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Developing marketing strategies and planning
Developing marketing strategies and planning
Developing marketing strategies and planning
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Marketing strategy and planning is the key factor that enables a company to survive or even thrive by taking advantage of a company’s distinguish competitiveness, to manage its success in a certain market for a long run (McDonald, 2007). Thus, it is important for a company to put focus on both internal and external environments to develop its own strategies and plans (Wood, 2007, pp. 5-8). In this case, three Cs structure (i.e. Corporation, Competitor and Customer) gives a simple but thorough aspect to examine a company’s strength under the situation it stands (Jain, 1999).
In this essay, the venture project “Yumm” company will be taken as an example to discuss through the three Cs structure in order to define the role of marketing strategy and planning in a business. A conclusion will be drawn at the end.
The corporation “Yumm”
Yumm is a recipe platform combined with price comparison of food ingredients between five main supermarkets (e.g. ASDA, Sainsbury, Tesco), with a socializing environment for users to communicate on food topics. The business model is to earn from advertisements and free for members, thus providing best user experiences is its top priority. Therefore, when applying the SWOT analysis to portray the internal and external environment (Houben et al., 1999), Yumm tends to regard itself as a service provider and the strength includes “highly customer-oriented culture” that stresses on customers' involvement of co-creating the recipe content, which increase their perception of service quality and satisfaction toward Yumm (Alam, 2002).
On the other hand, the biggest weakness is the low capital requirement for its business concept, which forms a limited entry barrier (McAfee et al., 2004). However, the streng...
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...s to entry/imitation? ”, Strategic Management Journal, Vol. 19, No.7, pp. 683–696
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“Yumm”, Venture Project Report, December 2013
In a competitive environment where market is changing instantly, organizations are in a fix to design a strategy that could market their products enticing the consumers to buy their products and services. Market is the arena for business gladiators who fight out for maximum share and profitability and this is possible only through effective marketing strategy. Competing in present economy means finding ways to break out of commodity status to meet customers’ needs better than competing firms (Ferrell and Hartline, 2010). The intensity of competition has increased after the introduction of media and internet where the companies present their product in the best way through advertisements, product reviews, blog entries, etc. With the advancement in technological innovations, companies have found various ways of providing services to the consumers in a cheaper and effective way and this has resulted in communication revolution in late 1990’s as the cellular technology was unfold in most of the regions. Singtel Optus Pty Limited (Optus) is one such company that has evolved during this period as a leader in integrated communications and this paper is assumed to make an analysis of the company’s marketing strategy and its financial position in the market industry.
A SWOT analysis is simple exercise that could be implemented on multiple subjects including an individual or a whole corporation. The SWOT analysis is an operational tool for managing change, defining strategic direction and setting realistic goals and objectives according to Simoneaux and Stroud (2011). Discovering new opportunities and manage and eliminate threats that are present in the company and the surrounding market. SWOT is a valuable technique that leads to a better understanding of the strengths, weaknesses, opportunities and treats both internally and externally. The strengths and weakness are to be considered internal factors and opportunities and threats to be e...
Kotler, P. & Keller, K.L., (2009), A Framework for Marketing Management. 4th edition, Pearson Prentice Hall: USA
This work will determine the baseline of the current market situation for the company, which is essential for any further exercise and analysis. To understand how the business model correlates with the product marketing, need to see if there is any evident cause-effect relationship between product characteristics and the nature of the product company. If such correlation exists, it will be important to see the transition of such characteristics into the company marketing strategy. It can show how company’s strategies can be successfully addressed in a real-world scenario. Both internal and external analysis, SWOT matrix will help to determine the company’s current market position.
The system adopted by 7-eleven maximizes the threat for new entrants. That’s means that threat of new entrants of 7-Eleven is low. It is because 7-Eleven has already reached economies of scale through maintaining a strong customer base and brand loyalty. Over the years, 7-Eleven has increases their customer and brand loyalty. The access to latest technology and capital investments in the same ensures that the barrier for entries for new entr...
The ease with which firms can enter into a new market or industry is a critical variable in the strategic management process. In some industries the barriers to entry are minimal. In oth...
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.
Strategy has been defined by Proctor (2000) as the process through which an organization develops and plans its goals and then achieves it. This means that a strategy includes both planning and implementing. Going further into the paper then, another important element of strategy, evaluating will be studied. The successful implementation of the marketing mix leads to satisfaction of customer wants and needs and increases the likelihood of achieving an organization’s objective in the market place. In recent years, relationship marketing has come to the fore as strategic alliances and networks involving firms working together towards shared goals has become more fashionable (Proctor, 2000). The aim of this entire process employed by a business organization then is to be able to gain competitive advantage in the market place. In the real, practical world, a business organization is usually set up with a profit and an ongoing motive. No business organization wants to just serve to ...
BURTON, A., BOSNER, P., & ATTNER, R. F. (2005). Marketing product strategy. Dallas, Tex, The District.
Kotler, P., & Keller, K. (2012). A Framework for Marketing Management (Fifth ed.). Harlow: Pearson Education Limited.
... P.H. (1988). Marketing Management: Analysis, Planning, Implementation and Control. (6th ed.). Prentice-Hall: Englewood Cliffs.
The main objective of starting a business is to gain customers and it is the most crucial part in the success of running a business. In order to thrive into today’s’ economy, the new chocolate company in the UK will need to use marketing as a tool of gaining new customer and retaining the existing ones (Speshock, 2010). Thus, marketing remains to be the main backbone of new and existing businesses successes. Apparently, there are several basic concepts of marketing, which are commonly used by numerous marketers of goods and services. These concepts of marketing comprise of the sellers, consumers, the product development, the market research, product positioning, the product image, the product concept, and the brand loyalty. These concepts combined with the marketing boundaries help in determining the consumer behavior on the product under marketing. On the other hand, it is important to state that the marketing concepts dictate that the success of a firm often depends with the marketing efforts that a firm employs (D’Aveni, 2007)...
Kotler, J., & Keller, K. (2012). A framework for marketing management. Essex: Pearson Education Ltd.
This distribution is intensely affected by the relative adjustments society offers to such exercises. This infers strategy can impact the allotment of business enterprise more successfully than it can impact its supply(Baumol, W. J. (1990).My company would be shaped in such a way that adds value to the entrepreneur who put in lot of faith and made his best efforts to serve the consumers with the quality products.
MASSAD, N., HECKMAN, R. & CROWSTON, K. 2006. Customer Satisfaction with Electronic Service Encounters. International Journal of Electronic Commerce, 10, 73-104.