Marketing Strategy for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations

Introduction

The report primarily focuses on the marketing strategy of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to give a reader an overview of the growth dynamics of the company. Recently, several strategic issues and managerial problems have been identified in marketing strategy of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations that have drawn the attention of the entire management to devise new marketing strategies that can help the company to resolve the problems to continue its expansion and future growth to achieve a competitive edge in the marketplace. This report is written to provide A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations marketing strategy with the required strategic solutions using multiple frameworks and tools.

External Environmental Analysis

PESTLE Analysis is the most popular strategic tool that is used by many organizations when conducting an external environmental analysis. This framework typically focuses on political, economic, social, technological, legal, and environmental factors that can impact the macro environment of the business (Zalengera, E.Blanchard, & C.Eames, 2014).

Political factors

Political Stability

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in a politically stable environment, which means that it provides the company with more friendly and stable business growth opportunities (Christodoulou & Cullinane, 2019). However, since A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in multiple countries, there are high chances of various political tensions that can cause instability in market growth trends for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. This can limit the company's growth opportunities.

Pressure Groups

Moreover, it is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to analyze and monitor the activities of pressure groups. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can create a close collaboration with these groups to achieve long-term goals.

Corruption and Changing Policies

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations must keep a close check on the changes in any government policies because they can directly impact the performance of the business. The operations of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations are its different countries can become unpredictable if there is a high level of corruption and weak enforcement of the law (Achinas, Horjus, & Achinas, 2019).

Trade and Taxes

The profitability of a company is directly influenced if there are high taxes in a country. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should look into the taxation policies in each country before further expanding its operations (Eierle, Hartlieb, & C. Hay, 2022). Similarly, if there are high trade restrictions, it can get difficult for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to import and export its products, impacting the relationships with trade partners.

Economic factors

GDP, Employment, and Exchange Rates

The long-term growth strategies of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations are majorly determined by the GDP growth of the economy. The purchasing power of consumers significantly increases with a high GDP. High unemployment in an economy shows that A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can benefit from surplus labor with low-cost wages. Furthermore, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should monitor interest rates as it can affect the borrowing ability. With that being said, if there is a high fluctuation in currency, the profitability of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can also be influenced (Sadeghi, 2020).

Labor Market

It is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to make appropriate predictions regarding the labor market conditions in a specific economy (Sadeghi, 2020). This can help the company to hire a more talented workforce that can improve the performance of the company.

Industry lifecycle stage

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should consider expanding its operations in growing economies to benefit from growth opportunities. It can be challenging for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to enter a mature industry at a growing stage (Villamarín & Pinzon, 2017).

Social factors

Demographics

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should study the changing patterns of demographics, such as socio-economic variables, the aging population, and trends in migration (Barbara & Cortis, 2017). This can help the company to identify the right segment to target with a high potential for growth opportunities.

Cultural norms

Every country and society has a distinctive culture with different norms and values. It is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to study and identify social class stratification.

E-commerce

There has been a significant shift in online shopping. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations needs to adopt necessary changes considering the growing use of social media networking sites and mobile phones to increase its revenue and overall profitability (Villamarín & Pinzon, 2017).

Technological factors

Technological innovations

On-going technological innovations should be considered carefully by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations so that it can stay ahead of the competitive market. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should continue working on introducing major technological transformations to achieve a competitive advantage (Rastogi & TRIVEDI, 2016).

Social Media Marketing

The collaboration with consumers has been growing rapidly because of the development of communication technologies (Rastogi & TRIVEDI, 2016). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can take it as a great opportunity where can use innovative strategies to expand its customer base.

Environmental factors

Waste Management

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should implement the latest technological tools to minimize environmental pollution. Waste management is now getting popular and has been considered a major business norm (Igliński, Iglińska, & Cichosz, 2016).

Climatic Conditions and Eco-friendly products

Climatic conditions can influence the efficiency of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. The cost of a company's operations can be increased if there are extreme weather conditions. Similarly, there has been an increasing demand for eco-friendly products. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should work towards adopting more sustainable business practices to gain customer trust (Barkauskas, Barkauskienė, & Jasinskas, 2015).

