Marketing Strategies Of Interdisciplinary - Myassignmenthelp.Com

Question: Discuss About The Marketing Strategies Of Interdisciplinary? Answer: Introduction Boost Juice was established in the year 2000 by the efforts of Janine Allis. It is an international chain of retail outlets and possesses a renowned name in the food and beverages industry by specializing in offering smoothies and fruit juices to the individuals. The company had its headquarters at Melbourne, Australia and have a viable presence by approximately 467 retail outlets in various overseas regions. The company has successfully expanded in various locations and now planning to have a global expansion in the United States (Boostjuice, 2018). The report will focus on the various marketing techniques which have been used by the company to have successful venture in Australia and the techniques which can also be used in the markets of United States to have winning global expansion. There are cultural differences in both the countries which influence the marketing decisions of the company and thus the report will present the global expansion scenario through the lenses of Hofste des theory, segmentation theory and marketing mix theory. To have a successful business expansion, there will also be offered some recommendations so atht there can be attained huge growth and sustainability in eth markets of United States. Marketing techniques used by Boost Juice in Australia To have higher sustainability and increased market share in Australia Boost Juice have taken use of unique marketing techniques which comprises of both below-line campaigns as well as above-the line campaigns. In just a span of five years, the company had attained an unexpected ninety four percent awareness in the Australian markets. The marketing techniques had supported the company in remaining apart from the copycats and the competitors and always helped in remaining competitive. With the strong marketing philosophy and techniques, the company has successfully expanded itself in various international markets. The above-the line i.e. ATL marketing techniques of Boost Juice includes advertisements through social media platforms, television campaigns and radio (Boost Juice, 2015). The below-the line i.e. BTL marketing techniques of Boost Juice includes marketing through media coverage, customer service, public relations, user friendly smart phone app, engaging website and through ele ctronic direct mail via the database. The key marketing technique sued by Boost is the campaigns. The company execute campaigns in the traditional retail way to attract the masses and enhance the visibility of the company. Marketing techniques to be used in America The marketing techniques used in Australia offered good and sound results to Boost Juice. And it is analysed that in the markets of United States, there will be winning results gained by the marketing campaigns as well as through advertisements in newspapers. These both will be best operations techniques to attract the masses. The company will also take use of effective use of the social media channels as it present time it so one of the best ay to attract the potential customers (Boost Juice, 2015). Cultural differences influencing marketing decisions There are diverse cultural factors which are present and are required to be considered at the time of global business expansion. With the change in the regions there is change in the cultures, norms and values which impact the marketing decisions of the businesses. In case of Boost Juice also there are number of cultural differences which influences the marketing decisions such as language, religion, technology and material culture, cultural norms, values and attitudes and cultural variability (Samaha, Beck and Palmatier, 2014). Every country has its own language and at the time of global expansion the cross cultural communication is much affected by the verbal and non-verbal language (Chawla, 2016). When there are differences in the languages then it may result in high impacts upon the marketing decision making such as there is a need to understand the meaning of the words in the host countrys language so that it does not result into translation error (Terpstra, Foley and Sarathy, 2 012). According to diverse religions, the companies are bound to have adequate marketing of the products and services. In several religions there are numerous norms and spiritual beliefs and thus the marketing activities are required to be done in sophistication with that particular norm or belief (Karande, Rao and Singhapakdi, 2002). If the cultural norms are broken there are huge chances that the company will fail to successfully capture the market and attain sustainability in that particular religion. Therefore, the marketing decisions are impacted and a proper analysis is required to be done in respect with the language which is to be used, the signs and symbols, the way of publicity, etc. (De Mooij, 2013). Hofstedes cross-cultural communication Hofstedes cross cultural communication theory has its key focus on analysing and understanding the cultural differences exists between the countries (Samaha, Beck and Palmatier, 2014). With the help of the Hofstedes cross cultural communication, the companies planning global expansion analyse the cultural differences on the basis of five key factors that comprises of power distance, masculinity index, uncertainty avoidance, long term orientation and individualism (Soares, Farhangmehr and Shoham, 2007). All these cultural dimensions depict the rate of growth in the foreign nation and the chances of cultural issues which can be raised at the time of performing international business operations. As Boost Juice is planning to expand its business in United States, according to the Hofstedes theory it is necessary to have a cultural comparison with Australia. According to the overall analysis and evaluation of both the countries based upon the five cultural dimensions, it can be stated that Boost Juice has high chances of long term sustainability, growth and successful business operations (Hofstede, 2011). It is because of the fact that both the countries share a very similar sort of cultural