...Marketing Mix Paper Within this paper the reader will find the elements of the marketing mix as it pertains to Northwood Realty Services in reference to product, place, price, and promotion. In addition, the reader will find how each of the four elements of the marketing mix effects the development of Northwood Realty Services marketing strategy and tactics. The reader will find how Northwood Realty Services implements each element of the marketing mix through marketing and research strategies. Northwood Realty Services Northwood Realty Services is a real estate agency established in 1956, serving customers in Eastern Ohio and Western Pennsylvania with 35 offices and 900 agencies within the local areas of the servicing regions (LinkedIn Corporation, 2011). Northwood Reality Services commitment to their customers is to ensure that buying and selling a home is more rapid, easier and a rewarding experience without the worries of the plugging economy. Despite the economic stance Northwood Reality Services “mission has remained constant unrivaled service, never-ending respect for customers, uncompromising integrity and ethics (Northwood Realty Services 2011, par.2).” Northwood Realty Services focuses on continuance complacency with the aim of sharing the enthusiasm, safety, reassurance and personal pride of owning a home with the new homeowners based on a trusted and confidence in a real estate agency. Northwood realty services strives on the present low interest...
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... * Increase the cost of the investing in technology (support Activity in the value chain) in order to produce electronic books and enhance the technology associated with it. * Change the pricing strategy. * The new market entrants of electronic books (i.e Amazon, Apple..etc) caused a decrease in the demand for the physical books. Book retail Stores (B&N): * Reduction in the demand for the physical books * Reduce the cost of shipment, distribution..ect. (Outbound logistics) * Reduce the space using in the bookstores. * Adopt new technologies in promoting the sales of books. (Invest in technology to improve value chain) * Increase the cost of technology investments. * Adopt new strategies in marketing. * Reduce the publisher effect on the business. For the book selling industry, the information technology which the e-book arose from has affected the five forces in the Porter’s five forces’ model. * The introduction of substitute is strong * The customer has more information available that strengthen the customer force. * The competition is high as all other companies...
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...innovationmanagement.se/imtool-articles/how-to-evaluate-ideas/ How to Evaluate Ideas By Jeffrey Baumgartner Many organizations make mistakes in their idea review processes that result in rejecting the most potentially innovative ideas in favor of less innovative ones, warns Jeffrey Baumgartner. Here are some ways to avoid this unfortunate fate. Organizational innovation is not just about generating creative business ideas. It is also about reviewing ideas in order to identify those which are most likely to become successful innovations. Unfortunately, many organizations make mistakes in their idea review processes that result in rejecting the most potentially innovative ideas in favor of less innovative ones. In some instances, the idea review process is a simple matter of a manager reading through a batch of ideas and selecting those she believes will work best for her firm. This is most often the case in smaller firms run by a single owner and manager. In most medium to large businesses, however, a structured evaluation process is necessary in order to: Identify the ideas that are most likely to succeed as innovations for the company. Ensure that complex ideas are reviewed by people with the appropriate expertise necessary to understand what would be necessary to implement the idea – and what might go wrong. Enable a middle manager to defend the idea to senior management, stakeholders, and financial officers who may need to grant budgetary approval of the...
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...1. What are the ingredients of SEC’s corporate turnaround strategy? Since 1997, Samsung has pursued a bold combination of strategies which have allowed it to innovate & produce higher-quality products across all the categories. Those strategies are mentioned below in detail: A. Vertical Integration – manufacturing continued to remain Samsung’s core competence as always. Samsung believed that if it got out of manufacturing then it would loose the edge since everyone could get the same technology but not everyone was capable of making an advanced product. Farming out manufacturing operations would expose Samsung to inventory risks thus its fate would be in the hands of its suppliers and to prevent that, between 1998 and 2003, Samsung invested $19 billion in new chip factories, $17 billion was invested in 2003 in new manufacturing facilities for LCDs used in flat-screen TVs and such. Samsung not only manufactured for customers internal to the company but also external customers, which included Apple, Sony, etc. so as to ensure that its plants remained competitive. The company was also savvy about its choice of plant locations; for example, to keep costs low, it operated manufacturing plants in China, however R&D facilities were set up in India to take advantage of country’s low cost human capital. Samsung also avoided the commoditization trap that allowed the company to command premium margins by manufacturing special order items such as memory chips for Dell...
