Marketing Strategy For Daily Telegraph Marketing Essay

Marketing Strategy For Daily Telegraph Marketing Essay Each company must find the game plane for long term survival and growth that makes the most sense given its specific situation, opportunities, objectives and resources. It is important to understand the overall companies strategic planning to understand the marketing strategy. Strategic planning usually sets the rest of the company planning. It is the mix and match of companys objectives, goals and capabilities. In the recent days effective marketing strategy are equally important for newspaper industries. Generally news paper tells about other business marketing but the marketing strategy for the newspaper are never been discussed. (Peter J P Olson 2004). With the changing of Global Business environment, the marketing strategy of news paper is changing. In this particular paper the researcher will demonstrate the marketing strategy for one of the UKs leading news paper Daily Telegraph. The Daily Telegraph is one of the famous and effective daily morning newspaper distributed throughout the United Kingdom and internationally. It was first founded in June 1855 by Colonel Arthur B. Sleigh. It is the only remaining major newspaper in UK. It is now owned by David and Fredrick Barclay, and it is the ninth largest newspaper in UK. In the recent days Daily Telegraph, has become one of the successful newspaper not just in UK market also in International market. In January 2009, the Telegraph was the highest selling newspaper, with average daily circulation of 842,912. The daily telegraph has a significant influence in British Politics. The significant number of readers shows that Daily Telegraph is popular in the newspaper market. Effective marketing strategy leads them to this successful condition. As like other business, newspaper business has a marketing strategy, which they follow to compete with the market. For the purpose of this particular paper, the researcher constitutes several of factors that might influence the marketing strategy for Daily Telegraph. The researcher will start with discussing about the objectives of daily Telegraph, researcher then discuss about business environment that might influence Daily Telegraphs marketing strategy. The researcher also demonstrate the factor involve in 7 Ps. The researcher also constitute situation of Daily Telegraph in global market. Marketing Objective for Daily Telegraph: Informing: Objectives should provide with the information about functional and psychological needs that the services satisfies. It is very important especially for new product. In the case of Daily telegraph they just need to set their communication objectives as to inform audience in more sophisticated way because they already know the needs of their potential buyer. Persuading: Objective should set to persuades consumer to move towards some action or attitude. It should be appropriate for competitive growth products. The Daily telegraph is a growing business in a competitive market. Reminding: In the objectives companies initiate a communication approach that reminds that the product or services is still available. As a existing company Daily Telegraph will set their marketing communication objectives in reminding that the services are still available for them. Marketing Strategy for Daily Telegraph: Before go the marketing strategy for Daily Telegraph the leading news paper in the UK, we need to understand the concept of marketing strategy. Marketing strategy is a marketing process and a marketing method which justify and focuses an organizations energies and resources on a course of action (Christopher M, Payne A Ballantgne D 2002). Marketing strategy eventually can lead to increased sales and dominance of a targeted market niche. A marketing strategy consists several of elements such as product development, promotion, distribution, pricing, relationship management and other elements. It help in identifies the firms marketing objectives as well as organizational objectives and goals. It also explains how they can be achieved, ideally within a stated timeframe. Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. Business Environment for telegraph: It is very important to consider the business environment for any organization before established a marketing strategy. Studying the external and internal environment which influence organizations overall business strategy including marketing strategy. As different organization work in different industries and business environment, it is important to find out appropriate business environment for them. UK news paper market is very competitive. So it is important for Telegraph to consider the business environment first, before concentrating towards their consumer. There is several of factor need to be considered to evaluate the environmental issues for newspaper Daily Telegraph. There are two different business environments, one is internal and other is external. To measure those issues, organization needs to use several of marketing model and theory. SWOT and PESTEL is important model in this regard. SWOT Analysis for Daily Telegraph: SWOT Analysis is a strategic planning method used to evaluate the strengths, weaknesses, opportunities, and threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favorable and unfavorable to achieving that objective. SWOT provides convenient headings under which to study an organization in its environmental setting and may provide a basis for decision making and problem-solving (Mullins J L 2005). Internal Environment: Strengths: Strengths are those positive aspects or distinctive attributes or competencies which provide a significant market advantage or upon which the organization can build for example, through the pursuit of diversification (Mullins J L 2005). Strength is the measurer of internal business environment for any organization. As far as Telegraph is concern, is has got the competency because it has been working as an influential in this particular industries for the past several of decades. Because of its strong work ethic, internal business environment are in favor of it which put it in a competitive advantage situation. Weakness: Weakness is those negative aspects or deficiencies in the present competencies or resources of organization or its image or reputation, which limits its effectiveness and which needs to be corrected or need action taken to minimize their effects (Mullins J L 2005). Every organization has some negative aspect, so do Telegraph has some. It has some political influence which sometime work as negative business environment for Telegraph. Different political views some time reflects on it writing and information. External Environment: Opportunities: Opportunities are favorable conditions and usually arise from the nature of changes in the external environment (Mullins J L 2005). As far as Telegraph is concern it has got the potential which work as its opportunity towards the newspaper market. So considering the external business environment