* conduct a PESTLE audit – describe the 6 elements and explain how the market research carried out by John Lewis would be useful when carrying out a PESTLE audit * perform a SWOT analysis - describe the 4 elements and explain how the market research carried out by John Lewis would be useful when carrying out a SWOT analysis * set SMART objectives - describe the 5 elements and explain how the market research carried out by John Lewis would be useful when setting SMART objectives * determine the marketing strategy and tactics (marketing plan) explain how market research will inform this plan * implement the changes * evaluate their effect Part 2 You need to include a section in the report that explains the limitations of the marketing research used to contribute to John Lewis’ marketing plan (M2). You need to explain the limitations below in relation to either business and give examples: * Reliability – would you get the same results from different group? Is it measuring what it claims to measure? How reliable is the research that your chosen business conducts? * Validity
Therefore, when the aggregate demand compared with the economic production capacity is quite low, expansionary monetary policy should be taken into use appropriately. Negative monetary policy is to reduce the level of aggregate demand by cutting the growth rate of money supply. In this policy, it is difficult to obtain the credit and the interest rate increases as well. Therefore, when the inflation is serious, the negative monetary policy is more appropriate. (Stanley Fischer,1993) Monetary policy includes seven aspects: I. controlling the amount of currency issue.
They influence the product or service they buy. ~ Market segmentation - The important thing is to influence your target group, to buy your products or services. ~ Bases of a segmentation * Geographic : Segmenting by content, country, city * Psychographic: Understanding the lifestyle and opinions of the consumers. * Demographic: Segmentation based on age, sex, marital status * Lifestyle : Segmentation based on state, neighborhood, region ~ Uses of geo-demographic systems to identify and reach target groups eg ACRON, MOSAIC * The ACORN is a geo-demographic tool the business use to identify and understand the UK population and local demand for products and services. They use the postcodes for demographic statistics and lifestyle variables to give business a guide to different regions.
Cloning the industry price If the virgin mobile clone the industry price they have various advantage to lure the customer, they have the differentiated applications and superior customer service. Also they are offering fewer hidden charges and better off-peak hours. Also our calculation (exhibit 1 & 2) shows that break even for the virgin mobile is less compare to industrial average but there are numerous drawbacks which outweigh this price strategy. • Virgin will loose the advantage of transparent pricing structure for customer by not eliminating all hidden charges. • Virgin may have to abandon its preferred target market of teenagers, due to contract implementation and billing system.
Have you been involved with any product test-marketing project? Explain. How did the resulting statistics affect the product’s marketing strategy? How can organizations skew the statistical outcomes of their business research? Market research is generally either primary or secondary.
Business Analysis The Donna Karan business analysis was conducted in the hope of deciding which part of the SWOTT analysis was most relevant to the decision of whether or not the company would prove beneficial to invest in. A Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis was performed, and further identified Donna Karen’s internal and external stakeholders, and how the company is fulfilling their wants and needs; whether or not Donna Karan was succeeding in those areas. Donna Karan’s business analysis part two will identified and explores the company’s financial health. The information gathered will include the DKNY’s income statement, balance sheet, and statement of cash flow, which in turn will help the investor and management to use the financial information to make decisions to move forward. After reviewing Donna Karan of New York‘s financial information, this analysis will compare it to two of its main competitors, ANN Incorporation, along with Giorgio Armani.
In the wake of the second world war consumers’ preferences had changed significantly. Having tasted the benefits of self-service, and more confident thanks to new government standards, consumers were ready to try cheaper, self-service retailers. Wal Mart developed a cost leadership strategy, by cutting expenses at all levels, unique for the retailing industry. Wal-Mart has lower operating expenses than the industry average. The primary cost advantage is Wal-Mart’s superior distribution capability (location of stores, inside-out growth patterns, cross-docking, superior information management).
Benefits of Being Socially Responsible By 2014, most companies should have hopped on the socially responsible wagon. Building a responsible business with reputation, places its position in society and market. Being a socially responsible company has many benefits. It gives you a better public image, better work environment, and encourages company partnerships. Ben and Jerry’s is a perfect example of a socially responsible company.
Explain how Porter’s five forces framework for industry analysis enables the attractiveness of an industry to be determined. Discuss the usefulness and limitations of the framework in helping managers formulate strategy. The principle question which will be explored throughout this analysis is how do Porter’s five forces framework determine the attractiveness of an industry. The limitations and usefulness of this approach will be examined and in order to investigate this issue there will be an explanation of what Porter’s five forces entail and how firms in the current dynamic market place can still benefit from this model. Additionally a closer inspection on the critique of his theory and a look at how his model can be complimentary to other strategic tools and as well as further developed in order for a firm to create a competitive strategy.
Below is the first part of your Marketing Plan Report: QUESTION 1 You have to submit the first part of your Marketing Plan Report that covers among other things: 1. Situation Analyses, this will include: a) Situational environments (such as demand trends for your product/service; your customers; the decision makers; social and cultural factors involved; are demographic important here; state-of-art technology effects; politics and economic effects). b) Neutral environments, this has to do with groups or organizations. Media reports (favourable or unfavourable), consumer associations, and legislations. How do they have effect (if any) on your marketing plan for your product?