POM SOTIA LUI IULIAN

.docx

School

University of West London *

*We aren’t endorsed by this school

Course

PRINCIPLES

Subject

Marketing

Date

Nov 24, 2024

Type

docx

Pages

Uploaded by CommodoreKudu2300

Principles of Marketing Student Name : 1

Table of Contents Introduction ...................................................................................................................................... 4 Marketing Strategy .......................................................................................................................... 5 Marketing Strategy for Games Workshop: Expanding Market Share and Driving Growth ........ 5 I. Market Penetration: Strengthening Existing Market Presence ................................................. 5 II. Market Development: Exploring New Customer Segments and Geographical Expansion .... 6 III. Product Development: Innovation and Expansion of Offerings ............................................ 6 IV. Diversification: Exploring New Ventures and Partnerships ................................................... 7 Marketing Mix for Games Workshop: Optimizing the 4Ps ............................................................. 8 Marketing Analysis using the BCG Matrix: Evaluating Games Workshop's Product Portfolio...10 II. Question Marks: .................................................................................................................... 10 Marketing Development Strategies using the Ansoff Matrix: Driving Growth for Games Workshop ....................................................................................................................................... 12 Market Penetration: ................................................................................................................... 12 Product Development: ............................................................................................................... 12 Market Development: ................................................................................................................ 12 Diversification: .......................................................................................................................... 13 Customer-Driven Strategy using STPD: Games Workshop's Path to Success .............................. 14 Segmentation: ............................................................................................................................ 14 Targeting: ................................................................................................................................... 14 Positioning: ................................................................................................................................ 14 Differentiation: ........................................................................................................................... 15 Conclusion ..................................................................................................................................... 16 Reference ....................................................................................................................................... 17 2

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Introduction The marketing strategy outlined below details tactical actions to increase market share and promote organisational growth. This plan, which adheres to the SMART criteria, lays forth specific objectives and builds on the problems noted in Assessment One. In order to promote profitability and general success, it is specifically intended to reach defined, quantifiable, achievable, realistic, and time-bound goals. The company may take advantage of new possibilities and increase its market share by implementing a complete marketing plan that includes creative techniques and draws on Ansoff's marketing growth strategy. To reach unexplored markets and maximise untapped potential, this approach places a strong emphasis on innovation and forward-thinking. The next sections analyse the marketing mix in depth, focusing on how product, price, place, and promotion may be optimised to get desired results. A customer-driven approach is further investigated, with an emphasis on segmentation, targeting, positioning, and differentiation. The company may customise its services and communication to have a strong market presence by having a thorough grasp of its consumer base. The organisation may use this marketing strategy as a road map to build on its advantages, correct its flaws, and seize new chances. By putting the suggested methods into practise, the organisation may improve its ability to compete, spur development, and realise long-term success. 4

Marketing Strategy Marketing Strategy for Games Workshop: Expanding Market Share and Driving Growth Leading producer of wargame miniatures Games Workshop seeks to increase market share and achieve long-term expansion (Lechner et al., 2020). A thorough marketing plan will be put in place to achieve this, building on the Ansoff marketing growth approach. In order to seize new chances, this approach incorporates creativity and innovation while concentrating on market penetration, market expansion, product development, and diversification. I. Market Penetration: Strengthening Existing Market Presence The following tactics will be used by Games Workshop to further infiltrate the current market: Maximizing Customer Engagement: building engaging gaming spaces and regularly holding events will improve the in-store experience. using digital channels to create an online community, deliver exclusive content, and promote player involvement. Expanding Product Offerings: To pique client interest and boost recurring business, provide exclusive items and limited-edition collectibles. Expanding the life and revenue potential of current games by releasing expansion packs, downloadable content, and subscription-based services. II. Market Development: Exploring New Customer Segments and Geographical Expansion Games Workshop will put the following tactics into practise in order to expand its consumer base and tap into new markets: Targeting Younger Audiences: 5

