Fortnum and Mason, an up market departmental store established in London in 1707, has rapid growth in their production. They have varieties products and the company has focused on innovative upgradation of products. In case of better business management, company can make better decisions that encourage better productivity as well (Fortnumandmason.com 2017). A refreshing environment has persisted in the hotel that also encourages people to understand the quality that Fortnum and Mason deliver to their customers. In case of demonstration and social responsibility customer involvement and better product deliverance are the key factors of the company have analyzed for their better revenue generation. As per the focus of active employees’ demography, 15.2% of employees’ engagement has been noticed in the UK and this culture produces have impacted more engagement in terms of better management.
The marketing mix is a strategic change in marketing basically depends on the traditional limitation of product enrichment. There are lots of marketing strategies and all those strategies are implemented in product marketing and promotional policy (Ferraro and Briody 2017). Classic marketing form is applied to the modern business scenario then market position of the company become stagnant, so better implementation of process and marketing association is needed for better marketing process. 7Ps of marketing strategy used over this brand so that product flow and better revenue generation can be sustained.
The first section is dealing with Products. There are lots of products in Fortnum and Mason and all those innovative products are very attractive to people. They have products like cakes, biscuits, pastry, chocolate, mincemeat, Florentine. All these products are good in quality and have makers touch to redefine the product to be the best one (Wild, Wild and Han 2014.). Tea collections like silky tea, clotted cream tea, ginger tea, cocktail tea, chocolate violate tea, nougat tea all these kind of tea are unique in nature and good as products, so these form of diverse product culture help company to reach in bigger business market.
The next section is Price and this is the defining aspect of market engagement and revenue generation. People love to have quality food at low price and this price statement can create gain in business. Loss or gain for a particular product depends on the product price and the reach of the product in external market. Fortnum and Mason sell their product at affordable price and deliver quality products.
The place of the company and selected location of it is the major investment that company does for their business growth and expansion. The revenue generation is also depending on location of the company where people can access their food. The major capital is placed for the acquisition of land and that place need be good one where all the facilities like supply of raw material, water adequacy, electrical sustainability, transport, employees’ engagement and better delivery facilities will be there for sustainable business condition (Peng 2016). Export and import in all over the world is depending on the place and position of the company.
The next section of the 7Ps strategy is Promotion. This is the only way to grab market and enjoy product demand. Promotion can be done through web portals, internet, television, radio, newspaper or any other mediums. The gradation of the promotion is the key aspect that change the product dimension as radio television, banner posters all these encourage products of the company. Sometimes, company has put some huge discount on their products. This is basically a marketing strategy to engage more people to have this product (Aronczyk 2013). Promotional power has the judgmental power to compare the product with other brands. Fortnum and Mason deliver their products at low rate and this is one of their promotional strategies. Discount rates are important as people attract for those discount rates and increase sale for huge number of products.
People culture and their taste is the major concern for this following strategy aspect. People workplace culture, their environmental condition, drinking habits, physical growth, psychological understanding and diverse workplace value all these are associated with product involvement and company upgradation (Christopher 2016). People, economic condition is also liable for this situation as most of the people opt to choose low price product with good quality. Though amalgamation of these two aspects is quite impossible still Fortnum and Mason have done this for company enhancement.
Physical evidence of the company is important as the promotional work and product philosophy is associated with the gained information of that company. The environment issues like reduce, recycle, reuse, remove and renew all these are the manufacturing process for the company. This is innovative business technique where physical evidence is the matter of concern for customers and wine and confectionary packing is one of them.
The process is the last and final strategic stage that basically delivers the making or the formation of those products. The product formation and chemical involvement in those products are key process design that actually attracts people to show or promote them the qualities of the food that made of. This is an opportunity for customer to know the ingredients of the products or the actual environment or temperature suitable for those products.
Segmented people and diverse cultures are the main section of market segmentation. There are several segmentations in people. Behavior is the first aspect that highlighted the need for people. There are certain good foods which are really high in price so economic conditions of people and their capacity to have those are the concern reasons behind market segmentation. People status, brand familiarity, occasions all these are reasons behind food acquisition and as per the behavior of the people; they choose their style of food (Piekkari, Welch and Welch 2014). The next understanding over market segmentation is Geographic location. Urban people’s taste is different from rural people so their food culture, habits, availability all these are different as well. The economic condition of these two genres are not same so their taste of food must be different, thus the segmentation needs to be analyzed in prospect of the cultural and behavioral change (Myers 2013). The Demographics segmentation like income, age, gender, family size, job, education, religion, race, culture, and generation all these are the possible prospect that can create market segmentation and allows people to choose their relevant options.
The target market for the company is basically all income groups irrelevant to rural or urban people as the variety of foods delivered by the company is phenomenon. Suppliers are targeting for better investment and makers or producers are targeting for better sale and revenue generation. As the prices of those products is so reasonable that all sections of people, love to have those wines and teas. Setting a target market for mature people is important and Fortnum and Mason have set that; however they want more people to come and economic, behavioral, social obstacles are mitigated to improve their business by accumulating people in a large number (Bosma 2013). Multi-segmental approach and their change in food variety is the major aspect of targeting market. Mostly at the age of 30 to 60 years, people love to have this so better management process for them is essential for those people.
In this positioning statement, as per the perceptual map, Fortnum and Mason Company always serve good quality food at lower cost and this is the reason people accumulation and revenue generation is maintained throughout the year (Budhwar and Debrah 2013). The company can serve those foods at this low range just because they earn their resources at very cheap price and this is the reason Fortnum and Mason maintain their quality and price in this competitive market.