Legal factors

Employee protection laws

It is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to follow the health and safety laws for its employees that are issued by the authorities to ensure the safety of its labor.

Consumer laws

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should protect its customer data to ensure their security and privacy concerns. Moreover, it should set the right price with the right product quality (Igliński, Iglińska, & Cichosz, 2016).

Porter's Five Forces

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can use Porter's Five Forces to analyze the competitive landscape of the industry. The strategic planners of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can use this framework to make effective decisions.

Threat of New Entrants

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in an industry where it is difficult to achieve economies of scale, making it difficult for new entrants to enter the industry (Yunna & Yisheng, 2014). There is a strong product differentiation with high capital requirements. Moreover, it is difficult to establish a distribution network easily in this industry. Thus, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has a weak threat of new entrants.

Bargaining Power of Suppliers

There are more suppliers in the industry of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. This shows that there is less control over prices. Organizations like A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can easily switch to other suppliers because of less differentiation in products. This makes the bargaining power of suppliers a weak force in A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations's industry (H. Th. Bruijl, 2018).

Bargaining Power of Buyers

The industry in which A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates has many suppliers as companies to buyers. This means that buyers have fewer options and do not have control over prices (H. Th. Bruijl, 2018). The high product differentiation shows that there are few alternative products for buyers, and there is a high switching cost. This makes the bargaining power of buyers a weak force in the industry.

Threat of Substitute Products and Services

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in an industry that offers very few substitutes to its customers. The substitutes that are available are expensive because of their high quality (Zhao, Zuo, & Wu, 2016). However, companies like A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations sell their products at a lower prices. This clearly shows that buyers may feel reluctant when switching to other substitutes.

Rivalry Among Existing Firms

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in a less competitive industry. The already established companies have a large market share, meaning that any move by the existing companies will be noticed. Moreover, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has to take several competitive actions to become a market leader, as the industry is likely to grow rapidly in the coming years (Aithal, 2020).

SWOT Analysis

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can make use of SWOT analysis to effectively analyze the company's internal strengths, weaknesses, external opportunities, and threats.

Strengths

Strong distribution network

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in various countries and has multiple outlets that help the company to deliver its products quickly to its customers. This shows that A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has a strong distribution network (Benzaghta, Elwalda, & Mousa, 2021).

Financial position

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has established itself as a strong financial company over the past few years. It has generated enough profits that can be used to finance any future expenditure (Basset & Mohamed, 2018).

Automation

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has adopted the latest and innovative technology in its business operations, which has allowed the company to reduce its production costs (Benzaghta, Elwalda, & Mousa, 2021).

Social media presence

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has been successful in establishing itself as a strong brand on social media platforms that, includes Facebook, Twitter, and Instagram. This increases customer engagement (Basset & Mohamed, 2018).

Weaknesses

High rent costs

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has its manufacturing plants on rented properties. This increases the company's overall costs, and a significant portion of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations's profits go into paying the rent (Comino & Ferretti, 2016).

Research and Development

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has not been able to conduct effective and in-depth market research regarding new markets and products (Comino & Ferretti, 2016). Customer trends are always evolving, and it is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to take immediate action in conducting its research.

Centralized Power

There has been a centralized decision-making process in A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. This means that employees have to consult their managers before taking any decision themselves. This slow down the decision-making process. and employees feel demotivated. Thus, impacting the operations of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations (Comino & Ferretti, 2016).

Opportunities

Presence of Internet

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has a great opportunity of expanding its business by using the internet. Since there has been a growing trend in online shopping A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can boost its sales by expanding its online stores (Yan, Xia, & X.H.Bao, 2015). Additionally, social media platforms can be updated constantly to engage customers with all the new products introduced by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations.

Technological Innovations

Technology is constantly evolving, and A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can benefit from it by implementing the technology in its various departments. Manufacturing process can be completed automated, which can eventually help A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to reduce its costs (Taghavifard, Mahdiraji, & Alibakhshi, 2018).

