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This present paper explores various sectors which are related to marketing. The company that we choose is IOI Cooperation Berhad. It is commonly known as IOI and it was incorporated on 31 October 1969. It is one of the Malaysia biggest conglomerates. The full form of IOI refers as Industrial Oxygen Incorporated. It is an investment holding company who engages in plantation worldwide. It operates in two segments that are Plantation and Resource-based Manufacturing. The company is also involved in commercialization of biotechnology related to research and development. It is commonly famous in Japan, China, and Europe.
Task 1 – Market Segmentation and Target Analysis
Market Segmentation and Target Analysis
Segmentation of market is a two- step marketing strategy that helps in dividing the target market into various subsets of customers those has common interest, priorities, and needs. Then designing and implementing the strategies in order to launch proper products so that we can target the customer's segments that are considered to be favorable (Patti et al., 2017). An effective basis of segmentation will allow for differentiation among various segments. In general, differentiation is done on the basis of age, gender, religion and marital status. It is generally being designed for using right variables. Sometimes well-designed segmentation policy helps in achieving ambiguous results.
There are some key segmentation characteristics that company must able to do an effective implementation of market segmentation and analysis:
Available Market: The available market or the current market in which it is operating. The company is operating in two segments that are plantation segment and Resource-based manufacturing. The plantation segment is engaged in the cultivation of rubber and oil palm. There is proper supply chain which the company is operating in. Plantation of crops and spectrum of palm oil is the upstream activities whereas oil extraction is the downstream work. Resource –based manufacturing segment is totally engaged in manufacturing of oleo chemicals. The company is also producing specialty oils and fats. The company is also dealing palm oil refinery (Gupta et al., 2016). The company's product is used in various industries such as food, cosmetic and performance chemicals.
Size of segmentation
Malaysia is the largest world’s producer and exporter of palm oil. According to the statistics, it is contributing 50% of world palm oil production in 2016 and 58% of world exports. Undoubtedly Malaysia has helped in shaping the status of palm oil in the global market. Of the 3.67 million hectares of oil palm was planted in Malaysia in 2017.
The main competitors of IOI Berhad
The main competitors of IOI are Singapore –listed Wilmar International Ltd and Indonesia's PT Sinar Mas Agro. The IOI Berhad is performing quite well. The IOI is expanding across the countries. However, IOI is a strong company because it is dealing worldwide. It is one of the biggest companies in Malaysia as it regulates the oil distribution. It is giving direct competition to companies like Wal-Mart and Costco. The Singapore –listed Wilmar International Ltd has an edge over the IOI Company.
Features of IOI
IOI is committed to upholding the principles of sustainability and corporate social responsibility which helps in creating a unique value. This also adds in developing the company really well. This also helps in delivering the value creation to its customers. It promotes mostly those activities that will contribute towards the safety of the communities. It also helps in incorporating energy management modules which help in building automation system. The company also tries to reduce the overall energy consumption of harmful gases that contribute to global warming. In line with the policies, the company generally adopts that features which help in creating a unique product. All these features will help the company to be more productive and efficient. The company most adopts solar water heating system and also installs rainwater harvesting system for irrigation purpose. All these factors help in building good and unique image in the eyes of the customers.
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Task-2 Consumer Behavior
Consumer Behavior is the study of individuals and groups they use to use, secure and selection of products and services in order to satisfy the needs and wants of consumers. It also examines that how attitude and emotions affect the buying behavior of consumers. It refers to the actions of consumers in the marketplace and also tells what motives consumer of buying that product. The study tells the consumers are actors in market place. It helps to determine the needs of the customers and what best should be presented to the customers.
There is a positive behavior of consumer of IOI Berhad. Thus, the individual behavior plays a crucial role in formulating the behavior. As the responsibility of an organization is to satisfy the customer's needs (Lefebvre et al., 2013). The IOI group is satisfying its customers fully. In-fact, the company tries to identify the needs and wants of its customers. Then accordingly they launch the product. An organization responsibility is not only towards the society but also towards the environment. The IOI is taking good care of public concern and the well-being of its society. Organization makes use of limited resources and providing utmost benefits to its customers. The IOI Berhad is also sensitive and also gives fewer alerts to the environment. The company minimizes the use of unbiodegradable materials. The company makes sure that the products that goods which push the customers to buy it again and again. IOI has also able to gain the public trust by providing the better quality product. The company also provides full convenience to the product. The business is rapidly addressing corporate responsibility issues in response to public concern. The attitude of the consumer of IOI is positive because it provides desirable products to consumers. It also satisfies the customers to the fullest. The company also provides a reliable product to its customers. It also provides a friendly relationship with the customers.
