Approach: As starting point for the integration of business strategy and business .. Business Model Process Insights: reconsideration of relationships, new. a tool for studying the alignment between IT and business strategies (i.e. essay to explain the relationship between power, political skill, and. “Resource strategies are concerned with two-way relationship between overall business strategies and strategies in separate resource areas such as people.
There are different businesses which are focused on particular group of people. Luxury brands like Ferrari, Porsche and Rolex are focussed on affluent customer who can pay premium amount to get the product or service.
Their marketing strategy is to attract particular group of people than the ordinary people.
However, we must always keep in mind that wrong strategy can give completely wrong direction to an organisation and it will be impossible for any organisation to meet its prime objectives. I have prepared slides which I am going to discuss in this presentation. The management of the company formulates the mission and objectives for the company based on the available resources, capabilities and competencies of the organisation. While doing the internal analysis, the management can identify how its strength can assist in achieving its goals and how its weaknesses may hampers the plans.
It is very important for making any good marketing strategy for the company. While discussing on the internal environment, resource based approach will help company to identify its resources and capabilities.
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While making any strategy for marketing, its needs different resources such as tangible and intangible assets like finance, premises, manpower, skills and knowledge. These resources will assist the company to react in the dynamic condition.
This will help company to exploit the opportunities available in the market. If the company doesn't have enough funds to invest in new project or doesn't have skilled manpower to identify the opportunities available in the market, then the company faces problems of growth and expansion.
Similarly, it helps to identify how rare the company strategy is and whether it can easily be copied by the competitor. These types of things are analysed during internal environment analysis. Similarly, it is considered vital to do value-chain analysis. There are two types of value chain- industry value chain and company's internal value chain.
In this assignment company's internal value chain is considered as important and discussed. There are four steps while evaluating the company's internal value chain which are identification of value chain, determination of strategic activities, tracing costs to activities and improving the management of value chain activities. In first stage, different activities that create value to the company like structural, procedural and operational activities are identified. In second stage, among the different activities only the activities which are strategic are chosen.
Company try to find out the opportunities which it can exploit to create value to future customers. In the third stage, different accounting techniques are assigned to trace cost to different activities on the value chain.
In the final stage, company try to manage different activities of the value chain in order to reduce cost and be better than the competitors. External environment can be divided into micro and macro environment.
I have used the PESTEL political, economic, social, technological, environmental and legal framework to discuss different factors. Political factors include the political stability in the country, stability of the government, government policy and programmes that affect the businesses. Different political parties in the country have different political agendas and often formulate different policies when they are in the government which may affect the existing or new investments.
Along with political factor, economic factor is also key in determining the marketing strategy for the company. There are different aspects like basic wage rate, personal income tax and corporation tax, inflation rate and economic growth rate of the country. Technological factor is also considered as very important. Technological development has made life very easy and competitive. If we want to concentrate on marketing, there are different modes of marketing in current days. Company can do marketing through internet, mobiles along with classical means like newspaper, television and radio.
Environmental issues are also considered as very important factors. Environmental conservation group must be kept happy while implementing different plans. Different regulations must be followed. Legal factors are also considered important. There may be change in different rules and regulation which must be updated while making strategy. There may incur heavy penalty if company doesn't comply the rules and regulation. Microenvironment of the company is another important factor to affect the company's marketing strategy.
Customers, suppliers, intermediaries, public, competitors and components need to be analysed during the analysis of microenvironment. Customers are the users of the product or service.
They should be provided the correct information regarding the product or service. Suppliers need to be kept happy. Different Medias are the suppliers during the marketing. They need to be paid on time. There are other intermediaries like agents who help to link the company with suppliers and customers. Along with this, there are public who are interested in the company's investment towards society and community. They expect them to react in most ethical way explaining their financial status, debt structure and liabilities.
Customers often come with different product and services. There are other components like culture and traditions, values and beliefs that are existing in a particular community or geographic location which need to be considered while marketing. In the next slide I am going to discuss on the analysis of the competitor.
