Digital Marketing Science and Social Media †MyAssignmenthelp.com

Question: Discuss about the Digital Marketing Science and Social Media. Answer: Introduction: The product strategy refers to the product or service assortment offered by an organization to its customers. The services offered in the residential care centres are mainly services. The services offered at ACC are intangible. They include accommodation, high quality home care, and domestic assistance to help them with household chores such as household cleaning, washing and ironing clothes, and meals preparation (Nicholson, Meyer, Flatley, Holman, 2013). ACC shall reaffirm luxury living for senior citizens with the well-designed suites and infrastructure for the elite senior citizens in India. This service home shall add luxury along with assisted living by maintaining good health. The two types of accommodation shall be available: studio and suite. A suite shall have a separate living room and bedroom that offers more personal space and privacy. However, a studio shall have a combined area for sleeping and sitting. The room shall have double bed, writing table, geyser, built-in-cupboard, emergency call-point, microwave, refrigerator and coffee maker. Further, the elderly are provided with a special diet regime which is rich in proteins, vitamins and low on fat that encourages healthy living. The old age home also arranges leisure activities where they can interact with one another and spend some precious time. ACC shall have a minor operation management room and intensive care unit in case of emergency. The efficient medical facilit ies shall be provided by highly qualified MD doctors (Sixsmith et al., 2014). The pricing strategy refers to the price that offers maximum profitability while focusing on increasing market share. According to Tradingeconomics.com (2017), the GDP has been constantly rising in the recent years. The GDP in 2016 was 2.264 trillion USD (Tradingeconomics.com 2017). The GDP per capita in 2016 was 1,709.39 USD (Tradingeconomics.com, 2017). It indicates that India is tapping spending power into the people living in urban areas. The products and services designed at ACC targets the upper income class people. The price skimming strategy can be adopted by ACC in which the prices set shall be high at first. The prices may be lowered over time. The aim of this pricing strategy shall be to capture the consumer surplus at an early stage. ACC needs to enter the market in Mumbai and high prices Recently, the purchasing power of people in India has increased that allows the people to purchase premium products and services (The Economic Times, 2013). Premium charges may be introduced at ACC that shall suggest high value in the minds of the consumer. The upper income consumers shall care a little in spending when it comes to retirement or elderly care. This tactic may encourage the competitors to enter the market. The payment shall be made by the consumers using cash, credit card, debit card or other modes. The buyers may assume that the value of services will be durably good, which is why it shall be worth paying a hi gher price. However, ACC may attempt to lower the price after a certain length of time (Spann, Fischer, Tellis, 2014). Promotion Strategy Promotion mix refers to the mix that comprises of tools such as public relations, sales promotion and advertising that can be used by the marketing team to achieve goals and objectives. ACC may implement pull marketing approach in which the customers shall get to the old age home. Mass promotions, mouth of referrals and advertised sales promotions can be used to attract customers. Advertisements shall be shown on television, hoardings and social media to grab the attention of masses. Further, when the elderly or young ones notice the advertisement, they shall be looking to avail services at ACC after they get old or retirement. In this way, the customers shall be pulled towards ACC (Tiago Verssimo, 2014). Further, ACC can conduct advertisements and promotions on social or digital media. The social media sites such as Facebook, Twitter, Instagram and others can be used for engaging potential clients. The queries or concerns of the people can be addressed on social media sites for maximum engagement. Video campaigns can be organized at these sites including YouTube that shall catch maximum attention of the social media users. Moreover, digital channels such as television and radio may be used as a medium for advertising and promotion of the old age home. The budget for advertising and promotion must be allocated in a manner that allocates maximum amount for promotion on social media and television. These two channels are most widely used by the old age or young seekers looking for a luxurious retirement home (Ashley Tuten, 2015). Distribution and Logistics Strategy The distribution strategy ensures that the right product or service is delivered to the customers at the right time. ACC can consider partnering with multiple hospitals and organizations that can help broaden the scope of service delivery. As they key market segment is luxurious or upper income class of consumers, the location for the residential care homes shall be in proximity to malls, shopping centres, railway stations, and proposed metro station, and medical centre. This shall make ACC to cope with the needs of independent senior living in Mumbai (Karanja, Muathe, Thuo, 2014). The inventory needs to be managed for supplies required at the old age home such as groceries, stationery, medical supplies and others. The rightstrategyensures access to the right products, and it also helpscontrolcosts associated with buying and storing goods. The inventory pull system can be followed in which the production orders begin upon inventory reaching a certain level. Internet can be used as a successful marketing channel and the payment can be made virtually without having the need to visit the front office. The luxurious or upper income consumers may choose to purchase services by making the payment online as it is highly convenient. The services shall be customized depending on the needs of people (Feng, McVay, Skaife, 2014). References Ashley, C., Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement.Psychology Marketing,32(1), 15-27. Feng, M., Li, C., McVay, S. E., Skaife, H. (2014). Does ineffective internal control over financial reporting affect a firm's operations? Evidence from firms' inventory management.The Accounting Review,90(2), 529-557. Karanja, S. C., Muathe, S. M. A., Thuo, J. K. (2014). The Effect of Marketing Capabilities and Distribution Strategy on Performance of MSP Intermediary Organisations' in Nairobi County, Kenya. Business Management and Strategy, 5(1), 197. Nicholson, C., Meyer, J., Flatley, M., Holman, C. (2013). The experience of living at home with frailty in old age: A psychosocial qualitative study.International Journal of Nursing Studies,50(9), 1172-1179. Sixsmith, J., Sixsmith, A., Fnge, A. M., Naumann, D., Kucsera, C. S. A. B. A., Tomsone, S., ... Woolrych, R. (2014). Healthy ageing and home: The perspectives of very old people in five European countries.Social Science Medicine,106, 1-9. Spann, M., Fischer, M., Tellis, G. J. (2014). Skimming or penetration? Strategic dynamic pricing for new products.Marketing Science,34(2), 235-249. The Economic Times, 2013.Rising purchasing power drives India's economic growth: OECD. [online] The Economic Times. Available at: https://economictimes.indiatimes.com/news/economy/indicators/rising-purchasing-power-drives-indias-economic-growth-oecd/articleshow/16839425.cms [Accessed 4 Oct. 2017]. Tiago, M. T. P. M. B., Verssimo, J. M. C. (2014). Digital marketing and social media: Why bother?.Business Horizons,57(6), 703-708. Tradingeconomics.com, 2017.India GDP | 1960-2017 | Data | Chart | Calendar | Forecast | News. [online] Tradingeconomics.com. Available at: https://tradingeconomics.com/india/gdp [Accessed 4 Oct. 2017]. Tradingeconomics.com, 2017.India GDP per capita | 1960-2017 | Data | Chart | Calendar | Forecast. [online] Tradingeconomics.com. Available at: https://tradingeconomics.com/india/gdp-per-capita [Accessed 4 Oct. 2017].