creating beginner-friendly iterations of well-liked games, such as starting sets and rule sets with less restrictions, to appeal to a younger audience (Sandberg, 2019). partnering with well-known properties and launching licenced merchandise to draw fans from other forms of entertainment. International Expansion: concentrating on underserved Asian regions, such as China and Japan, by customising games and marketing collateral to suit regional tastes. To enable universal accessibility, distribution channels should be strengthened and strategic relationships should be established with regional shops. III. Product Development: Innovation and Expansion of Offerings Games Workshop will spend money on product development to draw in new clients and keep existing ones by: Continuous Rulebook and Gameplay Updates: producing updated rulebooks and game expansions on a regular basis to maintain a balanced, engaging, and new gaming experience. working together with gamers and fans to collect input and make the required changes. Enhanced Customization Options: Adding modular miniatures and interchangeable parts will give gamers more opportunity to customise their armies and personalities (Sanders, 2022). provide gamers with the means to create and print their own custom miniatures through partnerships or 3D printing services. IV. Diversification: Exploring New Ventures and Partnerships Games Workshop will investigate the following diversification techniques to broaden beyond its core offerings: Board Games and Card Games: 6

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

putting forth effort to create a variety of board games and card games that will complement the current miniatures games and appeal to a wider gaming audience. partnering with well-known game designers and utilising well-known intellectual assets to produce distinctive and captivating game experiences. Multimedia Expansion: investigating collaborations with animation studios and streaming services to create animated TV shows and films based on the intellectual assets of Games Workshop. involves the creation of mobile games and virtual reality experiences, expanding into digital gaming (Lee, 2022). Games Workshop may successfully boost its market share and promote sustainable growth by putting the all-encompassing marketing plan stated above into practice. The organisation may improve consumer interaction, explore new markets and segments, grow its product offerings, and diversify its enterprises by leveraging market penetration, market development, product development, and diversification. In order to ensure long-term success, the strategy places a strong emphasis on client centricity, ongoing innovation, and strategic alliances. Games Workshop can solidify its position as a pioneer in the wargaming sector and maintain its dominance in a dynamic market by adhering to its fundamental ideals of offering premium fantasy miniatures and capturing consumers' imaginations. Marketing Mix for Games Workshop: Optimizing the 4Ps The four components of the marketing mix product, pricing, place, and promotion can be strategically optimised to help Games Workshop meet its marketing goals and spur growth (SUSILOWATI et al., 2022). Each element is essential for shaping consumer behaviour, creating a competitive edge, and providing value to the target market. I. Product: High-Quality Miniatures and Games: Games Workshop's primary product line consists of deftly crafted miniatures and captivating tabletop games with in-depth narrative components. 7

Customers obtain high-quality products that meet or exceed their expectations because to constant innovation and great attention to detail. Expansion Packs and Accessories: Games Workshop provides a selection of rulebooks, accessories, and expansion packs that improve the gaming experience and let players assemble and personalise their own armies. Regular content upgrades, such as new miniatures, rule revisions, and narrative additions, keep buyers interested and offer possibilities for upselling. II. Price: Premium Pricing Strategy: Games Workshop justifies a higher price point by positioning itself as a source of high-quality and premium gaming experiences. Customers admire the workmanship, attention to detail, and engaging gameplay that comes with Games Workshop products. Value Bundles and Starting Sets: Games Workshop provides value bundles and starting sets at more affordable pricing points to entice new consumers and promote trial. These packages offer a gateway into the world of gaming by frequently including a selection of miniatures, rulebooks, and fundamental gameplay components. III. Place: Dedicated Retail Stores: Games Workshop runs its retail stores in key areas so that customers may interact with the brand on a personal level. These shops act as gathering places for the neighbourhood, giving gamers a place to play games, take part in activities, and get one-on-one support from helpful staff. Online presence: Games Workshop has a strong e-commerce infrastructure that provides customers throughout the world with ease and accessibility. Online stores make it easier to buy things, get access to digital information, and interact with gamers on forums and social networking sites (Redjeki and Affandi, 2021). IV. Promotion: 8