In the first stage, it is essential to identify who are the competitors in the market selling similar product or service. Then on the next two stages, the competitors that are in the market and new competitors that are coming in the future are analysed.
After that they are ranked according to their effect to the company. In the next stage, the analysis in the market is done. Finally, company's performance is compared with the most successful competitor in the market.
Both the internal and external environment should be integrated. Strength and weaknesses look after the internal factor of the company whereas opportunities and threats look after the external factor. It is essential to look after the internal factors of the company before determining strength and weaknesses of the company.
Company's management structure, financial capability, operational efficiency and decision making process are analysed. There can be different strength of a company. Multi-skilled staff helps company to perform its work efficiently and effectively. Low cost has always been the strength of any company. Fewer management levels help in quick decision making process.
Enough resources and financial capabilities help company to make new investments There may be many weaknesses in a company which stops company in moving forward. Heavy reliance on external environment is considered as weaknesses.
Lack of competent staff, limited resources, complicated board structure and slow decision making process hinders in moving forward. External factors provide opportunities and threats for a company. Favourable rules and regulations, development of good infrastructure, low competition, availability of resources and big market are some of the opportunities that help company in making new strategy.
Similarly, there can be threats from new entrants and the existing competitors. Change in tax rate, increase in basic pay and environmental regulations are threat for any company. Thus, internal and external environment analysis is very important for good marketing strategy. The Manager, Millie's Cookies From: Market Segmentation is a process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviour that might require separate products or marketing programs Kotler and Armstrong, Since, Millie's cookies are found all over the UK, it is better to segment the customer based on the age group.
Cookies consumption is different on different age group. So, I have tried to segment the consumer based on the group. Different age group like children, youth, adult and old is made. Target Marketing is a process of evaluating each market segment's attractiveness and selecting one or more segments to enter Kotler and Armstrong, It is not possible for the entire segment to accept one strategy.
Only a particular segment can be targeted to focus. I have tried to focus on children who are easily attracted towards sweet things. It is the process of arranging a product to occupy a distinctive, clear, desirable place relative to competing products in order to increase sales. I suggest reducing the price of the cookies to make it more affordable to children and include some attractive toys and sweets in the product. It focuses on customer acquisition, retention and extension.
Since acquisition of children as customer is easy due to sweet taste of the cookies they can be retained by reducing the price as they don't have enough money. Product Innovation and Development: It is another important strategy in marketing. Children can be attracted towards the product by developing more attractive and tasty cookies. Millie's can introduce cup cakes and celebration cakes for birthdays and events. According to American Marketing Association AMA' Brand is a name, term, sign, symbol design or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from other sellers.
It can be the best brand among the children by being more attractive and tasty. Customer can be retained for long time since they keep on buying till they turn adult. Marketing and distribution are two important ways of improving the sales of the company. Marketing can be done by Millis cookies through television especially on Cartoon Programmes which are most watched by Children and through hoarding boards in front of schools.
Some free sample cookies can be distributed in schools, nurseries and children parks. Price should be kept very low so that children can buy cookies with their pocket money.
The first thing is to create a marketing objective that specifies what we want customer to do after they learn from the communication. Different electronic Medias and other means like children books can be used in messaging the product of Millie's cookies among the children.
As discussed earlier, Millie's can do its advertisement in cartoon programmes, fun fares and other children programmes to let children about the product. After choosing a suitable communication vehicle, cost of the process should be matched with the budget and adjusted. In the final step they can make tactical implementation and each communication vehicle is released.
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Frequency of the advertisement in TV can be kept at minimum during the week days and maximum at weekends when children are staying at home watching TVs. When there are many festivals during summer in different part of UK, advertisement can be done on those places.
Communication is to be done at international level to know about different marketing plans operating abroad. Millie's should keep its competitive advantage over its rival by being cheaper and affordable for children. The marketing works should be well operated and properly supervision so that the campaign is on right direction. Measurement of the progress is to be recorded and analysed. Work should be evaluated by using external consultants.
Millie's can invest enough money on marketing campaign in television and also can use cheap marketing campaigns like distributing free cookies to children in parks and fun fares. If we look at the external environment, it seems much favourable in the UK.
