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Dec 11, 2017 Job Essays,
Business Plans - The Basics of Job Essays, Creating a Business Plan. A business plan is a vital tool for any business. If you operate or plan to operate a home business, the more you know about Daily Template - Bricolagemagazine.com, business plans the Job Essays, more likely your business will succeed. This article discusses what a business plan, why you might need one, and Daily Balance Sheet, how to Job Essays, write a business plan. Daily Sheet Template - Bricolagemagazine.com? A business plan is Job Essays, a document that is Balance Sheet Template - Bricolagemagazine.com, a valuable tool that can act as a blueprint for Job Essays, your home business. Construction Manager Sample Format In? Business plans are essential for Job Essays, getting a business loan, but they#39;re also important even if you don#39;t need outside funding for Collection And Customer Satisfaction Survey, your small or home business. What Types of Job Essays, Business Plans are There? Formal business plans are detailed documents, usually prepared for Costs, the primary purpose of securing outside funding for Job Essays, the business. Template - Bricolagemagazine.com? Informal business plans are road maps of the business that may only consist of Job Essays, handwritten notes that act as a guide to Balance Sheet - Bricolagemagazine.com, the owners of Job Essays, a business in Power Forms In Pdf, day to day operations and in Job Essays, planning expansions.
Whether formal or informal, when properly written and Collection Agencies And Customer, maintained, business plans provide a means to help you stay focused. Job Essays? If you intend to Budget Budget, secure outside funding for Job Essays, your business, you can expect a business plan to be a requirement. Of Attorney Forms? However, even if you#39;re starting small or have your own resources to fund your business, informal business plans can greatly improve the Job Essays, chances that your home or small business will succeed. Of Attorney Forms? They also provide a blueprint for Job Essays, growing your business. The US Small Business Administration (SBA) estimates that as many as 90 percent of all small businesses fail in Destiny - The Last Revolver Free Template, the first two years. Job Essays? Those statistics can be very frightening. After all, why would you want to spend a lot of time and Estimating And Managing, effort as well as risk your own money when there is only one chance in Job Essays, ten your business will survive? Keep in Agencies Survey, mind that a large proportion of those who start a small business don#39;t know how to Job Essays, plan. They may also not be willing to Costs, take the Job Essays, time to learn how to write a business plan and keep it up to date. While you might be able to Family Budget Forms, succeed without one, being armed with information on how to write good business plans will give you a considerable leg up in Job Essays, starting a business, keeping it operational, managing your money, and Notice Letter Examples | Free, cultivating business growth. Can I Write the Business Plan Myself?
The answer to this question depends on two key factors: Is the business plan for Job Essays, internal use or external use? If you merely want to create a road map for yourself you probably don#39;t need to hire a professional to create it for you. Family | Monthly Budget Forms? If you#39;re trying to Job Essays, secure outside funding, professionals who write business plans for a living bring a lot to the table even if you only Notice Letter | Free & Premium, get outside help to Job Essays, review the plan to make sure your bases are properly covered in Destiny Word Paper, the document. Additionally, business plans need to Job Essays, be edited and Construction Example Sample Simple Format In, proofread for Job Essays, grammar and good sentence structure.
Well-written business plans increase the Weeks & Premium Templates, chances of Job Essays, securing needed outside funding. How are your writing skills? If you#39;re a good writer you can probably write a business plan yourself, at A Free Printable Card In Your least with some assistance. Job Essays? Software and Manager Resume Example Sample Simple Resume, samples are available to Job Essays, help prepare business plans. - Bricolagemagazine.com? Additionally, the SBA is Job Essays, a terrific resource for Weeks Notice Examples | Free Templates, guiding you through the Job Essays, process. If you haven#39;t already, you#39;ll want to Power Of Attorney, take their online Develop a Business Plan Workshop to get started. You#39;ll find that the outline presented in this course varies from what the SBA now recommends on their website, but the Job Essays, information contained within the Last Word Paper Free, plan is the Job Essays, same. While you can easily learn how to write a business plan yourself, you will still benefit from having someone else read through your plan and you may still need outside assistance, such as a CPA to A Free Printable Business Fill On, create your financial documents and/or a market research firm to Job Essays, develop statistics about your markets.
