MBA COHORT 1 ADELEKAN TEMITOPE A. 1323260
INTRODUCTION.
This essay goes to analyse and discuss the various marketing tool or we can refer the marketing tools as strategic management tools. The two (2) marketing tools I’ll be talking about are Ansoff Matrix and SWOT analysis in other to simply demonstrate the competitive advantage and also show the ways in which it is involved in making the strategic business unit in an exceedingly market sector.
Company to be analysed: MTN NIGERIA A PART OF MTN GROUP LIMITED.
Sector: TELECOMMUNICATION.
MTN Nigeria Communication Limited is the Africa’s leading telecommunication company in Nigeria. The best in telecommunication services in Nigeria, very innovative with subsists on the core value of leadership integrity and good relationship. It is the first GSM network in Nigeria having over 47 million subscriber and with a market share of 47.5% ( MTN Annual Report 2012).
ANSOFF MATRIX
The Ansoff business analysis tool decides on the very best method for promoting growth through marketing new or current products to new or current market. Ansoff’s growth strategy is divided into 4 quadrants namely:
Market Penetration – Selling current products or services to current customers (Markets).
Product Development – Selling current products or services to new customers Markets).
Market Development – Selling new products or services to current customers (Markets).
Diversification – Selling new products or services to new customers (Market).
The tool helps marketers to examine threats in the development of new product and expansion into new markets. One of its major advantage is that it helps organisation minimize risks and exposing them future opportunities. The Y axis of the quadrant which can be seen be...
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...twork challenges. According Hill and Westbrook (1997) and Menon et al (1999), they said that SWOT matrix may harm performance. In a situation where employees of the organisation are not honest about the organisation's weaknesses, the organisation is doomed to failure.
In my own observation, SWOT analysis is a very useful tool used at the business planning stage and also, SWOT should be part of any organisation's annual business review. On the other side, Ansoff matrix helps established organisations to have a clear path of the future. Also, it is of much benefit to winning organisation and not failing ones.
Conclusively, since MTN is an established organisation it is better to use Ansoff matrix because it explores the possibility for business development. Aside that, its strategy is towards directional strategic growth for winning brands and not the struggling ones.
The first chance a company is a new product may not be what the clienteles want and see it as the necessity. This risk is severe when you base your concepts for new merchandise merely on an impulse, or without conducting sufficient market investigation. Businesses that are not in touch with their clienteles are also likely to issue with the product. One issue that is often met by product designers is determining on what features must be encompassed in the product. There problem that occurs among merchandise because it has too little features and having too much. The second risk is product growth procedure may include mechanical hurdles and functioning risks that must be overcome. The corporation may be developing completely new merchandise that will deliver new and better assistance to clients. The item may also select to adapt its existing product by adding new features that will make it more interesting to the market. The third risk is a financial risk. A new product that you have established may not be able to produce sufficient demand at a price that will transport revenue for the business. The cost of production, as well as the costs of advertising the product, may not be enclosed by the selling value. The company needs first to identify what the risk is how they really will affect everyone involved. The company must do a risk assessment. This assessment will help the company be able to understand the weight of the risk will have on the company. The company will need to prioritize the risk in order of importance. The final step is to mitigate planning, implement, process motoring of the risk that will be affected. The company need create surveys for employees and for customers to see what feature should be offered with the new product. These elements are essential and will show how customer friendly it will be for customers. The company needs to make sure the customers
It is important to evaluate the ins and outs of a company to provide valuable information on the standings and future standings of the company. It also provides insight to develop strategies for long-term growth and shows potential threats that may hinder the bottom line. Strengths The strength portion of the SWOT analysis shows the internal environment, which are the controllable components of the firm that give a competitive advantage. This allows them to purchase high volume items for a lower cost.
A SWOT analysis is an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT is a planning evaluation used by businesses and organizations.
SWOT analysis is a necessary tool for business that allows corporations to analyze where their strengths, weaknesses, opportunities and threats lie. The SWOT tool contains paramount information about the industry and helps the executives of the business make decisions that are necessary for the business’s survival and success.
A SWOT analysis is simple exercise that could be implemented on multiple subjects including an individual or a whole corporation. The SWOT analysis is an operational tool for managing change, defining strategic direction and setting realistic goals and objectives according to Simoneaux and Stroud (2011). Discovering new opportunities and manage and eliminate threats that are present in the company and the surrounding market. SWOT is a valuable technique that leads to a better understanding of the strengths, weaknesses, opportunities and treats both internally and externally. The strengths and weakness are to be considered internal factors and opportunities and threats to be e...
The definition of SWOT analysis is comprehensively summaries the internal and external conditions, critical evaluate advantages and disadvantages of organization, facing the opportunities and threats, in order to the combination of company 's strategy and internal resources and external environment (Yuan, 2013). In contrast, SWOT analysis method is a descriptive model, because the enterprise strategy is often a typical uncertainty problem, the lack of adequate analysis and logic, and a SWOT analysis cannot provide the specifically, format of strategic advice (David,
Ansoff's matrix provides a very simple but very effective focus for considering different options for growth, and shows whether it is better to find new customers for existing products, offer more products to the existing consumer, or stay with existing products and attempt to gain a greater share of the market.
So, for the future, she must implement his strategies to continue and improve his efficacy and efficiency. To propose achievable strategies, we will use Ansoff matrix. This tool allows to classify and explain the different growth strategies for a company. Ansoff 's Matrix is also known as the market options matrix (Lynch, 2009, p.313) and is designed to identify “the product and market options available to the organization, including the possibility of withdrawal and movement into unrelated markets”. It is represented diagrammatically as follows.
• Hitt, Michael A; Hokisson, Robert E.; Ireland, RD. Strategic Management. 6th Ed., Masson, Ohio: Souht. Wester 2005.
This work will determine the baseline of the current market situation for the company, which is essential for any further exercise and analysis. To understand how the business model correlates with the product marketing, need to see if there is any evident cause-effect relationship between product characteristics and the nature of the product company. If such correlation exists, it will be important to see the transition of such characteristics into the company marketing strategy. It can show how company’s strategies can be successfully addressed in a real-world scenario. Both internal and external analysis, SWOT matrix will help to determine the company’s current market position.
What is a SWOT analysis? This concept involves assisting businesses to identify their strengths, weaknesses, opportunities and threats. It is often used to analyze an organization and its environment. Businesses find the analysis useful in assisting them to improve their business, establish goals and objectives.
SWOT analysis is “a widely used framework to summarize a company’s situation or current position” (Rao, Rao and Sivaramakrishna, 2008). It is an acronym for Strengths, Weaknesses that arises from inside the organization, aid or undermine the development of the firms; Opportunities that the organization can grasp to grow and potential Threats that can affect it negatively. There are number of strengths for both SCB and NBB.
On the Ansoff matrix below is shown what growth strategies for new and existing products and markets can be used from the company.
Strategic marketing is a broad and practical subject which included the concept of marketing subjects of previous semesters such as business marketing. The study of this subject has contributed to marketing knowledge in many ways, as well as it has strengthened my skills in application of marketing concepts. My knowledge was increased that I was able to develop a complete strategic marketing plan of not only on the part of marketing analysis or strategy of a product or service, but also the whole corporate plan. My skills and capabilities that were developed and integrated during lectures and tutorials include the analytical skills, coordination skills, presentation skills, organization skills, etc.
Once a decision is made to use marketing research, management goals and objectives determine the type of selection methods used. There are a wide range of market research tools and methods available to decision makers. Depending on the goals and objectives of the company, researchers have many options. Some of the research tools include mail and web surveys, personal interviews, and focus groups. This paper will discuss and differentiate among the various tools used in primary and secondary research as well as discuss the differences when using qualitative and quantitative approaches. This paper will further identify which tools are used for each approach and why. The primary purpose of marketing research tools is to assist companies in decision-making. Therefore, the view and understanding of marketing research, its tools, and its methods are adapted in business decisions.