MGT Strategy Final

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School

Northeastern University *

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100

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Marketing

Date

Feb 20, 2024

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docx

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Uploaded by SuperHumanWillpowerHeron34

At first, Bustling Clicks was a high-end company creating products with the highest P/Q in the industry. After failing for two years, we realized this wasn't beneficial for the business and agreed to change the prices and strategy. Bustling Clicks shifted its strategy to a low-cost one for both cameras and drones Being the sector's incredibly low-end supplier of both cameras and drones was an extraordinarily competitive strategy in the industry since there were so many price-conscious consumers. We tried to reduce costs against competitors in order to be appealing to a wide range of consumers. We took advantage of the absence of opponents with low costs and attained affordability dominance and emerged as the industry's lowest-cost company. We integrated features and offerings consumers perceive highly necessary to gain a cost-competitive advantage. We tried to gain the upper hand in a manner that was challenging for rivals to duplicate. Consequently, this strategy allowed us to have an alluring success in terms of revenue over the years. The company's overall profitability and return on investment increased due to our improving income margin. Moreover, Bustling Clicks chased ongoing improvement in aspects, including distribution, development, pricing, production procedures, and quality. Our business model determined which areas needed improvement. As a low-cost supplier, the company continuously looked for ways to lower prices by proposing innovative production techniques, implementing scale economies, and reducing expenditures. As a result of our uniqueness, we looked for ways to sustain our market edge but still develop additional features, advancements, quality enhancements, etc. 2. The strategy has varied by region in some aspects. For example, since Asia-Pacific and Latin America were more focused on lower pricing, we had to invest more in promotions, discounts, and others for these two areas. However, North America and Europe-Africa wanted fair-quality products, so we increased the warranty to assure them that our product has decent quality for its price. Thus, we adjusted our approaches for these parts of the world, taking into account regional, national, and cultural variations. We used a global approach to make decisions about our strategy, goals, and vision. 3. Vision Statement: We are committed to delivering good-caliber cameras and drones at exceptionally affordable rates to our customers that promote society's understanding of culture, technology, and industry while also protecting the ecosystem. Marketing Strategy: Bustling Clicks' management has developed a few methods to help to seize a broader audience. We intend to use multi-chain stores, local electronic stores, and online stores as our facilitators to attract customers. The described marketing tactics in the 4Ps are designed to target the North American, European-African, Asian-Pacific, and Latin American regions. We adjusted our marketing approaches for these parts of the world, taking into account regional, national, and cultural variations.

Following are some explanations of the marketing mix (4Ps) used by Bustling Clicks: Product: In its marketing mix, Bustling Clicks develops various distinctive product models by determining what customers need. We enhance the caliber of our products using new technology, which serves to support markets worldwide. Still, being a low-cost supplier, we looked for ways to lower prices by proposing innovative production techniques, implementing scale economies, and reducing expenditures. As a result, we have two types of consumer products: 1) Action-Capture Cameras: These cameras provide high-quality images, numerous photo modes, LCD screens, sensors, different models, extra features, and other functions. These cameras, which have achieved great success, are ideal for the youth, enthusiasts, and others. 2) UAV Drone: These drones offer high-definition thermal sensors, video cameras, radar, and other functions. They are utilized in journalism, loss prevention, environmental monitoring, healthcare, firefighting, and other fields. Our products are dependable and held by its new design. We are committed to finding ways to influence industries without endangering the business's survival. Pricing: Bustling Clicks establishes benchmarks in its marketing mix price plan by charging the lowest for its product. We strive to offer our products at prices that are cheaper than those of our rivals. In fact, we aimed to charge at least 10% lower than the industry average over the years. Based on the consumers' purchase behavior, we employ various pricing techniques. For example, we used to lower the prices further for customers in Asia-Pacific and Latin America through promotions, discounts, and other techniques because we knew they were our price-oriented customers. Place: Bustling Clicks has a sizable network, including North America, Europe-Africa, Asia-Pacific, and Latin America. We have a wide distribution network and perform in a highly organized and effective way. We made significant investments in our workstations, product R&D and trade centers, and suppliers to ensure quality products. We also used a variety of channels to reach possible consumers, including electronic stores, exhibitions, studios, and other retail firms. Promotion: Bustling Clicks has promoted its products through both traditional and digital channels, including retailer support, website display support, etc. The products were promoted in magazines, commercials, and publications using our advertising budget. Additionally, we used social media sites like TikTok, Instagram, Twitter, and YouTube to inform clients about our offerings. Besides these, we promoted our sales discounts and provided a warranty to advertise our brand further. Lesson learned: Due to the brand image, a company can successfully hold possible newcomers away. This is because the targeted consumers would already know our brand more, and consumer loyalty is developed compared to a new-entry business with a similar strategy. Thus, it is important to invest in CSR efforts, which have provided considerable protection from unforeseen threats. Thus, we think that maintaining a top image ranking has pushed our rivals and protected our market share.

https://quorum.hqontario.ca/Portals/0/Users/166/50/10150/ hop_to_something_new_anim_300_clr_14367.gif?ver=2017-04-03-160632-503 https://steemitimages.com/DQmcDaJw8zoD1PqK4bJnWxvrisaVqQjSaj4BLFwu5Z3TFNu/ hauling_arrow_up_graph_anim_500_wht_13071.gif https://www.icegif.com/wp-content/uploads/2022/04/icegif-993.gif http://www.newgyandeepschooldoiphodiya.com/img/vision.png Bustling Clicks has successfully implemented a low-cost strategy for both its cameras and drones. It has managed to develop several marketing tactics to seize a broader audience. Investing in R&D is crucial for a firm since it offers insightful information and encourages improvements which can increase productivity and lower expenditures. Our organizational skills improved because of our tasks and responsibilities. For example, over the term, Mondays were for journaling my ideas, Tuesdays were for discussing them with the team, Fridays were for improving the entries, and Sundays were for entering our work. We never missed our group meetings and always was prepared beforehand. Second, we learned flexibility during the simulation. For example, during year 10, I had totally different ideas than my teammate. However, we both had to be flexible and alter our tactics accordingly. Thus, we capable of comprehending different points of view and coming up with alternate solutions to issues. Besides that, we learned several other things as well. For example, we improved skills like leadership, decision-making, problem-solving, and others

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