Whether you decide to Resume, hire someone who writes business plans, write it yourself or use software, you still need to Job Essays, take an active role in Resume Sample, the process. Whoever writes your plan needs accurate information for each section of the Job Essays, document and a clear understanding of your business. Agencies And Customer? To a large degree, this is Job Essays, information only you can provide. Collection And Customer? Gathering the Job Essays, information is also of Printable Business Card Fill In Your, great benefit to you because it helps you understand your business and what you need to Job Essays, do in Download A Free Printable Fill, order to Job Essays, succeed, and Last Free, it gives you a clearer picture of Job Essays, your competitors and Weeks Examples & Premium Templates, your market. The added benefit of Job Essays, being prepared to Collection Agencies, provide the Job Essays, information needed to write your business plan is 9+ Two Templates, that the Job Essays, more accurate and detailed the information you provide, the lower the Daily Balance Sheet, cost of having the business plan written by Job Essays, someone else for a fee. Download A Free Printable Card Details? What you should include in your business plan may vary somewhat, based on the type of business you#39;re operating and the purpose of the plan itself. While general guidelines are available, if the plan is Job Essays, being written primarily to Construction Resume Example Resume Format In, secure outside funding, such as a small business loan, it#39;s not a bad idea to Job Essays, see in advance if the 10+ Sample | Monthly, financial institution has any specific requirements it likes to see in Job Essays, its loan applications and Destiny - The Paper Model Template, business plans. If the business plan#39;s purpose is primarily for your own use or the financial institution has no specific requirements, the Job Essays, SBA is an excellent unbiased source of what should be included when developing a business plan.
In a way, they are biased because they act as guarantor of many small business loans, but their suggested business plan outline is an Construction Manager Example Sample Simple Format In, excellent place to Job Essays, start and is included on 10+ Sample Family Forms, the next page, How to Job Essays, Write a Business Plan. Participate in the Business Plan Poll. Poll Question: Do You Have a Formal Business Plan? I have a formal business plan that I created I have a formal business plan created by Resume Resume Format In, others I don#39;t have a formal business plan yet, but I#39;m working on Job Essays, one now I don#39;t have a formal business plan yet, but I#39;ll probably prepare one in the future I don#39;t have a formal business and I don#39;t plan to create one. Next: How to 9+ Two Weeks Notice, Write a Business Plan.
While informal business plans can be written in any format and in any order you like, a formal business plan that will be used to Job Essays, request funding for your small business should be written in a format that is familiar to A Free Printable Card Fill Details, the financial institutions, private investors and government agencies that will be reading it. For the purpose of Job Essays, explaining how to Letter Examples | Free & Premium Templates, write a business plan , this article provides an Job Essays, overview of the Sample Simple Format, business plan sections included in Job Essays, a formal business plan as espoused by Download A Free Card On, the U.S. Small Business Administration (SBA). Each section includes a link to more detailed information on that section that will help you as you set out to write your business plan. Job Essays? Even if you are having someone else write your business plan, knowing what#39;s expected in Sheet - Bricolagemagazine.com, advance will help save you time and money in writing your business plan. How to Job Essays, Write a Business Plan - Outline. Executive Summary – A high-level overview of the Power Of Attorney In Pdf, document that is placed first in the finished document but that needs to be written last. Company Description - A high level look at how all of the different elements of your business fit together. Products or Services - Information on the products or services you plan to Job Essays, offer and Destiny - The Last Word Revolver Paper, how they compare to Job Essays, your competitors products or services. Estimating? Market Analysis – A description of your market, your niche, and Job Essays, the demand for your product or service (supported by documentation).
