H Samuel Marketing Strategy Assignment Help, HND Assignment
Introduction of H Samuel, a jewellery maker marketing strategy assignment
Marketing strategy is part of the Marketing principle, which forms the widely agreed-upon basis of most product promotion planning and strategy like H Samuel, one of the most famous jewellery maker in the united kingdom. The organisations are using a variety of marketing principles to optimise the market performance of existing products and introduce the new product and services into the market. H Samuel knows that Marketing strategy is also essential. H Samuel marketing strategy case study, H Samuel is part of the Signet Group, the world’s largest specialist retail jeweller by sales, with stores in the US, UK, Republic of Ireland and the Channel Islands. As well as H Samuel, which has 348 branches, Signet’s also owns Ernest Jones. The company started modestly in Liverpool in 1862 when Harriet Samuel took over her father-in-law’s clock-making firm before expanding into an influential jewellery group and a jewellery maker in the united kingdom. The remarks proved devastating to the company as shoppers deserted its stores and 300 were closed. Will explain the various elements of the marketing process that H Samuel has adopted for advertising the products and services, explain the concept of marketing orientation, and evaluate the cost of marketing orientation. The case study will carry out the macro and micro analysis of H Samuel and propose the targeting, segmentation, and positioning strategy for the new organisation product. Moreover, it will explain pricing criteria and marketing mix elements for new products and develop the plan for two different market segments. That is why we need to understand the H Samuel jewellery maker, marketing case study.
1 Various element of the marketing process adopted by H. Samuel
H Samuel is the world’s largest specialist retail jeweller by sales. He owns various stores in the US, UK, Republic of Ireland, and the Channel Islands and is part of the Signet Group, the world’s largest specialist jeweller. H Samuel has improved its position in the market by attracting customers through branded differentiated and exclusive merchandise. The marketing strategy of H Samuel is identifying the customer needs and satisfying their needs in all possible.
- Branding: Branding helps H Samuel build a good image in the market. Brand helps build confidence and clarify what the business stands for and helps communicate the company’s position to the audience. H Samuel uses different marketing methods like promotion and advertisement to establish their brand name among the audience.
- Targeting customer needs: H Samuel identifies and targets its customers’ needs and requirements to fulfil them in the best possible way. Customers always demand something new in a better and cheaper way. For this, H Samuel provides a variety of diamonds and other precious stones for people of different segments, lifestyles, economic standards, occasions, etc. Special promotions are also offered like on Christmas or valentine day with half offer price on products and 25% off on selected items.
2 Evaluate the benefits and costs of marketing orientation to H Samuel
Marketing orientation is the business model or approach that focuses on identifying customer needs and making decisions accordingly to meet their all needs, thereby achieving customer satisfaction. Many business organisations mostly follow the concept of marketing orientation, and it is a social marketing concept. The marketing orientation approach has many benefits and costs associated with it.
Benefits of marketing orientation approach:
- Competitive advantages: H Samuel always considered fulfilling the demands and requirements of its customer and ensuring that they provide the best and unique product, which ultimately provides H Samuel with the competitive advantages over its competitors.
- Customer-centric: The marketing orientation approach helps H Samuel concentrate on its customer needs and demands to build a good brand name among them.
- Building more customers: Identifying and fulfilling customers’ requirements helps H Samuel increase customer loyalty and regular shopping.
Costs associated with marketing orientation approach
- Advertising products through magazines, TV, newspapers, and cinemas increases the cost.
- The use of direct marketing procedures through company emails and letters informing their new variety and discount schemes also increases the cost.
- Regular updating of the products and discounts scheme on online shopping apps also increases costs.
3 Influence of macro and micro factors on marketing decision of H Samuel
The organisation’s top management needs to consider the following micro and macro-environmental factors that have significant influence.
- Customer: For marketing decisions, understanding of customer perceptions, trends that have positive impact and range of quality expected by the target customer influence the marketing strategy of H Samuel.
- Competitor: The marketing decision of the organisation influences competitor policy, process, and activities as H Samuel will look for using different activities that help gain competitive advantage.
- Supplier: The marketing of products and services helps to improve the demand in the target market. Now for marking decisions about the promotion of products, consideration of supplier support is essential to ensure the availability of products.
- Political factors: Marketing is a broad concept of promotional activity and advertising that undertake the rules and regulation proposed by the government. The changing political scenario of the UK will influence the marketing rules that will have a significant impact on the organisation’s decision.
- Economic factors: The financial condition of the industry and potential market shape the marketing decision of H Samuel as management has to make changes in the fund’s allocation for promotional activities (Aragay. et al. 2011).
- Social factors: This is an essential aspect of marketing planning of organisations like H Samuel that offer jewellery products. The organisation will consider the social and cultural trends and activities to gain the population’s attention for deciding on advertising.
4 Segmentation criteria for two different markets
H Samuels will introduce a new jewellery product of Diamond rings. That organisation could focus on the following demographic market segments to promote and target the customer in the market UK.
- Income: For diamond rings, income group selection is essential that will help to segment the product more convincingly. The income group of the upper class will be the key segment for H Samuels to promote the product using celebrity endorsement and sponsorship. The upper-class population will be the primary market for H Samuels to segment the diamond ring product. Income-based segmentation will help the organisation determine the new products’ quality and gain a competitive advantage.
- Age: Jewellery products are designed and developed according to gender specification and age groups. To define the unique diamond ring product segment, the organisation will choose the age-based segmentation criteria that will help promote the products according to specific age groups such as teenage, adult, and married women. For that, H Samuel will develop different promotional activities.
