Marketing Plan for Euro Box

1. Executive Summary

In this report, an effective marketing plan has been devised for the new streaming service company Euro box, based in Europe which will stream TV shows made by TV networks from European countries such as Germany, France and Switzerland. It has emerged as a direct competitor to two of the major streaming service market players that are Netflix and Brit Box. Euro Box aims to cultivate a unique identity in the streaming service industry by building strong relationships with its viewers, which will increase its brand loyalty and help the audience to be connected with its offerings through a wide variety of TV shows and movies. This has given a sharp rise to a currently growing trend among the audiences, known as binge- watching. Currently Netflix has over 208 million paid subscribers out of which 74 million subscribers are from the US (Rahman and Arif, 2021). In April 2020 in the UK, people have spent on average around 1 hour 11 minutes daily on subscription video-on-demand services such as Netflix, which is reported to be 37 minutes higher as compared to the year 2019 (Ofcom,2020).

2. Marketing Objectives

This exploration aims to set the marketing objectives for Euro Box that includes:

Increasing its brand awareness through social media platforms such as Instagram, Twitter and Facebook to make itself accessible to a wider audience.

Establishing its presence in the UK to become a major streaming service player.

Coping up with the cut-throat competition arising from dominant players in the streaming service industry such as Netflix and Brit Box.

Enhancing its brand reputation and loyalty by incorporating a strong relationship between its brand and the audience.

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3. Marketing Strategies

3.1 Target Markets and Positioning

Euro Box could adopt a concentrated targeting strategy approach by targeting the tech-savvy consumers in the age group of 15-55 years, who are frequent users of social media and increasingly aware of the various streaming services available such as Netflix and Brit Box especially during the COVID-19 pandemic. Employing a concentrated targeting strategy approach could help Euro Box to establish themselves as a streaming service player and grow in the UK since it is a new company and could specialise in focussing on one segment (Rahman and Arif, 2021).

Euro Box employs segmentation variables of demographics, psychographics and behaviour. Based on demography, Euro Box could target teenagers and professionals, both males and females, in the age group of 15- 55 years; since it offers a wide variety of programmes across many genres ranging from children’s shows to thrillers (see Appendix 1). Euro Box targets the audience, who look forward to watching wide range of content in order to escape from stress in their busy schedules. In terms of behaviour, the younger target audience would be keen to acquire benefits offered to them such as no-ads which would enhance the brand loyalty and reputation of Euro Box, thus creating a strong relationship between the brand and the target audience (Kweon and Kweon, 2021).

Perceptual map

The perceptual map is effective for analysing the market condition of the organisation and in this regard it also provides a scope to understand market structure for better competition. Netflix and Brit box would be the main competitors of the company Euro box for their online live streaming services in the UK. Netflix is operating in the zone of high quality and low price as per the perceptual map, and thus the main strategy of Netflix is to provide the best quality services at lower price, so that there would be highest paid subscribers on the platform (Tajeddini, Wittmer and Merkel, 2021).

3.2 Product Strategies

The organisation Euro box mainly focuses on providing the best quality services to the customers, so that it would be possible to attract the audiences for becoming paid subscribers and enjoy the movies and different shows through the online platform. There would be wide variety of programming across many genres as well as high quality subtitle available for the non-English offers. The award winning programs are also available at the platform, which would be the best strategy for the clients to enjoy different shoes and be paid subscribers.

3.3 Service Strategies

The service facilities must be enhanced through process design, people management and physical evidences that are important factors as per the marketing mix strategies (Frost and Strauss, 2016). For process generation, the company will standardise the process in a systematic way, so that the clients can understand the process and make their subscription successfully. It would be an easy process for subscribing the platform and make payments online. It would be one click option for paying under data protections and security of personal information as well as the customers can review their time of ending the subscription, different packages of subscription and others information through the Euro box platform (Wagner et al., 2015).

It would be beneficial for the organisation to share all the necessary information with the clients through the mobile application. The customers also can chat with organisational representatives for clearing any doubts and in this regard, one to one interaction through mobile application of Euro box will be advantageous for creating good bonding and trust among the customers (Ofcom, 2020).

