Justify your answer with reference to Novartis, Google and/or other organisations that you know (40 marks) Diversification can be defined as the practice under which a firm enters an industry or market different from its core business. This shows relevance in regard to a company’s corporate strategy, as it is the change in the company’s direction of business. The company is wishing to diversify their methods whether that is the product, market or service. A business strategy is the means by which it sets out to achieve its objectives, it can be described as a long-term business planning. The definition would describe growth as the process of improving measures of an enterprise’s success.
Firms that own or have assured sources of supply have an important advantage, especially in times of short supply but Big firms on the otherhand often control their own sources of supply. control of good locations can often and sometimes frequently be important resources in reaching some target
Benchmarking is “discovering how others do something better than your own firm so that you can leapfrog the competition” (Kerin, Hartley, Berkowitz, Rudelius, 2006). Using the frequent purchase program, Kudler can collect new data from its customers. Through the use of market surveys, similar to the 2006/2007 market survey, Kudler will be able to determine what its customer catering needs are, if there is a demand for it, the types of pricing the customer would find acceptable and ways in which to promote it, in addition to adding to its marketing mix (also known as market orientation). As with market surveys, Kudler can conduct research on the types of food available on the market and determine what new products are popular with consumers through its food marketing trends studies. Pricing Kudler wishes to offer competitive pricing relative to other caterers.
A high need for power is more important for first-line managers than it is for top managers. True False 13. The extent to which a manager has a strong interest in performing challenging tasks in order to meet his or her own standards of excellence is said to have a high need for affiliation. True False 14. A personal conviction about lifelong goals or objectives is called a terminal value.
However, the amount of capital can be limited thus using appropriate budgeting concepts will help narrow down the risks. Arguably, some of the most popular methods of capital budgeting are Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Cask Flow (DCF) and payback period. Businesses tend to struggle to minimizing expenses to improve the bottom line because some of these expenses are needed to ensure that certain operational goals are met, i.e., overhead and advertising. Establishing a culture of employee engagement and allowing employees to articulate their ideas can help in reducing these costs. To encourage the employees to come up with innovative ideas, a quarterly price by way of a $25.00 gift card will be given to the employee with the best idea.
This will include a SWOT analysis and a synopsis of the most competitive brands vying for market share with Fitbit Ultra. Analyzing the target markets and their potential for best customer impact is explored as well. The report will explore branding and services regarding the Fitbit Ultra and the website Fitbit.com. Pricing is a vital component of any market report, so details will be presented with promotional information followed by marketing potential. Concluding information and recommendations will summarize the outcome of this research project on the Fitbit Ultra.
Without prior market penetration of an organization’s competetitors, the usefulness and effectiveness of properly marketing a new product or service can be quite burdensome. This is due to the fact that an organization runs a major risk of constantly striving to maintain its customer base, as the new type of product or service has not yet been introduced into the maintstream. Additionally, pricing may be an issue based upon: Should pricing be very low to attract new buyers?, or Should pricing be set high to offset initial entry into a new marketplace? These are the questions that an organization must face, but for the most part, being a
------------------------------------------------- Identify and evaluate marketing opportunities Assessment Task 2 Financial Review Dell case study 1. List ways that Dell conducts research on its customers to continually improve products and services. The most important research is market research. They are using Dell.com so they could interact with their customers. The interactive process gives Dell critical data about how customers feel about products and what they would like products to do.
A merchant interested in using the services of Groupon had to sign up for promotion with Groupon. Once the logistics were decided the deal would be activated only if the number of buyers reached a minimum tipping point set by the merchant. This reduced risk for retailers, who treated the coupons as quantity discounts and sales promotion. However, the problems with this outweigh the benefits it offers. First, most of its customers are small companies.
In many instances, no single location may be significantly better than the others. There may be numerous acceptable locations from which to choose, as shown by the wide variety of locations where successful organizations can be found. Furthermore, the number of possible location that would have to be examined to find the best location may be too large to make an exhaustive search practical. Location Criteria can depend on where a business is in the supply chain. 3.