Sustainable Management & Marketing Market Analysis of Ecostore

Question: Describe about the Sustainable Management Marketing for Market Analysis of Ecostore. Answer: Introduction This research paper is helpful to conduct a market analysis of Ecostore. Ecostore is a New Zealand?based company that mainly offers sustainable and healthy skincare products, laundry detergents and cleaning supplies to its customers. It is the producer, distributor and retailer of sustainable household as well as body care products. Ecostore was establishd by Malcolm Rands in 1993. The origin story of Ecostore tells that Malcolm Rands with his wife Melanie noticed that the cleaning body care products that they are using contain too many toxic chemicals. These chemicals are very harmful for the skin of people. So, they decide to start Ecostore to provide healthy and sustainable products to the customers (Ecostore. 2016). On the other hand, this research paper is helpful to portray the marketing background of the company. Furthermore, it is also useful to marketing strategies such as: pricing, promotion, distribution etc. that are used by the Ecostore to accomplish its goals and objec tives in an effective way. Along with this, this research paper is also helpful to make an effective comparison of the marketing mix of Ecostore to its competitors. Finally, this paper is also useful to make recommendations for the improvement of marketing mix so the company may possibly more competitive in the marketplace. Marketing Background of the Company In todays more competitive business environment, each and every organization focuses on the marketing environment to accomplish their business goals and objectives in an effective and a more comprehensive manner. The firm Ecostor also focuses on marketing environment to gain the core objectives of the business. For case, it should also be noted down that, Ecostor has had social as well as environmental responsibility at its core (Soo, 2011). Ecostor is one of the best companies that deal in the sustainable and healthy products. Moreover, it should also be noted down that, Ecostor faces a lot of issues in the marketplace just because of its sustainable strategy. The major issue that the firm is facing is related to the profitability. The major reason behind it is that the buyers of the company consider Ecostore as a small, sincere, and green cleaning brand that is not adequate to earn higher profits. For that reason, just about three years ago, Ecostore started its journey in order to improve its fortunes in an effective and a more comprehensive manner (Chitty, Barker, Valos and Shimp, 2011). On the other hand, currently, Ecostore has been turned into a famous organization within the industry. Moreover, the brand spirit of Ecostore is famous as humanature. The brand sprit of Ecostore plays a major role in order to recognize and observe the interdependency of humans as well as the environment in a significant way. Along with this, at this time, Ecostore works to improve the well-being of people as well as globe in an effective and an appropriate manner (Carrigan, 2005). The company also wants to become a global marketing leader and therefore; it developed a marketing team to improve the awareness of the customers about the products of the organization. Moreover, the company is also paying attention on social marketing to accomplish its desired goals and objectives in a specified time period. In the same manner, the marketing team of Ecostore plays a major role to collect all the required data as well as information of the industry. For case, it should be noted down that, Ecostore uses a range of research tools to gather all the related information of the industry and market. The data and information assembled by Ecostore are essential to understand the standards of the industry in an appropriate way (Tate, 2015). Moreover, the information linked to marketplace play an important role to understand the market, customers, and competitors properly. The company is doing very well in the marketplace. Ecostore fits in the industry and marketplace in an effective way. The company is also paying its special consideration to sustainable practices- environment, resources use, society, and so on. This is the main reason behind that the company promotes and provides healthier, safer, and mineral based products to the customers. The products of Ecostore do not contain any unnecessary toxins or chemicals. The company produces eco-friendly products that are safe for both the environment and people. What is more, the company performs its corporate social responsibilities towards the society (Kahleb and Gurel-Atay, 2015). Ecostore also focuses on ethics and morals to fulfill the needs of customers and to accomplish its business goals in an effective and an ethical manner. Marketing Strategies of the Company Generally, the success and growth of businesses depend on the effective marketing strategies that are used by the business firms. Along with this, it should also be noted down that, Ecostore uses numerous marketing strategies in order to accomplish its goals and objectives in an effective and a more comprehensive manner. The major marketing strategies that are used by the company are described as below: Products, Services, Suppliers and Customers: Ecostore offers healthy sustainable skincare products and cleaning supplies such as: milk soaps, hand creams, shampoos, conditioners, hand wash, body wash, body lotions, coconut soaps, body butters, baby care products, baby soaps, baby moisturizers, baby shampoos, laundry powders, cream cleansers, dish cleaners, glass surface cleaners, dish powders, dish wash liquids, and so on to its customers. Hence, it makes a lot of efforts to attract new customers and to retain existing customers for the growth of the business (Wheelen and Hunger, 2011). Along with this, Ecostore also uses effective promotion strategies to retain its suppliers to accomplish the goals of business. Pricing Strategy: Ecostore also adopts and implements effective pricing strategy to increase the profitability as well as revues of the organization. For case, Ecostore provides its products and services at affordable prices. Apart from this, researches indicate that the products of Ecostore are expensive. But, customers are read to pay a bit high price for healthy, safe, and sustainable products that do not contain any chemicals (Gil and Reyes, 2012). Moreover, the pricing strategy of Ecostore fulfills the slogan of the company: a little goes a long way. Therefore, it can be said that, the pricing strategy of the company is appropriate to retain its customers. Promotion Strategy: Ecostore also pay its attention on the effective promotions strategies to promote its products at the global level. The promotions strategies of Ecostore are established on three major props: inform, inspire and enable. For case, with the help of this strategy, Ecostore informs to the customers about the new products and also inspires them to purchase those products. The firms also make enable to