Riordan Manufacturing marketing systems

Riordan Manufacturing marketing systems
Marketing strategies are becoming more and more import6amnt in the present day business. It goes without saying that reaching the target group is probably one of the most important. Analyzing the marketing strategies of Riordan Manufacturing, which is a worldwide plastics manufacturer, it would be essential to note that company must implement the most recent technologies just to stay acute in the industry: “To remain competitive in an ever-dynamic environment, Riordan Manufacturing must stay current with the latest technology, recent developments in the industry, and attend to the needs of its customers. After Riordan manufacturing CIO's and other employees, Riordan manufacturing telecommunications and data networking systems require an upgrade to a better support of the companies recent and future growth needs” (Riordan Manufacturing official Blog). It could be observed within the official blog of the company, where the company makes a focus on the use of the newest techniques and successful performance in the highly competitive environment using the newest and the most progressive technologies. It goes without saying that innovation tactics help it to stay popular on the market

According to the media data the company employs noticeable number of people: “Riordan Manufacturing is a worldwide plastics manufacturer employing 550 persons with projected yearly earnings of $46 million. The company is entirely owned by Riordan Manufacturing Industries, a Fortune 1000 enterprise with revenues in excess of $1 billion” (Riordan Manufacturing, 2009). It should be noted that the company has 15 – 20 major customers, including a government contract for fans. The firm has 12 minor customers. Each member of the sales force maintains his/her own set of customer records using a variety of tools. Some sales team members use paper and pencil, others sales management software such as Act, and others a hybrid. In order to better understand and anticipate customer needs, the firm is evaluating a new integrated customer management system to accompany the new team selling approach that will be soon rolled out. The core target groups of the company according to its official web site are: “Riordan’s major customers are aircraft manufacturers, automotive parts manufacturers, appliance manufacturers, beverage makers and bottlers, and the Department of Defense” (Riordan Manufacturing, 2010).

It goes without saying that selecting its target group the company understands that the necessity of its production is quite wide, hence its production is mainly consumed by the technical industry.

The company already has a developed and realized PR strategy that is aimed on enlargement of the target group and increasing the quantity of the customers. It includes wide variety of tools

The marketing team of Riordan Manufacturing understand the necessity of development, using different techniques of winning the target group. they accept the new rules and shift their orientation on wider auditory as well as they shifted their advertising company from the media sources to the internet. They owned their company blog, at one of the most popular blogging systems Blogger, supported by such a huge media corporation as Google. It is one the world’s most popular web 2.0 technology, which actively used for promotion strategies.

Personally I agree to the chosen strategy of the Riordan Manufacturing marketing team as it corresponds to the contemporary needs of the target group. It is a well known fact that during the centuries the innovation tactics and using the most popular media resources, makes the company to be more popular among the target group. Every serious company, might have several web pages, representing the information that might attract potential customers.

The marketing department understands the role of Place within the marketing strategy. That is why the place where they made a stress on their promotional strategies is internet. It is also reasonable as the target groups are using it even more often than any other media source and is familiar to web 2.0 and involved with socialization via internet. Contemporary communication and sharing of information is now moving to internet and as the strategy of the company focus on the internet as the core place for the further promotion, then they should take into consideration that cross company communication and sharing the information between the members of the team and employees would be better through the internet.

Recommendation on Place Strategy:

Make use of internet and other popular media places not only for the external use, but for internal also. It would make the communicating and sharing of the information more easier

Product is plastic, which it sells. They are so much accepted by the target group and even governmental Defense Department is one of regular clients of the company. Unfortunately the internet users could hardly find on the official web page the list and the price of the companys product and that is severe drawback, as it is one of the most useful information, which should spread via internet.

Recommendation on Product: The company should tell more about their product via internet source. Their history and PR strategies and tactics are very interesting to read, but it would make more sense to tell more about the product.

Price is considered to be one of the strongest parts within the marketing strategy of Riordan Manufacturing as they provide a discount for the bigger volume. The discount system is well developed also for regular customer and this make the company’s product more attractive for the customers. It should be noted that the well developed program is making the product more attractive and current location of the company in Mexico, helps to reduce the expenses and make the prices lower

Recommendation on Price: To make the information about the discount programs more available for the target groups. Neither official web site nor blog tell a thing about the discount program of the company’s discount strategy.

References:

1. Cateora, P. & Graham, J. (2007). International Marketing (13th ed.) McGraw Hill, New York, NY
2. Joe Bai (April 27, 2009). Riordan Manufacturing. Retrieved September 13, 2010, from Riordan Manufacturing official web site: http://riordan-manufacturing.com/
3. Riordan manufacturing Blog. (April 2, 2010). Riordan Manufacturing : Analysis of Service Request : Assessment. Retrieved September 13, 2010, from Riordan Manufacturing official blog page http://riordan-manufacturing.blogspot.com/2010/04/riordan-manufacturing-analysis-of.html

Riordan Manufacturing marketing systems 9.9 of 10 on the basis of 3675 Review.