Consumers’ behavior depends on the situational influence and time. Time pressure is most critical factor and at this time consumer behavior has changed. This is the time customer are in hurry so they need the food on an urgent basis, organization needs to understand the situation of the customer and a special team will be there for those urgent customers and serve them within few minutes (Cowling et al. 2015). This is a kind of facility that can change the customer behavior to the organization. Other facilities like free product with some of the other products are the key attraction for customers. They love to have those facilities and for that reason, their behavior change may happen. Royalty card facility is another aspect that can please customer. The card has particular offer that can allow customers to avail 5% discount on every time of purchase and this is a marvelous opportunity for the customers (Mitchelmore and Rowley 2013). The shop opens for whole night for special occasion, customers go there enjoy their time and approach and behavior has changed in that scenario. These facilities are just for the customers and their involvement is the key motive for this occasion.
Market research on Fortnum and Mason Company is important to evaluate their market position and to understand diverse possibilities of the company and provide possible outcome of those situations. This evaluation is important to analyze their positive and negative aspect of Fortnum and Mason and suggest better opportunities to grow the business in a systematic manner (Herbane 2013). The target people are the key market for this research. This is the time where the better communication, interaction, involvement is important to know the actual feeling of consumers. The recommendation process is implemented so that better progression in interaction and public relation has sustained. In terms of sales promotion profit and loss ratio has been identified over market and this is the evaluation for financial aspect of the company (Kardes et al. 2013). Slow or high scale rate may underline the economic status of the company. Key information from within an organization will put their commercial procedures, community awards, and industry accumulation. The corporate literature and the financial understating are important for this kind of organization deliverance.
Fortnum and Mason Company have some effective engagement with their customers and this physical, mental and social investment is the key aspect of the organization. Better communication and effective customer engagement is the key prospect that can considered as a recommendation. The perception of customer commitment relates to uninterrupted and repeating conversation which goes on flanked by the company and its consumers. The recommendation like better tea process, free delivery, call on delivery, innovation process of food making, Royal card for customers, customers loyalty prize all these are motivating factors for the company. An organization has to provide some innovative procedures for customers so that business will sustain and upgrade in an effective manner (Chand and Tung 2014). Pricing strategy needs to be different for rural and urban areas so that people from each area can avail facility to have the food. Business alteration and market segmentation need to be sustained in a systematic genre where age difference and the difference in drink must be segregated. Government initiation must be needed in that situation. There are some other companies who are quite up in rank in perceptual map; in that scenario, Fortnum and Mason needs to invent some better strategy so that organization enhancement will persist. There will be different business plan and the company needs to organize some franchisees so that business can sustain and develop in external and internal market and better promotional way will open for business.
Conclusion
Therefore from the above findings, it can be concluded that Fortnum and Mason need to implements some strategy so that business market can sustain. The customer experience and engagement is good for the company but the implementation of 7Ps’ marketing strategy is more influential in business and more marketing opportunities will come in that process. Best brand wine, chocolates, and tea all these are available in the company so better customer engagements are required from the company perspective. Better customer experience and better opportunities are only provided by the hotel if they follow those recommendations. There are different facilities that may change the scenario of the organization and consumers are happy to utilize those opportunities. The market segmentation of Fortnum and Mason also needs to be different. They need to select some of the wine brands for particular age group. The basic demographics stated this view and Fortnum and Mason have to follow this for safe and secure wine delivery that analyses the chemical involvedness according to age. In case of market positioning the organization is very much satisfied with their customer satisfaction; still, more involvedness will raise up if all those facilities and innovative thinking can enrich quality of products and improve the culture of the company. Market research is important in this scenario to evaluate the state of the company and judge this company from other companies’ point of view. A judgmental approach is needed in that case as Fortnum and Mason have already had a diverse range of collections so customers’ can actually point out the better implements or thinking what needs to be taken as recommendation.
References
Aronczyk, M., 2013. Branding the nation: The global business of national identity. Oxford University Press.
Bosma, N., 2013. The Global Entrepreneurship Monitor (GEM) and its impact on entrepreneurship research. Foundations and Trends® in Entrepreneurship, 9(2), pp.143-248.
Budhwar, P.S. and Debrah, Y.A. eds., 2013. Human resource management in developing countries. Routledge.
Chand, M. and Tung, R.L., 2014. The aging of the world’s population and its effects on global business. The Academy of Management Perspectives, 28(4), pp.409-429.
Christopher, M., 2016. Logistics & supply chain management. Pearson UK.
Cowling, M., Liu, W., Ledger, A. and Zhang, N., 2015. What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics. International Small Business Journal, 33(5), pp.488-513.
Piekkari, R., Welch, D. and Welch, L.S., 2014. Language in international business: The multilingual reality of global business expansion. Edward Elgar Publishing.
Ferraro, G.P. and Briody, E.K., 2017. The cultural dimension of global business. Taylor & Francis.
Fortnumandmason.com 2017 FORTNUM & MASONRetrieved from: https://www.fortnumandmason.com/ [Accessed from 31st December 2017]
Geppert, M., Matten, D. and Williams, K. eds., 2016. Challenges for European management in a global context: Experiences from Britain and Germany. Springer.
Herbane, B., 2013. Exploring crisis management in UK small?and medium?sized enterprises. Journal of Contingencies and Crisis Management, 21(2), pp.82-95.
Kardes, I., Ozturk, A., Cavusgil, S.T. and Cavusgil, E., 2013. Managing global megaprojects: Complexity and risk management. International Business Review, 22(6), pp.905-917.
Mitchelmore, S. and Rowley, J., 2013. Entrepreneurial competencies of women entrepreneurs pursuing business growth. Journal of Small Business and Enterprise Development, 20(1), pp.125-142.
Myers, M.D., 2013. Qualitative research in business and management. Sage.
Peng, M.W., 2016. Global business. Cengage learning.
Wild, J.J., Wild, K.L. and Han, J.C., 2014. International business. Pearson Education Limited.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download