2014

Strategic Marketing
SARIFUL ISLAM

LCC 2014

Answer to the question no 2.1 to 2.3 Modern SWOT analysis in business and marketing situations is normally structured so that a 2x2 matrix grid can be produced, according to two pairs of dimensions. Strengths and Weaknesses are 'mapped' or 'graphed' against Opportunities and Threats. To enable this to happen cleanly and clearly, and from a logical point of view anyway when completing a SWOT analysis in most business and marketing situations, Strengths and Weaknesses are regarded distinctly as internal factors, whereas Opportunities and Threats are regarded distinctly as external factors

Source: 2.1 Evaluate The Approach To Internal Environmental Analysis:

Internal strengths
obvious natural priorities Likely to produce greatest ROI (Return On Investment)

Internal weaknesses
potentially attractive options Likely to produce good returns if capability and implementation are

Likely to be quickest and easiest viable. to implement. Potentially more exciting and Probably justifying immediate stimulating and rewarding than S/O action-planning or feasibility due to change, challenge, surprise study. tactics, and benefits from addressing and achieving improvements. Executive question: "If we are not already looking at these Executive questions: "What's areas and prioritising them, then actually stopping us doing these why not?" things, provided they truly fit strategically and are realistic and substantial?"

2.2 Evaluate approaches to external Environmental Analysis:

strengths/threats
easy to defend and counter Only basic awareness, planning, and implementation required to meet these challenges. threats (external) Investment in these issues is generally safe and necessary. Executive question: "Are we properly informed and organized to deal with these issues, and are we certain there are no hidden surprises?" - and - "Since we are strong here, can any of these threats be turned into opportunities?"

weaknesses/threats
potentially high risk Assessment of risk crucial. Where risk is low then we must ignore these issues and not be distracted by them. Where risk is high we must assess capability gaps and plan to defend/avert in very specific controlled ways. Executive question: "Have we accurately assessed the risks of these issues, and where the risks are high do we have specific controlled reliable plans to avoid/avert/defend?"

2.3 How Internal and External analysis are integrated: The effective and efficient internal coordination or integration of strategic assets may also determine a firms performance. According to (Garvin, 2010) quality performance is driven by special organizational routines for gathering and processing information, for linking customer experiences with engineering design choices, and for coordinating factories and component suppliers. Increasingly competitive advantage also requires the integration of external activities and technologies, for example, in the form of alliances and the virtual corporation. (Zahra and Nielsen, 2003) show that internal and external human resources and technological resources are related to technology commercialization.

According to (Amit and Schoemaker,2008 ), fast-changing markets require the ability to reconfigure the firms asset structure and to accomplish the necessary internal and external transformation. Change is costly, so firms must develop processes to find low pay-off changes. The capability to change depends on the ability to scan the environment, evaluate markets, and quickly accomplish reconfiguration and transformation ahead of the competition. This can be supported by decentralization, local autonomy, and strategic alliances.

Answer To the Question No3.2 to 3.3 3.2 Access How These Decisions Influence marketing at business unit and Functional Level Sagi and Friedland (2007) theorized people feel regret in accordance with how the decision was made; regret may be dependent on the number of options that were available during the decision making process; and how varied the options were may impact how regret is experienced after the decision was made. Through a series of experiments, Sagi and Friedland concluded that people feel remorse because they feel they were able to make a better choice by looking at more information, previously disregarded, and carefully weighing the pros and cons of each choice. In addition, regret is magnified when individuals revisit the other available options and considering what satisfaction the other option would have brought them. Interestingly, people who are dissatisfied with their decision feel obligated to embrace

the decision, as a means to reducing anxiety regarding the quality of the decision (Botti & Iyengar, 2004; see also Gilbert & Ebert, 2002). For example, when a job applicant does not get hired, he may restructure the experience, and find many reasons that explain why he did not want to work for the company. In addition to regret, individuals may also experience satisfaction with their decisions. Satisfaction refers to how pleased the decision maker is with the outcome of the decision. There are many things that impact levels of satisfaction. Botti and Iyengar (2004) observed individuals prefer to make their own decisions and believe they will be more satisfied with their choices; however, when people are given only undesirable options, decision makers are less satisfied than those who have had the choice made for them. Botti and Iyengar posited the explanation for this phenomenon is that the decision maker assumes responsibility for the decision made. As a result, if the available choices are bad, they may feel as though they are responsible for making poor choices. Also fascinating, aside from heuristics, an important decision making strategy is evaluating positive and negative aspects of choices. Kim et al. (2008) discovered that when younger and older adults use this strategy, older adults tend to list more positive and fewer negative aspects of each choice, and older adults register more satisfaction with their choices when they use this evaluative strategy. One interesting finding was when the participants did not evaluate the options by listing the positive and negative features; there was no age difference in satisfaction (Kim et al., 2008). As explained, future decision making is based on past decisions, as well as levels of satisfaction or regret (Abraham & Sheeran, 2003; Juliusson, Karlsson, & Garling, 2005; Sagi & Friedland, 2007). Even though there is evidence to support this notion, in many cases, particularly when the decision may be reversed, decisions may be based on the reversibility factor (Gilbert, & Ebert, 2002). Significant to individuals satisfaction is that people are willing to pay a premium for the opportunity to change their minds at a later date (Wood, 2001). For example, catalogue shoppers purchase items in a two step process; first they decide to purchase the items, then once the items arrive, they decide if they will keep them. Gilbert and Ebert examined if people prefer making decisions that are reversible. They concluded that people do prefer to have the option to change their minds; although peoples ability to change their minds actually inhibits their ability to be satisfied with their choice.

3.3 Analyse Approaches to Competitive Positioning Of Organisation Decision making is a critical aspect to feeling successful and happy in life; decision making is at the root of all we do. It is important to develop effective decision making skills and strategies. Problem solving strategies include, but are not limited to brain storming, cost benefit analysis, written remediation plans, and an examination of possible choices (Wester, Christianson, Fouad, & Santiago-Rivera, 2008). The decision making process can be complicated and overwhelming. As a result, it is valuable for individuals to learn a model to follow, that may be applied to everyday decisions, as well as life changing choices. Krantz and Kunreuther (2007) posited that a goal and plan based decision making model is an effective and sound approach to take in decision making; in this model, the individual is encouraged to focus on goals, not happiness or usefulness. According to Krantz and Kunreuther, plans are designed to meet one or more goals. That is, people make plans to unconsciously or consciously meet the goals they have. And, some plans satisfy several goals. For example, people who attend a sporting event with a friend may be satisfying several goals; friendship and camaraderie, emotional stimulation from competitive sport, and potentially useful social knowledge gained from watching the game. In this model, goals are context dependent and plans are based on their ability to meet the goals. Essentially, in the goal/plan based model, the context provides the backdrop for the decision that needs to be made; goals and resources, influenced by the context, contribute to the development of plausible plans; while the decision making rules are implemented and influence the plan that is ultimately chosen. Krantz and Kunreuther apply this theory to the insurance business, but imply the theory may be appropriately applied to a variety of contexts. Answer To The Question No: 4.2-4.3 4.2 Analyse Marketing Communications Strategy: Effective marketing communications requires a well-planned and executed strategy. Thats why developing a marketing communications strategy consistent with your budgetary realities and sales goals is the first step in our working relationship with you. Once we agree on a marketing communications strategy, we develop a tactical plan designed to achieve your objectives. This professional approach to marketing communications considers your shortterm and long-term goals, and integrates the right blend of tactics to achieve success. We

have developed a five-step process to assess, develop and implement your marketing communications strategy. FIVE STEPS ARE:

Assessing Business Needs - Determine primary objectives, strengths and weaknesses, competitive pressures, market influences and barriers to success.

Evaluating Available Resources - Consider the impact of budget, staffing and, timeframes.

Choosing Appropriate Tactics - Your marketing communications strategy will integrate the appropriate tactical elements - public relations, advertising, direct mail, Internet, trade shows, etc. - consistent with your desired objectives.

Implementing Marketing Communications The heart of your marketing communications program is the implementation of the chosen tactics and within the agreed upon timeline and budget.

Evaluating Results - By reviewing the results of your marketing communications strategy, we can make any necessary adjustments, fine-tune future tactics and adapt to the changing market conditions.

4.2 Analysis Marketing Strategies, Their Applicationa dn Implementation for an Organisation: NM Communication Marketing Communications Strategy #1: Understand The Market NM Marketing Communications has decades of accumulated industry experience. We work closely with our clients to develop an accurate profile of the market situation.

Who are the key players in the industry? What is The position in the market? What other factors influence the market? How is the market changing? Once we have a thorough understanding of the market, we can move on to the next step

Marketing Communications Strategy #2: Assess Your Business Needs Clients come to NM Marketing Communications, Inc. for help in solving their marketing dilemmas. They are unhappy with their current program or provider, or they are ready to take their campaign to the next level. So before recommending a solution, we spend time with our clients to build an in-depth perspective of their business needs, their goals, and the ways that we can measure success.

What are The sales/communications objectives? Any pressure from competition or other sources? What hurdles to success exist? Marketing Communications Strategy #3: Evaluating Available Resources NM Marketing Communications will help you use your existing resources to develop the perfect communication strategy for your company. This includes a realistic, objective assessment of your companys current capabilities. We can help you guide your marketing strategy to make the best use of the resources you have at hand, and work with you to create a plan that will fit open new doors of opportunity. Creating an effective marketing communications strategy requires a realistic appraisal of the resources our clients have available. The customized marketing strategy that we are ready to develop for you takes into account the unique picture of the clients business.

Business strengths and weaknesses Budgets Staffing Time constraints Marketing Communications Strategy #4: Choosing Appropriate Strategies & Tactics There are numerous ways to advertise your products and services to others, but using a combination of methods usually yields the best results. NM Marketing Communications is an integrated marketing communications company. We maximize our marketing budget and resources to provide the optimum combination of marketing tactics. The proven communications tools we use include:

Public Relations Advertising Brand Development Direct Mail

Literature Digital Communication Internet Presence and Marketing Marketing Collateral Materials

Marketing Communications Strategy #4: Choosing Appropriate Strategies & Tactics There are numerous ways to advertise your products and services to others, but using a combination of methods usually yields the best results. NM Marketing Communications is an integrated marketing communications company. We maximize your marketing budget and resources to provide the optimum combination of marketing tactics. The proven communications tools we use include:

Public Relations Advertising Brand Development Direct Mail Literature Digital Communication Internet Presence and Marketing Marketing Collateral Materials Marketing Communication Strategy #5: Creating a Timeline An effective marketing communications strategy addresses both the clients immediate needs and future plans. One of the keys to effective marketing is consistency and well-timed action. NM Marketing Communications, Inc. creates an implementation plan that sets a realistic timetable for achieving sales and communications goals. This timeline addresses:

Short-term and long-term objectives Phased implementation to accommodate market cycles Link to company developments or industry events

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