The percentage of 10+ Sample Family Budget Forms, market share you envision and conclusions of any marketing research data. Marketing and Sales Strategies – How you will promote your business, how you will get your product or service to Job Essays, your customers, the costs for distribution and 10+ Sample Family Budget Budget, promotion, and Job Essays, how you will measure the Download A Free Printable Card Fill In Your Details On, effectiveness of the Job Essays, methods you plan to Balance Template - Bricolagemagazine.com, use. Job Essays? Organization and Collection And Customer Survey, Management – The legal structure of your business (sole proprietorship, LLC, C corporation, S corporation, etc.), who your key players are, who is responsible for Job Essays, what and Power In Pdf, how much they will cost your business. Financial Data – Your balance sheet, a breakeven analysis, an income statement and a statement of Job Essays, cash flows. You#39;ll want to include both historical financial statements and forward-looking financial statements. Estimating And Managing Costs? Funding Request – This is the Job Essays, section when you#39;ll be requesting funding for Construction Manager Example Sample Resume Format, the business. If you are not seeking outside funds right now, you can leave this section out. Job Essays? Appendix – Contains supporting information, such as resumes, details of market research findings, estimates, and all other documentation required to Of Attorney Forms In Pdf, support what#39;s contained in Job Essays, the body of the business plan. And Customer Satisfaction? As you can see, this is, in Job Essays, large part, the 9+ Two Letter Examples Templates, information you should have gathered if you completed my 10 Steps Before You Start a Home Business. If you completed that exercise and Job Essays, collected some notes, you may already have a fair amount of Costs, information needed that you can plug in when you or someone else write your business plan.
What Happens Once I Write the Job Essays, Business Plan? Your business plan is Sheet - Bricolagemagazine.com, a valuable reference. Therefore, it needs to be a living document. Job Essays? Once you#39;ve learned how to Family | Monthly Budget Forms, write a business plan, keeping it updated should be easy. Job Essays? As you operate and grow your business, it#39;s nearly certain that you will make adjustments to how you do business, make decisions on Destiny, which additional products or services to Job Essays, offer and/or which to discontinue, change how you market or distribute your products or services, and discover ways to improve how your business is run. Collection Agencies And Customer Survey? Keeping your business plan current offers some important benefits, such as: If you ever need to Job Essays, apply for Last Revolver Paper Model, additional funding through either SBA loan programs or other sources of private funding, up-to-date information will already be available. When it comes time to Job Essays, submitting updated business plans, you#39;ll save time and 10+ Sample | Monthly Budget, money.
It forces you to Job Essays, revisit the Construction Manager Sample Simple, document, which helps keep you focused on what#39;s important to the success of Job Essays, your business. How Often Should I Update My Business Plan? You can either update your business plan on Daily Balance - Bricolagemagazine.com, a schedule, such as quarterly or twice annually, or you can update it on a real-time basis – as changes occur. Keeping business plans updated in real time may seem like a nuisance, but it#39;s really ideal. Job Essays? It allows you to Collection And Customer Satisfaction, act quickly when you need funding or if you need to Job Essays, sell your business and Estimating Costs, it makes your business plan more useful as a road map because it keeps you on Job Essays, top of 9+ Two Notice Templates, things at Job Essays all times. And that#39;s where you need to 10+ Sample Family Budget Budget, be to Job Essays, improve the Destiny Last Word Free Template, chances that your home business will succeed and Job Essays, grow.
Growing your business will become more and Business In Your On, more important as your business matures. Job Essays? Learning how to Daily, write a business plan can be a very valuable experience for Job Essays, you and Destiny - The Free Template, your business. Job Essays? It will also make the task much easier when it comes to 9+ Two, keeping your business plan updated, or, if like many entrepreneurs, you decide to Job Essays, start a second small business. Poll: Do You Have a Formal Business Plan? I have a formal business plan that I created I have a formal business plan created by Last Word Revolver Paper Model, others I don#39;t have a formal business plan yet, but I#39;m working on one now I don#39;t have a formal business plan yet, but I#39;ll probably prepare one in Job Essays, the future I don#39;t have a formal business and I don#39;t plan to create one. Discuss Business Plans in 9+ Two Examples | Free Templates, the Forum.
For those of you who would like to go into a bit more detail on how to Job Essays, write a business plan or voice your ideas, suggestions or frustrations with writing business plans, I welcome you to participate in Construction Example, the discussion on Job Essays, this topic in Estimating, the Business Plans folder in the About Home Business Forum.
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Dec 11, 2017 Job Essays,
Analysis Of Strategic Marketing Of Abc Company. ATHE Level 6: Diploma in Management. Analysis Of Strategic Marketing Of Abc Company. 1.1 ROLE OF STRATEGIC MARKETING IN AN ORGANISATION. 4.
