These marketing strategies
These marketing strategies of Webster Financial must include (1) matching the organizational structure to the customers by anticipating and meeting the demands and expectations of the market; (2) extending design and innovation leadership by being sensitive to the dictates of and trends in the consumer demand or buying behavior of the clientele adapting technological means to widen product design and innovation reach; (3) developing leading positions in all major markets by adapting competitive stance that is committed to the aim of the company to excel and best other brands accelerating revenue growth and focus on selected consumer group; (4) achieving excellence in execution through consistent on-time retail delivery, ensuring best quality and the commitment and ability to go the extra mile for the customer along with maintaining the best-practice social and environmental standards, continuous optimization of the own-retail activities to best showcase the brands and products and to improve customer services; and (5) focusing on financial performance through effective management of working capital and generation of significant free cash flow to reduce debt and optimize financial leverage as well as increasing returns to shareholders through share price performance and dividends.
Rather than going after every potential source of revenue, Webster Financial must eliminate useless assets that do not add value for customers’ satisfaction. Webster Financial must implement bureaucratic policies and procedures for the benefit of the staff, customers and the company in general. The idea to take advantage of the competitive situation is not just by being better in how that product gets sold, serviced, and marketed at the customer interface. It requires that Pepsi creates breakthroughs in how they interact with customers, and design a way of interacting that makes an indelible impression on customers, one that so utterly distinguishes them from others that it becomes a brand in itself.
The Webster Financial management initiated product development strategies by marketing their existing products in a new market, exporting products in different areas of the region and thereby advancing opportunities of increasing market penetration and market share through the clothing line. To ensure the success of the product launching in the retail industry as a fast-moving consumer good, the company should make investments in store promotions as well as multi-media advertising in low-income areas. This will be likewise considered in conceptualizing other advertising and brand strategy schemes to effectively launch products in the market. Webster Financial must establish its pricing mechanisms on various key factors that consistently mold the global industry. Various situations lead to the polarization of various supermarkets. This would then lead to the customers to demand and pay bigger prices for the identified quality.
However, giving bargains in prices is also happening at the same time, therefore putting pressure on the middle class. Most of the time, supermarkets go through a process of globalization which leads to a demand for shelf space. This will definitely leave Webster Financial as a victorious organization. It is for this aspect why Webster Financial gives high regard to the “premise” consumers because this would enable customers to try their supermarket goods at low risk and affordable prices. Regarding market segmentation, premium Webster Financial products have an imbalanced share of development at an approximately 4-5% annual rate, as compared to the 2-3% total development rate.
These statistics arrive as a consequence of both the emergence in GDP among growing economies and customer needs for increased value propositions, which is definitely overpowered by foreign products. Therefore, Webster Financial has to improve its brands and function worldwide to overpower the home market. Webster Financial basically functions on a dissected and imbalanced economy, with the top financial organizations accounting for 20% of world volume and only estimated as 30% at present. The primary emphasis of the promotional strategy must be to enable Webster Financial to be recognized in the market. In order to attain this, the utilization of an excellent business plan through an effective business interaction plan must be always put into emphasis. In addition, interaction is an essential element of the company.
Through excellent communication, Webster Financial must be able to transfer knowledge and learn from each other’s capabilities and knowledge. In this specific promotional strategy of Webster Financial, the essential aspect that must be given priority is the advertisement and interactive campaign of the company. Normally, advertisement or interactive campaigns of Webster Financial are well known as an open sponsorship of given goods, products and any concepts through the utilization of any channels of interaction. In this respect, there are various types of channels that are utilized for advertisements and interactive campaign objectives of Webster Financial. Generally, in this IMC perspective, the emphasis is put on advertisement and services promotion.
A very famous process of promotion used by Webster Financial is through advertisements. Advertisements of the company are very expensive but like all marketing plans, it is not classified as a cost but an asset by the company. The expenses for excellent advertisements may be significantly high but the good outcomes are all worth it for Webster Financial. Advertisement is the right approach for Webster Financial for the similar reason of improving awareness and making an impact towards client perceptions. Also, advertisement through media can be felt by larger groups of people all over the world, therefore the information is transferred to a larger part of the target market of Webster Financial.
Public relations and publicity are different plans established by Webster Financial to inform or secure the organization’s reputation or its wireless services. The benefit of this mechanism is that it improves the organization’s reputation and it allows Webster Financial to be recognized due to the excellent image than its rivals (Silk, 2006). In this way, Webster Financial often does a publicly connected endeavor every quarter to guarantee that the organization follows its social roles in the site. One of the excellent means to implement this is through sponsorship. The company often sponsors a well-known organization every quarter.
Rickards, T, 1999. Creativity and the Management of Change. Blackwell Publishing Limited Silk, A, 2006. What Is Marketing? Harvard Business School Press