Globalization

The continuous increase in globalization has allowed A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to expand its business operations across borders. It has the opportunity of entering new markets (Yan, Xia, & X.H.Bao, 2015).

Threats

New Entrants

Recently, many companies are entering the industry in which A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates. This means that there are chances of increased competition. This poses a threat to A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations as it has to put more effort into gaining market share (Taghavifard, Mahdiraji, & Alibakhshi, 2018).

Fluctuations in exchange rates

The exchange rates are highly subjected to fluctuations that negatively impact the sales of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations needs to study the changing fluctuations to keep up with its profitability (Vlados & Chatzinikolaou, 2019).

Consumer trends

The consumer trends are constantly changing, that causes changes in their demands. This puts pressure on companies like A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations, who have to continuously meet their consumer demands. Moreover, there is a significant threat from substitute products because consumers tend to switch to these companies (Vlados & Chatzinikolaou, 2019).

Marketing Mix

Product

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in a wider range of products. Each of the products has its further product lines that are sold under the A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. This means that customers can benefit from a large variety of products. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations sells highly differentiated products with higher quality that, gives it a competitive edge (Khan, 2014).

Price

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations follows a competitive pricing strategy. The company also takes into account all its costs before setting its prices (Londhe, 2014). Currently, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations is using a product bundle pricing strategy where customers get bundled products at lower prices.

Place

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has adopted various distribution channels to reach its customers. The company sells its products through its website directly (Thabit & Raewf, 2018). Apart from this, it also distributes its products to wholesalers, who then further sell it to small retailers. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has its own retail stores where it sells its products directly to consumers.

Promotion

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations uses traditional and modern promotional techniques. TV ads are used to reach a larger audience. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations also advertises on social media sites such as Facebook, Instagram, and Twitter. Events are sponsored by the company. Moreover, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations participates in several exhibitions (Londhe, 2014).

VRIO Analysis

Valuable

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations engages in corporate social responsibility activities. This has allowed the company to establish a strong brand image. Since, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has a well-established distribution network, the products are reached to consumers in a timely manner. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has been able to introduce innovation in its various departments, which has lowered its costs (Ariyani & Daryanto, 2018).

Rare

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations operates in multiple countries. This means that its global presence is a rare factor. It works towards an organizational culture that encourages teamwork, and creativity among employees (Ariyani & Daryanto, 2018). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations is also able to adapt to different societies, and cultures due to its exposure to various locations.

Inimitable

The products produced by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations are of a high quality. Customers make repetitive purchases, and thus it is an inimitable source. (Miethlich & G. Oldenburg, 2019). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations has a significant placement of its stores that gives an easy access to its customers. Additionally, the company has been using a competitive pricing strategy because it has been able to achieve economies of scale, thus lower production costs.

Organization

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations, over the years, has successfully gained a financial strength. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can make use of these finances to invest in major acquisitions that give it more growth opportunities. The advancements in technology have allowed A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to manage its operations more effectively. Distribution channels are another resource for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. The supply chain is very efficient, resulting in more revenue (Miethlich & G. Oldenburg, 2019).

Value Chain Analysis

Primary Activities

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations is involved in primary activities such as the production of goods and then selling them to the target audience.

Inbound Logistics

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should ensure to have a strong relationship with its suppliers to avoid any inconvenience in receiving, storing, and distributing the product. This will help A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to have a more effective transformation of a product (Ariwibowo & Saputro, 2021).

Operations

Operations involves manufacturing as well as services. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should conduct an in-depth analysis of its operational activities to remain ahead of its competitors (M.El-Sayed, W.Dickson, & O.El-Naggar, 2015). This will increase the productivity of the company, and more profits can be generated.

Outbound Logistics

It is important for A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to analyze, and optimize its outbound logistics so that it is able to achieve the long-term corporate goals. Managing outbound activities properly reduces the chance of late deliveries (M.El-Sayed, W.Dickson, & O.El-Naggar, 2015).

