...plc 1. Amina believes that a significant marketing budget would be necessary for her marketing plan to achieve its objectives. To what extent do you agree with this view? (18 marks) A marketing budget sets out how much money is allocated to marketing and how it intends to spend it. They are usually set before a year starts, depending on the company’s fiscal year. There are many reasons for why a marketing budget would help Amina’s business to achieve its objectives, however I believe that the success of Sounds and Vision plc does not lie with the actual size of the marketing budget, but how effectively it is used. As the business has decided to reposition itself, it needs to create awareness of its new strategy, which undoubtedly will involve a lot of expenses. This could be done through promotion, involving the media, such as a television campaign which would be expensive and therefore involve a significant budget. Not only will it need to promote its new strategy in order to gain more customers, but the case study informs us that Sound and Vision are up against a lot of competition, from both online retailers and supermarkets. Therefore in order to make sure that they are the highest competitor in the market, or to match the other strong competitors, a significant amount of money will need to be spent, using a marketing budget, for effective and persuasive advertising and promotions, in order for customers to visit the shop and spend money there, rather than elsewhere. Sound...
Words: 1122 - Pages: 5
...Analysis………………………………………………………………16 IV. Marketing Plan…………………………………………………………………………16 Marketing Goals…………………………………………………………………….16 Marketing Strategies……………………………………………………………….17 Marketing Mix……………………………………………………………………….20 Marketing Budget…………………………………………………………………..22 V. Recommendation………………………………………………………………….…..23 INTRODUCTION The competition in the business arena has been very stiff and complex. In this regard, the organization must be able to utilize a strategy and management system that will enhance the performance of the business so as to outgrow its rivals (2000; 2003). There are certain ways or techniques that can be considered in order to emerge and continue to be competitive within the market place. The marketing concept has been defined as ‘the key to achieving organizational goals’ and the marketing concept rests on ‘market focus, customer orientation, coordinated marketing and profitability’. In a profit making business the firm obviously has to try and achieve this level of customer satisfaction as a way of staying ahead of the competition and making a profit. Traditionally, marketing has been utilized by most of the organisation in order to increase the capabilities and core competencies of the company. It can be said that marketing can be considered as one of the most important element supporting successful business establishment (1994). This is because of marketing’s complex applications, this have been defined in different manners. The significance of marketing...
Words: 6757 - Pages: 28
...Functional Objectives These are goals for each functional department of a business which should contribute to the achievement of the overall Corporate Objectives. These targets should make sure that… * Each part of the business is working towards the same long-term goals * Objectives for business functions (eg: operations) should not be separate from other functional areas * All functional objectives should be co-ordinate and not contradict each other For example, Marketing may set a functional objective to increase sales by 25% over a three-year period. A Functional Strategy is the way in which the Functional Objective will be carried out. Marketing Objectives These are the foals of a Marketing function which are designed to help achieve Corporate Objectives. They are usually set a senior level of the hierarchy, and are likely to include the following… * Maintain or increase Market Share * Target a new segment of an existing or new market * Develop new products from Market Research Marketing Objectives must be realistically achievable and should revolve around the business’s future. Types of popular Marketing Objectives may include… * Increasing Product Differentiation * Growth * Continuity * Innovation Factors that affect the setting of Marketing Objectives may include… Internal Factors | External Factors | FinanceThis depends on the...
Words: 6763 - Pages: 28
...Timeframe of the plan • Geographies/markets/segments covered by the plan • Any limitations to resources or key assumptions on which the plan is based 1.2 Objectives • What are the objectives you hope to reach by actioning this plan (remember: these need to be S.M.A.R.T.) • How do these objectives support overall corporate strategy and objectives 2. Background 2.1 History, company/product profile 2.2 Environment • Macro • Micro 2.3 The Market (remember to clearly identify the market/markets in terms of the job the customers are trying to get done, rather than in terms of industry/product); include: Competitors Existing segments 2.4 Main strategic issues • Detailed SWOT MA 3.Objectives 3.1 Statement of Objectives Note how these objectives support broader corporate objectives (e.g.: profit growth/maintenance, diversification of geography/product, rationalisation/consolidation, risk minimisation, etc). Include: • starting Canvas and future/intended Canvas • description of current positioning and future/intended positioning (on the Pine and Gilmore map) • current and future "brand pantheon" (if applicable) 4. Strategic Initiatives 4.1 Strategic overview Description of the market, segments and targeted segments (including why these segments have been chosen), i.e who/what is the focus of the strategic initiatives and why 4.2 Key strategic initiatives (maximum of 3) - include: • Key consumer/market insights on which the initiatives...