factors and thus there will be less issues or cultural risks. In respect with the power distance dimension Australia scores 36 and the US scores 40, in respect with individualism Australia scores 90 and US scores 91, in respect with masculinity Australia scores 61 and the US scores 62, in respect with uncertainty avoidance Australia scores 51 and US scores 46 and lastly in respect with long term orientation Australia scores 21 and US scores 26 (Beresford, 2015). Thus, from the overall comp arison and analysis of the scores of all the cultural dimensions, it will be trouble-free and flourishing for Boost Juice to have business expansion in the United States (Hofstede, 2011). Market segmentation Marketing segmentation can be understand as the approach of dividing the entire market into clusters or segments that possess similar wants, desires and needs. The companies perform market segmentation for attaining competitive benefits and thus identify the segments, target those particular segments and then develop the marketing mixes according to those target segments. The following are the market segments for Boost juice: Geographical Segmentation According to the geographical segmentation, the primary target customers will be the one where the Boost Juice will have its store as there be offered fresh juices an thus the local people residing near are the first target customers. Demographic Segmentation The segment comprises of people of all the age groups, nationality gender, education, occupation, language and family size. There is no particular segmentation on the basis of all these factors but from a chief segment, it can be analysed that the youngsters are the major customer segment which are the prime customers of Boost Juice (Boost Juice, 2015). Psychographic Segmentation From the psychographic point of segmentation it comprises of those individuals who are much fond of fruit juices and smoothies and are health conscious. It also comprises of those individuals who have good purchasing power as the products offered are of bit high cost in comparison with products offered by the competitors. Marketing mix Boost Juice is one of the fastest developing companies for offering unique products. The products of Boost are mainly positioned as the vitamin-based energy drinks that comprises of unique flavour with high nutritional value. The key products of Boost Juice that will be served in the US markets will be boost juice bars, smoothies, juices, crushed drinks, complementary products and supermarket range (Boost Juice, 2015). The prices of the products offered by Boost Juice are of a bit higher prices in comparison with the competitors products but to attract the masses the company will provide the products at discounted prices with various combo offers so that people can taste and buy the products in larger quantity (Boostjuice, 2018). The place or the location which will be selected for the establishment of the store will be the crowded one such as some shopping mall or any other place where there is availability of large number of people so that there can be more number of potential customers (Srinivasan, 2016). For the promotion, the company will take use of campaigns, social media, posters and newspaper advertisements. Through the various offers and discounts also the brand will try to promote itself (Srinivasan, 2016). Recommendations There are few recommendations which can help Boost Juice to have a better market expansion in the United States: It is recommended that the company must also offer products in a re-closable packaging so that the customers can also use the product in intervals. It is also recommended that for fetching higher attention of the people there must be offered products in a combo or a meal pack. There must also be offered online service where the customers can also order their drink on advance and then can collect from the store (West, Ford and Ibrahim, 2015). Conclusion From the report, it can be concluded that Boost Juice can have a successful business venture and strong market share in the United States of it takes adequate use of the marketing techniques. The marketing mix of the company will also support Boost Juice to fetch the attention of higher number of potential customers. Thus, from the overall perspective, it can be stated that United States is a perfect choice for Boost Juice to expand and grow the business. References Beresford, J., 2015. Australia and the Philippines: The differences in culture and how to motivate. Accessed on: 23rd January, 2018. Accessed from: https://readyoffshore.com.au/australia-and-the-philippines-the-differences-in-culture-and-how-to-motivate/ Boost Juice, 2015. Boost Study Kit. Pp.33. Accessed on: 23rd January, 2018. Accessed from: https://www.boostjuice.com.au/downloads/Boost_Study_Kit.pdf Boostjuice, 2018. About us. Accessed on: 23rd January, 2018. Accessed from: https://www.boostjuice.com.au/about-boost-juice/ Chawla, M.R., 2016. Impact of Culture on Marketing Strategies.Imperial Journal of Interdisciplinary Research,2(3), pp.325-330. De Mooij, M., 2013.Global marketing and advertising: Understanding cultural paradoxes. Sage Publications. Hofstede, G., 2011. Dimensionalizing cultures: The Hofstede model in context.Online readings in psychology and culture,2(1), p.8. Karande, K., Rao, C.P. and Singhapakdi, A., 2002. Moral philosophies of marketing managers: A comparison of American, Australian, and Malaysian cultures.European Journal of marketing,36(7/8), pp.768-791. NAFSA, 2010. Culture. Accessed on: 23rd January, 2018. Accessed from: https://nafsa2010.wikispaces.com/Culture Samaha, S.A., Beck, J.T. and Palmatier, R.W., 2014. The role of culture in international relationship marketing.Journal of Marketing,78(5), pp.78-98. Soares, A.M., Farhangmehr, M. and Shoham, A., 2007. Hofstede's dimensions of culture in international marketing studies.Journal of business research,60(3), pp.277-284. Srinivasan, R., 2016.International Marketing. PHI Learning Pvt. Ltd.. Terpstra, V., Foley, J. and Sarathy, R., 2012.International marketing. Naper Press. West, D.C., Ford, J. and Ibrahim, E., 2015.Strategic marketing: creating competitive advantage. Oxford University Press, USA.