Strategic Plan Paper: Riordan Manufacturing, Incorporated Team A Strategic Plan Paper: Riordan Manufacturing, Incorporated Global organizations have complex structures because operations span beyond their domestic markets and into the international marketplace. This global marketplace affects how organizations conduct business because of varying differences and needs in economic, technological, political-legal, and sociocultural forces. Organizations then must balance these external factors by strengthening their core competencies. Strategy planning is the means for organizations in realizing goals while considering the factors that affect their businesses. Riordan Manufacturing, Incorporated is a global organization planning for sales
How does the type of buyer or consumer affect marketing strategy? As part of your response, consider the characteristics of buyers and the factors that influence their purchasing decision. How can an organization ensure that their market strategy is appropriate for their target market? MKT 421 Marketing Week 3 DQ
1. Explain the importance of international business activity to large corporations. What are the types of opportunities sought by aspiring multinational companies? What are the risks faced by these companies, which are specific to the international nature of their business activities? a.
Riordan Strategic Plan Team C MGT/498 November 20, 2013 Instructor Riordan Strategic Plan Strategic planning is necessary for a company’s growth and success. Businesses clearly must define company goals and conduct extensive research to get a grasp of industry trends, which allows them to take advantage of available business opportunities. They can achieve this by carefully analyzing a particular business industry, and an honest assessment of their company's strengths and weaknesses in meeting the needs of the industry. The strategic plan will allow Riordan Manufacturing to focus on a particular niche in the marketplace, which makes sales, advertising, and customer management more effective. The plan allows
Define Research Purpose The international sales research is important to the marketing and sales team that works in companies that sell products and services to overseas countries. Due to the cross cultural difference, the research interprets market behavior and helps strategize sales and marketing tactics for the company (Craig, 1999). The research also investigates cultural variation to help the company obtain a larger advantage to sell their product and service to the oversea companies. The Business Problem
Additional info b). Additional info b. Explanation 2. Point (parenthetical documentation) a. Explanation b.
• Identify quantifiable elements that can be used to evaluate, monitor, and control marketing effectiveness. Week Two: Marketing Research • Justify the importance of marketing research in the development of marketing strategy and tactics. • Analyze the importance of competitive intelligence and analysis in marketing. • Identify various segmentation criteria that impact target market selection. • Describe the various types of organizational buyers and consumers and the factors that influence their purchasing decisions.
It can also help us to win over new customers or even create customer loyalty from current customers. We currently have sufficient marketing strategies to increase loyalty and profitability of consumers. However, the organization can create more strategies to have long lasting success. According to "How to Develop Marketing Strategy" (2013), “A carefully planned marketing strategy provides continuous benefits to a company”
Understand some basic issues of relevant-cost analysis (e.g., concepts of sunk costs, differential costs, etc. ; rules for the identification of relevant costs and benefits) 2. Be able to identify relevant costs and revenues in different decisions 3. Understand the concept of opportunity costs 4. Be able to compute opportunity costs in a decision 5.
Increased Profit Opportunities Company S will also increase dealership motivation by providing additional profit opportunities. This includes providing the dealerships with marketing and advertising and sales promotions, as well as offering the dealerships credit terms on their product purchases. Through these opportunities, Company S will strengthen its relationship with the dealerships. Again, the disadvantage is through an increased cost to the company by means of advertising dollars and carrying credit terms. 3.