Words: 4974 - Pages: 20
... The first Blockbuster store opened in 1985 in Dallas, Texas and has now expanded to operate 6,500 video rental stores (“Blockbuster Inc.,” n.d.). The chain began as a competitor to smaller video rental stores with a much wider selection in movie and eventually game rentals (“Blockbuster Inc.,” n.d.). Blockbuster quickly grew and opened stores across the nation along with its first stores in London and Canada in the late 1980s (“Blockbuster Inc.,” n.d.). In 1994 Viacom bought out Blockbuster after the company had acquired two music companies, Sound Warehouse and Music Plus, making it a very successful corporate giant in the video rental business (“Blockbuster Inc.,” n.d.). Although Blockbuster has faced many challenges with its “new ownership, increased competition, and a relatively soft market for videos,” Blockbuster has been able to remain in the movie rental industry (“Blockbuster Inc.,” n.d.). Despite the company’s struggles and dwindling cash flow in the late 1990s, Blockbuster decreased its rapid expansion, but slowly continued to open stores so that it featured a store close to every large neighborhood in the country (“Blockbuster Inc.,” n.d.). Currently, Blockbuster is still facing struggles in the video rental industry but is working to compete against its newer main competitors, Netflix and Redbox (Merced, 2010). After filing for bankruptcy in late September of 2010, Blockbuster was purchased by Dish Network in hopes to save the company and reposition...
Words: 7812 - Pages: 32
...excellent penmanship, he developed the logo of the company, which is still used today on the sides of the cans and bottles of Coca-Cola. Initially, the soft drink was sold to the public at a pharmacy/soda fountain shop in Atlanta, Georgia and it made its debut on May 8th, 1886. It was first sold as a medicinal tonic and actually contained extracts of cocaine and kola nut which has a high level of caffeine in it. Ironically, in the first year of its existence, on an average about nine servings of the soft drink were sold each day and sales for that first year added up to a total of about $50.00. Expenses totaled approximately $70.00. Therefore the company actually lost money its first year. In 1887, another pharmacist and businessman, Asa Candler, bought the Coca-Cola formula from John Pemberton for $2,300. In between years 1890-1900, aggressive marketing and advertising Coca-Cola’s sales rose to over 4000%. Over the years, the Coca-Cola Company became a globally recognized power company whose logo has been ranked number 1 as the most globally recognized logo in the world for the past eleven years. Just this past month, it fell to number 3 and Apple took over their number one role. ...
Words: 7100 - Pages: 29
...Corporate Governance 25 A. Board of Directors 25 B. Top Management 25 IV. External Factors 27 V. Internal Factors 118 VI. Action Plan 178 Appendix A. Stakeholders Worksheet 206 Appendix B. Answers to Panel’s Questions 212 I. EXECUTIVE SUMMARY A. Mission To provide a low-cost/low-price/no-frills, reliable, friendly service with “more value for less money” mode of transportation for consumers traveling short distances for business and/or leisure. B. Vision To keep their costs down, keep their ticket prices down and expand into new markets that have a high traffic potential while maintaining profitability and strong position as an industry leader. C. Objectives Short-term Strategic Objectives ▪ To increase market share by 5% within the next 2 years. ▪ Southwest will decrease its downtime for...
Words: 54584 - Pages: 219
...Activities ................................................................................................. 11 1.1 1.2 1.3 1.4 Functional Organization of the Executive Team ................................................................... 12 Goals and Strategic Direction ................................................................................................ 14 Company Name ..................................................................................................................... 15 Executive Briefings ................................................................................................................ 15 2. Chapter: Market Research................................................................................................. 23 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 Initial Research: Market Opportunity Analysis (MOA) .......................................................... 24 Types of Information Available ............................................................................................. 25 Precision of Survey...