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...Abstract This report analyzes why Eli Lilly and Pfizer, both well-established companies, were unsuccessful in the introduction of innovative products, the 100 percent insulin “Humulin” and the first inhaled insulin “Exubera” and why “thinking big but acting small” is significant in the need to innovate and in knowing and keeping the customer. Big companies must think outside the box by solving their customer problems, making better products and creating value. Keywords: insulin, inhaler, customer Thinking Big and Staying Small Both Eli Lilly and Pfizer realized unforeseen decrease in market shares in their efforts to “enhance their technology trajectory” (Christensen, 1999) by introducing groundbreaking products in the market. For any market opportunity, validating the market appropriately and defining the products in terms of customer needs are crucial. Undoubtedly, poor planning and short-term investment horizons may have played roles in creating troubles for both companies. To explain why these companies failed, I will explore their mistakes hopefully establishing clear grounds for conclusions and strategic business recommendations. Mistakes Were Made Developing Products with No Market The Humulin-brand was technically successful. However, because of its premium price, the product had no takers. Its price was 25 percent higher compared to the animal-extracted insulin. Retailers were reluctant to add it to their crowded refrigerators of insulin products because “the...
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...Background The fitness center industry only came to light in the 1970s and 1980s with simple cardio (running), and aerobics. Though, in the early 2000s an enormous growth occurred in the industry; in the beginning of the decade there were 16,938 combined gyms and clubs, and by January 2008, there were 29,636 combined gyms and clubs (Franchise Help, 2015). This industry comes in many shapes and colors, so to speak; there are large name-brand franchises such as LA Fitness, 24 Hr. Fitness, and the YMCA, there are small local gyms that are ran by neighbors and friends of a small town, and of course the private, elite country clubs and spas (First Research: Mergent, 2015). Regardless of size, name or cost; all of these fitness centers provide the same things; various exercise equipment: free weights, cardio machines (treadmills, the elliptical, and stationary bicycles), pools, and spas, sport courts (tennis, racquetball, basketball, etc.), personal training, and group classes. In today’s society, gyms and clubs are a “go-to” for fitness, but...
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...Background The fitness center industry only came to light in the 1970s and 1980s with simple cardio (running), and aerobics. Though, in the early 2000s an enormous growth occurred in the industry; in the beginning of the decade there were 16,938 combined gyms and clubs, and by January 2008, there were 29,636 combined gyms and clubs (Franchise Help, 2015). This industry comes in many shapes and colors, so to speak; there are large name-brand franchises such as LA Fitness, 24 Hr. Fitness, and the YMCA, there are small local gyms that are ran by neighbors and friends of a small town, and of course the private, elite country clubs and spas (First Research: Mergent, 2015). Regardless of size, name or cost; all of these fitness centers provide the same things; various exercise equipment: free weights, cardio machines (treadmills, the elliptical, and stationary bicycles), pools, and spas, sport courts (tennis, racquetball, basketball, etc.), personal training, and group classes. In today’s society, gyms and clubs are a...
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...for the six months to 30 September, 1999. When the takeover offer was initially valued US$36 billion in February 2000, it was based on PCCW’s share price of US$2.84 at the time. On 4 July, 2000, the Hong Kong Government offered the new pay television program the service license to new five new operators. Then on 17 August, 2000 Pacific Century Cyber Works (PCCW) takeover HKT. On 24 September 2000, a local newspaper reported the investors who took up PCCW’s from the replacement had experienced a paper loss of US$110.67 million in just two days. The stock price of PCCW had fallen from its peak of US$3.65 in February, 2000 to around US$0.77 in early November 2000. The company’s share price continued to drop amidst the uncertainties about the fate of PCCW’s alliance with Australia’s Telstra Crop. in early October. The agreement was eventually signed on 13 October, 2000, with Telstra’s cash injection into PCCW re negotiated fromUS$3 billion to US$2.43 billion. Although the joint venture with Telstra helped to reduce PCCW’s debt by US$3.56 billion, PCCW still needed to make an effort to improve its financial situation, which as burdened by the outstanding balance of the US$9 billion inherited from take over HKT. The HKT deal was originally valued at US$38 billion, the largest takeover in Asia to date. The deal demonstrated his ability it secure a loan of US$13 billion based on the US$1 billion stock, which was raised in 48 hours. The company invested US$256 billion in the initial...