1.2RELATIONSHIP BETWEEN THE CORPORATE STRATEGY AND MARKETING STRATEGY 4. 1.3PROCESS OF FORMULATION OF MARKETING STRATEGY 5. 1.4 DECISIONS AND CHOICES AT CORPORATE LEVEL 6. 1.5DECISIONS AT BUSINESS AND FUNCTIONAL LEVEL 7. 1.6 COMPETITIVE POSITIONING OF AN ORGANISATION 8. 1.7 CONCLUSION 9. 2.1 INTRODUCTION 10.
2.2 INTERNAL ENVIRONMENT ANALYSIS 10. 2.3 EXTERNAL ENVIRONMENT ANALYSIS 10. 2.4 INTEGRATION OF INTERNAL AND EXTERNAL FACTOR 12. 3.1 INTRODUCTION 13. 3.2 MARKETING STRATEGIES THAT CAN BE ADOPTED BY A COMPANY 13. 3.3 ANALYSIS OF MARKETING COMMUNICATION STRATEGIES 14.
3.4 APPLICATION AND IMPLEMENTATION OF MARKETING STRATEGIES 14. 3.5 CONCLUSION: 15. In this part of the assignment, I am going to write about key principles of strategic marketing and its relationship with overall corporate strategy. I will also try to find out Job Essays, how it helps an organisation to 10+ Sample Budget | Monthly Budget Forms achieve its prime competitive objective over its immediate rivals. Job Essays! This will cover learning outcome of section 1 and 2 and all its respective assessment criteria.
1.1 ROLE OF STRATEGIC MARKETING IN AN ORGANISATION. According to Kotler et.al (2012. Pg38), 'Strategic planning is the process of Manager Example Sample Simple Resume, developing and maintaining a feasible fit between the organization's objectives, skills, and resources and Job Essays, it's changing marketing opportunities'. In fact, strategy is a long term plan of an organisation in Download Business, order to meet its objectives. The market is very dynamic. Different products and services are developed by Job Essays, different organisation in order to provide best service to the customer. Strategic marketing will try to help any organisation or companies in 9+ Two Weeks Notice Letter Examples, developing product or service according to the changes that are occurring in the market. Customers demand and choices change more often. Job Essays! Due to several internal and external factors, the A Free Printable Card Fill In Your Details On, business environment change. In those conditions, strategic marketing is concerned on performing better in the changing condition rather than increasing its sales or revenue figures so that it can have long term effect in the customers.
Quality of products or services that is Job Essays provided to the customers in tough time is the factor that helps to determine the And Managing Costs, future of the company. Strategic marketing is focused on establishing a long-term relationship with its customer rather than selling the product for just once. Customer retention and Job Essays, developing a loyalty with the brand will ultimately help in boosting the revenue and profit of the organisation which ultimately makes the And Managing Costs, shareholders and other stakeholders happy. Stakeholders need to be kept happy in Job Essays, order to introduce new business plans and to continue the Download A Free Printable Business On, growth. 1.2RELATIONSHIP BETWEEN THE CORPORATE STRATEGY AND MARKETING STRATEGY. According to Verax Consulting (2011), 'Corporate Strategy at its most basic is like any other strategy-it's a plan or series of plans which are designed to Job Essays achieve some specific objectives or goal.' Both corporate and marketing strategies are vital to an organisation. They often coincide with each other as major focus of marketing includes the strategic planning aspects of developing, pricing and distribution of product. Budget Budget Forms! However, corporate strategy is more concerned with profitability initiatives rather than the product or service development. In general, corporate strategy defines the overall mission of the company. It guides a particular direction for the company in which it should be guided.
Corporate strategies are generally made at the strategic level of the Job Essays, company. As discussed earlier, corporate strategy is focused more on profitability. It includes creating structure for 10+ Sample Family Budget | Monthly Budget Forms the organization, reducing the debt and gearing ratio of the organisation and improving the balance sheet of the company. Similarly, corporate strategy deals with diversifying the product line, merger or major takeovers, introducing new technology in the company, diversifying the business, reduction of overhead cost and production cost and Job Essays, increase in the overall profit margin of the company. However, marketing strategies involves in A Free Printable Business Fill On, making plans of making or selling a product. Marketing strategies revolve around the marketing mix which includes Four Ps. The four Ps of marketing mix are product, price, place and promotion. Considering the marketing mix marketing strategies of the Job Essays, company involves in creating a product which has unique selling benefit.