Engaging Marketing Communications: Games Workshop uses a variety of platforms, including as social media, email marketing, and influencer collaborations, to raise awareness of and interest in its goods. To motivate and educate clients, engaging information is offered, including tutorials, painting instructions, and gaming showcases. Events & Community Engagement: To promote patron loyalty and foster a feeling of community, Games Workshop plans and supports events, competitions, and exhibits. Collaborations with seasoned players, casual players, and content creators expand the brand's presence and market. Games Workshop's ability to offer high-quality items, adopt a premium pricing plan, develop a strong physical and online presence, and engage customers via various promotional activities all contribute to the company's success in optimising the marketing mix. Games Workshop can preserve its market leadership position and promote sustainable growth by continually concentrating on product quality, adding value through price strategies, enabling access to items, and capturing customers through compelling marketing communications. Marketing Analysis using the BCG Matrix: Evaluating Games Workshop's Product Portfolio A useful tool for evaluating a company's product portfolio based on market growth rate and market share is the BCG (Boston Consulting Group) Matrix (Kader and Hossain, 2020). This framework's application to Games Workshop's product line can aid in determining strategic priorities and efficient resource allocation. I. Stars: Warhammer 40,000 and Warhammer Age of Sigmar are two of Games Workshop's flagship products. These franchise games operate in marketplaces that are expanding quickly and have a large market share. 9

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

For these product lines to maintain their leadership position and take advantage of growth potential, ongoing investment is essential. II. Question Marks: Games Workshop's Lord of the Rings product line might be seen as a red flag. Even though it can have a lesser market share, it competes in a growing segment. Determining whether this product line should be cultivated or divested may be done with the aid of a careful study and focused marketing initiatives (Hetami et al., 2022). III. Cash Cows: The vast selection of miniatures and accessories offered by Games Workshop might be thought of as cash cows. In a market that is largely steady, these items command a considerable market share. They produce a consistent flow of income that may be reinvested to help other product lines expand. IV. Dogs: Dogs are the discontinued or less well-liked product lines from Games Workshop. In developed nations, these items have a small market share and little room for expansion. The profitability of these lines and their potential for rejuvenation must be assessed in order to decide if resources should be redirected or outright sold (Careless, 2022). Games Workshop may allocate resources and determine the strategic emphasis for each product line by using the BCG Matrix. The research emphasises the necessity of continuing to invest in stars to spur development, carefully evaluating question marks to gauge their potential, utilising cash cows to maintain profitability, and making difficult choices on dogs. Games Workshop should employ tactics like market penetration for stars, market development for question marks, product creation for cash cows, and divestiture or product restructuring for dogs in order to increase profitability and market share. This tactical strategy will assist Games 10

Workshop in streamlining its product line, fostering growth, and preserving its competitive edge in the fast-paced wargaming market. Marketing Development Strategies using the Ansoff Matrix: Driving Growth for Games Workshop The expansion Strategy Matrix, also known as the Ansoff Matrix, is a framework for locating prospects for strategic expansion for a corporation. By using this matrix, Games Workshop can create efficient marketing plans that will increase its market penetration and promote growth. Market Penetration: Games Workshop may use market penetration techniques to grow its market share in already established markets (Yun et al., 2019). Initiatives like aggressive marketing efforts, customer loyalty programmes, and special offers can be used to draw in new clients and promote recurring business. Games Workshop can maximise income potential and improve consumer engagement by expanding its presence in its present markets. Product Development: In order to meet changing consumer requirements, product development methods comprise launching new items or growing existing product lines. Games Workshop can experiment and introduce novel features or enhanced gameplay through new miniatures, games, or expansion packs. Games Workshop can draw in new clients, keep hold of old ones, and open up new income streams by continuing to be at the forefront of product innovation. Market Development: Market expansion methods concentrate on bringing existing items into new markets. Games Workshop can open retail locations, form alliances with regional distributors, or increase its online presence to explore unexplored geographic markets (Ehrtmann et al., 2021). 11