Words: 73514 - Pages: 295
...and later) i Contents Introduction and Overview 1 What is MikesBikes Advanced? ........................................................................ 1 Getting Started with Mikes Bikes ..................................................................... 1 Two Versions of MikesBikes............................................................................. 2 MikesBikes-Advanced Single-Player.......................................................... 2 MikesBikes-Advanced Multi-Player ........................................................... 3 Important Note: .................................................................................... 3 Shareholder Value (SHV) : Performance Measure of MikesBikes................... 3 Using MB-A ................................................................................................... 4 Making and Processing Decisions ............................................................. 4 Viewing the Results................................................................................ 5 Getting Help.......................................................................................... 5 The MB-A Model ............................................................................................ 7 The Management Goal............................................................................ 7 The Underlying Model ............................................................................. 7 An Overview of the Industry ...
Words: 16742 - Pages: 67
...DMA 501 MARKETING MANAGEMENT BY DR JUSTUS M MUNYOKI SCHOOL OF BUSINESS UNIVERSITY OF NAIROBI 2010 INTRODUCTION THE CORE CONCEPTS OF MARKETING. Marketing is a social and Managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others. Then the core concepts of marketing are - Needs , wants and demands - Products - Value, cost and satisfaction - Exchange and translations - Relationships and networks - Markets - Marketers and prospects Needs, wants and demands A need is a state of deprivation of some basic satisfaction. A need is not created by the marketer, but is a biological concept, for example hunger, thirst, safety, shelter, esteems. Wants are desires for specific satisfiers of needs and may be considered a higher level need. For example when an individual may have a need for food, his / her want will be a specific prepared meal such as chicken or fish, Demands are wants for specific products that are backed by an ability and willingness to buy them, wants become demands when supported by purchasing power. Effective demand is comprised of people who are willing and are able to buy a product. Product – Comprises of goods, services and ideas that satisfy human needs and wants. A product is anything that can be offered to satisfy a need or want. Value, cost satisfaction - a value is the consumer’s estimates of the products...
Words: 52023 - Pages: 209
...Ryan McHugh Marketing Plan Southwest Airlines Green Initiatives Executive Summary Southwest Airlines was formed in 1971 as a small airline in texas offering services between Dallas, Houston, and San Antonio. Its goal at the time was to provide to customers an airline that got passengers to their destinations on time, for a low price, while making it an enjoyable experience overall. By taking these simple goals and making them a reality for customers, Southwest has been able to expand into a well know and recognized domestic airline. Today the company is able to fly over 100 million passengers a year to 66 cities across the U.S. offering over 3,000 flights daily. Southwest is focused on serving its customers with respect and satisfying customer needs to the best of their ability while maintaining the highest quality service and lowest prices. The company has been able to take advantage of the gaps within the domestic travel market where competitor airlines have failed. These gap exists in low cost service, onboard amenities, excellence in customer service, and the realization of a need for more environmentally friendly airline services. Research and projections indicate that the use of the current business plan coupled with the introduction of Green Initiatives will be sufficient in maintaining the current success and increasing future revenues for the initiatives. In 2007, Southwest began reporting on their current and future environmental initiatives. They have stated...
Words: 6776 - Pages: 28
...FedEx Custom Critical and Caribbean Transportation Services. As for FedEx Services Segment comprise of FedEx Services, FedEx Office, FedEx Customer Information Services as well as FedEx Global Supply Chain Services. FedEx has experience tremendous success domestically and internationally since it began operations, however FedEx is still does not has the main market share in both markets as UPS dominates the ground delivery and DHL dominates the international express delivery. So in this paper, we will be answering three questions regarding FedEx’s methods of expansion, reasons for its global operations problems, SWOT considerations, competitive landscape and recommendations to encroach upon the two competitors. 2.0 QUESTION 1 Evaluate the methods used by FedEx to grow domestically and internationally. Why do you think that the company initially had problems in its global operations? 2.1 Evaluate the methods used by FedEx to grow domestically and internationally Before FedEx has its tremendous successes, they have adopted various alternatives to grow in the domestic market and expand into international market. FedEx had used few methods to grow domestically and internationally which categorized in few attributes as stated...
