Implementation of a marketing plan - Free Essay Example

Sample details Pages: 12 Words: 3520 Downloads: 5 Date added: 2017/06/26 Category Statistics Essay Did you like this example? EXECUTIVE SUMMARY INTRODUCTION The present financial crisis has negatively affected not only the US market but also International markets with economies experiencing negative global growth in Gross Domestic Products (GDP) and decreases in global consumption levels. Now more than ever, companies (in Trinidad and Tobago) are faced with reformulating their business strategies in order to boost sales volumes by attracting customers through promoting traditional products but providing additional services not previously offered. Companies have to revisit their marketing strategies and implement new marketing plans that will not only create competitive advantage but also experience sustainable competitive advantage. Don’t waste time! Our writers will create an original "Implementation of a marketing plan" essay for you Create order As such the aim of this research is to identify and develop a marketing plan to strengthen Dhookups competitive advantage in Trinidad and Tobagos industry to viably survive in these current situations. Background Origin The company, now known as Dhookup, was originally formed by Mr. Kedelle Greaves in April 2008 to satisfy the growing needs of the working population by providing quality electronic products at a low costs compared to the Trinidad and Tobagos current market where such goods and services were seen as being very costly by customers. Currently, the company is operating at an adhoc basis with no formal marketing structure and Business plan. The Electronic products presently offered by the company are Laptops and Accessories, Desktop Computers, Cellular Phones, Digital Storages Devices, Games and Accessories, Electronic Accessories and Digital Cameras. In May 2009, the founder realise the need to restructure the operations and strategic planning of the company due to the present economic and financial global crisis in order to be remain competitive and viable in Trinidad market. A decision was made to reform the business from a sole proprietor to a partnership by inviting two investors to contribute equal amounts of capital, along with the founder, into the business which will be used to fund any additional investments and strategic future market plans. Snapshot of the Business The company was managed solely by the founder and now is managed equally by all investors with no other employees mainly because the present workflow was not demanding and did not require additional personnel. At present the company operates using a just in time system where, only when a customer wants an item, then the item is sourced and delivered. The customer makes a down payment (usually 50%), and then the order is placed for the item which approximately takes 2-3 weeks to be delivered. At the end of this period the customer collects the item by paying off the balance of the item. Mission Statement Dhookup will continue to be one of the premier electronic product and service provider within Trinidad and Tobago with an emphasis on Customer Relationship Management and timely satisfaction of consumer needs. Strategy Statement The Hook up will pursue a strategy of growth aimed at position the company as one the leading best costs electronic products and service providers in Trinidad and Tobago. SWOT analysis of the company Product and Services The company offers high quality products at an affordable price which is very competitive to the other similar suppliers in the market. Apart from providing competitive prices, consumers are well informed about the technical features and benefits of their desired purchases before any business is conducting by providing detailed information of the products specification, its capabilities and also similar products in the market. The company ensures that the customer is purchasing the correct product to suffice their desired needs and wants. Also, the company provides excellent after sales service customer support that is very unique to Trinidad and Tobagos industry. Customers have a luxury of after sales assistance, at no extra costs, in terms of trouble shooting of products and minor repairs. Any major repairs of electrical items are directed to an external partner who will automatically grant discounts on any services rendered. DHookups Product Mix is as follows: Laptops and Accessories Desktop Computer Cell Phones Digital Storages Devices Games and Accessories Electronic Accessories Digital Cameras Product Line RESEARCH OBJECTIVE Problem Statement The industry In the era of increasing technology advancements, the industry has seen a decrease in barriers to accessing products and services in regional and international markets by individuals and corporations. The public can now access these markets through various tools such as obtaining skyboxes and liaising with various import and export companies. The issues arising from this is that both individuals and companies are faced with the uncertainty of additional costs and risk incurred for importer these items to the local market. More and more companies either shift both the costs and risks involved in such transactions to consumer causing a strike in prices of these goods and services as compared to the international markets and/or an overall decrease in the level of customer service. Costs such as customs duties are not easily predicted due to the fact that as at present there is no formal costing structure on imported goods and services, thus values are determine by the customs department at the point of entry (please see appendix II for excerpt receipt statement). Customers engaging in acquiring skyboxes may be wary due to the uncertainty of the duties imposed on the items and also the risks involved in purchasing items on the internet. This acts as a deterrent to customers leaving them to rely on the local market, where there is limited variety. The Company Dhookup currently advertises based on referrals and recommendation by existing clients and there are no formal marketing strategies in terms of communicating the services provided by the company to the public. A lack of both strategic business and marketing plan has seen the company experience a lot of difficulties that hinders the growth of the business in the industry for both the short and long term. A lack of marketing strategies has contributed to low and inconsistent sales level. Due to the fact that business in generated solely on the referrals, the company does not presently have a huge clientele base and relies on existing customers for repeat purchases. This strategy has proven to be unreliable and needs to be addressed immediately to improve profit levels Brand awareness is one of the key issues and areas that need to be resolved and improved. Customers are unaware of the range of products and services offered by the company and there are no branding strategies initialise in the beginning in the incorporation of the company. Also, a more focussed should be placed on analysing the current and prospective product distribution channels available to the company. The company does not focus in any particular market in terms of advertising and distribution but instead provides products and services where necessary. By not focusing on any one particular target market the company cannot identify what their customers needs are and also what their purchasing patterns are like. Knowing your customer base is one the key areas that should be focused on when looking at what distribution channel is most effective. Objectives The main objectives of this marketing plan are to: Define the Target Market Identify