Telegraph is in competitive position. As the researcher mentioned that in January 2009 it has been selected as one of the highest selling newspaper, it reflects the external environment is in its favor and it in fact an opportunity for Telegraph. Threats: Threats are the converse of opportunity and refer to unfavorable situation which arise from external developments likely to endanger the operations and effectiveness of the organization. It includes political and economical, new product by competition and other external factor. Same as the opportunity we have to assume that some external factor of Daily Telegraph has became a threats for him. Because of its traditional working patterns, it will face some threats from outside market because there are some developments of new ideas in these particular industries. PESTEL Analysis: PESTELstands for Political, Economic, Social, Technical, Environment and Legislative. It is a strategic planning technique that provides a useful framework for analyzing the environmental pressures on a team or an organization.PEST analysis is also know as a useful strategic tool for understanding market growth or decline, business position, potential and direction for operations Kotler (1998). Political factor: Political factor includes Government, tax, trade barriers, and infrastructure. Considering Political situation in UK, Daily Telegraph has been influenced by it for last several of decades. It is known to every one that, daily Telegraph indirectly a conservative party newspaper and 65% of its reader is conservative party supporter. Its make a great deal of impact on its marketing strategy. It is am external business environment which not just influence its marketing decision but also the overall business strategy as well. Economic factor: Economic factor are the most important for any organization towards its growth. These include interest rates, taxation changes, economic growth, inflation and exchange rates. In the recent days, economic crises are the major concern for UK and it hits the newspaper industries as well. Most of the business organization has to change their marketing strategy because of the economic factor which works as both internal and external business environment. Social Factor: Changes in social trends can impact on the demand for a firms services and the availability and willingness of individuals to work. UK has got multicultural environment. Considering the social factor Daily Telegraph should concentrate on planning for their marketing strategy. Generally every news paper has some responsibilities towards the society. So daily star should consider the social influence as well as social responsibilities towards its marketing strategy. Technological factor: New technologies create new services and new processes. Because of globalization technology are developing rapidly. The impact of technological development mostly effect on the media sector. Technological development increases the marketing opportunity for news paper industries. Legal: Legal factor put impact on companys legislation such as employment, competition and health safety. It is vary important for every company for their marketing strategy. Legal factor are important in media industries because it deals with very sensitive matter. As far as news paper is concern they have to consider the ethical and unethical, legal and illegal advertising. In UK every newspaper has to follow the EU law and trading policies including the marketing strategy. Environmental: Environmental factor influenced the level of pollution created by the product or service. News paper should take in to consideration of environmental issues and encourage general people regarding this. So the marketing strategy is influenced by the environmental factor for Daily Telegraph. Marketing Strategy and Marketing Mix: Marketing mix and marketing strategy has a positive relationship. As far as marketing strategy and marketing mix is concern, company has to consider several of factor such as product, price, place, promotion, people, process and physical evidence which is know as 7Ps. (Hawkins I, Roger D Best J 1998). Product: Product means the goods and services combined the company offer to the targeted consumer market. In the case of Daily Telegraph news paper is the product and every one is the consumer. Daily telegraph has to consider their product and service level to create an effective marketing strategy. Price: Price is the money that consumer pay for their consumption of goods and services. Daily telegraph has to consider the price for their goods and services they provide to the consumer in respect of marketing purpose. Place: Place includes the companies activities that make the product available to target consumers. Promotion: Promotion activities that communicate the merits of the product and persuade target customers to buy it. People: People are generally known as consumer who will buy the product and services. Process: Process is the marketing process that involve in promoting the product and services. It is one of the vital parts of marketing strategy. Physical Evidence: Physical evidence consist the physical existence of the product and services. Marketing Communication Tools Integrated marketing communication refers to the management and control of all marketing communication; in fact it is the implicated level of marketing communication which is a part of marketing strategy. The strategic analysis, choice and control of all elements of marketing communications that efficiently, economically and effectively influence transaction an organization and its consumer (Smith P, Berry C Pulford 1997, 1999). Conclusion: During the analysis of different field of marketing strategy the researcher found several of ideas that could be implemented in Daily Telegraph marketing strategic process. Because of the recent changing global business environment, it is vital for Daily Telegraph to take appropriate initiative to build a relationship with the existing customer and also to focus on creating new customers. As recent days corporate responsibilities are a key issue in terms of ethical marketing communication process, Daily Telegraph should follow the truthful and sensible marketing communication concept but in new approach which refers to the integrated communication tools. Daily Telegraph should take in to consideration of buyer behavior seriously because of changing environment. Reference Cited: Christopher M, Payne A Ballantgne D (2002); Relationship Marketing: Creating Stockholders Values; 2nd rev edition; A Butterworth-Heinemann. Peter J P Olson (2004) Consumer Behavior : Series in Marketing, McGrew Hill Irwin Simons, J. A., Irwin, D. B., Drinnien, B. A. (1987). Psychology: The search for understanding. New York, West Publishing. Smith P, Berry C Pulford A (1997, 1999) Strategic Marketing Communication, Kogan Page Limited, USA Mullins J L (2005), Marketing Strategy; Ney York, McGraw Hill. Hawkins I, Roger D Best J (1998) Consumer Behavior: Building Marketing Strategy, 7th Edition, Mc Grow Hill, Boston.