Marketing Strategies in Composite Bow Manufacturing Business
Abstract
The poor implementation of marketing strategies have been indicated as the core reason for the decline of sales and performance of companies involved in the manufacturing of composite bow. The proper implementation of marketing strategies in such advanced era could provide the organization with significant opportunities to enhance its sales along with the ability to attract customers towards the brand. The potential marketing strategies that such organizations could take advantage of includes the social media and social networking sites along with blogging.
Introduction
Stone Age humans were the very first to invent the concept of bows and arrows. With the help of such invention, the Stone Age humans were able to survive by killing animals in the wild. But as the human technology advanced to copper, bronze and finally the Iron Age the concept of bows and arrows evolved as well. But the earlier uses of this tool were replaced by excitement and experience one could gain by the use of such invention (Reisinger, 2010).
The ancient composite bows were made from wood and horns of animal that were laminated together to provide the composite bows with powerful grip. The composition of such bows in earlier time required significant amount of time due to the complex design and structure of the bow (Karpowicz, 1992). As indicated earlier, the concept of bows and arrows dates back to the Stone Age humans but it have been indicated that Asiatic pastoralists were the pioneers of composite bows. With the changes in time, the uses evolved as earlier composite bows were used for archery but as the people became civilized, composite bows were used as deadly weapons by hunters and military personnel (Reisinger, 2010).
With the advancement of technology in weapons, the importance of composite bows reduced gradually as its place was taken by more deadly weapon of wars i.e. guns. Andrew (2006) indicates that composite bows are still used by most of the people for the satisfaction of their desires i.e. hunting. On the other hand, countries like China and Korea are still manufacturing and using composite bows as in these countries, the use of such weapons are considered sacred traditions. But in the 21st century, the inability of the companies to effectively market the product has gradually decreased the concept of composite bows internationally.
Problem Statement
With the passage of time, companies involved in the manufacturing of composite bow have focused on providing the customers with the best quality of bows to attain their desired goals and objectives. As the market constantly evolves, the companies have ensured to provide the customers with composite bows with additional associated benefits and uses. But in order to effectively engage the customers towards the products offered by the company, it has become essential for the company to employ proper marketing strategies. Marketing strategies that could provide the organization with an ability to reach customers in areas that were given least important. This study would focus on highlighting the marketing strategies employed by bow manufacturing companies to enhance their sales and performance in cut-throat competitive environment.
Research Questions
As the study is aimed towards the identification of marketing strategies being employed by the bow manufacturing companies, the research question are as follows:
- What are the critical marketing strategies currently being employed by organizations involved in the manufacturing of composite bows?
- What are the best strategies that could be employed by the organizations involved in the manufacturing of composite bows through which they could be able to enhance their performance and sales in the market?
Literature Review
With the passage of time and due to the advancement of technology in 21st century, organizations involved in the manufacturing of composite bows use the modern means of communication i.e. the internet to market their products. With the help of internet, organizations are provided with an opportunity to provide information to the customers regarding the products offered by the company. In addition, internet also provides the companies with an ability to showcase its exclusive range of products to customers in order to influence the customers to make purchase (Duvernay, 2007).
With the help of websites, the companies involved in the manufacturing of composite bows are able to provide its customers with benefits and advantages associated with the composite bows offered by the companies. For example, Blade Runner Archery Inc.’s website provides its customers with information that describes the products offered by the company. In addition, the product’s benefits and advantages associated with each product have been given handsome importance as it has been provided with a whole page that describes the benefits of the products. Furthermore, with the help of such websites, the organizations are capable to make statements i.e. “quietest bow across the global market today” to enhance the customer’s satisfaction level. Moreover, the modern means of advertisement (i.e. Websites) allows the organization to attract the customers by illustrating the product in various pictorial forms (Bladerunner Inc. Press, 2013).
On the other hand, other organizations involved in the manufacturing of composite bows are constantly focusing on the use of picture to attract customers in the market. As the composite bow market is quite competitive with various organizations aiming to enhance their market share and profits due to which organizations not only stops at providing information and pictures regarding the products offered by the company but also the videos of the products offered by the company in the market. To top the competitors in the market, some companies offer online custom shop. Through the use of such shops, the customers are given an opportunity to make changes in design and structure that could help in the satisfaction of their desires and needs (Karpowicz, 1992).
Several researches indicate that the heart of successful business lies in its marketing strategies as the business highly depends upon the use of such strategies to attract customers in the market along with gaining competitive edge in the market. It has been indicated that the marketing umbrella covers majority of advertisement, public relations, promotion and sales. With the help of marketing, an organization is provided with an opportunity to introduce its products and services in the market. Without the implementation of marketing strategies, an organization may offer the best product or service to the customers but without their knowledge and awareness regarding the brand, none of the potential customer would even bother to purchase the products and services offered which will eventually lead to the closure of the organization (Karpowicz, 1993; Andrew, 2006).