Games Workshop may reach new client categories with this tactic, utilise its brand recognition, and take advantage of new market possibilities. Diversification: Using new goods to access new markets or expanding into similar or unrelated sectors are both examples of diversification methods. To explore new markets that complement its current offerings, such as those for digital gaming, merchandising, or entertainment, Games Workshop may look into joint ventures or acquisitions. With this tactic, Games Workshop may increase its consumer base, reduce the risks of operating in a single market, and promote innovation through new business initiatives. Games Workshop may proactively assess growth potential and adjust marketing strategy by utilising the Ansoff Matrix. The matrix offers a structure for balancing risk and returns while going toward growth. Games Workshop will be able to increase its market share, attract new consumers, and maintain long-term growth in the fiercely competitive wargaming sector by combining market penetration, product development, market development, and diversification tactics. 12

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Customer-Driven Strategy using STPD: Games Workshop's Path to Success Games Workshop may implement a customer-driven approach employing the STPD framework, which stands for Segmentation, Targeting, Positioning, and Differentiation, to effectively meet consumer demands and stand out in the market. Segmentation: Based on demographics, psychographics, and behaviour, Games Workshop may pinpoint specific client groupings. The use of segmentation enables the business to comprehend the particular tastes and requirements of various consumer segments (Jenkins et a., 2021). For instance, segmenting a consumer base based on their age, gaming preferences, or level of experience. Targeting: Games Workshop can pick target segments after determining which parts are interesting. The business may concentrate its marketing efforts and resources on markets with the best prospects for profitability and expansion. Games Workshop may adapt its goods, marketing, and promotional initiatives to the requirements and preferences of the targeted clients by focusing on certain market groups. Positioning: Positioning entails forging an appealing and distinctive picture of Games Workshop's goods in the minds of the intended market. Games Workshop may establish itself as a market leader in the wargaming sector by emphasising distinctive features, gameplay experiences, or storyline components. By highlighting the caliber, originality, and immersiveness of Games Workshop's goods, positioning should express the value proposition and set it apart from rivals. 13

Differentiation: Games Workshop may distinguish itself from competitors by providing special features or qualities that define its goods differently. This may feature exceptional craftsmanship, exquisite miniatures, interesting game mechanics, or a vast and all-encompassing gaming realm. By offering a distinctive and worthwhile experience, differentiation aids Games Workshop in gaining a competitive edge and cultivating consumer loyalty (Behera, 2023). Games Workshop may better understand its consumers, efficiently target the most lucrative sectors, position its products as top picks in the market, and set itself apart from rivals by implementing a customer-driven approach based on STPD. With the help of this strategy, Games Workshop may develop enduring connections with customers, increase customer happiness, and prosper over the long run in the wargames sector. 14

Conclusion In conclusion, this marketing strategy acts as a thorough road map for increasing market share and promoting organisational growth. The organisation can overcome the issues found in Assessment One and seize chances to further its performance by adopting a strategic and customer-centered strategy. The organisation strives to accomplish precise and quantifiable goals within a reasonable timeframe by creating clear targets that are in line with the SMART criteria. The marketing plan integrates Ansoff's growth matrix, promoting creativity and the investigation of potential new market niches. In addition, the marketing mix analysis makes sure that the product, price, venue, and promotion are optimised to satisfy client demands and spur demand. Segmentation, targeting, positioning, and differentiation are strategically used in a customer- driven strategy to establish a distinctive market presence and serve a variety of client categories. The company may modify its services and message to create enduring relationships and increase brand loyalty by comprehending the changing tastes and behaviours of its customers. The organisation can take the activities outlined in this marketing plan to increase its market share and promote growth. The organisation may improve its competitive position, increase profitability, and prosper in the competitive marketplace by putting the suggested methods into practise and adopting a customer-centric mentality. 15

