Introduction
Strategic management involves the plan that is employed by the firms as the form of the vision for the enterprises so as to move forward with the clear plan so as to keep in mind. The changes in the external environmental factors that tend to have an impact on the way the businesses tend to operate as well as adapt, the business strategy tends to highlight the ability as well as the drive success over the competitors in the entire market (Bizmove.com, 2017). The aim of the strategic planning involves enabling the firm to achieve a sustainable edge over its rivals in the market. The environment of the market is also another key factor to consider as it possess the limitations to the firm’s strategy and thus the assessment of the firm environment as well as the competitors in the sonites market regularly enables in evaluating if the strategies being affected.
The Markstrat world involves a market that is associated with extreme competitive characteristics where the market tend to offer various brands of the sonites with the aim of satisfying the requirements of various departments of the market. For a healthy competition the firm have an obligation to implement the strategies so that they fit suitably as the enterprises tend to constantly operate with the innovative practices.
Aims, objectives and strategies
Aim: to provide the unique products so as to win the market share and be a leader in the market
Objectives
Ensuring that the promotional strategies are implemented in the firm so as to develop and maintain the brand awareness in the entire market
Maintaining the product design through carrying out the research and development programs as frequent as possible so as to understand the customers’ requirements that are related to the products’ features as well as the products modification needs.
Creating and maintaining a position in the market through creation of a unique feature in the operations of the business so as to provide the customers with a key reason to select the firm over its rivals in the market.
Ensuring that the market research of the firm is carried out efficiently throughout the operations of the business so as to keep up with the rivals of the firm as well as be aware of the customers’ behavior and their anticipations in regards to the products that are being offered in the market.
Ensuring the use of the research and development so as to upgrade the products through various characteristics.
Strategies
Improving the market share, segment share and contribution so as to improve from period to period.
Developing the brand awareness among the potential and existing customers so as to increase the market and segment share through conducting the necessary promotional strategies and research and development, specialty stores, mass merchandisers as well as the online stores (OnStrategy, 2017).
Conducting effective and efficient research and development in the beginning periods so as to launch a new product by period 5.
Pricing of the products in the retail prices as well as distance from the ideal points where the distance price will be proportional to 49 percent while the distance economy will be proportional to 49 percent of the prices of the products.
The team buffalo aimed at implementing the above strategies but it also essential for the team to follow the porters generic strategy theory so as to generalized and ensure realistic set of the firm’s strategies. The porter’s generic strategy that accounts for the cost leadership, differentiation focus, differentiation as well as cost focus is essential in ensuring that the firm achieves its set objectives in within the nine operating periods. The selection of the porter’s generic strategy will ensure that the operations of the firm have a more realistic strategy to follow during the whole process.
Research and development
Research and development involves the functions of the firm where it aims at inventing the new products in the market and where it aims at improving the quality of the existing products that it offers in the market (Cleverism, 2017). The research and development process involves the operations that the firm tends to carry out so as to ensure effective and effective production of the products that it offers in the market. The process is essential as helps in the development of the existing products of and this is aimed at fitting the changing customers’ preferences in various operating periods of the enterprise. The main purpose of the research and development is to develop the products and services that are designed to meet the preferences of the consumers. The market research is conducted before to the operation of the firm to design as well as modify the product so as to release it in the market and this is because there is the knowledge of the customers’ needs, the degree of competition in the market as well as the dynamic changes in the technological market.
The team buffalo recognized the stiff competition in the market and therefore the team had to budget for the strategies that will help the firm to out shine the competitors in the market. The firm accounted for the research and development project that will be launched in period 2 so as to ensure that the firm is able to increase the market share, segment share, contribution for the industry, shoppers, and sonites from period to period. (See figure 1)
Figure 1: segment, market share
The research and development will be carried to ensure product design in distance from ideal point in regards to the semantic scales and multidimensional scaling so as to ensure efficient production of the sonites explorers, sonites shoppers as well as sonites professionals.
The market research studies for the sonites market in period 0 was budgeted and the costs for the sonites market was classified into various purchase studies that included the consumer survey, consumer panel, distribution panel as well as the market forecast. (See Figure 2)
Figure 2: purchase studies
Market positioning
Market positioning which can also be termed as a perceptual location is where your product or services fits into the market place. This is also where when done effectively will put the firm first in line in the minds of potential customers (Ww2.nscc.edu, 2017).
It is very essential for organizations or firms to transform their existence into a market position so as to eliminate any competitors. Positioning evolves as the firm keeps on defining its products or services.
Our team found it essential to transform our existence into a market position by defining our product failure to which our competitors will do it for us. Our position in the market will keep on evolving as long as we define the features of our products. The key components of positioning include Quality, Packaging, Distribution, Pricing, Packaging as well as Services.
Our team decided to operate through the adoption of the Market niche strategy and this is because of the highly competitive market where we tend to trade our products.
Market niche strategies are particularly appropriate where there are distinctive, economical where we can create a new, different products that they focus on in more detail to ensure effective production of the same as compared to the rivals in market.
Market segmentation
The process of market segmentation was carried out after the market research was conducted and this involved creation as well as designing the products for the specific groups of customers in the market and therefore the team had to consider the different criteria of the particular preferences of the unique customer segments (Ww2.nscc.edu, 2017). The process of market segmentation involves the division of the various pattern of the customers or else the potential customers into different groups in the entire market that is within where the broad pattern of the customers’ preferences exist.
The analysis of the characteristics of every segment it is clear that the incentives on how the production of the every product so as to suit certain segments in the industry the products had to be accounted for.
The segment share for the decreased from one segment to the other as seen in the above figure where the tops had the highest segment share as compared to the rest of the segments in the buffalo industry. The market share for the segments increased from one segment to the other where the tops segment had the smallest market share as compared to the rest of the segments in the industry. Reviewing the essentiality of the products in the market in regards to the segments for the products that are offered by the industry the market share of the entire buffalo industry was reviewed therefore indicating every segment in the market. Due to this the team was able to review as well as monitor the trend of the products in relation to how they were distributed in the market. The review was essential so as to determine the level of production, the inventory level as well as production level of the entire buffalo industry so as to meet the customers’ preferences as well as demand in different periods. The production of the firm L by the end of period 8 showed the higher level of production for the firm where the enterprise’s sales level was less by twenty units of the level produced. See figure
Figure: sales, production and inventory level for firm L
Product Portfolio
The product portfolio of an enterprise involves the key assets of the firm where the entity tends to represent its overall profitability. The team was able to ensure effective management as well as monitoring the product portfolio of the industry so as to ensure that it keeps the products on the top form in the entire industry and ensuring the competitive edge in the market.
Product Life Cycle (PLC)
There are various phases of the marketing product life cycle and they include introduction, growth, maturity and decline.
The enterprises tend to select from different phases of the product life cycle that are essential in the strategic alternative that tend to be available to its based theories. There are various phase that are associated with the product life cycle where there phases involves different strategies see figure below.
Marketing Mix (production, advertising, commercial team)
The marketing mix of the brands, promotion, distribution as well as prices involves the strategies that the firm tends to translate its strategies from the financial statements so as to ensure that the firm achieves its objectives in the market place. Every element in the marketing mix tend to be designed in such a way so as to fit in the market positioning of the firm (The Marketing Mix, 2017).
Source: http://marketingmix.co.uk/
Finance and Budgeting
The buffalo industry involved various expenditures that incurred so as to ensure the production, distribution, marketing of the products in the market. The advertisement costs were incurred so as to ensure a competitive edge in the competitive market over its rivals. The budget was classified in various segments of the industry as it can be see for the firm M in period 8. See figure below
Conclusion
The main challenge in the Markstart business venture begins at the operations of the business as the team had to set strategies, implementation of all the policies as well as plan for the materials that are essential in the effective operations of the firm so as to ensure that the firm achieves all its set objectives. Marketing the products in various segments of the industry involves setting the rights strategies for each segment so as to ensure that each segment attains the goals as well as the objectives that were set before the commencement of each working period.
References list
Bizmove.com. (2017). Strategic Planning: How To Develop A Strategic Plan. [online] Available at: http://www.bizmove.com/general/m6c.htm [Accessed 9 Jan. 2017].
Cleverism. (2017). Research and Development (R&D) | Overview & Process. [online] Available at: https://www.cleverism.com/rd-research-and-development-overview-process/ [Accessed 9 Jan. 2017].
OnStrategy. (2017). Customer Targeting. [online] Available at: https://onstrategyhq.com/resources/customer-targeting/ [Accessed 9 Jan. 2017].
The Marketing Mix. (2017). Marketing Mix Definition - 4Ps & 7Ps of the Marketing Mix. [online] Available at: http://marketingmix.co.uk/ [Accessed 9 Jan. 2017].
Ww2.nscc.edu. (2017). Unit 5: Segmenting, Targeting, Positioning, and CRM. [online] Available at: http://ww2.nscc.edu/gerth_d/MKT2220000/Lecture_Notes/unit05.htm [Accessed 9 Jan. 2017].