customers by providing the products at affordable costs (Cook and Ryan, 2015). Along with this, Ecostore also makes use of the Internet and social media sites such as: Facebook, Twitter, LinkedIn, etc. in order to promote its products into the international market. So, the promotional strategies used by the Ecostore are suitable to improve the brand awareness of the company in an effectual and appropriate manner. Distribution Strategy: Ecostore takes help of effective distribution strategy to distribute its products and to make products accessible by the customers. For case, cosmetic retail market, online beauty retailers, department stores, spa services, drug stores, retailers and so on are the major distributors of the Ecostore. Hence, Ecostore have strong distribution channel to make handy its products in the marketplace (Banerjee, 2007). For that reason, it can be said that, Ecostore uses and implements effective marketing strategies in order to accomplish its marketing goals and objectives in an effective way. Comparison of the Marketing Mix with Its Competitors A marketing mix is a major tool that is used by the business organizations in order to determine the major marketing activities relate to a product/service. A marketing mix mainly contains 4Ps: price, product, promotion, and place (Afuah, 2009). On the other hand, it should be noted down that, there are approximately 400 competitors of Ecostore in the marketplace. The competitors of Ecostore use an effective marketing mix to promote their products at the right place, time, and at the right price. But, the marketing mix of Ecostore is weak in comparison to its competitors. The main reason behind it is that Ecostore do not much emphasis on its marketing mix because of it believes that there is no need of strong marketing mix. The main reason behind it is that, it thinks that the products of the company are healthier, safe, and hygienic and therefore people will prefer its products in place of others (Kitchen, 2008). On the other hand, the competitors of Ecostore are using strong marketing mix and making their possible efforts to promote their products at right place, right time, right price and to right people. A marketing mix plays a significant role to change the mind of people towards a product/service. In this situation, Ecostore must take help of strong marketing mix to earn higher profits as compare to its competitors. As it is well known that Ecostore has a strong reputation and the products of the company is eco-friendly and safe; therefore people will prefer its product. But, the marketing mix will also be beneficial to improve the market reputation, goodwill, productivity, profitability, and revenues of the firm (Lancaster and Massingham, 2010). So, Ecostore should focus on a strong marketing mix same as its competitors. Recommendations for Improvement of Marketing Mix Ecostore must focus on strong marketing mix to improve the efficiency, productivity, profitability, and revenues of the business. There are numerous strategies that the company should adopt and implement in order to improve its marketing mix in an effective and a more comprehensive manner (Michael, 2010). First of all, Ecostore must understand the importance of marketing mix for the success and growth of the organization. The company must develop an effective marketing strategy in order to define the overall directions as well as goals of the marketing mix. This marketing strategy would be helpful to demonstrate that how is the firm going to deliver its products and services to satisfy the need or preferences of the customers. Furthermore, the firm should define its target market in order to develop and implement tactics or ways to arrive at them (Powell, 2012). On the other hand, Ecostore should define that what products/services are it is going to provide. The firm must define its branding, packaging, and ongoing product and also portray the features benefits that it is going to offer in its products. Along with this, Ecostore should consider that price is a major part of marketing mix that reflect the overall productivity and profitability of the firm. The firm must decide right price of its products that will be helpful to maximize profits and to develop strong relationships with customers. For case, it should be noted down that, currently, the products of Ecostore are expensive as compare to its competitors (Kotler, Burton, Deans, Brown and Armstrong, 2015). So, by deciding price effectively the firm would be able to improve its marketing mix and to avoid serious financial consequences that may occur at what time the price is too low or too high. This would also be helpful to develop the marketing mix of Ecostore in an effective and a more comprehensive manner. In addition to this, Ecostore also choose right place to distribute its products and to provide related information as well as support services to the customers. The right place plays a key role to improve marketing mix of the organization. It is because of it is helpful to show that how the firm will place its product in the market (Hutt and Speh, 2009). The place may be physical store or virtual stores; but it must be located wherever a product can be purchased by customers in an easy manner. What is more, the location also helpful to determine that whether a customer will buys its products or not. So, the ideal place would also be advantageous to improve the marketing mix of Ecostore in an appropriate manner. Moreover, Ecostore must focus on right people, process, and physical environment to develop the marketing mix of the organization. For case, the employees or staff of the firm must be able to affect the marketing of its products and services in a positive way. The staff of th e organization should be proficient and friendly to satisfy the customers and to offer unique selling experience to the business (Reynolds and Lancaste, 2013). Also, an effective process and a positive physical environment also play a major role to improve the marketing mix of the firm in a positive way. Conclusion On the basis of the above discussion, it can be said that, marketing analysis, marketing environment and marketing strategies play a major role for the success and growth of the organizations. Along with this, t is also observed that, Ecostore is implementing effective marketing strategies to accomplish the business and competitive goals of the organization. Moreover, it is also observed that, the marketing mix of the firm is feeble in comparison to its competitors. Ecostore must focus on the present recommendations to improve its marketing mix in an effective and a more comprehensive manner. References Afuah, A. (2009). Strategic Innovation: New Game Strategies for Competitive Advantage. NY: Routledge. Banerjee, S.B. (2007). Corporate Social Responsibility: The Good, the Bad and the Ugly. USA: Edward Elgar. Carrigan, M. (2005). Ethics And International Marketing: Research Background And Challenges. Australia: Emerald Group Publishing. 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