Marketing Management ? Consulation on Marketing strategy of Dhiraagu
Executive Summary
Marketing management?is the organizational discipline which can make focusing on the techniques, practical application of?marketing?orientation and methods inside enterprises in the management of a firm's marketing activities and resources. The brand audit investigates the return on existing investments, trends in a business? net profits and its established economic value. It determines the business? entire financial strength and assesses a business? image and reputation with its customers. It determines how is perceived as an industry leader in technology, along with exceptional customer service, offering a product or service innovations, other
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Due to the intense completion with the Dhiraagu it can affect to make lower profits within the company. Because competitors can entice consumers away with superior products. Furthermore, the company another issue with the availability of substitute products. This trend hurts?Dhiraagu?s to raise prices. Because customers can switch easily to another product or service in the market. In addition, changes of the government rules and regulations can negatively affect?Dhiraagu. This is mostly affected which will make a short-term negative impact on the entity, which subtracts from its value. Politics can increase?Dhiraagu?s risk factors. Governments can quickly change business rules that negatively affect?Dhiraagu?s business. Political Risk will negative impact on this entity, which subtracts from the entity's …show more content…
The growth stage is a strong growth in sales and profits. The company can make benefit from economies of scale in production, the overall amount of profit, and the profit margins will increase. This is the stage which the business should invest more money in the promotional activity in order to maximize the potential of this growth stage.
Maturity Stage?? During this stage, the product is established. The business aim is to maintain the market share they have built up. This is perform the most competitive time for most products. It needs to invest wisely in any marketing. The business needs to consider modifications, any product or improvements to the production process which giving a competitive advantage.
Decline Stage?? Eventually, the market will start to shrink for a product. This is known as the decline stage. This could happen due to the market becoming saturated or consumers are switching to a different type of product. This decline may be inevitable. It may be possible to make some profit for companies by switching to less-expensive production methods and cheaper
early stages as a new product on the market. If a company has a good
The next step is the growth stage. In this stage product growth is monitored and big investments are made. Maturity stage the growth of the outputs is significant. For the company to ensure product survival in the market and gain a competitive advantage over competitors it has to incorporate product differentiation. The final stage involves product decline stage. In this juncture product sale goes down and the product identification
Phase 1 – Infancy: The infancy phase of an organization is also known as the entrepreneurial stage. The primary goals of this stage are to get the organization started and then trying to take it to the next level. They also focus a lot on survival. At this point, the organization is small and nonbureaucratic. The structure is...
It is a step of defining the goals of the projects and the results are aimed at reaching certain levels of productivity of customer satisfaction. The second stage is measure, and it is the stage of collecting data and facts and evaluating current operational performance. The third stage is analyze with the purpose of developing methods and theories that will best suit the solving of the problem; it is also a stage of detecting cause-and-effect ties of the processes. The fourth stage is improve, it is aimed at generating ideas for reaching the desired process improvement. Finally, there is the control stage that is about monitoring the operations to find out whether the process of improvement is smooth and the problems were solved (Meredith & Shafer,
· The buying industry hinders the supplying industry in their development (e.g. reluctance to accept new releases of products),
Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.
For many companies, the phases started and ended at different times, depending on the state of technology and the firm’s ability to react and capitalize on market opportunities. Chandler further noted two facets of industrial growth:
“What is a marketing audit? Quite simply, it is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change” ( John, Alexander, & Theodore, 1969). The marketing audit helps to understand the fundamentals of a company’s marketing planning process. Auditing is not only conducted not only at the planning stage and also conducted during various stages until the implementation of the marketing plan.
A brand audit is a detailed assessment of a brand’s current ranking in the market compared to other competitors. It provides information on how the business is performing in the market. A brand audit also aims at examining the image and reputation of the brand as perceived by customers. The two key elements of brand audit are brand inventory and brand exploratory. Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory aspect of auditing under the customer-based brand equity (CBBE) model.
Build-Up Phase, once companies absorbed knowledge they started to research and improve their own brand, and imitating the existing technology achieving innovation and chain expansion, namely, exportation of their product.
The article raises the issue of revenue growth stalls that affect even the most successful companies. The article focuses on four major causes of the crisis. The first cause is the premium-position captivity that is”the inability of a firm to respond effectively to new, low-cost competitive challenge or to a significant shift in customer valuation of product features” (p.54). The second reason is the innovation management breakdown that is”some chronic problem in managing the internal business process for updating existing product and services and creating new one” (p.56). Third reason is the premature core abandonment that means “the failure to fully exploit growth opportunities in the existing core business” and “acquisitions of growth initiatives in areas relatively distant from existing customers, products, and channels”(p.56). Finally, the fourth cause is the talent bench shortfall that is “a lack of leaders and staff with the skills and capabilities required for strategy execution” (p.58). Authors emphasize that these causes are mainly within management control since they result from “a choice about strategy or organizational design” (p.54).
The distinction between the start-up and growth stages in not easily defined. The distinction lies in the revenues, profits are stronger and are consistent with an increase in customers, as well as, new and exciting opportunities for the employees to pursue. Managers can look forward to many managerial challenges, perspective policy issues and re-evaluating the business plan for revisions. A manager’s focus should be in the running of the business, with a greater emphasis on accounting and human resource management systems. New staff will have to be hired, trained and prepared for the influx of business.
On the Ansoff matrix below is shown what growth strategies for new and existing products and markets can be used from the company.
A good definition of marketing is the process of the intermediary function between product development and sales. (Reddy ) The field of marketing entails taking a generic product or generic service (the product or services do not have to be “generic” they may be actually unique to the marketplace) and associating the generic product with a brand name (Petty 2001). Under this generic concept are the activities of advertising, public relations, media planning, sales strategy and so on.
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin