Review of Performance: Year 2
By the end of year two Pangea Technologies had achieved great success. Not only did it rank number one in game 5 but it also ranked number one overall. Our management team worked well together and made well informed decisions. We achieved our goal to have at least 40% market share in at least two market segments. In fact, we had 52% market share overall and over 45% market share in every segment.
Decision Aggressiveness
If there was one thing that set us apart from the rest, it would be the aggressiveness of our decisions. By the end of the second quarter of the second year we had opened offices in every available city selling at least one product to every single market segment. We used our resources generously yet wisely in opening offices, and hiring and motivating salespeople, and it paid off.
Financial Performance
In year two Pangea has had an excellent financial performance, net
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We focused on designing our brands to the liking of each market segment. We also reviewed our performance as well as our competitors¡¦ performance thoroughly, and in the areas where our performance was not the best, we used benchmarking. We were not shy about copying the ideas of the best. For example, our Cost Cutter brand, Centra 260, was not the best nor did it capture the largest market share so we looked at the best Cost Cutter brand, which was bravisimo1 of our competitor, Elegant. This brand was not the highest rated yet it outperformed the highest rated brand in that it had the largest market share in the Cost Cutter segment. After having compared our brand to the bravisimo1, we copied most of the design ideas in designing our new brand Centra 270 and we also found ways to make our design better than the bravisimo1. This strategy worked well because we were able to capture the largest market share of the Cost Cutter
Our strategy began to shift to that directing and focusing primarily on the high end segment while maintaining product’s presence in the traditional segment. On top of that, we landed new products that ended up in the high market segment. In the mid-year analysis, we introduced new products the company can keep up with in the high market segment. We strongly believed that if we continued having strong presence in the traditional and high end categories we would achieve our objectives. As the simulation progressed, we moved our products from the size and performance segments to low end to ensure we doubled our products within these categories. We were hopeful that the products would be cheaper to retain within the R&D. When it comes to product pricing, we always strived to keep our prices low in the industry. In the beginning rounds, we lowered our prices by $6.00 before introducing a new product. We did this to attract the customers and create a relationship so that after we introduce a new product, their awareness can be high. In later rounds, we continued the low pricing strategy in attempt to attract more customers and increase in profits when other products of the market were highly priced. Looking back, we can generally say that while business strategies are imperative to adhere to, having a profitable business is the ultimate goal. Team Digby’s results ended up with an increase in market share in Dixie and Daze as they were in two segments at once, and sustained a steady cumulative profit throughout the
And we will purchase capacities when plant utilisation above 90%. This will expand the business size and have a positive impact on economies of scale. Composed with High End and Size products transfer into Traditional and Low End, we have multiproduct in targeted segments. “Higher firm-level ability raises a firm 's productivity across all products, which induces a positive correlation to a firm’s intensive and extensive margin” (Bernard, Redding and Schott 2006). This means with an effective business strategy and management, businesses can boost sales of all products within the segment. With a larger product profile for Traditional and Low End, it works to generate larger market shares. Refer to Graph 4 and 5, Digby sold twice units of products than its core competitor-Baldwin by having Daze and Dixie in its Traditional segment, which drives its segment market share to double Baldwin’s. The boost in sales and market share prove the correct implication of the
How to increase market share and maintain rapid growth at the same time, and where.
I noticed many things at Walmart’s shareholder meeting, including representation from many different states and countries. Watching the meeting I felt a sense of pride and honor from these people toward Walmart. Understanding that these people invested money into this business I did not believe that they would be chanting, excited and so passionate of their mission and future. I think other meetings could be more laid back and may not be chanting or so excited. Some companies meetings may have tension say the business is taking a down turn or facing a large public issue that is effecting the business.
Our strengths also can be found within the market that we have chosen to get involved in. The soon to be bustling, ...
For any business to be successful, the proper marketing strategy needs to be put in place. This is because every business has an objective of attaining and retaining its customers who will propel its operations. The 4Ps model of marketing is the best decision any business can make. This model will assist the business to know the customers’ needs, preferences, expectations, decision-making processes, and the areas the business needs to emphasize in customer communication.
"If the company produces the appropriate products, set appropriate prices, use appropriate distribution channels, and supported by appropriate promotional activities, then the company will success "(Kotler, 2001).
This strategy has three key elements, strong domestic markets, profitable Asian growth and an enterprise wide approach to operations and technology.
Marketing strategy is a process that can allow an organization to concentrate its resources on the optimal opportunities with the goals of increasing sales and achieving a sustainable competitive advantage. The Marketing strategy consist 4Ps that is place, product, price, and promotion. This 4Ps is used to market the product to the people and to make the product being famous in the country or international. The size of market segment for this product include geograpic, demographic, behavioural, and psychorgrapic.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
In our first year we initially decided to follow a cost-leadership strategy. The principle behind this strategy is to reduce costs and we did this in four ways. Firstly we changed the supplier so the components were cheaper and we had 2 months credit. This proved very beneficial to our business as it allowed us to improve our cash flow which allowed for more investment early on into advertisement. Advertisement was also crucial in reducing our costs by economies of scale. This meant spreading our cost over an increased rate of output. E. Pertusa-Ortega, J. Molina-Azorín and E. Claver-Cortés (2008) proposed that experience is a source of efficiency so we trained ourselves in production in order to reduce these costs and effort expended . Lastly and most importantly was the product design and this is where we changed our strategy once more to focus on a particular market segment. Porter argued that strategies based on market segments needed to keep customer needs firmly in mind for long term success .
By definition, strategic marketing is a firm’s ability to concentrate a limited amount of resource on an opportunity that has deemed to have the highest potential to increase sales, thereby creating a sustainable competitive edge over rivals (Brooksbank & Taylor 2007). Fundamentally, each aspect of marketing has the potential to improve or affect the performance of other marketing facets. Hence, creating a proper coordination of a firm’s activities makes it possible to eliminate unnecessary activities that interfere with efficient profit maximization processes. Strategic marketing explores ways that each of the marketing processes will reinforce each other for the best output. More importantly, strategic marketing makes each department to work
Too often, a marketing function is misunderstood, because many people do not understand what is meant by ‘Marketing’.
The product that I am trying to produce and sell is an app that can be used on all smart phones. This application will allow the consumer to walk into any store that is compatible with the app and buy any product without having to wait in line or for check out. This app will require a credit card or debit card to pay for the transaction made. Once this transaction is processed the consumer will be sent a receipt and will be able to walk out of the store with the item they just purchased. The only other part of the equation is that there will need to be a security terminal type doorway, almost like in airports that check to make sure everything is actually being paid for.
Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.