NMIMS – Marketing Strategy
Marketing Strategy
NMIMS Assignment Writing Services by Dr. Aravind Banakar Pack & Voyage is a rising online retailer specializing in innovative and stylish luggage solutions for the modern traveler. They offer a curated selection of high-quality suitcases, backpacks, duffel bags, and travel accessories designed for functionality, durability, and a touch of contemporary flair.
Pack & Voyage leverages a mix of online and offline marketing tactics. Their strategy includes:
Social Media Marketing: Active presence on Instagram and Facebook showcasing product features, travel inspiration, and user-generated content.
Influencer Marketing: Partnering with travel bloggers and social media personalities to promote their products and reach a wider audience.
Content Marketing: Creating blog posts and articles offering travel tips, packing hacks, and product reviews.
Paid Advertising: Utilizing targeted online advertising campaigns to reach specific customer segments.
Email Marketing: Engaging with customers through email newsletters with product updates, promotions, and travel inspiration.
Physical Retail Presence: Limited partnerships with select travel-focused retail stores to showcase products and offer a tangible touchpoint.
Challenges:
The luggage industry is highly competitive, with established brands and budget retailers vying for market share. Pack & Voyage needs to differentiate their brand and showcase their unique value proposition more effectively.
While their social media presence is active, they might not be weaving a compelling brand story that resonates with target travelers. Connecting emotionally with the audience beyond product features is crucial.
Pack & Voyage is a relatively new player compared to established brands. Building brand awareness and recognition requires a more strategic and integrated marketing approach.
Their current strategy focuses more heavily on online channels. Developing a more seamless omnichannel experience that integrates online and offline touchpoints can enhance customer engagement and brand perception.
While they utilize online advertising, leveraging customer data effectively for personalization and targeted campaigns can improve conversion rates and overall marketing effectiveness.
Pack & Voyage has a strong foundation with its focus on innovative and stylish luggage. To accelerate growth and gain a competitive edge, they need to refine their marketing strategy by focusing on brand storytelling, building awareness, and creating a seamless omnichannel experience. By harnessing the power of data and personalization, Pack & Voyage can position itself as the go-to brand for discerning travelers seeking a blend of functionality, style, and an exceptional travel experience.
(You can make necessary assumptions wherever applicable while answering the questions)
Q1. Explain various stages of the evolution of marketing and relate every stage with the Pack & Voyage Business. (10 Marks)
Q2. Explain the 7P’s of Marketing for the brand Pack & Voyage. (10 Marks)
Q3.
a) As a consultant to the company, explain the 5P’s of strategy for Pack & Voyage to the management. (5 Marks)
b) As a consultant, explain the concept of Segmentation and Target Market for the brand Pack & Voyage. (5 Marks)