Marketing and Sales

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should use various marketing and sales techniques to differentiate its products from its competitors. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can adopt marketing and sales activities such as promotional activities, advertising, and building strong relationships with suppliers and customers (Ariwibowo & Saputro, 2021).

Services

In terms of services, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations must ensure that it provides its customers with the pre-sale and post-sale services (Jaligot, C.Wilson, & R.Cheeseman, 2016). The post-sale service typically falls into the promotional activities of a company. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can thus develop its customer loyalty.

Secondary Activities

Firm infrastructure

A strong infrastructure of a firm can enable A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to optimize the entire value chain of the company. Moreover, by controlling the infrastructure activities, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can be in a better position to get a strong foothold in the competitive marketplace (Darmawan & Wiguna, 2014).

Human Resource Management

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should place its major focus on analyzing the different aspects of HR, such as recruitment, selection, training, and performance evaluation of employees (Darmawan & Wiguna, 2014). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can reduce its costs by identifying and analyzing the costs associated with hiring and training.

Procurement

Procurement is an important element in the A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations's value chain. It is important for the company to assess its overall procurement activities so that the inbound, outbound, and operational activities can be optimized (Kumar & P. V., 2016).

Ansoff's Matrix

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can implement Ansoff's Matrix to make decisions regarding its business growth. This framework includes four different strategic choices that can be selected by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations.

Market Penetration

Production capacity

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can increase its overall production capacity. This will allow the company to reach more wider audience in an existing market. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can also benefit from the reduced costs by expanding its production capacity. Thus, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can attract more customers using competitive pricing (Madsen, 2017).

Marketing Investment

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can penetrate the market by investing more in marketing and sales activities. This will help the company to engage with its customer more effectively, leading to more potential customers (Dawes, 2020).

Distribution Channels

Innovative and unique distribution channels can be explored by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. This will enable the company to reach new segments and groups of customers (Dawes, 2020). In addition to this, A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can penetrate the market by improving its supply chain, giving more accessibility to customers.

Joint Ventures/Acquisitions

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can enter into joint ventures or can take over other leading companies of the market. This will give A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations more market share.

Market Development

Research & Development

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should keep on investing in its R&D department, so it is able to identify the changing trends of the market. This will help A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to target the right market at the right time (Mukangai & Murigi, 2021).

Expanding Regionally

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can enter in a new market by expanding its operations regionally. This includes considering different cities of the country. A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations must consider any cultural differences when entering a new market (Mukangai & Murigi, 2021).

New Segments

New segments of the current market can be explored (Mukangai & Murigi, 2021). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can add new features and product uses to its existing products that satisfies the needs of a different customer segment.

Product Development

Modifications

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can modify the existing product by improving its features to enhance the product offerings.

Launching additional products

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations should invest in its R&D department so it can come up with new and innovative products that attracts and fulfill the needs of the target audience. This will boost the sales of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations and will increase profitability (Khajezadeh, Niasar, & Asli, 2019).

Diversification

Vertical Integration

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can consider vertical integration. This will allow A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to develop and launch new products that are similar to its existing product category (Khajezadeh, Niasar, & Asli, 2019).

Horizontal Integration

A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can diversify its business operation using horizontal integration. This means that the new products and services of A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations will not be related to its current products (Dhir & Dhir, 2015).

A new business diversification

Entering into a completely new business can be considered by A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations. The organization can work towards starting a new business that can give a company more growth prospects in the future (Dhir & Dhir, 2015). A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can conglomerate with the help of mergers and acquisitions.

Conclusion

To conclude, it could be said that A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can resolve its current managerial and strategic problems by focusing on its existing products. The company can adopt more attractive marketing strategies that can help A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations to boost its revenue and profitability. It is recommended to focus on maintaining strong supplier relationships. Moreover, it is also advised to focus on more innovative products so A Profile of Social Media Use by Fortune 500 and Inc 500 Corporations can remain competitive in the market.

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