The work is to be 5 pages with three to five sources, with in-text citations and a reference page. After the dismal initial performance of the brew, Lang was invited to lead the Nespresso team. Lang was highly motivated and creative in its approach and favored aggressive marketing techniques. He believed that the core business strategy of any business heavily relies on new products and innovative market strategy that facilitates in creating a niche market for their products and services. He used various marketing metrics to explore and exploit new markets. The marketing initiatives for Nespresso can be broadly described as follows.
The compulsions of the rapidly transforming societal paradigms and technological advancements are important factors that require more comprehensive and innovative approach to market strategy. Strategic marketing plans are a crucial part of promoting products and services of an organization and establish market credibility. An effective market strategy promotes the use of SWOT (strengths, weakness, opportunities, and threats) analysis on a periodic basis. The awareness of strengths and weaknesses in the company’s resources would help to act timely and efficiently so that opportunities and threats can be effectively met to provide a competitive edge to their rivals.
Consumer psychology and analysis of a database of customers are an important part of a market strategy which helps one to know the changing preferences of the customers in the rapidly changing times. Analysis and identification of the changing trends of the customer requirements are important ingredients to gain leverage against their rivals. The market strategy should be totally focused on the needs and requirements of the people and make continuous efforts to update its products line with that of the changing public demands.
Understanding of consumer psychology, therefore, plays a vital role in the development of marketing strategy and planning.