The product is targeted in a particular geography for 9+ Two Weeks Notice Letter Examples & Premium a particular group of people. Suitable pricing strategy is Job Essays developed in order to maximize the profit of the company. Similarly, different channels are used in selling the product but proper care is taken in preserving the brand image. Different advertising and promotions activities are done using social media to let people know about the Resume Example, new products and brand. There should be proper monitoring from the executive level of the Job Essays, company to know whether the company's marketing strategy are moving with the And Managing, company's corporate strategy. Job Essays! In fact corporate strategy guides the marketing strategy of the company.
Let us take an example of high profile clothing chain Burberry which purchases another retail clothing chain Primark in order to capture both high profile customers and price-sensitive customers. This is the corporate strategy of the company. In Your Details! The marketing department of the company will suggest the management of the company not to merge the Job Essays, two companies but operate separate brands using centralized Administrative services. If the company merge the two products and sell under the same name, it would confuse both sets of consumers and Sheet Template, finally damage the brands. Burberry customers which are usually high profile will hesitate to go back to the store and Job Essays, the Primark customer which are usually price-sensitive assumes that the price has gone up which they cannot afford. Thus, there is a very close relationship between the marketing and corporate strategy of the company.
1.3PROCESS OF FORMULATION OF MARKETING STRATEGY. According to Alex Saez of Demand Media, 'Marketing Strategy formulation is the process of defining an organisation marketing goals and objectives'. The formulators will create a guide through this. In this process they examines the Weeks Notice | Free & Premium Templates, market and use the information received in determining the approaches that should be taken in Job Essays, reaching the clients and Weeks Notice Letter Examples & Premium, encourage them to use the product or service. In the Job Essays, process of formulation of marketing strategy, the first step that should be considered is the determination of what a company or person want to achieve in terms of marketing. Some of the basic things may be to let customers know what the company is - Bricolagemagazine.com selling and Job Essays, how they can benefit by using them. The second step can be the analysis of existing external and internal trends. The internal trend can be the launch of new version of a particular product like Samsung introducing new Samsung S5 mobile. The external trend can be is to 10+ Sample Family Budget analyse how the new version will be able to Job Essays compete in Agencies, the market where there are a lot of Job Essays, similar products. It is Manager Simple In like to analyse how Samsung new version of mobile will be able to compete with new brand of iPhone and Job Essays, Sony Ericsson mobiles. The third step in the process is to assign a value to the outcome of the strategy which is to calculate how much revenue or profit the marketing strategy will be able to generate over Budget | Monthly Budget Forms, a period of time.
If the value is not cost effective, the product may not be suitable for Job Essays the company to produce. Sometime the cost of production of a product or service can be much higher than the revenue. At that time, other alternatives must be chosen. After setting a certain target, each department of the company is given a particular task to Sheet Template - Bricolagemagazine.com identify their role in Job Essays, achieving the strategic goals. This will help company to know what will be the position of the company after the implementation of the strategy in terms of size and Budget | Monthly Budget, revenue.
In final step of the process, all the information that were gathered are analysed and only the strategy that suits and best fits to the company's goals and Job Essays, objectives is chosen. 1.4 DECISIONS AND CHOICES AT CORPORATE LEVEL. Fig: 1.4 Strategic Pyramids (Onproductmanagement.net) In the strategic pyramid of a company, corporate strategy level always comes at the apex of the Download Printable Card Fill In Your Details On, pyramid. At this level, most of the major decisions of the company are taken. Job Essays! Ansoff matrix will help the management level in determining the marketing strategy that the company should adopt. It can be better understood by the following figure. Fig: Ansoff matrix (Source: Business Analysis, ACCA) If the company wants to increase the share in the current market of Costs, its existing product, it can take a strategy to reduce the price of the product so that more people buy it.
Sometimes the company has to go into Job Essays new market with its product to increase its market. Management has to decide on Survey, introducing new product on its existing market whereas sometimes the company has to go into Job Essays new market by developing completely new product. All the major decisions are taken at corporate level. Porter's generic strategy tells how a company compete in the current market. Decisions are made at Agencies And Customer, corporate level in determining which strategy the company should choose. It can be by taking a focus strategy or differentiation strategy or cost leadership strategy.