People are affluent can invest any amount on food and luxury items.
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Children are free to choose their food which helps adopt the marketing strategy. Although cost of advertisement in TV is high in the UK, they can use alternative means like hoarding boards, leaflets to let people know about their product.
Similarly, Millie's have enough resources and skilful people to carry out the marketing process. The decision making process is quiet easy due to small team in management. Quick decision saves extra cost and prevents the loss of opportunities. If the above marketing strategy is implemented by the company, then, the company can achieve its objective within very short period of time. It can have a competitive advantage over its rivals.
Core competencies of service firms a framework for strategic decisions in international markets. Journal of Marketing Management. Strategic Marketing Plan Audit. It has been defined as: All those activities affecting the behaviour of individuals in their efforts to formulate and implement the strategic needs of business. The pattern of planned human resource deployments and activities intended to enable the forms to achieve its goals. They also point out that strategy is not the same as strategic plans.
Strategic planning is the formal process that takes place, usually in larger organisations, defining how things will be done. However strategy exists in all organisations even though it may not be written down and articulated. In this assignment i would like to take a sporting organisation to explain or rather take as an example to understand the strategic human resource management.
C is among the best football clubs in UK. It is based in Holloway, North London and was founded in The strategic management of the managers over the league is a tough job. But since the football club has influenced the population in the country, it is not that too much pressure to take some actions to bring back the capital they spent.
The arsenal fc increases their profit that is clearly driven by sales of the new driven by sales of the new development Resource based strategy To a big part, the philosophy and attempts for the strategical management of the human resources is based on resource based View. This points to the fact, that the reach of the resources in an organization, including the human resources which originates her own unique character and a competitive advantage. These resources and capabilities can be viewed as bundles of tangible and intangible assets, including management of a business skills, procedures and organizational routines, and information and knowledge control.
Core competencies Core competences can be defined as opportunities to accomplish competitive advantages in the environment of firms. The first point for the analysis of competences keys is to acknowledge that the competition between firms is so much a running for the strengthening of knowledge, as it is the position of market and a power of market.
The senior managements cannot concentrate on all activities of the firm and necessary competences to undertake. So, objective of the management is to draw attention to competences that really to influence competitive advantage. Core skills are not considered stable.
Core skills should be changed in reply to changes in the environment of the company. Should Be bendable and change over time. As a business evolves and adapts to new conditions and opportunities, so Core competencies will be updated and changed. Dynamic capability can help in Social organizational skills like helping in activities of new pattern, spotting dysfunctional practice and avoid tactical blind spot.
Shuen,"Dynamic Capabilities and Strategic Management. Way of developing Staffing policies: Targeted training and development: The three main approaches are summarized below. High-performance management High-performance management practices include rigorous recruitment and selection procedures, extensive and relevant training and management development activities, incentive pay systems and performance management processes.
High-involvement management As defined by Benson et al For good hr strategy these hard and soft elements are very important. Also when considering how to integrate business and HR strategies it should be remembered that business and HR issues influence each other and in turn influence corporate and business unit strategies.
It is also necessary to note that in establishing these links, account must be taken of the fact that strategies for change have also to be integrated with changes in the external and internal environments.
Fit may exist at a point in time but circumstances will change and fit no longer exists. Human resource strategy is vital element to the business strategy and also vital element of the resource base. Every organisation runs two strategies side by side long term and short term. Long term strategies has direct link with the organisation's objectives and future aims and short term strategies are there to achieve the desired goals in the changing environment or deviation from the organisation's goal.
H R strategy can be divide in three basic elements Staff as a resource In other words staff as a resource is called the hard approach it's all about how staff are deployed, supervised, controlled and motivated in the organization through systems and process. It helps in classify the people based core competence for possible future strategies also target setting and performance evaluation of individuals. It's about recruitment and retention also about training and development.
Reward planning connected to group and working in delivery tactic. Organisational Culture Culture is about how the organisation organises itself, it's rules, procedures and beliefs make up the culture of the company.