General Discussion
The marketing strategy provides the organization with guidance on the basis of which organizations are able to accomplish its desired goals and objectives (Kotler and Keller, 2009). In addition, the marketing strategy provides the organization with information regarding its target audience and the ways to reach the audience in the market which eventually leads to increase in sales and performance of the company. In addition, organizations that focus on the use of marketing strategy are said to have higher chances of survival than organizations that consider the use of marketing strategies as useless and fruitless (Smith and Zook, 2011).
It has also been indicated that the successful implementation of marketing strategies eventually attracts customers in the market to make purchase. Getting on the radar of customers in the market is the toughest job for an organization but could be achieved with the help of successful implementation of marketing strategies. Once marketing strategies are implemented, customer’s awareness increases this is where the organization is provided with an opportunity to spread the word regarding the products offered by the company in the market (Thackeray, Neiger, and Hanson, 2007). As sales is directly proportional to the awareness level and spread of information, this indicates that the higher the customers are aware regarding the existence of the product, the higher the chances to steadily increase the sales (Mulhem, 2009). In simpler words, the survival of the organization is heavily dependent on sales as without the implementation of marketing strategies, sales may never happen which could put the survival of the organization at risk (Zenker & Martin, 2011).
Research Methodology
Surveys would be used in order to gather information regarding the marketing strategies employed by bow manufacturing companies. With the help of surveys, critical information would be obtained in terms of types of composite bows manufactured, key markets of composite bows, along with the current marketing strategies employed by companies involved in the manufacturing of composite bows.
In order to gain further critical information, multivariate analysis would be conducted as with the help of such analysis, common marketing strategies employed by the manufacturers would be identified along with the potential marketing strategies that could help such organization to enhance their sales and performance in the market.
Result and Discussion
Question no.1
What are the marketing strategies currently employed by the bow manufacturing companies?
Purpose
The purpose of this question was to analyze the current marketing strategies employed by composite bow manufacturing companies.
Findings
Several respondents indicated that the bow manufacturing companies are currently focusing on the use of modern means of advertisement i.e. through the use of internet. These respondents indicated that company’s retail and brand websites are the most important aspect of marketing strategy employed by the organization in today’s competitive environment.
On the other hand, some of the respondents indicated that there are still certain bow manufacturing companies that focus highly on the traditional marketing strategies i.e. traditional means of advertisements in the market.
Question no.2
How would you recommend the current marketing strategies employed by bow manufacturing companies?
Purpose
The particular purpose of this question was to analyze the effectiveness of the current marketing strategies employed by bow manufacturing companies.
Findings
The current marketing strategies employed by the bow manufacturing companies could be regarded as somewhat effective. 12 out of 25 respondents; representing 48 percent of the total sample, indicated that the marketing strategies that are being heavily relied upon by such bow manufacturing companies are effective but to some extent. On the other hand, 9 of the total respondents indicated that the current marketing strategies employed are ineffective due to their inability to attract customers in the market along with the ability to create demand regarding the products.
On the other hand, only 4 of the respondents were in favor of the current marketing strategies. According to such respondents, the current marketing strategies have provided the organization with an ability to attract customers in the market.
Question no.3
What are the positives that you see in the current marketing strategies? (You can select as many as you like)
Purpose
The aim of this multiple question was to analyze the positivity that respondents observe in current marketing strategies employed by the bow manufacturing businesses.
Finding
The foremost factor that was observed by the consumers in the market regarding the current marketing strategies was that the marketing strategies are highly product oriented. This indicates that the marketing strategies are aimed towards providing information to the customers in the market. 18 of the respondents found the current marketing strategies as product oriented. On the other hand, 12 respondents indicated that the current marketing strategies are aligned in such a way that it supports the overall organizational strategies to accomplish the desired goals and objectives. In addition, it was also indicated that the current marketing strategies are highly focused on maintaining balance between the needs of the consumers and the benefits associated with the products.
Meanwhile, 7 of the respondents believed that there were no positives about the current marketing strategies employed by the organization. Only 6 of the respondents indicated that such marketing strategies are highly consumer oriented. Being consumer oriented was the positive factor about the marketing strategies employed by the organization.
Question no.4
What are the negative that you see in the current marketing strategies?
Purpose
The aim of this question was to analyze the views of the respondents regarding the current marketing strategies.
Findings
It was found that the current marketing strategies had certain negative aspects that de-motivated the customers regarding the products offered by bow manufacturing companies. It was indicated by several respondents that the company highly focuses on blogs and social media to influence the customers in the market. With such tools of digital advertisements, the consumers remain unaware regarding the quality of the products offered by the company. In addition, several respondents indicated that the company’s higher focus on modern means of advertisement has reduced the traditional way of shopping which provided them with fun and excitement. With such strategies at work, all the fun and excitement along with the experience associated with the shopping have reduced to great extent.
Furthermore, two respondents indicated that the current marketing strategies highly rely upon the use of internet which is quite unreliable. Due to their prior experience, they indicated that customers are deceived and lured into the confidence that the product would provide great advantages to them but in the end, the entire product provides is disappointment and dissatisfaction in terms of the product.