the customer base Improve Brand Awareness. Identify the main competitors Outline a strategy for attracting and keeping customers Outline a financial plan to maintain consistent profit levels and growth As such the purpose of this practicum, in order to accomplish the set companys objectives, is to: Outline the importance and roles of Customer Relationship Management in sustaining competitive advantage Identify the Roles of Branding Identify the Importance and roles of Advertising LITERATURE REVIEW CUSTOMER RELATIONSHIP MANAGEMENT What is CRM Customer Relationship Management or CRM, according the Ellen Gifford, is focused on the relationship between the firm and its customers. Successful firms build customer relationships by: Satisfying goals between firms and customers, Both Consumers and the organisations has a set of conditions. Establishing and maintaining a positive customer connection Producing positive outcomes for the organisation and the customers. Jill Dyche states CRM is defined as the infrastructure that enables the delineation of, and increase in customer value and the correct means by which to motivate valuable customers to remain loyal and indeed buy again. In todays current marketplace, companies have to focus on the needs and wants of the customer which entails providing excellent customer service to gain competitive advantage over its competitors. Excellent Customer services focuses on providing 24 hour service to customers before, during and after a service has been delivered. According to Turban and Efrain, (2002), Customer Service is a series of activities designed to enhance the level of customer satisfaction that is, the feeling that a product or service has met the customer satisfaction. Customer relationship Management has evolved from a simple market concept representing a refocus of marketing with a greater emphasis on the creation of customer value. The main emphasis has shifted from satisfying customers needs to building long term relationship through value creation process (Evans Laskin, 1994). Improvements in Information Technology in the marketplace has empowered customers with greater and broader knowledge and facilitated the constant exchange of information between buyers and sellers. Firms are now focused on moving closer to customers, understanding their needs and allowing customers to actively shape their own expectation by co-creating value obtaining a strategic customer focus. Buttle (2002), states that CRM is the development and maintenance of mutually beneficial long term relationships with strategically significant customers. It is an IT enhanced value process which identifies develops, integrates and focuses the various competencies of the firm to the voice of the customer in order to deliver long term superior customer value, at a profit to well identified existing and potential customer, (Plakoyiannaki and Tzokas, 2001). Determinants of CRM In order to achieve these synergies between the customer and suppliers (firms) we must highlight what the underlying determinants of CRM are Trust and Value: Trust is defined as the willingness to rely on the ability, integrity and motivation of one company to serve the need of the other company as agreed upon implicitly and explicitly Value is defined as the ability of a selling organisation to satisfy the needs of the customers at a comparatively lower cost or higher benefit than that offered by competitors and measured in monetary, temporal, functional and psychological terms In addition to providing high quality levels of both trust and value, companies must also: Understand Customer needs and problems: This is an ongoing process and should take place before, during and after the sale is completed. Meet their commitments Must be honest: The company should also make sure the customer is always told the truth about the information provided for goods and services provided Have a long term perspective. Focus should be placed on establishing and retaining a long term relationship with the customer Developing customer relationship Successful management of the development process between the firm and the customer would lead to superior long-term performance of the organisation through improved customer retention. Ford et al suggested a relationship development model that consists of five stages: The pre-relationship stage: this is the event that triggers a buyer/supplier (customer/firm) to seek a new business partner The early stage: This is where experience is accumulated between buyer and supplier although a great degree of uncertainty and distance exists The development stage: This is where increased level of transactions lead to a higher degree of commitment and the distance is reduced to a social exchange. The long term stage: This is characterised by th e companies mutual importance to each other. The final Stage: This is where the interaction between the parties becomes institutionalised. According to the model in the early stages both parties are distant from one another but as time goes by the relationship is characterised by increased commitment and cooperation whereas in the later stages interaction decreases as the relationship is institutionalised. As with the life cycle model, the time span of each stage varies and it is difficult to predict how long both parties will remain in that stage before moving on or decide to not move at all and relinquish the relationship. As seen in the both models when the relationship enters the decline phase, both cooperation and the level of commitment and cooperation drops significantly. Firms are now faced with the task of attracting and retaining new and existing customers by ensuring that they maintain their positive relationship with customers through effective customer relationship management. Functions of CRM The functions of customer relationship management can be direct and indirect. Direct functions of CRM refer to profit, volume and safeguard as opposed to indirect functions which includes innovation, market, scout and success. In terms of CRM, direct functions are the basic requirements of the company that are necessary to survive in the competitive marketplace and the indirect functions are actions necessary to convince the customer to engage or participate in various marketing activities (Earl D. Honeycutt et al 2003) Profitability This distinguishes between the profitable customer who provides the firm with a positive cash flow and a high volume customer who helps the firm achieve economies of scale Volume this secures the necessary breakeven position of the firm and enables the firm to operate on a profit making basis Safeguard This improves the costs efficiency of a supplier and provides stability and control in sales in a dynamic marketplace. Innovation This allows products and processes to be developed together in order to improve the value of the offering to the customer. Market This wins customer support through referrals/recommendations when entering new markets and establishing new commercial and personal relationships Scout This results in market information gathered by customers and communicated to the supplier earlier than would have be known Access This refers to the help received from customers experience and networking when the firm interacts with authorities and trade associations. (Earl D. Honeycutt et al 2003) Though the functions of Customer Relationship Management is clearly outlined above, firms have different prospective on CRM on the whole. Some firms focus on CRM because they are driven by gaining competitive advantage as opposed to others who are view CRM as an opportunity to improve the relationship with another company to minimise the effects of market volatility. No