In focus strategy, the management focus particularly on niche market. They try understanding the dynamics of the market and Job Essays, needs of the customers. Collection Agencies Satisfaction Survey! In differentiation strategy, the strategy is taken in order to Job Essays make the product or service different from the customer. They try to introduce attractive product to the customers. Similarly, in cost leadership strategy, strategies are made in order to reduce the cost of the product and selling at lower price than that of competitors. These type of strategies and decisions are made at corporate level.
It guides the activities that should be performed at business and functional level. 1.5DECISIONS AT BUSINESS AND FUNCTIONAL LEVEL. After the decisions are made at corporate level, it comes to the business level where unlike the | Monthly Budget Forms, corporate level, they focus on Job Essays, particular business. There are different departments like finance, human resources and research who are assigned a particular job to perform. Each of them set their own targets and develops distinctive capabilities and competitive advantage. They try to A Free Business In Your Details On identify the product or market opportunities. The strategies that are made at business level are concerned with whether the operations that are performed at Job Essays, this level match with the overall objectives made at corporate level. Strength, weaknesses, opportunities and threats of individual units are identified at this level and decisions are made. They guide the functional level in performing their duty. Decisions made at functional level are more concerned in managing the functional areas of the company. In fact, functional level is assigned the duty to Template convert the decision made at corporate level and business level into deeds.
There are different departments such as marketing and Job Essays, sales, human resources, research and finance. Each function contributes towards achieving the targets. It deploys specialists within the particular functional areas and integrates different activities within it. 1.6 COMPETITIVE POSITIONING OF AN ORGANISATION. In order to compete in a market, an organisation should have clear sets of goal or objectives. Only clear sets of goals give a proper direction to the company. There are various competitors in the market but the Download Printable Business Card In Your On, company has to build competitive strategy which can give sustainable competitive advantage over the rivals. While achieving the marketing objective of the company, a company faces different types of risks. There are many competitors who are selling the same or similar products or service in the business environment. There are many new competitors in the market who come up with different marketing strategies.
Change in government regulations, tax and other charges, environmental regulation often brings obstacles to the company. The risk should be tried to be minimized or avoided. Sometime the risk can be transferred to other companies like insurance company whereas sometime it has to be accepted. A company can introduce itself in the market by being a market leader. In that case, it has to minimize the price of the Job Essays, product. While doing so, the company may not generate enough profit which affects the 10+ Sample Family, future strategy of the company. In order to reduce the cost of the product, the production cost should be minimized. At that condition, the quality may be compromised which ultimately affect the future of the company.
This strategy is beneficial when there are lots of competitors in the market selling similar product or service. Sometime company has to take some risky approach in Job Essays, order to keep itself in strong position in the competitive market. It has to challenge by going into new market or introducing the new product. Launching expensive gadgets in developing countries seems to be risky but there may be people who can afford the product. In those conditions, company can benefit by challenging the market.
There are conditions when company has to simply follow competitors. They wait and sit until someone goes into new market or produce different product in Collection Agencies Survey, the existing market. Job Essays! Once the strategy seems successful, they come up with their product in the market. They don't want to take risk. Many hospitality business runs on this basis. Similarly, a company can have competitive advantage by focussing on small or niche market.
There are different businesses which are focused on particular group of people. Satisfaction! Luxury brands like Ferrari, Porsche and Rolex are focussed on affluent customer who can pay premium amount to get the Job Essays, product or service. Their marketing strategy is to Construction Manager Resume Format In attract particular group of people than the ordinary people. To sum of the principles of strategic marketing, strategically developed marketing strategies are the building block of overall corporate strategy. Job Essays! 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 am going to discuss on how strategic marketing analysis can be carried out. I have prepared slides which I am going to discuss in this presentation. 2.2 INTERNAL ENVIRONMENT ANALYSIS. At the beginning, on the first slide, I am going to And Managing make an evaluation on internal environment of the company which is considered as a vital for Job Essays making any strategy for a company. Download Business Card Fill In Your On! Internal environment of the company includes the company`s internal stakeholders including employees, shareholders and management.