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Reference Behera, R.K., 2023. Creation of sustainable growth with explainable artificial intelligence: An empirical insight from consumer packaged goods firms. Careless, J.R., 2022. Conflicting Visions: Political Struggle Over Urban Space in Lawrence Heights. Chandra, A., 2019. Unsupervised Machine Learning Approach to Analyzing Social Behaviors in an Online Multi-Player Game (Doctoral dissertation, International Institute of Information Technology Hyderabad). Ehrtmann, M., Holstenkamp, L. and Becker, T., 2021. Regional electricity models for community energy in Germany: the role of governance structures. Sustainability, 13(4), p.2241. Hetami, A.A., Aransyah, M.F. and Yasshyka, A., 2022. Hailam Ko Abun Entrepreneurship Success in Marketing Strategy in the City of Balikpapan. International Journal of Social Science Research and Review, 5(10), pp.439-451. Jenkins, E.L., Legrand, S., Brennan, L., Molenaar, A., Reid, M. and McCaffrey, T.A., 2021. Psycho-behavioural segmentation in food and nutrition: A systematic scoping review of the literature. Nutrients, 13(6), p.1795. Kader, M.A. and Hossain, H., 2020. An analysis on BCG growth sharing matrix. International Journal of Economics, Business and Accounting Research (IJEBAR), 4(01). Lechner, C., Lorenzoni, G., Guercini, S. and Gueguen, G., 2020. Supplier evolution in global value chains and the new brand game from an attention‐based view. Global Strategy Journal, 10(3), pp.520-555. Lee, J., 2022. Problem-based gaming via an augmented reality mobile game and a printed game in foreign language education. Education and Information Technologies, 27(1), pp.743- 771. Redjeki, F. and Affandi, A., 2021. Utilization of Digital Marketing for MSME Players as Value Creation for Customers during the COVID-19 Pandemic. International Journal of Science and Society, 3(1), pp.40-55. 16

Sandberg, E., 2019. Creative Coding on the web in p5. js: a Library where JavaScript Meets Processing. Sanders, S.G., 2022. Changing Design Aesthetic: Trends, and Social Organizations of the Growing Toy Market for the Adult Collector (Doctoral dissertation, University of Wisconsin--Stout). SUSILOWATI, M., Wahyuningdyah, R.Y. and Kurniasari, W., 2022. The Pull and Push Marketing Strategy for Sustainable Ecotourism: The Study of Ecotourism of Kabalong, Pekalongan Regency, Indonesia. Yun, J.J., Won, D., Park, K., Jeong, E. and Zhao, X., 2019. The role of a business model in market growth: The difference between the converted industry and the emerging industry. Technological Forecasting and Social Change, 146, pp.534-562. 17

Recommended textbooks for you

Principles Of Marketing

Marketing

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Pearson Higher Education,

Marketing

ISBN:9781259924040

Author:Roger A. Kerin, Steven W. Hartley

Publisher:McGraw-Hill Education

Foundations of Business (MindTap Course List)

Marketing

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:Cengage Learning

Marketing: An Introduction (13th Edition)

Marketing

ISBN:9780134149530

Author:Gary Armstrong, Philip Kotler

Publisher:PEARSON

MKTG 12:STUDENT ED.-TEXT

Marketing

ISBN:9781337407595

Author:Lamb

Publisher:Cengage

Contemporary Marketing

Marketing

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Principles Of Marketing
Marketing
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Pearson Higher Education,
Marketing
Marketing
ISBN:9781259924040
Author:Roger A. Kerin, Steven W. Hartley
Publisher:McGraw-Hill Education
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing: An Introduction (13th Edition)
Marketing
ISBN:9780134149530
Author:Gary Armstrong, Philip Kotler
Publisher:PEARSON
MKTG 12:STUDENT ED.-TEXT
Marketing
ISBN:9781337407595
Author:Lamb
Publisher:Cengage
Contemporary Marketing
Marketing
ISBN:9780357033777
Author:Louis E. Boone, David L. Kurtz
Publisher:Cengage Learning