matter what the firms objectives and goals are in utilising CRM tools, the models they choose must support these objectives by improving the overall relationship between the firm and the customer. This is accomplished by adding value to the customers experience. Evan and Laskin 1994 introduced a model of relationship selling that evidently differentiates between three underlying and fundamental components: Relationship inputs, relationship outcomes and assessment. According to the model, effective relationship management is understanding customer expectation, building service partnership with customers, empowering employees to fulfil customer needs and providing the best quality to customers to satisfy their respective needs (introduction of Total Quality Management (TQM). If implemented in the most effective manner these inputs would lead to positive outcomes such as improved customer satisfaction, loyalty, and increased customer perception of the firms product and services, which in turn would affect the firms profit. Of course the opposite applies if these inputs are not successfully implemented. The assessment state integrates two components, customer feedback and integration. Firms should engage in customer feedback mechanism to ensure at all times customer needs are being addressed and met. The firm should ensure that the relationship marketing processes is integrated into the strategic planning framework in order to align it to the firm s overall goals and objectives. Smith and Barclay 2003 identified a standard model for building effective customer relationship based on some key factors; Interdependence, Cooperation and mutual trust. The model highlights that both the customer and supplier perceive interdependence as the channel to cooperate and also the motivation to exchange a level of trust and commitment. Mutual Trust and Cooperation contribute significantly to the effectiveness of the relationship creating relationship dynamics. As the relationship grows and develops into a partnerships (maturity stage) both parties shares similar and agreed objectives and visions maximising the effectiveness of the relationship. Apart from the models highlighted above aimed to improving the relationships between both parties through CRM, Parasuraman et al (1996) also introduced the GAP model of service quality by identifying five major gaps that face organisation to meet customers expectation of the customers experience. BRANDING ADVERTISING AND PROMOTION METHODOLOGY Market Research is an objective, systematic collection and analysis of data representing a particular target market, environment and competition incorporating some form of data collection, either primary or secondary. The following key areas would be focused on in this section: Research design Target population and Sample Data Collection Technique Validity and reliability of the research Research Design The research design of the practicum depends on the extent to which the theory highlighted is derived. There are two types of research design; Deductive approach: Where you develop a theory and hypothesis (or hypotheses) and design a research strategy to test the hypothesis or Inductive approach: Where you collect data and develop the theory as a result of your data analysis (Saunders, Lewis and Thornhill, 2007), For the purpose of this research a deductive approach will be used. According to Robson (2002) there are five sequential stages through which deductive research will progress: Deducing a hypothesis from the theory (a testable proposition about the relationship between two or more concepts or variables). Testing the hypothesis in operational terms (i.e. indicating how the concepts or variables are to be measured). Relationships between two or more specific concepts or variables are proposed. Testing the operational hypothesis. Examining the specific outcome of the inquiry (confirming the theory or indication modification is needed) If necessary, modify the theory. Though the deductive approach is usually affiliated with the quantitative research design, this practicum would utilise a mixed approach design, focusing on both quantitative and qualitative approaches in gathering data through discussions, observations and questionnaires. The research design will be a descriptive study in order to portray an accurate profile of events and situations and to gain deeper insights into the main topic highlighted. The descriptive study, also known as the statistical approach, describes data and characteristics of the population being sampled by answering the questions who, what, where, when and how. The research was also designed in such a way to determine the spending habits of the targeted population with respect to age, gender and social disposition by gathering primary data. It also tested the participants knowledge of the industry and the perceived factors affecting Demand and Supply for the electronics products locals and internationally. Research Techniques As stated previously, the information gathered from the research was primary data, using research techniques such as Surveys and Observations of consumers and similar suppliers in the domestic market. The Survey was conducted through Eighty five (85) Questionnaires distributed and returned from a random sample of a targeted population. The questionnaire allowed the researcher the opportunity to answer who, what, where and how through various questions posed to the participants therefore using the desired descriptive research design. The survey would also allow the researcher to collect quantitative data to be analysed quantitatively and also collecting the data to suggest possible relationships between two or more variables which can be explored through existing models. The questionnaire tested the participants on various areas such as: The knowledge of customers in the market The online shopping awareness of customer The factors that affect the demand for products and services in the said market. Customer satisfaction Etc. Both techniques were also considered to be highly economical due to the constraints of the project both in time and financing as it can be quickly administered at low cost to the researcher. Sample and Population A random sample was taken from a population consisting of both UWI and Authur Lok Jack Students. Each participant was randomly selected and approached face to face by the researcher at different locations of the respected campuses. At the University of West Indies, St. Augustine Campus, random samples were taken from students entering the food court at lunch time to capture the heavy influx of students and also at the pickup area in the afternoon. At Arthur Lok Jack Graduate school of Business candidates were approached at the front desk during the evening sessions to capture the majority of students from different disciplines. Arthur Lok Jack Graduate School of business and the University of the West Indies students were chosen as the population mainly because they were seen as the ideal target market based on past and current purchases and demand trends. Credibility and Validity of the research Participants had a clear understanding of the purpose of the questions posed in the questionnaire and its objectives. Each questionnaire was distributed by the researcher in order to prepare for in any unforeseen problems arising from misinterpretation of the questions and as well explanations of the various terminologies used. It was felt that the researcher would be best person to answer any of these questions at any moment notice. Also, the questions were structured in order to facilitate the ease of completion of the form by ensuring that all questions were concise and straight to the point.

Analysis of the Lottery by Shriley Jackson - 552 Words

The Lottery This story is about a ritual performed in a small town of about 300 people each year on June 27th. On that day all members of each family begin to assemble at ten in the morning to conduct the annual lottery. The lottery has taken place for years and the practice is conducted to choose a suitable sacrifice for a successful harvest. The lottery is conducted Mr. Summers who is married but with no children and he is assisted by Mr. Graves. Before starting the lottery several lists are created which must include each member of every family in the town. It also verified that each member of the community is present before the lottery begins. To conduct the lottery a very old black box is brought forward and a piece of paper with each member from the community is placed inside of it. One member of the community arrives late to the ceremony by the name of Tessie Hutchinson. Upon arrival she takes her place next to her husband and children. As the lottery begins, each head of household is called alphabetically to come forward and take a piece of paper from the box. After all families have drawn a paper slip they check them at the same moment. The Hutchinson family has unfortunately pulled the special slip to the dismay of Tessie who feels they were not given the appropriate amount of time to choose. Mr. Summers then prepares the box to hold only five slips of paper and asks each member of the family to come forward and select another. After all slips are

Compare and Contrast Two Similar Buildings - 7151 Words

| BE0898 Advanced Measurement and Technology – Coursework 1The Evolution of Building TechnologyByT021380 | Site A:Leeds College of Art (Formerly Joseph Kramer College)Blenheim WalkLeedsLS2 9AQ | Site B:Bournville College1 Longbridge LaneLongbridgeBirminghamB31 2AJ | WORD COUNT:6609 | Module Tutors:Jess Tindall amp; David Morton | Contents 1. Introduction 2 2. Site A: Leeds College of Art 3.1. Overview 3 3.2. Policies 4 3.3. Specification 5-8 3. Site B: Bournville College 4.4. Overview 9 4.5. Policies 10-11 4.6. Specification 12-22 4. Comparison of Sites 5.7. Overview 23 5.8.†¦show more content†¦2.3.7 Partitions and Ceilings A suspended ceiling system was installed with basic acoustic ceiling tiles to reduce the noise pollution and allow routing of services. Folding partitions were used to make flexible use of spaces as educational policy at that time was eager to achieve. 2.3.8 Electrical The Lighting installation incorporates a range of manually operated luminaires designed to suit the specific requirements of the individual spaces. With small glazed expanses limiting the amount of natural daylight employed the expected energy output from this installation would be fairly high. 2.3.9 Mechanical Gas boilers were installed linked to radiators to provide heating. No guidelines were in place at this time relating to nitrous oxide emissions. Water heating is also linked to the boiler with a fairly traditional water tank heating system being installed. Water tanks are installed to the central flat roof area which will have been strengthened adequately to take the weight. Traditional fittings were installed with no specific regulatory requirements to maintain a maximum temperature or reduce water use. (Monswhite:2011) Air handling units are installed to each space, ducted through the suspended ceiling and vented. Regulatory controls were not in place at this time for the use of ozone depleting substances and chlorofluorocarbons. 3.0 Site B: Bournville College, Birmingham 3.1Show MoreRelatedComparison and Contrast Essay1159 Words   |  5 PagesCOMPARISON AND CONTRAST ESSAY Comparison and Contrast Essay Definition: In this kind of essay, the aim is to show the similarities and differences of two items, two people, two countries, or how something or someone has changed. When comparing two things, we focus more on the similarities though we may mention the differences shortly. When contrasting two things, we point out the differences between them. 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Evaluation Of The Usc Ets Program Essay - 1857 Words

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Financial Trilemma in China

Question: Discuss about a Report for Financial Trilemma in China. Answer: Introduction In this assignment, the influence of banking sector in economic growth of India and China will be discussed and a comparative analysis will be made based on this. An institution is called a Bank that accepts deposit from the public, which can be withdrawn by cheque and uses that deposit for lending to firms, household and government (Nicholson and Salaber 2013). The Reserve bank of India (RBI) is the central bank of India whereas Peoples bank of China (PBOC) is the central bank of China. Rationale This topic is selected because now a days banking sector is booming at a huge pace. Numerous numbers of private and commercial banks are coming into the mainline and government of both the company is giving them license (Shahbaz, Khan and Tahir 2013). This is because now a days banks are providing various services to their customers in the form home loan, cash credit for business, ATM card, credit cards, foreign exchange services and many more. They are also giving employment of huge number of student who has just completed their studies in finance and willing to make a career in banking (Reinhart and Rogoff 2013). Banking sector is giving huge future prospects to the MBA students to cater their skills and knowledge and contribute to the economic growth. Scope This given topic will give an in-depth knowledge and understanding of the structure of banking system in china and India and their impact on the financial development and economic growth in their respective countries (Aizenman and Sengupta 2013). Analysis of how the banking system works towards the regulating the flow of money from household to industries and how they are being governed. Prospects of Indian and Chinese MBA students in this sector and their growth are also within the scope of this topic. Aim The aim of this assignment is to understand the impact of banking sector in economic growth of the county and provide a comparative analysis of Indian and Chinese Banking sector. Objectives The main objectives of this assignment are to understand the following: Banking sector of which country between India and China are contributing more towards economic development increasing the gross domestic product of the country. Focus on the generation of employment to the freshers and experienced people in this sector Provide an overview of how income is generated and investment is made in the form savings, which again generates income. Various funding provided by bank towards development of infrastructural facilities and growth of various organization. Implication of banking sector on foreign exchange, risk exposure involved in it and hedging facilities provide to various traders (Kaura 2013). Theory Reserve Bank of India is the Indians Central bank, which started operating from 10th April, 1935. This Central Bank is categorized into Scheduled And Unscheduled Bank. Commercial banks and cooperative banks fall under the scheduled banks (Panagariya 2013). Commercial banks are further subdivided into Public banks, Private Banks, Foreign Banks and RRBs, Rural banks and urban banks are two divisions of Cooperative Banks. Scheduled banks are those banks, which are listed in the 2nd schedule of RBI whereas unscheduled banks are those that are not listed. Similarly, CBRC and PBC is the central bank of China, which is responsible for implementing and formulating Chinas monetary policy. CBRC and PBC is further categorized into foreign banks, UCCs and RCCs, Policy banks and Domestic Commercial Banks(DCB). DCB mainly comprises of CCBs, SOCBs and JSCBs. CCBs means China Construction Banks which in involved in the development of the infrastructure of the country. SOCB is the abbreviation of State Owned Commercial Bank and its main function is to supply funds to the urban areas of China and its manufacturing and industrial sectors (Khanna 2013). JSCBs are the Joint Stock Commercial Banks, which finances mainly government projects and whose majority of shares Chinese corporations and foreign banks own. Some of the major concerns of Indian Banking sector are high completion as every bank is providing same types of services to their customers. Cost of training their employees is very high because of high accretion rate. Increase of non-performing asset as economy has slowdown in the last few years and banks have given huge loans to their customers. Figure1: Banking Theory of Financial Intermediary (Source: Werner 2015) Banks acts as a financial intermediary connecting lenders and borrowers i.e. they borrow from the person who wants to deposit and lends to the person who wants to invest. In a economy which is capitalized most of the investment projects are managed and owned by private firms and entrepreneur and they lacks funds in the form of equity to finance this projects. Therefore, they take loans from banks to invest in these projects. Being a financial intermediary is a banking model in which asset is purchased from funds acquired by way of deposit or issue of bonds and equity. It provides a channel in which funds from surplus units are transferred to units that are in deficit (Werner 2015). Bank serves the various needs of lenders and borrowers by converting low-risk, liquid and small size deposits into higher risk, illiquid and larger size loans. At date 0, total asset financed is L+S0. It is financed partially by deposit which are payable on demand. In addition to this bank can also raise fund from public market. At date 2, when these funds mature it can be thought of either equity or bond. Integration areas of MBA Various MBA colleges in India and China are offering specialization courses on banking and providing placement opportunities to their student in many top banks in the country (Bardhan 2012). Various banks are also trying to absorb MBA students as they have a good sense of knowledge and concept to understand the financial and economic activities in banking sector. Method of Analysis This study was mainly based on the reviews of the customers. Survey was conducted to get the feedback of the customers regarding the services provided by the Chinese Banking Sectors. Survey Questionnaire was circulated among the customers and they were asked to give a rating of 1-10 for each of the services of the Bank. These services includes cash deposit procedures, Loan advancement, credit card and debit card facilities (Shahbaz, Khan and Tahir 2013). Reviews of the customers regarding Quick ATM service, House loans and Car loans were also considered keeping in mind the fact these have now become the urgent need of the population in order to maintain the standard the living. Scope of Employment and career growth in the Banking Sector is also an important part to analyze in this study. Young Employees of the banks were asked about their job satisfaction and future prospects in this sector (Nicholson and Salaber 2013). Whether there is any scope for MBA students in the banking sector is also taken into consideration. Effects of banking sector in raising the GDP of the country is analyzed by interviewing some of the high professional in this sector and listening to the speech given by the governor of RBI Mr. Raghu Ram Rajan on the economic growth, GDP and its relation with banking sector available on various websites and journal. Steps taken y RBI and PBOC in managing the inflation of the country is also analyzes Evidence Data is collected from various websites, journal, books, surveys and questioner where comparison on Indian and Chinese banking sectors and its influence on economy, growth, GDP and inflation is given. References Aizenman, J. and Sengupta, R., 2013. Financial trilemma in China and a comparative analysis with India.Pacific Economic Review,18(2), pp.123-146. Bardhan, P., 2012.Awakening giants, feet of clay: Assessing the economic rise of China and India. Princeton University Press. Kaura, V., 2013. Antecedents of customer satisfaction: a study of Indian public and private sector banks.International Journal of Bank Marketing,31(3), pp.167-186. Khanna, T., 2013.Billions of entrepreneurs: How China and India are reshaping their futures and yours. Harvard Business Press. Nicholson, R.R. and Salaber, J., 2013. The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms.International Business Review,22(6), pp.963-980. Panagariya, A., 2013. India and China: trade and foreign investment.Economic Reform in India: Challenges, Prospects, and Lessons, p.96. Reinhart, C.M. and Rogoff, K.S., 2013. Banking crises: an equal opportunity menace.Journal of Banking Finance,37(11), pp.4557-4573. Shahbaz, M., Khan, S. and Tahir, M.I., 2013. The dynamic links between energy consumption, economic growth, financial development and trade in China: fresh evidence from multivariate framework analysis.Energy economics,40, pp.8-21. Werner, R.A., 2015. A lost century in economics: Three theories of banking and the conclusive evidence.International Review of Financial Analysis.

Competitive Forces Framework Other Factors -Myassignmenthelp.Com

Question: Discuss About The Competitive Forces Framework Other Factors? Answer: Introduction Founded in 1914, Wesfarmers was a co-operative that supplied farming equipments and labour to the West Australian farmers. Currently it regarded as one of the leading private sector companies in Australia generating highest revenue in 2017. According to their website, Wesfarmers currently have 220,000 employees working for them. Having a solid background in rural business, Wesfarmers have expanded their company to every possible major fields of business (Akbar Ahsan, 2014). Department store outlets, industries for home improvements, chemical companies and even the Coles group of industries; all are a part of this mega organisation. This report aims at evaluating this particular organisations business and corporate strategies along with other prospects of interest. Detailed analyses of the organisations current performance and implemented strategies have been produced in this report (Abdalla et al., 2017). Various business level strategies such as cost advantage, differentiation alon g with corporate level strategies such as diversification and retrenchment are included in this report to provide a thorough understanding of the firms business activities and intentions. Business Level Strategies The main aim of any business company is to keeps its customers satisfied and attracted to the company. In order to achieve and maintain such a goal, proper planned business strategies need to be implemented. These business strategies have the pivotal aim of analysing, comprehending and meeting the criterions and demands of the customers. Furthermore, these strategies establish and explore the opportunities and marketing position of the relevant organisations. Cost Leadership Companies tend to compete against one another based on the value of its commodities. The prices need to meet the customers ability while providing maximum profit to the company. Thus cost leadership is focused on internal efficiency that ensures profit while keeping a baseline margin for the customers (Hwang Sitorus, 2014). Organisations go to great lengths to make sure that its costs are lower than that of its customers. Obtaining a cost advantage includes determining and constraining costs along with reconfiguring the policies and strategies of the company as needed. Wesfarmers have stuck to the policy of low-pricing. Wesfarmers recently lowered the prices of the commodities such as bread, sugar and cheese while suffering a deflation of 0.8%. This boosted their sales. Wesfarmers have introduced the "everyday low prices", which offers everyday commodities at a lower price than its competitors. Differentiation Organisations such as Ralph Lauren and Rolex have implemented this methodology in their business strategies. Through unique business strategies along with cheap prices and distributed customer base, Wesfarmers have managed to hold their position at the market for long now. By decreasing the customers costs while increasing their own sales has helped Wesfarmers sustain their hold in the market. Corporate Level Strategies Corporate strategies are finalised by the board of directors of highest level authorities of a firm (Purce, 2014). These strategies are usually focused on redistributing its resources and subsequent utilization of the limited available resources. Diversification Strategy These strategies are implemented by organisations who have reached their peak in terms of marketing income and need diversifications into market prospects. Retail chain markets to fertilisers and even safety products, Wesfarmers have indulged in several fields of business. Concentric diversification includes the companys involvement in the relevant fields of industry. This ensures that Wesfarmers expand their business in fields which they already have established themselves as the common name. Conglomerate diversification, also known as the unrelated diversification refers to the diversification of an organisation in fields outside its expertise. Wesfarmers diversified its business by getting involved in the coal business that boosted their sales. Retrenchment Strategy Retrenchment strategies of a company are needed to be implemented with emergence of other heavy competitors. With emergence of Amazon, Wesfarmers had the need of coming up with innovative ideas to be at the top of the marketing chain (Bayne, Schepis, Purchase, 2017). Companies with online marketing schemes, such as Lidl and Kaufland, have emerged as the foremost competitors. Amazon has opened their fresh food chain which does pose a certain level of threat to the Wesfarmers. Stability Strategy Stability strategies are usually implemented by those firms who have a thorough understanding of the marketing environment and have been in business for quite some time. Generally, the stability strategies can be categorised into three methods (Gerow, Thatcher Grover, 2015). No change strategy is for organisations that have the monopoly in market. Thus, there is no need of any change in their business strategy. Wesfarmers have considered a mixture of the Profit strategy, by virtue of which a company focuses on gaining maximum profit, and Pause Strategy. Partnerships and Alliances Wesfarmers have always ventured in various prospects of marketing to expand their customer base. Wesfarmers have gone into partnership with various and numerous number of smaller and emerging firms. Wesfarmers have recently partnered with Teach for Australia and WA Parks Foundation. A lot has been invested in the medical field of research and development. Wesfarmers has provided supported to various arts institutes and galleries. Global Strategies and the Multinational Corporation Wesfarmers have invested in developing a business office in Hong Kong. This is the first step towards globalisation of the company. Wesfarmers have always maintained a domestic point of view till date. However with the emergence of multinational companies, Wesfarmers have found the need to expand beyond Australia. Kmart has launched a plan to open as much as 40 new stores in the coming few years. Suitability of the Current Business Strategy Wesfarmers have long sustained in this competitive market through various long term managing policies and norms. The achievements that have ensured sustainability include, continuous focus on development and research and employing a diverse attitude in their executions (Klettner, Clarke Boersma, 2014). Their ambitions include providing accurate and precise governing structures to secure their future investments. Reduction in cost by increasing the efficiency in controlling the emission of greenhouse gas in production procedures has been a major focus of Wesfarmers. Recycling processes are also given high priority within the organisation. Introducing restrictions and burning through cash for innovative work, new firms and organizations are more averse to enter a dynamic industry where the built-up players, for example, Wesfarmers Limited continue characterizing the benchmarks frequently. It radically diminishes the window of exceptional benefits for the new firms hence disheartens ne w players in the business. Porters 5 Forces model has been referred to evaluate the suitability of the companys current business strategies. Porters 5 Forces Model Rivalry Woolworths is the primary contender of Wesfarmers. Although, since the great depression, both these companies have suffered their own losses, through their huge customer base and cheaper prices, Wesfarmers have emerged as the highest revenue generators in recent years (Anton, 2015). As discussed above, differentiation techniques to retain sustainability need to be implemented to compete with others. Partnerships and alliances need to be established to broaden the horizon of marketing aspects. Customers Wesfarmers have maintained their strategy of producing good quality daily products at an affordable price. They have risked the profits by implementing a below average profit margin. Eventually, it has worked in their favour and with a huge customer base and established Wesfarmers as a monopoly in the market. Suppliers - Coles, the retail chain under Wesfarmers, have the policy of acquiring supplies from Australia. Their Australia First policy requires them to source almost 96% of their supplies from within Australian farmers and growers. Entrants Wesfarmerss policies have kept them in the market and as they keep selling products at reasonably cheaper prices, enabling the organisation to keep its rivals at bay. However, as mentioned above, Amazon has shifted its focused to the food chain retailers, bringing competition to the market (Mathooko Ogutu, 2015). Introducing innovative products have made Wesfarmers maintain their status. To compete against multinational companies, Wesfarmers may further need to minimise the margin of profits. Substitutes With their low price policies and constant up gradation of such policies according to the customers needs, Wesfarmers have made sure they dont provide an opportunity to its substitutes (Kilroy Schneider, 2017). Wesfarmers have tackled such issues by focusing on service oriented marketing instead of just products. Comprehending the core demands of the customer base and executing marketing strategies in accordance to that is what distinguishes Wesfarmers from other similar firms. Conclusion In conclusion, no significant threats could be found against Wesfarmers apart from the usual price issues that every firm faces. The constant concern regarding sustainability has been and will be the hardest part of it all. However, Wesfarmers have been dominant in the market for quite some time now. Wesfarmers have indicated that they wish to develop new ideas and policies to reduce its debts further and in the process try to increase revenues as well. Quality and services provided need to carefully assessed and modified as per need. With their most updated technological departments providing the necessary brains behind all these innovations, Wesfarmers have been able to further enlarge their exposure (Bayne, Schepis, Purchase, 2017). The annual reports of the organisation have showed positive strides both in terms of financial and reputation. Producing daily requirements at affordable prices is the main motto of the company. Albeit being an established company, it needs to focus o n having a more digital outlook and access for the customers. With innovations in technological fields providing ample scope to gain access to larger customer base, Wesfarmers need to utilise that and amplify their business prospects. Effectiveness Having generated the most revenue in past years in Australia, Wesfarmers have undoubtedly established their effectiveness. The companys diversified approach of marketing has seen them invest in potential marketing aspects. Wesfarmers has always been dedicated to their shareholders. One of the primary aims of the management team and Board of directors has been to provide a best returns possible to their shareholders. Wesfarmers, believe on being focused on long term returns rather than just focusing on short term returns. From the annual report published by Wesfarmers, it can be known that $48 Billion is the increase in the shareholder value for the year 2017 and all of that has been the consequence of business growth. Wesfarmers have been investing in numerous business sectors. This showcases their intentions of having a long term establishment in the market (Greenblat, 2018). Apart from these, another prospect that distinguishes Wesfarmers any other competing firms is that of its wo rk culture. All of their business ventures are intended not only at enhancing their work environment but to the upliftment of the society as well. As mentioned earlier, Wesfarmers are to known to have partnered with several cultural associations, including arts and music. They have spent huge amount of resources to provide a safe and technologically advanced working environment for its employees. Efficacy Wesfarmers entire business can be classified into two sections. The retail trade section that includes Coles, Target, Kmart and others home and office products, and the Industrial section that varies from chemical to coal mining (Mortimer, 2016). Thus is quite evident that Wesfarmers has been able to employ the strategies and policies in reality. Considering their growth, especially in the last 3 years, a stable yet steep growth in future can be forecasted. Among the two discussed major sections of business, Wesfarmers have identified retail business as their primary are of marketing. It provides the most revenue as compared to their other business ventures. Implementing policies to provide a safe, ethical work environment and working for the betterment of the society at large shows that Wesfarmers has identified humans as its prime factor of development. Efficiency There are two main objectives of business plans as far as Wesfarmers are concerned. The first is provide a significant return to its shareholders and the other is to expand through diversification. They have recently expanded to Hong Kong with plans to expand further. Since their intentions are to focus on a long term business venture, profit has been at times not their primary concern. Providing daily products in retailing chains at affordable price does the requirement of marginalising the profit. Wesfarmers have always been eager to invest on the betterment of society through various partnerships, sponsorships or programmes. Bunnings Warehouse has been a part of Wesfarmers since 1994, and it focuses on maintaining sustainability through actions that are directly associated with society, environment and economics. Bunnings is dedicated to make sure that the required levels of product outcomes are met both domestically and at a global level as well. Ethicality Wesfarmers aims to accomplish their objects by focusing on a few major principles defined as policies. They try to maintain and enrich the working environment which the operating section of the company. Such ideas include constructing strategies to minimize on the emission of polluting gases and providing a clean and healthy surrounding (Low, 2018). Wesfarmers tend to focus on their stakeholders as well. Providing its shareholders with adequate returns have been a major objective for the company. Employees of Wesfarmers are known to be not only satisfied at their respective positions, they tend to treat customers with utmost respect and dedication. Wesfarmers has been associated with organisations working to help society grow. Their main motto of providing the basic needs for everyone at cheapest possible price dictates their ethicality towards its customers. The core values of the company include that of showcasing integrity by indulging in any activity while maintain the basic ethi cs. Their openness towards the company activities in terms of finance and labour, establishes an accountable yet commercial image. Elegant Stake holders are given paramount importance as far business is concerned for Wesfarmers. Through financial regulations and appropriate management, Wesfarmers primary goal is to deliver returns that satisfy the shareholders. Wesfarmers spends a major part of its resources to ensure that each of the departments under the company are well equipped to maintain a certain level of focused management and its executions. Wesfarmers are known to be transparent in their actions and are committed to establish an assuring relation with its customers and its stakeholders. Considered as the largest formal corporate acquirements in Australia, Wesfarmers acquired the services of The Coles group in 2017. Since then this has helped establish Wesfarmers as the highest revenue earner in recent times. Thus providing assurance to its shareholders regarding financial activities. Dividends are also a major influence on retaining the services of the shareholders. References Abdalla, T., Hendrickx, D., Fathima, P., Walker, R., Blyth, C. C., Carapetis, J. R., ... Moore, H. C. (2017). Hospital admissions for skin infections among Western Australian children and adolescents from 1996 to 2012.PloS one,12(11), e0188803.s Akbar, S., Ahsan, K. (2014). Analysis of corporate social disclosure practices of Australian retail firms.International Journal of Managerial and Financial Accounting,6(4), 375-396. Anton, R. (2015). An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis. Bayne, L., Schepis, D., Purchase, S. (2017). A framework for understanding strategic network performance: Exploring efficiency and effectiveness at the network level.Industrial Marketing Management,67, 134-147. Bowen, H. P., Baker, H. K., Powell, G. E. (2015). 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