibilities, and the warehouse department owing to the need to expand the warehouse to accommodate the new product line. Other supportive departments include the customer service department due to the increase in opinions and concerns from consumers and the human resource department due to the need to hire additional employees to execute marketing functions.
This entails a business practice of utilizing marketing strategies in establishing, developing, and maintaining long-term but successful customer relationships (Kotler, and Keller, 2008). CRM plays a major role in influencing the different aspects within the marketing concepts including public relations, package design, advertising, and market planning amongst others. CRM is critical in improving the performance of a company through measures such as customer loyalty, and customer retention
- The marketing project as GGI should be targeted towards both existing and potential customers. Existing customers are loyal to the company, and therefore, they can be satisfied through improved delivery of products. These objectives can be achieved through the development of the company’s market reputation. Equally important is the need to market the company to new and potential customers (Scott, 2009). This will involve creation of the company’s reputation, development of a new client base for customers, gaining of customer satisfaction and loyalty.
The realization of the following objectives should be able to enable GGI to realize growth in sales and revenues
- The expansion of the Product Line to include housewares