The upmost reason why NTUC FairPrice engages in marketing activities is to attract customers to make profits. It would be most difficult for a business to exist without marketing. NTUC FairPrice being a corporate company also requires marketing activities to raise awareness. Their objectives of marketing are both economic and social. From the economic point of view, FairPrice would benefit overall in profiting. The subsequent beneficial are in terms of strategic branding, creating shareholder value, maintaining customer’s trust and keeping ahead of competitors.
In order to make profit, the company’s reputation is important in attracting customers and maintaining them. Customers and investors nowadays are much more selective and sensitive to the image a company portrays and therefore marketing is an effective tool in packaging their company’s ideal image to the public and potential investors. It also helps to build networks with other professional to further enhance company’s growth.
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Marketing is especially important when a new range of products are introduced to the market. Initially when FairPrice introduced its first range of housebrand, the challenge then was to ensure that housebrand products are widely accepted by the consumers. Other than having it advertise through different media, the promotional scheme of having housebrand items priced 10-15% cheaper than national brands was an effective way in marketing them. This thus brings us to the social aspect of marketing.
Having it priced cheaper than national brands are a mutual beneficial strategy that not only helps to market FairPrice new products but at the same time fulfilling FairPrice social objectives of marketing the company as the people’s supermarket. This effort was to stabilise prices to help Singaporean cope with higher costs by forcing other market players to price their products reasonably. Having 225 stores island-wide for the conveniences of the customers is a form of marketing as well.
From a social perspective, this is a form of reaching out to the heartlander. In conclusion, NTUC FairPrice sees marketing activities as an essential and important element for the company economically and socially. Marketing serves as a strategic tool in playing a role in building customer’s loyalty, reflecting the company’s vision and mission, differentiating from competitors and last but not least profiting from the benefits of marketing.