Monday, January 27, 2020

The role of Marketing Strategy and Planning

The role of Marketing Strategy and Planning What is the role of marketing strategy and planning in a business? As a number of literature and empirical research underline the importance of marketing strategy and planning (Cannon 1978; Drechsler et al. 2013; Bearden 2001), this paper aims to demonstrate the importance of strategic marketing planning and to discuss their roles in the business. It will be divided into three parts. First, related literature will be reviewed to define marketing strategy and planning. Then, the paper discusses marketing strategy and planning’s functions. And in the final part of the paper, example from venture project will be illustrated to display how these functions apply. Marketing strategy and planning’s definition Strategy provides direction and exhibits long-term objective, in which all organizational approaches and resource allocation need to relate to (Jain et al. 2012; Porter 2002). The strategy refers to three levels, corporate, business and marketing (Bearden, 2011), which need to be coherent and consistent to one other (Jain et al. 2012). Corporate strategy provides overall organizational guideline, such as corporate vision and establishment of key business objectives, whereas, strategy in business level relates to overall market, for instance, a market scope (Bearden, 2001). In marketing level, strategy will specifically deal with the marketing mix, target market and marketing execution (Bearden, 2001), for example, unique selling point (USP) proposition, pricing strategy, finance and operations (Lavinsky 2013; Githens 2011). While strategy frames direction, planning deals with detailed implementation and determines a mean in terms of timing and sequence (Jain et al. 2012). It displays what and how to execute strategies in detail (Bearden, 2001), and includes contingency plans to cope with unexpected situations (Schilit, 1987). There is a slightly difference between marketing strategy and planning terms, nevertheless, they are, somehow, relevant. Strategic marketing planning’s roles While marketing strategy functions as a guideline or ‘what-to-do’, marketing planning associates with ‘how-to’ implement those strategies (Jain et al. 2012; Lake n.d.). As these two concepts show a mutual supported process (Lake, n.d.), a combination between two areas, strategic marketing planning (SMP) is emerged. SMP is a term to describe a strategic guideline that all organizational staff undertakes to yield expected outcomes (Baker 2007; Lorette n.d.). So, the following section will focus on SMP by describing factors that shape marketing strategy and SMP’s functions in a business. Supported by Cannon (1978), Jain et al. (2012) proposed that marketing strategy concerns with external assessment, which are customer’s needs and competitor analysis, and internal evaluation, which is company’s capability. The interplay among these three pillars, or 3Cs’ analysis, shapes marketing strategy (Hernandez, 2013). Consequently, strategic marketing reflects customer’s needs, creates product differentiations and corresponds to company’s capabilities properly (Nystrà ¶m 1986; Hernandez 2013; Drechsler et al. 2013). Based on aforementioned planning characteristics and three strategy’s factors, strategic marketing planning yields four main beneficial functions (Blythe and Megicks 2010; Lorette n.d.). First of all, (1) SMP minimises potential risks related to inconsistency between marketing plan and customers’ needs (Cannon, 1978). As a well-conducted research reflects true customers’ needs, marketers could launch desirable product that match to the market. Secondly, (2) a well-organized SMP generates sustainable competitive advantages, such as distinct unique selling point. Thirdly, (3) SMP is a guideline for marketers to pursue business goals regards to certain aspects, for example, it shows financial forecast and clear-cut role allocation, leading to effective financial management and operational efficiency. Lastly, (4) as SMP includes 3C’s model analysis, potential opportunities in the future are identified (Schilit, 1987). Overall, SMP plays important roles, which relates to customer (a desirable product that serves market’s needs), competitors (the marketing mix differentiation), and company (an effective resource allocation). It also allows marketers to recognize future opportunity if SMP has been developed properly (Schilit, 1987). Example: Foodmates, a student cooking community application To demonstrating SMP functions, this following example, a venture project, will be illustrated. Foodmates is a cooking community application for Manchester-based students. To initiate this idea, marketing strategy was established according to three pillars, which are customer, competitor and company. With respect to customer, we reviewed secondary data and conduct primary research to identify opportunities that we could tap into. Students in Manchester represent potential market with specific needs and problems. Three vital student-related implications were raised, which are the lack of cooking skills, high mobile application penetration rate, and active social network interaction. We also included questions to test Foodmates’ conceptual idea. This will ensure that Foodmates will not be rejected from the market. Consequently, our business will bear less of potential risks that might be posed. As cooking application is in a highly competitive market, we analyse competitors’ strategies and their marketing mix, to create differentiation. According to these analyses, we hold on to our 3S’s USP, which are student-focused, simple recipes and sharing community, as our distinct attributes. Foodmates is the online cooking space, where Manchester-based students can contribute their simple recipes to others by posting food pictures with described recipes. This mechanic encourages sharing simple menus, which makes us different from other cooking applications. In company’s assessment aspect, we did financial forecast to estimate start-up budget and considered who should take responsible for particular jobs. Even though they were hypothetically estimated, it allows us to get a picture of what aspects marketing plan should include, and how marketing plan plays a role as a roadmap to achieve business goals. Conclusion In conclusion, marketing strategy determines direction, while planning relates to mean and implementation. The integration between these two aspects triggers strategic marketing planning (SMP) process. The roles of SMP are primarily based on three essential dimensions, which are customer, competitor and company. An effective SMP will reflect customers’ needs so it lowers product’s failure rate in particular market. Moreover, it creates not only product differentiation, but also effective resource allocation within the company. By consider customer, competitor and company aspects, the ultimate goal of SMP is a company’s sustainable success over other competitors in the market. References BAKER, M.J. (2007), â€Å"Marketing and corporate strategy†, in BAKER, M.J. (ed.), Marketing strategy and management, 4th ed., Palgrave Macmillan, New York, p. 50-76. BEARDEN, W.O. (2001), â€Å"Marketing’s strategic role in the organization†, in BEARDEN, W.O. et al. (eds.), Marketing: Principles Perspectives, 3rd ed., McGraw Hill Irwin, Boston, p. 51-73. BLYTHE, J. and MEGICKS, P. (2010), â€Å"Introduction to marketing planning†, in BLYTHE, J. and MEGICKS, P., Marketing Planning: Strategy, Environment and Context, Pearson, Edinburgh, p. 1-22. CANNON, T. (1978), â€Å"New product development†, European Journal of Marketing, Vol. 12 No.3, p. 217-248. DRECHSLER, W. et al. (2013), â€Å"Improving Marketings Contribution to New Product Development†, Journal of Product Innovation Management, Vol. 30 No.2, p. 298-315. GITHENS, G. (2011), A guide to the three types of strategy and business model scope, [Online] Available from: http://leadingstrategicinitiatives.com/2011/07/10/a-guide-to-the-three-types-of-strategy-and-business-model-scope/ [Accessed 11/01/2014]. HERNANDEZ, H. (2013), Simple Approach to a high level 3C’s Analysis, [Online] Available from: http://ochodigital.com/blog/simple-approach-high-level-3cs-analysis/ [Accessed 23/12/2013]. JAIN, S.C. et al. (2012), â€Å"Marketing and the concept of planning and strategy†, in JAIN, S.C. et al. (eds.), Marketing planning and strategy, Cengage, Australia, p. 3-27. LAKE, L. (n.d.), Marketing Strategy vs. Marketing Plan, [Online] Available from: http://marketing.about.com/od/marketingplanandstrategy/a/Marketing-Strategy-Vs-Marketing-Plan.htm [Accessed 23/12/2013]. LAVINSKY, D. (2013), Marketing plan template: Exactly what to include, [Online] Available from: http://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/ [Accessed 11/01/2014]. LORETTE, K. (n.d.), The role of marketing planning in business, [Online] Available from: http://smallbusiness.chron.com/role-marketing-planning-business-3234.html [Accessed 23/12/2013]. NYSTRÃâ€"M, H. (1986), â€Å"Balancing competition and cooperation, the key to successful marketing strategy†. In: 3rd International I.M.P. Research seminar on international marketing, France, September 1986. France: IMP, p. 1-19. PORTER, M.E. (2002), â€Å"What is strategy†, in MAZZUCATO, M. (ed.), Strategy for business, SAGE, London, p. 10-31. SCHILIT, W.K. (1987), â€Å"How to write a winning business plan†, Business Horizons, Vol.30 No.5, p. 13-22.

Sunday, January 19, 2020

Midnight in the Garden of Good and Evil by John Berendt Essay -- Midn

Midnight in the Garden of Good and Evil by John Berendt Savannah is the city of Southeast Georgia near the mouth of the Savannah River. James Ogelthorpe founded it in 1733, it is the oldest city in Georgia and has been a major port since the early 19th century (Soukhanov, p.1606). Savannah has been called that gently mannered city by the sea and indeed it is, with Spanish moss hanging from the huge oak trees and the shine of the moon reflecting off the pillars of Savannah’s grand mansions. Ones imagination can conjure up a simple setting where the clop of hooves on the cobblestone streets echo in the mind and sweat from the glass of a delicious madiera leaves a ring on the tabletop. I think that Jim Williams said it best. â€Å"You mustn’t be taken in by the moonlight and magnolias. There’s more to Savannah than that. Things can get very murky† (Berendt, p.11). The book Midnight in the Garden of Good and Evil was written by John Berendt, it is his non-fiction account of the time he spent in Savannah. Berendt was sent from his home in New York to write a magazine article about Mr. Jim Williams grand Christmas parties in Savannah. Unbeknownst to Berendt, he had just stumbled into the middle of a much better story: the Hansford slaying and the subsequent legal battles of Williams. Berendt also met a host of eccentric, even preposterous Savannahians. Here, he realized, was the sort of local color that most novelists could only dream about (www.Savannahnow.co...

Saturday, January 11, 2020

Quota System in Bangladesh

Introduction: Quota System/Policy is a hiring policy, where a specified number or percentages of specific group members are to be hired. In Bangladesh every government jobs are enriched with the quota system. Different types of quota are available in both cadre and non-cadre class I & II jobs. The persons are selected for government jobs either from merit basis or district basis. Quota system was introduced in the government service by an executive order in 1972, where 45% are reserved on merit, rest 55% is distributed as 30% for children of freedom fighters, 10% for women, 10% for districts and 5% for indigenous people.Recruitment into different Cadres of the Bangladesh Civil Service (BCS) is in accordance with the provisions of this rule. No direct appointment can be given in BCS Cadre Service without the recommendation of the Public Service Commission, and examinations are held (both written & viva-voce). The purpose of this quota system is to equally develop the country but whene ver we compromise the selection at the highest level of government service through quota implies the negative impact on the improvement of governance.From the perspective of Human Resource Management, Quota System never be a good selection tools because it discriminates the humans. Whenever we are going for any quota system which will must hide to select right people at right place at right time. [pic] To run any sector whether it is public or private people play a prime role which start from manpower planning. In figure-1 it is assumed that the recruitment & selection process is quota-free and hence entirely depends on merit.Therefore we would get a fair competition and as such we would obtain best fit for the organization. In long run, as they are fairly and merit-based selected, they would be more inspired, motivated, pro-active, result-oriented and careerist. At the end there would more possibility of nurture of talent, otherwise retain of talent would be impossible. Besides, th e quota-free selection ensures Equal Employment Opportunity. In the contrast, in Fig. it has been assumed that, the selection process is quota based, ie, we have to fill-up quota rather than selection right fit leading to non-compliance of Equal Employment Opportunity. These employees would be, no doubt, less motivated, inspired and re-active. Therefore there would be possibility by the management to exploit them rather nurture, because retain of such employees are not a big deal as they are not careerist, result-oriented. ———————– Figure 1: HR Tier In Terms of Talent Management Figure 2: Impact of Quota In HR Read also: Padma Bridge

Friday, January 3, 2020

Biology Tools - 1045 Words

Biotechnology tools and Techniques 1) Restriction enzymes Restriction enzymes are DNA-cutting enzymes found in bacteria (and harvested from them for use). Because they cut within the molecule, they are often called restriction endonucleases. In bacteria the restriction enzymes naturally provide immunity to the bacteria against bacteriphage by cutting viral DNA is that introduced into the cell (Fig. 2 Page 280). After being cut, the viral DNA becomes inactive and thus the phage cannot attack the bacterial cell. A restriction enzyme recognizes and cuts DNA only at a particular sequence of nucleotides known as recognition sites. Most recognition sites are 4 to 8 base pairs long resulting in relatively low frequency of cuts compared to†¦show more content†¦The ability to produce recombinant DNA molecules has not only revolutionized the study of genetics, but has laid the foundation for much of the biotechnology industry. The availability of human insulin (for diabetics), human factor VIII (for males with hemophilia A), and other proteins used in human therapy all were made possible by recombinant DNA. To be useful, the recombinant molecule must be replicated many times to provide material for analysis, sequencing, etc. Producing many identical copies of the same recombinant molecule is called cloning. Cloning can be done in vitro, by a process called the polymerase chain reaction (PCR) OR in vivo. Cloning in vivo can be done in †¢ unicellular microbes like E. coli †¢ unicellular eukaryotes like yeast and †¢ in mammalian cells grown in tissue culture. In every case, the recombinant DNA must be taken up by the cell in a form in which it can be replicated and expressed. This is achieved by incorporating the DNA in a vector. A number of viruses (both bacterial and of mammalian cells) can serve as vectors. Example of cloning using E. coli as the host and a plasmid as the vector. 5) Plasmids Plasmids are molecules of DNA that are found in bacteria separate from the bacterial chromosome. They: †¢ are small (a few thousand base pairs) †¢ usually carry only one or a few genes †¢ are circular †¢ have a single origin of replication Plasmids areShow MoreRelatedReverse Transcriptase Polmerase Chain, Reaction is an Essential Tool in Molecular Biology1553 Words   |  6 Pagestranscriptase polymerase chain reaction, also known as RT-PCR, has been recognized as a reliable, accurate, and sensitive method for quantifying gene transcription. Polymerase chain reaction, also known as PCR, is considered an essential tool in molecular biology that allows for the amplification of nucleic acid sequences. Specifically, the three main consecutively repeating steps in PCR are denaturation, annealing, and elongation. 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