Question no.5
How do you think bow manufacturing companies can better market in order to improve their sales?
Purpose
The purpose of this question was to analyze that how could the companies involved in the manufacturing of composite bow could enhance their sales in the market.
Findings
With the help of this open ended question, it was observed that the respondents believed that for organizations that are highly involved in the manufacturing of bow should highly focus on the use of other advertisement tools such as trade shows and exhibitions. With the help of such tools, the customers would have an opportunity to check the benefits and advantages associated with the brand. In addition, the exhibitions would provide the customers with relevant and critical information related to the product. The feedback from such customers could help to enhance the flaws in the products.
In addition, several respondents indicated that in order to increase the sales, the customers should be directly approached rather than using blogs and other social media tools. This would help the companies to take customers into their confidence which will eventually help the companies to influence the customers to purchase the products. One of the individual indicated that by understanding the needs of the customers could help such organizations to enhance their sales. In addition, the individual also indicated that the customers are being provided with products that the company wants them to buy rather than providing the customers with product that they actually want to purchase to satisfy their desires and needs.
Question no. 6
Do you really believe that improving the marketing strategies can improve the sales and performance of bow manufacturing companies?
Purpose
This open ended question was aimed to gather views of the respondents regarding the influence of marketing strategies on sales and performance of the companies involved in the manufacturing of bow.
Findings
The responses gained from the respondents provided with significant information regarding the impact of marketing strategies on the performance and sales of the bow manufacturing companies. 80 percent of the individuals were affirmative that marketing strategies play critical role in providing the organization with an ability to enhance their sales and eventually their performance in the market.
On the other hand, only 20 percent of the respondents were not sure regarding the impact of marketing strategies on the performance and sales of the organization. It was astonishing to witness that none of the respondents believed that marketing strategies have no role in enhancing the performance and sales of the company.
Limitations
Lack of information regarding the marketing strategies employed by organization involved in the manufacturing of composite bow was the most critical hurdle in the completion of this research. In addition, most manufacturers highly focus on selling their products in the local market due to which organizations are unable to tap uncovered markets.
Conclusion and Recommendations
In order to conclude, it could be said that focusing highly on the modern marketing techniques could enhance the composite bow manufacturing companies’ performance and sales but in order to do so, the company must devise effective marketing strategies. With the advancement of technology and digital advertisement, it have been indicated that social media and blogs could significantly help the organization to enhance its performance and sales in the market.
Social media being a minor part of digital advertisement is heavily responsible for successful organizations in the world. Blogs and social media when combined together provide the organization with optimum performance in the market. In addition, it has also been indicated and witnessed by organizations that blogging have significantly allowed the organization to attract and influence people to know the organization better which eventually leads to increase in sales. In addition, the organizations involved in the manufacturing of composite bow are provided with significant opportunities due to the rise of customer’s internet usage rate.
Recommendations
- The company should provide the customers with reason to purchase the composite bows offered by them in the market. By providing them with relevant reason, the organization would be able to influence the customers to have positive views regarding the brand which will eventually lead to higher sales.
- The company should use social media and social networking sites to their advantage. Being a cost efficient and effective source to attract customers in the market, the organization would be able to promote its brand in the market.
- Blogging could also help the organization to create awareness regarding the products. In addition, blogs could also help to gain feedback from the customers in the market which could help to evaluate the needs of the customers.
References
Andrew, H. (2006). The development of the bone reinforced composite. Journal of the Society of Archer-Antiquaries, 49, 65–77.
Bladerunner Inc. Press. (2013). Bladerunner Benefits. Retrieved April 20, 2013, from http://www.bladerunnerarchery.com/BENEFITS.htm
Duvernay, A. (2007). Korean Traditional Archery. Handong: Handong Global University.
Karpowicz, A. (1992). The Traditional Bowyers Bible Volume. New York: The Lyons Press.
Karpowicz, A. (1993). The Traditional Bowyers Bible Volume. New York: The Lyons Press.
Kotler, P., and Keller, K. (2009). A Framework for Marketing Management. New Jersey: Pearson Prentice Hall.
Mulhem, F. (2009). ‘Integrated marketing communications: From media channels to digital connectivity.’ Journal of Marketing Communications, vol. 15, no. 2-3, pp. 85-101.
Reisinger, M. (2010). New Evidence about Composite Bows and Their Arrows in Inner Asia. The Silk Road, 8, 42-62.
Smith, P., and Zook, Z. (2011). Marketing Communications: integrating offline and online with social media. London, UK: Kogan Page.
Thackeray, R., Neiger, B., and Hanson, C. (2007). ‘Developing a Promotional Strategy: important questions for social marketing.’ Health Promotion Practice, 8(4), 332-336.
Zenker, S. & Martin, N. (2011). ‘Measuring success in place marketing and branding,’ Place Branding and Public Diplomacy, 7: 32-41.