Words: 13666 - Pages: 55
...AirAsia BERHAD MARKETING PLAN No. | CONTENTS | PAGE | 1.0 | Executive Summary | 1-2 | 2.0 | Introduction | 3 | | 2.1 Background and History of AirAsia | 3-4 | | 2.2 Vision Statement | 5 | | 2.3 Mission Statement | 5 | | 2.4 Objectives | 5 | 3.0 | Environmental Analysis | 6 | | 3.1 PESTEL Analysis | 6 | | 3.1.1 Political Factors | 7-8 | | 3.1.2 Economic Factors | 8-9 | | 3.1.3 Social Factors | 9-11 | | 3.1.4 Technological Factors | 11 | | 3.1.5 Environmental Factors | 11-12 | | 3.2 PORTER's 5 Forces Model Analysis | 12 | | 3.2.1 Threats of New Entrants | 12-13 | | 3.2.2 Threats of Substitute | 13-14 | | 3.2.3 Bargaining Power of Buyers | 14-15 | | 3.2.4 Bargaining Power of Supplier | 15 | | 3.2.5 Competitive Rivalry | 16 | 4.0 | SWOT Analysis | 17-18 | | 4.1 Strengths | 19-27 | | 4.2 Weaknesses | 28-31 | | 4.3 Opportunities | 31-34 | | 4.4 Threats | 34-36 | 5.0 | Marketing Objectives | 37-46 | 6.0 | Marketing Strategy | 47 | | 6.1 Target Market | 48 | | 6.1.1 Behavioral Factors | 48 | | 6.1.2 Demographic Factors | 49-50 | | 6.1.3 Psychographic Factors | 50-51 | | 6.2 Marketing Mix | 52 | | 6.2.1 Product | 52-54 | | 6.2.2 Price | 54-55 | | 6.2.3 Place | 55-57 | | 6.2.4 Promotion | 57 | | 6.2.5 People | 58 | | 6.2.6 Performance | 58 | ...
Words: 18277 - Pages: 74
...Wal-Mart’s superior distribution capability (location of stores, inside-out growth patterns, cross-docking, superior information management). Quantitative details on cost advantage are set forth in Section 3 below. • High Volume: Industry analysts watch Wal-Mart’s growth of sales figure very closely. Wal-Mart’s prices are low by the industry standard, which, combined with its lower costs, indicates a strategy that aims at growth in volume through grabbing increased market share (cf. Dell). • Customer Satisfaction: Low prices, advanced data management and extremely motivated employees (“10 ft rule”, “sundown rule”) means a better customer experience than at other discount retailers, even though Wal-Mart remains a self-service retailer. In addition, the large size of the traditional Wal-Mart stores adds convenience by offering a one-stop solution by offering a wide range of products. In the words of Sam Walton, “Wal-Mart’s aims at creating a loyal customer base by lowering their cost of living through offering quality and other products at significantly lower prices, while surprising them on the convenience and service level side.” It’s worth mentioning that Wal-Mart acquired volume through a careful consideration of locations, away from competition. Today, however, Wal-Mart is experimenting with extending its original strategy. There are three avenues being considered: internationalization, different formats (neighborhood stores) and expanding the product range to offer more complete...
Words: 13152 - Pages: 53
...Principles of Marketing – MGT301 VU MGT - 301 Lesson – 1 PRINCIPLES OF MARKETING Overview of Course: This subject/course is designed to teach the basic principles of Marketing to diverse audience/students, including those who are studying this as a supporting subject for their bachelor degree program. This course is designed to provide you the foundations of Marketing whether you intend to work in field of the marketing or not. Marketing is part of all of our lives and touches us in some way every day. To be successful each company that deals with customers on a daily basis must not only be customer-driven, but customer-obsessed. The best way to achieve this objective is to develop a sound marketing function within the organization. To be understandable and lively means that we need to communicate you. We start every chapter with learning objectives. The most important thing you will get out of this course is the basic skills required to succeed in today’s competitive environment. Marketing is defined as a social and managerial process by which, individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is a key factor to business success. The marketing function not only deals with the production and distribution of products and services, but it also is concerned with the ethical and social responsibility functions found in the domestic and global environment. Introduction of Marketing What image comes...
Words: 111983 - Pages: 448