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 Job Essays, management can identify how its strength can assist in achieving its goals and Costs, 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. While making any strategy for marketing, its needs different resources such as tangible and intangible assets like finance, premises, manpower, skills and knowledge. Job Essays! 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 Estimating And Managing Costs, 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 Job Essays, 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. Sheet! 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 Job Essays the company like structural, procedural and operational activities are identified. In second stage, among the 10+ Sample Family Budget | Monthly Forms, 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 Job Essays reduce cost and be better than the competitors. 2.3 EXTERNAL ENVIRONMENT ANALYSIS. After the internal analysis, it is really important to find out the external factors that affect the company's marketing strategy. External environment can be divided into Examples | Free Templates micro and Job Essays, macro environment.
I have used the PESTEL (political, economic, social, technological, environmental and legal) framework to discuss different factors. Political factors include the Fill Details, political stability in the country, stability of the government, government policy and programmes that affect the businesses. Different political parties in Job Essays, 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 Template - Bricolagemagazine.com, determining the marketing strategy for the company. Job Essays! There are different aspects like basic wage rate, personal income tax and corporation tax, inflation rate and Estimating And Managing, 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. Job Essays! 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. Construction Resume Example Sample Simple Resume! 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 Job Essays be kept happy. Different Medias are the suppliers during the marketing. They need to Budget Forms 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 Job Essays, 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 should be uniqueness in the product in order to create value of the goods/ service which is hard for Example Simple Resume competitors to copy.
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 Job Essays, competitor. In the Weeks | Free Templates, first stage, it is essential to identify who are the competitors in the market selling similar product or service. Job Essays! Then on the next two stages, the Costs, competitors that are in Job Essays, 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 Manager Format compared with the most successful competitor in the market.
2.4 INTEGRATION OF INTERNAL AND EXTERNAL FACTOR. Although internal and external environment are discussed separately, it is not possible to make decision or strategy based on the analysis of only one component. Both the internal and external environment should be integrated. Job Essays! A different framework called SWOT (Strength, Weakness, Opportunities and Threat) analysis is Notice | Free & Premium Templates done in order to find out integration between them. Strength and weaknesses look after the internal factor of the company whereas opportunities and threats look after the Job Essays, external factor. It is essential to look after the internal factors of the Collection Agencies And Customer Survey, 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 Job Essays, a company.
Multi-skilled staff helps company to perform its work efficiently and effectively. A Free Business Fill Details On! Low cost has always been the Job Essays, 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.
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From: ABC Marketing Solutions. Subject: Strategic Marketing Analysis of Millie's Cookies. Date: 24 February 2014. We are very happy to develop a marketing strategy for Millie`s Cookies. In this report, I am going to discuss on how marketing strategies can be used to give greater competitive advantage for Millie`s Cookies. 3.2 MARKETING STRATEGIES THAT CAN BE ADOPTED BY A COMPANY. Since Millie's cookie is one of the best retailers of cookies in London, there are many marketing strategies that the company can adopt to maintain and And Customer Satisfaction Survey, promote its business. It can use STP (Segmentation, Targeting and Positioning) approach. Segmentation: 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, 2012).
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Positioning: 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 Notice Letter Examples & Premium children and include some attractive toys and sweets in the product. Relationship Strategies: it is the strategy to foster loyalty of customer, interaction with them and maintain the long-term engagement. It focuses on customer acquisition, retention and extension. Job Essays! 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 Budget Forms, marketing.
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Marketing can be done by Millis cookies through television (especially on Cartoon Programmes which are most watched by Job Essays, Children) and through hoarding boards in front of schools. A Free Business Card Details On! 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. 3.3 ANALYSIS OF MARKETING COMMUNICATION STRATEGIES. According to Felicia Greene of Demand Media, 'Marketing communication helps to develop brand awareness, which means that consumers translate product information into perceptions about the product's attributes and its position within the larger market'.
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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. Frequency of the advertisement in TV can be kept at minimum during the Letter Examples | Free Templates, 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. Job Essays! 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 Example Resume In, campaign is on right direction. Measurement of the Job Essays, progress is to be recorded and Weeks Notice Examples | Free & Premium Templates, analysed. Job Essays! Work should be evaluated by using external consultants. 3.4 APPLICATION AND IMPLEMENTATION OF MARKETING STRATEGIES. The marketing strategy focusing on Weeks Notice Letter Examples Templates, the children can be applicable for Job Essays Millie`s cookies. Millie's can invest enough money on marketing campaign in television and 9+ Two | Free & Premium Templates, also can use cheap marketing campaigns like distributing free cookies to Job Essays 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. Children are free to choose their food which helps adopt the marketing strategy.
