M1 - Explain how promotion is integrated with the rest of the marketing mix in a selected organisation to achieve its marketing aims/objectives. Businesses may have several marketing aim and objectives which are met through the integration of marketing techniques e.g. promotion and the marketing mix. Companies like M&S operate on a global basis therefore their aims and objectives may differ for regions, however the main aim for each company would be to inform the market, increase demand and differentiate the product/service. Marketing objectives of Marks and Spencer is to ensure consumers are better informed about the products/services they provide.
•Innovation - We spot consumer and customer needs and meet them with simple, creative solutions. •Vision - We define a compelling, sustainable future and create the path to achieve it. •Results - We deliver on commitments, take accountability and balance the short- and long-term. •Integrity - We always tell the truth, act with the highest ethical standards and ensure that our products are of the highest quality. My Thoughts on Heinz Mission statement and Values- In the Consumer Packaged Goods industry (CPG), I believe you have to be dedicated to the health of the people that you provide the products for and to so you can always make sure that these people are given what they want and need.
I also believe that by following my recommendations, Barilla will succeed in influencing its distributors and Sales personnel to work together and implement the JITD program. This will not only result in better performance in terms of time and money but also promote trust and good relations among all the partners in the supply chain. 2. Identification of the problem Barilla is suffering from what is known as Bull whip problem- high inventory, -magnification of demand variability across the chain-frequent promotion – only one way of flow of information. • Promotions: Barilla’s sales strategy relied heavily on the use of promotions, in the form of price, transportation and volume discounts.
It involves training for product knowledge, and developing brand awareness. *Meet customer needs and satisfy them. Need customer feedback, trends, sales patterns and demographics. Customers’ data and buying power. Price *Improve competitiveness in pricing with a totally different strategy or approach than competitors.
This is a more apropos take on the concept of integrated marketing communication. Integrated Marketing Communication (IMC) is more than just putting pieces together; it is for lack of better terms a ‘movement ‘and focus within the company. Integrated Marketing Communication (IMC) is important to the success of any business. Through ICM, businesses’ respond to feedback from their customers. Feedback is gotten from surveys, sophisticated tracking of purchases and other ways of determining customer satisfaction.
ERP system improves Inventory control by offering real-time information on finish good inventory allowing manufacturing and planning to evaluate customer demand. Moreover, ERP system provides data which can further be analyzed to gain more grip on high-moving vs. slow-moving products to minimize the stocked inventories. ERP system improves Material control by providing updated prices on materials which can be leveraged to negotiate better pricing from vendor, therefore directly impacting the company’s bottom line. Moreover, ERP provides more visibility on DOH on storage of raw materials, where this information can be utilize to deploy VIM process to reduce DOH for raw materials. Enabling business to reduce cash-to-cash cycle time.
Following the corporate strategies and based on relevant strategic management theories and concepts, this report will analyse the company’s current strategies on expanding in the US market. Additionally, the report will show the competitive advantages and disadvantages of Tesco in the US market. Finally, this report will draw a short conclusion and make brief recommendations for Tesco. Table of Contents Introduction 3 1. Overall business of Apply company 4-5 2.
What are the possible advantages of investing in the R&D center for advanced technologies? Discuss the implications, considering the changing perceptions and demands of consumers. The possible advantages of investing in the R&D center for advanced technologies are: improving profitability, differentiating from competitors, improving the quality of products, getting products to market more quickly, anticipating changes in the market (e.g. obsolescence of a product) and strengthening the brand. Through R&D, production costs can be significantly reduced to offer competitive pricing and/or increase profitability.
Factors that have been particularly favorable to Marks and Spencer in diversifying its retail businesses into financial services (lending, pension, life, assurance etc.) , • Good image and reputation of the company. A company's image is what makes it stick in the minds of potential customers. It's so important because your image instantly tells all your customers and vendors what kind of company you're running. If your image is excellent, it will make your company stand out from its competitors.
The rationale behind implementing such a marketing strategy is that the company can better satisfy the needs of segments of similar customers. It can design slightly different products for different segments and match promotion to the customers. By better satisfying the needs of each segment, the company achieves higher performance. One of the characteristics of a marketing plan is its marketing mix. The plan specifies a strategic mix of price, product, place and promotion that matches the characteristics of each market segment.