Environmental is the examination of the external factors that could sway an organization on their strategic management planning process with their internal factors. The environmental scanning process can help an organization find the latest styles that will help the organization grow. Our team is comfortable with understanding the environmental scanning process because we understand that this process helps an organization analyze their strength, weakness, opportunities, and threats to help make every effort to improve (Wheelen & Hunger, 2014). A business strategy is a strategy that emphasis on helping an organization with their competitive position within its industry. The important business competitive strategies are lower cost strategy and differentiation strategy.
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.
This increased openess allows countries to specialise in producing goods which they have a comparitve advantage in (this means they can produce goods at lower unit costs) A multinational Company is a corporation that has its facilities and other assets in at least one country other than its home country. There are many examples of MNC's such as Nike or Primark. MNC's play a massive part in the development of globalisation as they often invest heavily into the country they move into. They will build good quality factories to produce the goods and also introduce effective manufacturing methods. These manufacturing methods can be replicated by other businesses in the countries and improve their ability to manufacture goods.
To be profitable, consumers have to be aware of new products and purchase the items; this is how companies increase revenue. Being able to effectively manage the four Ps of the marketing mix are crucial to the success of the new product or service being marketed. The four Ps consist of product or service, place, price, and promotion (Lamb, 2013). By using the four Ps marketing mix, it assist in how your company decides to market a new product or service; and tests current marketing strategy. This concept works both domestic and internal markets; for international markets, various cultures will have to be researched and adjustments made to integrate the products or services successfully into the market (Lamb,
These differentiations help move the Solar Recharging Tray into the customer’s view and past the competitors (Kokemuller, 2014). Samsung has to take into account how they are positioned in the market to identify the appropriate price strategy for the solar charger. The competitor’s price has an effect on Samsung’s pricing strategy because you want the pricing to be consistent with the positioning (Allen,
ECON 545: Business Economics Name Institution Date Situation B The focus of this paper will be on situation B. in this case, Cindy wants to invest in renewable energy industry. She is searching for a sector in the industry to invest in. this sector is that of contracting solar panel installation. According to her, businesses and families can save a lot if they go for solar panels. In addition there are government support regulations that ensure that the solar panels are made more accessible to people.
In addition, hybrid organizational designs allow you to modify your organizations reporting and the needs of your company. In an example, you may find combining a product and geographic organizational structure allows you to move employees and resources quickly based on changing customer request. Adding a geographic component to your organizational structure can tailor offers, marketing and services based on differences in customer price points, packaging and product needs. Maintaining the focus may help you better meet customer needs and, in turn, increase your
Dyson's vision is to make products more environmentally friendly and easy to use; his ongoing mission is to promote design and innovation through the production of his products. Today Dyson has a presence in 45 countries and still maintain a 46 % and 32% share in the UK and US Vacuum cleaner market, respectively (Telegraph, 2008). 3. Competitive advantage using innovation Simply put, innovation is the process of transforming opportunities in to new ideas and of putting these ideas into common practice (Tidd et al, 2001). Dyson shows how innovation and different ways of creating and adding value through design can distinctly change an industry.
Understanding the difference between static budgets and flexible budgets are also beneficial to management in making the educated decisions on which budget will be more beneficial. Flexible budgets, for many companies, assist with continued profitability as long as management recognizes the aspects of a flexible budget. Fixed and Variable Costs A flexible budget is a great tool used in many companies for comparing actual to budgeted performance levels. The flexible budget has a higher usage rate in companies that have multiple costs that correlate with business activities. In budgets, the fixed costs are separated from the variable costs in those accounts that play into overhead rates can be considered fixed and then understand that variable costs will be in correlation with the operating activities.
Another idea I would use is more organic foods. It is used to promote a healthier choice of foods. Better quality means more customers. Remember this is a business that has to make money some how some way. This way is called green marketing which is developing and promoting environmentally sound products and practices to gain a competitive edge (Introduction to Business.