According to the statistics, the analysis has been done that IOI consumer behavior is very positive as it satisfies the customers fully. IOI provides good quality of product to its consumers.
Keeping the consumer behavior optimal it helps IOI Company to grow so rapidly. Consumer behavior also provides full support to the company in achieving its goal. It also makes the company realizes that what causes the customers to buy that particular product. The consumer behavior also able to formulate the key areas which act as the hurdle in recognizing needs of the customers. The experts also able to determine that which feature, need and want of the consumer are obsolete. This theory plays a vital role in the market place. The consumers play an active role in the decision process (McDonald, et al., 2016). The consumer behavior of IOI is very appropriate. This motivates the company to accomplish their task. The consumer behavior helps in taking crucial decisions related to the product. The company provides its facilities in Malaysia, the Netherlands, U.S.A, Canada, Germany and the People’s Republic of China. It also helps the company to meet the needs of its customers worldwide. Currently, the downstream products are being exported to more than 85 countries worldwide. Even the company adopts the most efficient methods so that they can make the customers happy. Due to positive consumer behavior, the company has developed the good leadership position in various businesses.
3 marketing objectives that an organization must choose in order to be successful in next 3 years
Marketing objectives are the goals which are set by a business while promoting their products and services to support consumers which can be achieved within a given time period. Additionally, marketing objectives are the strategy of the market in order to achieve the overall of an organization. A company’s marketing objectives for particular product consist of increasing the product awareness among various segments of customers. Yield the information about the features of the product and reducing the resistance of consumers in buying the particular product.
While setting the objectives, it is very significant to ensure that they are measurable and realistic. The marketing objectives allows supervisors to manage effectively the activities of market and they are able to formulate that how much successful the new objectives will be.
Marketing objectives also support in creating the consumer loyalty. Generally, marketing objectives are the strategies that help to accomplish organizational objectives are essential because they guide the actions that are related to marketing. So, far objectives of marketing are used to measure how well a marketing plan while operate.
The three marketing objectives that company must establish in order to ensure huge growth in next three years which are as follows:
Satisfying the customer Needs:
Marketing objectives therefore needed to be clear and consistent for the purpose of marketing. If customers’ needs are fulfilled efficiently then this will help the company in increasing the sale. It would also support in achieving the market share. This will also increase the percentage of customer review and feedback.
The IOI Berhad should focus on provide the quality of goods. So, the company deals with crops and resource based manufacturing. So they should try to formulate what are the choices of the customers.
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One of the most efficient objectives Of IOI Berhad Company must be increasing the sale. Marketing needs yield to give good returns on investment. It means that increasing the sale should exceed the cost of the marketing. Thus the need must be specific. Increase sale among women over 40 percent. Moreover there is increase in the number of people who make a purchase of crops by 20 percent. Thus creating awareness among the customers helps increasing the revenue of the product. For Example the company should try to come out with more organic crops that will help in increasing sale. Sale will affect the profit of the company.
For next three years all these factors will help in generating awareness among the customers. These marketing objectives will somewhere help IOI Berhad to accomplish customer loyalty.
Management of Brand
Maintaining a place in the mind of the customers and some marketing efforts will simply aims to maintain eminence in the public space. Major organization known worldwide such as IOI Berhad need to run advertisement that simply uses the tones and images to remind the customers of the particular brand. Maintaining the brand image is more crucial and effective rather than promoting the product or services. This can be explained best by taking the example of Starbucks. Starbucks has generated a lot of free publicity by removing the company name from its logo. This supports the customers in reminding the brand of the company.
So, IOI Berhad should make its logo more creative that will promote the brand. IOI should focuses attracting the customers by making their brand very popular. Logo will help company in attracting the new customers that will definitely yield the company to generate more revenue.
These three objectives will support the company to accomplish their task on time. These effective marketing objectives will create more brand loyalty and brand awareness.