3.4 Pricing Strategies

Pricing strategy is important for Euro box to set affordable price for their services, so that the customers can choose the option over other competitive brands such as Netflix and Brit box (Hanlon, 2018). In such competitive market structure, Euro box must follow effective pricing policy for providing the best quality services so that the client can choose the best quality services at its best price. On the other hand, there will be seasonal offers in different occasions at the UK such as Christmas in order to attract the clients and enhance the sales volume of the organisation.

3.5 Promotional Startegies

Promotional strategic planning will be helpful to promote the services of streaming across the UK and the promotional activities are such as digital media marketing, advertisement on television and email advertisement (Rahman and Arif, 2021). The organisation must focus on sending email to the internet users and the target customers across the UK for promoting the brand and its streaming services, where through the email, it is important to share all the necessary information related to the services, quality of video, additional facilities and prices of the subscription so that it would influence the purchasing intension of the clients.

On the other hand, televisions advertisement would be another good strategy for promoting their services across the country (Kweon and Kweon, 2021). Social media is a two way communication platform for promoting the services and in this regard Euro box must utilise Facebook and Instagram for promoting their services. Through opening Facebook page and promoting the page with quality video, pictures and available services would be essential for increasing brand visibility and attracting the customers across social communities of the UK. Creating good content with pictures for posting it on Instagram is also another effective tactics to improve brand loyalty and promote it successfully through digital marketing.

3.6 Place

It is an online service, where the clients can access the videos and enjoy live streaming activities through Euro box, hence placing the online streaming services would be the main strategy of Euro box in order to capture the market and strengthen their customer's base. There would be good distribution network and availability of the technicians who can manage the whole operations for successful placement of the streaming services in the market.

4. Implement and Control the Marketing Plan

4.1 Action Plans

Developing the mobile application of Euro box for streaming

Setting affordable price and strengthening the distribution chain in the UK

Service innovation

Developing digital content for Mobile application

Strengthening distribution network through technical innovation

Enhancing market communication through Facebook advertisement and Facebook page creation for hosting events

Promoting through television advertisement

Creating Instagram posts

Handling the front desk staff members and marketing team

4.2 Time Line

Time Line

4.3 Measurement and Control

For measuring the actual performance of the organisation after implementing the marketing strategic planning, the key performance indicators are,

Client retention rate

Customer’s satisfaction

Profit margin

Revenue growth

Revenue per client

For controlling the overall marketing planning, it is important to review the customer’s feedback, check the daily streaming activities and continuously monitoring the whole process through technical intervention, so that the clients can be satisfied after watching movies and programs in Euro box.

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4.4 Budget

Budget

Reference List

Daidj, N. and Egert, C., 2018. Towards new competition-based business models? The case of Netflix on the French market. Journal of Research in Marketing and Entrepreneurship.

Frost, R.D. and Strauss, J., 2016. E-marketing. London: Routledge.

Hanlon, A., 2018. Digital marketing: Strategic planning & integration. London: Sage.

Kweon, H.J. and Kweon, S.H., 2021. Pricing Strategy within the US Streaming Services Market: A Focus on Netflix's Price Plans. International Journal of Contents, 17(2), pp.1-8. [Online]. Available at : https://www.koreascience.or.kr/article/JAKO202119759275785.page (Accessed: 31st August,2021).

Ofcom, 2020. Media Nations 2020: UK Report. [Online]. Available at: https://www.ofcom.org.uk/__data/assets/pdf_file/0010/200503/media-nations-2020-uk-report.pdf (Accessed :30th August,2021).

Rahman, K.T. and Arif, M.Z.U., 2021. Impacts of Binge-Watching on Netflix during the COVID-19 pandemic. South Asian Journal of Marketing. [Online]. Available at : https://www.emerald.com/insight/content/doi/10.1108/SAJM-05-2021-0070/full/html (Accessed : 30th August,2021).

Tajeddini, K., Wittmer, A. and Merkel, T., 2021. Can the Netflix business model actually work in commercial aviation in central Europe? It is complicated!. Journal of Hospitality & Tourism Cases, 9(2).

Wagner, T., Rose, M., Baccarella, C. and Voigt, K.I., 2015. Streaming killed the download star! how the business model of streaming services revolutionizes music distribution. Journal of Organizational Advancement, Strategic and Institutional Studies, 7(1).

Appendix-1. SWOT

SWOT
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