Company: AMAZON INC.
Based on mile stone 2 idea proposed for the product.
Power point presentation
15 slides and each slide need to have your speaker's notes in the event you do not present it LIVE
· Think about how you would present the idea of your new or redefined product to your CEO.
You have a limited amount of time and must hit on the high points.
About Redefined product
Ideas on how to present to ceo in deep.
Amazon Marketing Plan Milestone 2
Amazon is a retail e-commerce company based in the United States. It is a company headquartered in the United States established in 1995 to respond to changing trading trends. It is an online company that offers various services and products to its customers via its website (Vollero et al., 2021, p. 23). Online transactions provide fair and frequently decreased prices and a wide and varied variety of goods, but it is ultimately a business that is reliant on online transaction purchases. This company sells its products and third-party goods in several categories through mobile and retail websites and apps. The Amazon Company also manufactures and sells electronic devices.
Amazon's target audience is internet users who want to buy products from the convenience of their own homes. Thus, the target audience information on Amazon is mostly about customers' shopping habits (Tallman, (2018). The business offers a platform where sellers and buyers connect online to trade on the firm's website and at individual sellers. In addition, it provides apps, analytics, deployment, storage, and a suite of global computing services to businesses and developers of various sizes (Vollero et al., 2021, p. 23). Amazon also has several initiatives that help filmmakers, musicians, software developers, and authors publish and sell their work. As of 2021, Amazon's target audience is upper-class and middle-class customers (equally divided across genders) using mobile devices or home computers aging 18-44. In addition, sixty percent of the company's target demographic is from the United States, where customers prefer to buy online for convenience, quick delivery, and low pricing. Amazon's target audience includes America's teenagers, who do not worry about paying a mortgage or other household expenses and are among the most technologically savvy customers. The online retail giant is introducing a new feature that will enable teenagers to make Amazon purchases using their Facebook accounts (Vollero et al., 2021, p. 23). Parents may approve purchases once teenagers click the "place order" button, but teens can buy or watch independently. When a child makes a purchase, The Company notifies their guardians through text or email, and parents ultimately decide.
About the age demographic of Amazon Company, Eighty-one percent of US people aged 18 to 35 were Amazon Prime members in January 2020, up from 69 percent in February 2020. During the global corona virus epidemic, Amazon Prime use increased across all age groups. While most Amazon sellers (58%) are between 25 and 44, more than a third (37%) is beyond 45. The average age of an Amazon seller is 38 years old (Tallman, 2018). Every organization's understanding of its target market is a never-ending process. Amazon is known for withholding audience data from its merchants, forcing businesses to get consumer information from sources other than Amazon. According to Brand Analytics' breakthrough Demographics tool, this is going to change. Through its Amazon Buyer Data solutions, the business provides even more consumer insights, enabling its target customers to access information about its services and products easily.
Behavioral, contextual, lifestyle, remarketing, advertising audiences, and lookalike are among the six targeting methods available on the platform for advertisers and utilized by Amazon in understanding their target audience traits and characteristics. If a user has studied a particular product line in the past thirty days, behavioral advertising may be used to target them (Tallman, 2018). Marketers may use lifestyle targeting to engage customers who are Vegan Dieters or Fitness Obsessed frequently. Real-time consumer data is used for contextual targeting, allowing businesses to reach out to individuals who have previously shown an interest in, viewed, or bought their products. Through the use of lookalike audiences, you may discover new customers that make duplicate purchases as your current ones. Finally, the advertising audience function sets Amazon DSP apart. Marketers may utilize this Amazon DSP advertisements functionality to upload their customers (Alassaf et al,. 2020, p. 66).
Using Amazon DSP may significantly increase a brand's audience reach by using Amazon's audience knowledge to deliver conversion traffic to your site. The company's goal is to serve the client. It has been solitary from the Corporation's inception, providing it a firm hold over its clientele and operating standards. It informs consumers that the company is theirs and is always ready to inspire and inform (Alassaf et al,. 2020, p. 69). Amazon responded by offering low-cost services on its websites. The business listens to consumer concerns and responds appropriately. The Amazon Business distributes its products and services over the internet via Ups and FedEx, a company subsidiary that helps customers make their purchases. This creates a supply chain, lowering operational expenses and saving money. This improves consumer decision-making and action-taking and therefore increases company productivity.
It is essential to survey the target audience to understand their buying patterns and personal characteristics. According to Tallman, (2018) businesses that define consumer target groups have a better chance of persuading lenders to help them. Understanding the concept of customer targeting will allow you to distinguish audiences and determine which groups of consumers support your business and if they will become repeat clients. This company, for example, sells products and services via the internet. This is one of the company's transportation cost-cutting efforts. Buying and selling items online implies that respondents do not go from one place to another to sell or buy products but rather meet online. Consequently, the business will be able to interact with and transact with customers all over the globe. Following the initiation of the process, the two parties work together to finish the transactions, saving money on traveling (Alassaf et al,. 2020, p. 66). This approach has enabled the business to grow sales while also earning a sizable profit. With this economic approach, the business has been able to cut costs while boosting shareholder value.
In light of the epidemic, Amazon had to alter the way it communicated with its target audience. The impact of the Corona virus on e-commerce varies depending on the seller and product category. Since moving online requires capital, most companies that increased their e-commerce participation in the Corona virus catastrophe will have incentives to utilize their acquired knowledge or infrastructure in the long term (Tallman, 2018). This is especially true for larger businesses that have made significant investments in their delivery and sales systems (Sadq et al,. 2018, p. 34). To keep up with the increasing demand, Whole Foods Markets, Amazon's food business, boosted its online buying capabilities by even more than 60 percent by 2020, April 12. Moreover, they increased the number of pickup locations from around 80 to over 150, with more scheduled in the future. Small merchants who have depended on the infrastructure and services provided by the online platform to avoid more significant investments may choose to convert their current knowledge and online brand into a long-term asset.