What can be the company’s Marketing Mix Action Plans
Marketing Mix contains of the controllable elements of product’s marketing plan that consists of price, product, promotion and place. These elements are the right combination that will serve the needs of the customers. Marketing mix contributes toward the optimal income. Marketing mix also known as mega marketing. Marketing mix is a mixture of several plans and idea which are needed to be followed by marketing consultant to promote particular product in order to create brand loyalty. Several ideas and concepts mix together to determine the final strategies which are helpful in formulating a brand popular among the various masses form marketing mix.
The action plans that can be used by IOI Berhad for next three successive period are as follows:
Product: The IOI Berhad makes use of the tangible products especially palm oil trees and various other crops. A product in the marketing mix is that which seller sells to buyers in the exchange of money. The IOI Berhad is providing the products and services of superior values. The company is developing agri-science and technology in order to improve oil yield and crops that help in meeting the global demands. The company should try to provide the customers that product and services that will exceed the expectation of the customers.
Price: The prices generally refer to that which buyer pays for their product it commonly known as prices of the product. The prices of a product are indirectly proportional to the availability in the market. This is the policy that lesser will be the availability, more would be its prices and vice versa (Lee et al., 2015). The company makes use of differentiation policy that makes the prices really high. But IOI Berhad must provide the prices which are affordable by every customer. There are also retail stores of it that offers unique product (not available at only one store) makes it cost little less for buyers. This is an advantage for the Company.
Moreover, the crude palm oil prices have trended higher which are relatively stable from years. This has supported by growing demands for vegetable oils as well as emerging demand for biofuel sector. But the company should try to resolve the uncertainties related to commodity price risk and interest rate. So, the companies’ action plans must be that which resolve the complexibilty for uncertainty.
Place: Place in the marketing mix refers to the location where all the products are available and can be purchased or sold. The products of IOI Berhad can purchase the products either from virtual market or physical market. In physical market buyer and sellers can physically interact with the customers. But in virtual marketing the buyers and sellers internet using the social media.
In contrast of IOI Berhad, The Company is planning for expansion in Indonesia which is possible through acquisitions of internet oil palm estates. They are also planning for emerging into biofuel market. The product of IOI Berhad are disseminate worldwide. So the company should take corrective action to increase their market share.
Promotion: Promotion is a vital component of marketing mix that assistthe company in creating brand awareness (Solomon et al., 2016). Basically, promotion refers to the various strategies implemented by the marketers to provide to the end-users aware of their brand. Promotion includes of the various techniques that are employed to promote and make the brand more popular among the various masses or segments.
The company IOI Berhad makes uses of the two promotion strategy which are as follows:
Advertisement: The Company needs to make use of televisions and print Medias to create brand loyalty among the user of the product. Also the company should make use of attractive taglines which will increase the value of the brand among the customers. Advertisement will act as an aid in creating unique value for the product.
Word of Mouth: The company also takes meticulous care of the customers because one satisfied customers will bring ten customers along with them whereas one dissatisfied customer will take away ten more customers. That’s the significance of word of mouth. Positive word of mouth allows going long way in promoting the brand among the customers.
It is clear from the nomenclature that the project closure mostly aligns with the program closure stage. The program definition is concerned with the initiation of the projects within the program. The first stage of the program life cycle includes program formulation and preparation. Here the various projects are considered. Therefore, it is important that the goals of projects are also defined at this stage.
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Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education. References
Lee, J.Y., Kozlenkova, I.V. and Palmatier, R.W., 2015. Structural marketing: Using organizational structure to achieve marketing objectives. Journal of the Academy of Marketing Science, 43(1), pp.73-99.
Solomon, M.R., 2014. Consumer behavior: Buying, having, and being (Vol. 10). Upper Saddle River, NJ: Prentice Hall.
Lefebvre, R.C., 2013, November. Inclusion of social marketing objectives on the nation's health agenda: A case study. In 141st APHA Annual Meeting (November 2-November 6, 2013).APHA.
McDonald, M. and Wilson, H., 2016.Marketing Plans: How to prepare them, how to profit from them.John Wiley & Sons.
Gupta, R., 2016. MARKETING MANAGEMENT IS A TRUST WORTHY PARADIGM OF CORPORATE BRANDING. International Journal of Information, Business and Management, 8(1), p.46.
Patti, C.H., Hartley, S.W., van Dessel, M.M. and Baack, D.W., 2017. Improving integrated marketing communications practices: a comparison of objectives and results. Journal of Marketing communications, 23(4), pp.351-370.