A financing strategy is integral to an organization’s strategic plan. It sets out how the organization plans to finance its overall operations to meet its objectives now and in the future. A financing strategy summarizes targets, and the actions to be taken over a three to five year period to achieve the targets
Safe Paint Manufacturing Company Ltd analysis involves 120 months of data, 2014 to 2016, from each of three retails centres. Financial data include both operating and capital costs. Severity-adjusted Paint factor are used as the measure of the Retail factory. The results indicate that three financial strategies are effective in reducing long-term sustainable costs while preserving customer care quality. First, some adjustments in
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A market research is described as the process of collecting valuable information to help find out if there is a market for a particular proposed product or service. Safe Paint Manufacturing conducted a survey and interview to determine if the idea of scented paints were feasible. The records revealed that 78% of the respondents stated that they are interested in the products. Marketing mix variables is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix used is mainly executed through the 4 P 's of marketing: Price, Product, Promotion, and Place. The product refers to the service or tangible good that satisfies the target customer’s wants–it is obviously first essential that a real target market is identified, quantified and justified. The place refers to placement usually managed by sales or OEM, such as having the product available where and when targeted customers want to buy it. Promotion includes Advertising, PR, Event Marketing, Online Marketing, Direct Marketing, Personal Selling, Channel Marketing, and Alliances. Price consists of the policies regarding competitive upgrades, reseller pricing, discounts, list price, distributor and street price the actual selling …show more content…
As we stand by our Mission to manufacture high quality paints through superb technology while providing excellent customer service. In conclusion, as Safe paints continues to grow our ultimate goal is “If you can think it, then we can create it”. That is, whatever thought of colour that you may think of, dream about, Safe paints will be able to give you that prefect mix, and leaving you with that unforgettable scent, while we remain environmentally safe and
Kotler and Keller (2014) develop on what product represents in the marketing mix, as the idea centers around its design, quality and packaging. Continuing with the Four P model, price should be considered when marketing a product. The price component asks one to determine the list price, discounts, allowances, and payment period of a product (Kotler & Keller, 2014). Finally, Kotler and Keller (2014) list promotion and place as the final two variables associated with the older Four Ps. Promotion deals with how a product is advertised and what type of sales force will be utilized, while place is associated with the channels and locations for which your product will be featured (Kotler & Keller,
a. Basically, corporation strategy demonstrates a corporation’s overall direction in the light of its general mindset toward growth and the management of its businesses and product portfolios. There are three crucial categories, which are stability, growth, and retrenchment, that involve within corporation strategy. Additionally, business strategy often occurs at the business unit or product level, and it highlights the improvement of the competitive position of a company’s products and service in the particular market segment served by the business unit. Competitive and cooperative strategies are two main categories that match within business strategy. Furthermore, functional strategy is the method that through a functional area to
The 4 Ps of the marketing mix are: Product, Promotion, Price, and Place. The marketing mix puts the right products, at the right price point, in the right place, at the right time. The following examines how Claire’s Chocolates optimizes its marketing mix (Yoo, Donthu, & Lee, 2000, 195-196).
Place, intended as the firm 's distribution, and pricing are also important element of the marketing mix used by
I found the main goal of the article to explain the concept of marketing. As the author implies, the concept of the marketing mix is a great tool to give an answer to the question “what is marketing”. It is a great introduction of the elements of marketing as a whole, with visual charts that sum the different marketing forces. Marketing is not about doing or not doing, its mainly about doing the right things for your operation with consideration of the resources that are available. This also sheds light over the fact that managing functions of marketing must be oriented to the market and with consideration of the marketing changes make a marketing mix that fits the resources of the firm.
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
Asian Paint bypassed the bulk buyer segment and went to individual consumers of paints. AP went slow on urban areas and concentrated on semi-urban and rural areas. AP went retail. AP went in for an open-door dealer policy. AP voted for nationwide marketing / distribution AP BYPASS THE BULK BUYER SEGMENT AND GOES TO INDIVIDUAL CONSUMERS Bulk buyer segment was the major segment of the paint business in the earlier days and any paint company needed a share of this major segment for sheer survival. Though, this segment was dominated totally by foreign companies and their wholesale distributors, a new entrant to the business like AP would normally have rushed to this segment and tried to garner a share of it. AP, however, had a totally different game plan. Seeing that this segment was not a growth segment, though it was certainly the major segment at that point of time, AP decided to ignore this segment for the present and go to individual consumers. And that was a crucial decision. It influenced every subsequent decision AP took in the realm of distribution. Over time, AP proved to the paint industry that there existed a large and bottomless segment in the paint business of India, outside the bulk buyer segment, comprising of individual consumers. AP went slow on urban areas and concentrated on semi-urban and rural areas. Along with the decision to go to individual consumer segment leaving aside the bulk buyer segment, AP also decided that within the individual consumer segment, semi-urban and rural areas would constitute AP’s priority market.APclearly saw that a large market for paints was emerging in the semi-urban and rural areas, and felt it wise to tap this market. AP found it difficult to attract the wholesalers in the cities to deal in its products. It had to necessarily turn to the semi-urban and rural areas for support. AP wisely decided against committing all its resources on a head on collision by launching its own Sales Force who will to the ground level . AP GOES RETAIL Going directly to retail dealers was the next major strategic decision of AP in the realm of marketing and distribution.
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Strategy formulation is the process of establishing the firm's mission, goals, and choosing among alternative strategies or plans; it involves and implies that preparing the best approach to respond to the circumstances of a firm's environment, whether or not its conditions are known in advance; being strategic and tactical, then, means being clear about the management's aims; being aware of the company's resources, and incorporating both into being consciously responsive to a dynamic environment (SM, 2010). As nearly all businesses have limited resources, top leaders and management must determine which alternative plans or strategies will do well to the organization most; strategic management requires attention to the big picture and the motivation to adapt to circumstances, and consists of the following aspects:
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
Marketing professionals create, manage and/or enhance brands in order to create or bolster demand for the product. A successful marketing plan will help assure that consumers look beyond just the price or function of a product when making a purchasing decision, in part, a well planned marketing effort will create a “feel good” association about the product the consumer is about to purchase (Petty) A key part of a career in marketing is to understand the needs, preferences, and constraints that define the target group of consumers or the market niche corresponding to the brand. This is done by market research. This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ...
To create a successful marketing mix you must have all of the following aspects: the right product for your target market, sold to your target market at the appropriate price,in the right place and time, while using the most fitting promotion. ( Marketing Theory 1995.) The product, price, place, and promotion all are of uttermost importance in a business, since all businesses must complete all of these activities, including advertising agencies and research firms, everybody in the business world should understand the marketing mix.
The marketing mix is important to the sport industry because it allows a sport marketer to better understand the market they are selling in, and enables a sport marketer to generate an increase in revenue. The marketing mix contains the four p’s, which include: product, price, place and promotion. Each of the p’s in the marketing mix are all vitally important because they are what you are selling, why you are selling, where you sell it at, and how you promote what a sport marketer is selling. The marketing mix is essential to the sports industry because it enables a sport marketer to better understand their product, and improve sales.
· The Right Marketing Mix – Is the product right?, Is it sold in the