5 Targeting strategy for new diamond ring product
Targeting refers to selecting potential customers to whom the organisation is looking to sell products and services. For that purpose, organisations could use different targeting strategies. H Samuels could use the concentrate targeting strategy for determining segments like high-income groups and other age groups for the given case. According to this targeting strategy, H Samuels management will research customers’ needs in both markets and develop a system that will include the factors that will influence the decisions. For example, using this strategy of targeting H Samuels will offer specific information to customers about the new diamond ring products focusing on design and trends in the global market, which will help gain the attestation of potential customers and target them. This kind of targeting strategy is strongly associated with the serving segment and particular type of product requirements. Despite that, H Samuels is a well-established brand in the UK. The concentrated marketing strategy will help attract specific customer groups.
6 Impact of buying behaviour on marketing activities in different buying situations
Customers’ buying behaviour has a significant impact on the marketing planning and activities of H Samuels Jewellery organisation as the timing, trends, and process of buying the products need a specific strategy for encouraging the target customer groups. To purchase and purchase jewellery products like diamond rings, customers follow the trends, social culture, and economic trends to decide. This kind of behaviour of customers influences the marketing activities. For example, to deal with the buying behaviour of target customer groups, the organisation will promote the products by using social activities like marriage, anniversary, birthday and events of life that will help change customers’ decisions and help market the new product. Apart from that, in the low sales situation, the organisation could target the customer by offering discounts and additional benefits to support changing customers’ buying decisions. In addition to this, the marketing of H Samuels gets affected by the change in the economic conditions and social activities of target customers as the low disposable income hinder the opportunities for higher sales.
7 Positioning strategy for new product of H Samuels
The use of positioning strategy differentiates brand relation to competing for a brand to increase the market share and sales volume. Moreover, it helps to encourage the organisation’s image by communicating the benefits and key features of products. The management of H Samuels could use the applications based positioning strategy of a new diamond ring product. That kind of positioning strategy will help promote the new product. The organisation will present the development for different events and activities like gifts on birthdays, anniversaries, and marriage for personal use. This positioning of diamond ring products will influence target customers’ decisions. For example, the organisation will position the new product in different designs and quality that will support the organisation to positively impact the buying decision of customers and set the unique brand image. However, H Samuels is a big Jewellery brand in the UK.
8 Setting the price for products
The main objective of H Samuel behind the introduction of new products is to cover the vast area of customers with competitive advantages. The product’s price includes the summation of material cost, labour cost, marketing cost, delivering charges and the desired profit. In addition to it, the market competition and the demands are also used to set the price. If the product is in order and trends, pricing may be higher to earn more benefits. H Samuel can consider all the costs associated with the product to deliver the product profitably. The organisation is introducing the products to enhance the economic status to meet the customer demands and quality within the price (Nakamura and Steinsson, 2011). Products may be categorised according to the cost to purchase the product as their capability of expenditure. Management of H Samuel also needs to understand the organisation’s market condition and reputation so that proper discounts and offers can be associated with the product’s pricing to achieve competitive enhancement in organisation growth. Management can predict several sales based on previous sales to change pricing to meet the organisational goals.
9 Promotional activities in H Samuel
Promotional activities are required to create customer awareness so that desired numbers of sales with maximum benefits. Customers are seeking the difference in jewellery and gifts. H Samuel is in newspaper and digital media to introduce the offers and new products. Online ads and discount offers at various sites are part of digital promotional activities. The organisation also uses banners and brochures to promote the business in specific locations. H Samuel also hosts and sponsors the events to get the customers. Management is redefining the relationship with customers smoothly and reliably so that customers can be satisfied and used as the promotional media for the organisation. Older customers are encouraged to make sales by reducing the price of specific gifts and jewellery pieces. The organisation has started to use its printed box and purse to deliver the product to customers. In this manner, the things are being converted into promotion codes for business.
10 Three addition marketing mix for H Samuel
Marketing mixes are facts used to develop the right approach to reach the customers. Three different marketing mixes are people, process and physical evidence. H Samuel needs to consider the significance of all these facts to attain the desired marketing objectives.
- Process refers to the different methods and policies that need to be followed to regulate marketing activities like product delivery, consumption, and consistency in services. Efficiency is expected at the customer end to benefit the organisation to enhance customer relations. The flexible and effective process of H Samuel will help it win market labour’s trust.
- People: People of the H Samuel are at the core of business to define the organisation’s culture and the presentation before the customers. This is the responsibility of management to recruit talented and communicative personalities to present the company in more effective manners. The dynamic and qualified employees of H Samuel leave an impression on customers, which help the organisation to learn the business growth.
- Physical evidence: Interior and exterior of H Samuel are not so good. It should make some changes in interior design related to lights, brochures, banners and glasses.
11 Marketing mix of H Samuel
- Products: The organisation will develop the diamond ring with more additional features like high-quality gold rings for the high-income group segment. This will define the effectiveness of the product. Despite that, the H Samuels could develop a wide range of diamond rings in different categories of quality and prices for other age groups.
- Price: Prices of diamond ring products will be according to quality and the design of the ring, and the use of different elements like gold and silver to fix the diamond. The ring price would be high for the higher-income group as the organisation will provide high-quality diamonds. Apart from that, the price will be diverse as diamond and other elements for different age groups.
- Place: For offering a new product, the organisation will prefer to own stores and open the exclusive showroom for particular products at a market where customer footfall is high.