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...consumers, businesses, and schools worldwide. Hewlett-Packard strategy is to bring the depth, breadth, advantages, competitiveness, and innovation of the company portfolio to consumers in every country (Hewlett-Packard Development Company (2012). Approximately two-thirds of HP’s revenue is retrieved from outside of the United States (Hewlett-Packard Development Company (2012). Nik has been assigned to assess the potential benefits of conducting business in Kava, a small island country that resides in the South Pacific. After Nik landed on the island of Kava, he realized that his perception of the island was not what he had perceived it to be. However, Nik was sent to Kava to complete a mission; not to enjoy a vacation. The geographic location of Kava presented an issue that could pose as a reoccurring threat. Based on the location of the island, there is no way Kava can avoid the threats of floods, tsunamis, typhoons, and cyclones. Although Kava is an island, fires have occurred in the community. Kava’s community also suffers from avian flu and HIV/AIDS. The threats on the island may pose danger to the locals as well as the entire island. Damages caused by tsunami’s and typhoon’s may cause a significant loss to any entity with a business on the Kava island. Hewlett-Packard could suffer the same fate. Hewlett-Packard should anticipate less marketing and productivity because of the previous damage caused by disasters. Hurricanes can wash away a small businesses and cause so much...
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...of four R&D portfolios that are to be fully funded by Vertex and to decide on the fate of the other two portfolios i.e. whether to partner or hold them as backups. In order to decide on the R&D portfolio, an objective quantitative analysis might not be suitable considering the high levels of uncertainities and consequently the risks involved in pharmaceutical research projects. It is important to have a qualitative analysis of the situation as a whole that includes Vertex’s own financial position, strategic implications, a quantitative analysis of its Portfolios with realistic estimations and a risk analysis of the portfolios. 1. Vertex finacial analysis As per Vertex’s income statement(exhibit- 2B), it is clear that Vertex R&D expenditures in most of the preceeding years until 2002 has exceeded its revenue to the tune of 120% of its revenue in 2002 . The net income has been negative for all these years and the company is yet to prove itself in the stock market and gain investor’s confidence (exhibit-5). As per exhibit-2a, though Vertex’s cash position is strong, most of it (~50%) is through convertible debt and unless Vertex creates a breakthrough in the market through block buster drugs or substantial revenue it is unlikely that Vertex can attract funds or generate interestes in the market for additional funding for its projects. Also in oder to scale its operations e.g. sales and marketing, additional infrastructure it is impeartive that Vertex has to curtail its spending...
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...Norton’s Department Stores Case Table of Contents Executive Summary3 Introduction3 Case Findings4 Evaluations of Alternative Solutions5 Conclusion7 Recommended Plan of Action8 Evaluation of Recommended Solution9 References10 Appendices10 Executive Summary The Norton's chain of department stores has a long and tumultuous history, characterized by their early rise as an industry stalwart in the early twentieth century, to their current state on the brink of bankruptcy. The factors that coalesced to their fall from grace are numerous in nature. Yet one singular factor constantly resurfaces: the mismanagement of the firm stemming from the authority from birth-right exercised. Whatever course of action is taken; whether it is downsizing current locations, creating an e-commerce marketplace, or creating a new pricing strategy, one thing is clear: the main problem of management needs to be addressed first. Introduction Norton’s Department Stores was founded in 1869 by Thomas Norton, in a less than desirable area of Toronto. Since it humble inception, Norton’s have been instilled with certain characteristics conducive to success: “long hours, high quality, and friendly staff (Das, 2005)”. Norton’s has always been a private firm, run exclusively by the Norton family. In its early history, Norton’s experienced exponential growth and came to be known around Canada as a “dependable and customer-friendly merchandising empire (Das, 2005)”. At its height, the firm had...
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...Question 1: Which of Porter’s four competitive strategies does Apple engage in? Explain. Scope | Broad | Cost Leadership | Differentiation | | Narrow | Cost Focus | Differentiation Focus | | | Cost | Differentiation | | | Source of Competitive Advantage | Figure 1.0: Porter’s four competitive strategies Porter’s four competitive strategies does Apple engage in are cost-leadership strategy, differentiation strategy, cost-focus strategy and focused- differentiation strategy. Explanation is as below. 1. Cost-leadership Strategy Apple used to identify customers’ specific needs and designed to meet their needs. The cost strategy here can be clearly shown when Apple design iMac computer and iBook computer for the basic computer buyers. Those computers’ price is lower compare to the iMac Pro. Besides that, Apple use information systems to lower the operational cost in order to lower product prices or gain extra profits. This will directly let the traditional competitors and new market entrants difficult to match the prices. Moreover, efficient customer response systems provide a company and its suppliers with an integrated view of customers. These systems provide instantaneous information to the company and its suppliers. Every staff member can have access to the information in the system to help reduce costs and prices well below that of the competition. Processes such as supply replenishment are automated between companies and suppliers...
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...machine – is both arresting and actionable. The next step: ensuring that explicit knowledge is translated back into tacit knowledge that will then go on to yield yet another innovative solution. 162 Harvard Business Review 1284 Nonaka.indd 162 | July–August 2007 I the one sure source of lasting competitive advantage is knowledge. When markets shift, technologies proliferate, competitors multiply, and products become obsolete almost overnight, successful companies are those that consistently create new knowledge, disseminate it widely throughout the organization, and quickly embody it in new technologies and products. These activities define the “knowledge-creating” company, whose sole business is continuous innovation. And yet, despite all the talk about “brainpower” and “intellectual capital,” few managers grasp the true nature of the knowledge-creating company – let alone know how to manage it. The reason: They misunderstand what knowledge is and what companies must do to exploit it. | Robert Meganck N AN ECONOMY WHERE THE ONLY CERTAINTY IS UNCERTAINTY, hbr.org 6/7/07 10:55:05 AM MANAGING FOR THE LONG TERM | BEST OF...
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...value at competitive price resulting in widening the difference between value creation and cost. Firms which thrive at this create greater economic contribution hence establishing competitive advantage. Michael Phelps and his team most importantly Peter Carlisle Manager and longtime coach Bob Bowman set a bold goal of winning nothing less than gold medal during his Beijing Competition. At the same time Peter Carlisle foresaw the need to expose Michael Phelps to the Asian Market thereby creating a brand. Such goal required tremendous strategic planning which entails actions geared toward the realizing such goal. The accomplishment of such goals will entail a framework of analysis, formulation and implementation. 1. Michael Phelps transitioned to a global brand through the acquisition of eight gold medals in Beijing Games in China (Rothaermal, 2013). In the presence of a global audience MP was able to raise the standards of the Olympics swimming games by setting seven world records. Such feat set standards that separate one from the competition. Again through technological innovation MP was available to his followers by personal managing his social media sites such are Facebook, YouTube and swimroom.com. Such feat made MP a magnet to various business endeavors resulting in huge sums of money and endorsement deals from major corporations such as Att, Kellogg’s , Rosetta stone just to name a few. 2. In relating Michael Phelps story to strategic management, one must acknowledge...
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...to attain. 1. Core ideology Core ideology consists of two distinct parts: core values and core purpose. While the strategies and practices will adapt to the changing environment endlessly, core values and core purposes remain fixed in the companies which enjoy enduring success. As a set of guiding principles, core values are the essential and enduring tenets of companies and have intrinsic value and importance to those inside the organization. UC’s two time-tested values-customer and market oriented, and constant innovation- which can be summarized from the company phrases, are embodied in its vision: ● Customer and market oriented (“You inspire us”): It is customers who lastingly gave UC inspiration to do innovation and led UC to become a pioneer in the use of consumer research and focus group. UC listens to the customer, spots the trend, and holds the high value placed on extensive market testing prior to launching new products. ● Constant innovation (“Innovative winning”): UC had a well-earned reputation as an innovator both in its products and brand management system. Honoring the past while embracing the future, UC rejects the conventional wisdom and creates innovative products being market leaders for more than half a century old. Core...
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