Alassaf, D., Vrushabhendra, L., Alswine, N., Chokshi, V., Daim, T. U., & Meissner, D. (2020). Amazon: Industrial/International Corporation and Dynamics. In Innovation Management in the Intelligent World (pp. 67-80). Springer, Cham. https://link.springer.com/chapter/10.1007/978-3-030-58301-9_5
Sadq, Z. M., Sabir, H. N., & Saeed, V. S. H. (2018). Analyzing the Amazon success strategies. Journal of process management. New Technologies, 6(4). https://aseestant.ceon.rs/index.php/jouproman/article/view/19264
Tallman, P. (2018). “Now we live for the money”: Shifting markers of status, stress, and immune function in the Peruvian Amazon. Ethos, 46(1), 134-157. https://anthrosource.onlinelibrary.wiley.com/doi/full/10.1111/etho.12189
Vollero, A., Sardanelli, D., & Siano, A. (2021). Exploring the role of the Amazon effect on customer expectations: An analysis of user‐generated content in consumer electronics retailing. Journal of Consumer Behaviour. https://onlinelibrary.wiley.com/doi/full/10.1002/cb.1969
Amazon Inc. is an American multinational corporation that deals with e-commerce, digital streaming and cloud computing. The company’s headquarters is at Seattle, Washington, USA. Amazon is ranked as the best e-commerce platform globally, having the biggest market share in the industry. Amazon was founded by Jeff Bezos in July 1994. It started off as an online platform for selling books but later advanced to sale of diverse products including apparel, games, food, jewelry and toys. Over the years, Amazon has been making advancements in its business. In 2017, the company acquired the whole foods market thus increasing its competitive advantage in the industry. Amazon operates in a highly competitive e-commerce industry, having an average annual revenue of $386.064 billion.
Amazon operates in a competitive e-commerce industry. With the current trends and advancement of technology, many investors are taking the path of e-commerce. Investors view e-commerce as a potential investment with positive benefits. Amazon’s main competitors are the big corporations operating in the e-commerce industry and those offering subscription services. The e-commerce competitors include include Walmart, Target, Best Buy, Costco, JD, Otto, Alibaba Group. Competitors offering subscription services include Netflix, Google and Apple. Amazon’s competitors can be classified into three general groups namely online stores, physical stores and third party sellers (Onyusheva & Seenalasataporn, 2018).
Amazon’s diversification has helped the company acquire a larger market share than its competitors. The company’s services are differentiated from other companies thus attracting more customers. Having a larger market share than its competitors has gained Amazon a competitive advantage in the industry. As of December 2020, Amazon had reached a market capitalization of $1 trillion, which was higher than that of Amazon’s competitors.
With the ever-changing e-commerce market, the most important aspect is to remain in business is to become innovative. In this industry, there is no company that has managed to build its brand around the customer such as Amazon. Jeff Bezos majorly aimed at integrating customer needs in the company’s vision (Onyusheva & Seenalasataporn, 2018). In the recent years, considering customer feedback, Amazon established a membership only delivery service called Amazon Prime. This service has enabled customers to download music, access unlimited cloud storage and free delivery of purchased items to the required destinations.
Jeff Bezos has put his focus on customers’ needs while making innovations. Amazon offers fat and hassle free online ordering and delivering services. Based on browsing history, customers can easily choose products and get the best deal. To understand the customer experience, analytics from the company’s website are used in improvement of services. Regular has regular interactions with customers by a non-intrusive satisfaction surveys. Through this surveys, Amazon is able to make the necessary changes so as to meet customer needs thus making their services better. The customer service at Amazon is outstanding. The staff at Amazon are trained on good customer service and how to handle different situations. This makes it simple for customers to get services as make purchases thus increasing customer loyalty. This is because customers will go where they get the best services.
Amazon focuses on quality over quantity. Amazon’s services and products are of high quality (Onyusheva & Seenalasataporn, 2018). Customers always prefer high quality which will give them the highest utility. Amazon makes sure that the quality of its products and services meets the expectations of its customers. While most of its competitor companies have similar services and products as Amazon, Amazon focuses on differentiating its services to a high quality to beat its competitors. Amazon also offers fair prices despite the high quality products and services, which makes it more affordable than its competitors. Through these factors, Amazon has managed to acquire a larger market share than its competitors thus an increased competitive advantage.
The Policy Gap
Amazon experiences a policy gap. This gap gives a reflection that the management incorrectly translates the service policy into working rules for the company’s employees. This creates a tough working condition for the employees. Most employees at Amazon do not clearly understand their roles since the management mixes up roles without considering role definition. Being an online platform, most activities are not physically handled. Employees tend to offer services that they are not required. For instance, an accountant answering to customers’ queries on product availability which should be handled by the sales representatives.
Amazon also experiences a policy gap in consumer expectations. There is misinterpretation of consumer needs which leads to production of poor service design, poor maintenance and poor service delivery to customers. Amazon therefore lacks standardization which could make customers seek the same service at a better quality elsewhere.
From the discussion, it is clear that Amazon is an advanced company. To improve on its service delivery, it is important for the management to work on its policy gap that exists as a loophole. This gap can be used by competitors to beat Amazon in the market.
Onyusheva, I., & Seenalasataporn, T. (2018). STRATEGIC ANALYSIS OF GLOBAL E-COMMERCE AND DIVERSIFICATION TECHNOLOGY: THE CASE OF AMAZON. COM INC. The EUrASEANs: journal on global socio-economic dynamics, (1 (8)), 48-63.
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