Although cost of advertisement in Download Printable Fill In Your, TV is high in the UK, they can use alternative means like hoarding boards, leaflets to Job Essays let people know about their product. Similarly, Millie's have enough resources and 10+ Sample, skilful people to carry out the marketing process. Job Essays! 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 Balance Template implemented by the company, then, the company can achieve its objective within very short period of time. Job Essays! It can have a competitive advantage over its rivals. Aung. Collection Agencies Satisfaction Survey! et. al .2001. Core competencies of service firms a framework for strategic decisions in international markets. Journal of Marketing Management.17(7/8).pp619-643. Baker,M.2000. Strategic Marketing Plan Audit.
London: Prentice Hall. Etingen, A. 2011.Business Analysis. London: Interactive Worldwide. David, F. R. 2007. Strategic Management Concepts and Job Essays, Cases. 11th edition. Resume Example Sample Simple Format In! New York: Prentice Hall. Porter, M, E. 1988.Competitive Strategy. New York: The Free Press. Jagersma Pieter, K. 2006.
Strategic Marketing and the global banking industry elements of excellence. Journal of Business Strategy.27(4),pp50-59. Kotler, P Armstrong, G.2012. Principles of Marketing.14th edition. London: Pearson Education. Lancaster, et.al. 1998. An empirical investigation into the process of strategic marketing planning in Job Essays, SMEs. Journal of Marketing Management.
14(8)pp853-878. Lee, K Carter, S. 2005. Global Marketing Management: Changes, Challenges. and New Strategies. New York:Oxford University Press Inc. Piercy Nigel,F.2009. Market led Stategic Change.Oxford: Butterworth Heinemann. Porter's Generic Competitive Strategies (ways of competing). 2014. Porter's Generic Competitive Strategies (ways of competing). [ONLINE] Available at:http://www.ifm.eng.cam.ac.uk/research/dstools/porters-generic-competitive-strategies/. [Accessed 22 February 2014].
Porter's Generic Strategies - Strategy Skills Training from Estimating Costs MindTools.com. 2014. Porter's Generic Strategies - Strategy Skills Training from MindTools.com. Job Essays! [ONLINE] Available at:http://www.mindtools.com/pages/article/newSTR_82.htm. [Accessed 22 February 2014]. Prahalad, C.K., and Hamel, G. 1990. Budget | Monthly! 'The Core Competence of Job Essays, Corporations', Harvard. Business Review, 68(3)pp 79-91. Strategy pyramid | On Product Management. 2014. strategy pyramid | On Product Management. Agencies And Customer Satisfaction Survey! [ONLINE] Available at:http://onproductmanagement.net/2011/05/03/understanding-the-strategy-pyramid/strategy-pyramid/. Job Essays! [Accessed 21 February 2014]. Value Chain Analysis. 2014. Value Chain Analysis. [ONLINE] Available at:http://maaw.info/ArticleSummaries/ArtSumDonelanKaplan98.htm. And Managing! [Accessed 24 February 2014] What is Branding and How Important is it to Job Essays Your Marketing Strategy?.
2014.What is Branding and How Important is it to Your Marketing Strategy?. [ONLINE] Available at:http://marketing.about.com/cs/brandmktg/a/whatisbranding.htm. [Accessed 25 February 2014]. What is a corporate strategy? - Verax Consulting. 2014. What is a corporate strategy? - Verax Consulting. 10+ Sample Family Budget! [ONLINE] Available at: http://www.verax-consulting.com/what-is-a-corporate-strategy/. [Accessed 25 February 2014]. What Is Marketing Strategy Formulation? | Chron.com. 2014. What Is Marketing Strategy Formulation? | Chron.com. Job Essays! [ONLINE] Available at:http://smallbusiness.chron.com/marketing-strategy-formulation-46179.html. [Accessed 21 February 2014]. If this essay isn't quite what you're looking for, why not order your own custom Marketing essay, dissertation or piece of coursework that answers your exact question? There are UK writers just like me on hand, waiting to help you. Each of us is qualified to a high level in our area of expertise, and Satisfaction Survey, we can write you a fully researched, fully referenced complete original answer to your essay question. Just complete our simple order form and you could have your customised Marketing work in your email box, in as little as 3 hours.
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