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Company Acquisitions
Issue and Case Analysis: Company Acquisitions
Question 1: Merge the acquired company into your company. The result of this strategy will be one company containing the elements of both companies.
Since 1990s, there has been an accelerated pace of global mergers and company acquisitions as companies use them as a tool for competitiveness and to expand to global markets. A strategic manager must carefully look into both the pre-acquisition phase and the post-acquisition phase to execute a successful acquisition (Lasserre, 2003).
When the value of operational synergies of the companies operating in similar business contexts is expected, the absorption mode is appropriate. This enables necessary consolidation and rationalization necessary, to occur in the soonest time possible. The company is able to evaluate the best business practices to be adopted and find sources of savings by absorbing the competencies and competitive products of the other company (David, 2012).
The challenge in absorption occurs when there’s rationalization by the company being acquired hindering the process due to resistance to change and difference in culture. A SWOT analysis of the new merger would help to identify the areas to strengthen and areas of potential threats that may hinder successful acquisition (Lasserre, 2003).
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Question 2: Operate the acquired company as a separate business entity. The result of this strategy will be two separate companies under one senior management “umbrella” (the senior management team that is responsible for running both companies).
Where the company is allowed to operate as a separate business entity, Preservation Mode, is when very few operational synergies can be gained. This is important when large autonomy of decision making in the acquired business is required. The existing management is kept in place while the parent company learns the ‘rules of the game’ of the new business. The benefits accrued include enlargement of products and markets and also the transfer of new competencies or resources.
The disadvantage is the acquired company could behave opportunistically by ‘siphoning off’ resources of acquirer if there’s ‘weak’ management (Hitt, Ireland & Hoskisson, 2011). A balanced scorecard could be used to measure the acquisition in terms of customers’ opinions and views, financial position and advantages, improvement and value creation through growth and learning among others.
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According to David (2012), research shows twenty percent of all mergers and acquisitions are successful, approximately sixty percent produce disappointing results, and the last twenty percent are clear failures. Continuous evaluation and correction after acquisition is a critical factor to avoid the pitfalls that result in failure of acquisition (Lasserre, 2003).
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Company Acquisitions
Issue and Case Analysis: Company Acquisitions
Question 1: Merge the acquired company into your company. The result of this strategy will be one company containing the elements of both companies.
Since 1990s, there has been an accelerated pace of global mergers and company acquisitions as companies use them as a tool for competitiveness and to expand to global markets. A strategic manager must carefully look into both the pre-acquisition phase and the post-acquisition phase to execute a successful acquisition (Lasserre, 2003).
When the value of operational synergies of the companies operating in similar business contexts is expected, the absorption mode is appropriate. This enables necessary consolidation and rationalization necessary, to occur in the soonest time possible. The company is able to evaluate the best business practices to be adopted and find sources of savings by absorbing the competencies and competitive products of the other company (David, 2012).
The challenge in absorption occurs when there’s rationalization by the company being acquired hindering the process due to resistance to change and difference in culture. A SWOT analysis of the new merger would help to identify the areas to strengthen and areas of potential threats that may hinder successful acquisition (Lasserre, 2003).
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Question 2: Operate the acquired company as a separate business entity. The result of this strategy will be two separate companies under one senior management “umbrella” (the senior management team that is responsible for running both companies).
Where the company is allowed to operate as a separate business entity, Preservation Mode, is when very few operational synergies can be gained. This is important when large autonomy of decision making in the acquired business is required. The existing management is kept in place while the parent company learns the ‘rules of the game’ of the new business. The benefits accrued include enlargement of products and markets and also the transfer of new competencies or resources.
The disadvantage is the acquired company could behave opportunistically by ‘siphoning off’ resources of acquirer if there’s ‘weak’ management (Hitt, Ireland & Hoskisson, 2011). A balanced scorecard could be used to measure the acquisition in terms of customers’ opinions and views, financial position and advantages, improvement and value creation through growth and learning among others.
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According to David (2012), research shows twenty percent of all mergers and acquisitions are successful, approximately sixty percent produce disappointing results, and the last twenty percent are clear failures. Continuous evaluation and correction after acquisition is a critical factor to avoid the pitfalls that result in failure of acquisition (Lasserre, 2003).
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Admission Essay Services – Personal Statement – Intent to Transfer
Since when I was a young kid I have always being interested in the management, and preferably being a manager in a hospital. My passion to pursue a degree in Health Management is the main objective I want to transfer from YYY YYY to University of XXX. In order to actualize my dream I have worked hard to lay a good foundation necessary for this career, and for the two years I have been at XXX Dade I have ensured that have selected the essential courses and attained an appropriate GPA which will qualify me for admission to the University of XXX.
This is evident from the fact that I currently hold 45 credits with a GPA of 3.0; credentials I hope will qualify me for admission at the University of XXX to pursue a degree in Health Management.
I have always wished to get a chance for enrollment in the Business school at the University of XXX since my early years of elementary school. This interest was heightened by the success of my four uncles who studied B.Sc. in Engineering at the University of XXX, and are currently holding important key positions in the country. This gave me a good impression of your reputable institution and always had that strong interest to be an alumnnus of the University of XXX.
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I am specifically highly interested to pursue a degree in Health Management major from School of Business at the University of XXX. This has led me to move to XXX in order to render my application for an admission to University of XXX and obtain my preferred degree essential to make me a hospital manager in future.
After looking through the courses offered by the University of XXX for the major of Health Management, I am certain that I will greatly benefit from them as well as the expertise of the professors in the School of Business and learning facilities. I hope to be a crucial asset to my country in the field of hospitals management after obtaining a degree in Health Management from the University of XXX.
Admission Essay Services
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Why people attend college
Each year, hundreds of thousands of students join colleges and institutions of higher learning to pursue college education, according to the U.S. Bureau of Labor Statistics, (1) “in the year 2011, about 68.3 % of 2011 high school graduates were enrolled in colleges or universities”. These figures point out to a high number of people seeking college education. It is worth noting that, there were other college admissions outside high school graduates.
The three major reasons why people attend college are; to attain success because a college degree is a requirement by most employers, secondly it is because attending college is what everyone else is doing and perhaps chances are that the student wants to just join his or her peers and finally the third reason is the desire to gain knowledge on a given skill and build on one’s talent. The three reasons are discussed in the next paragraphs.
Nothing is more important to an ambitious student than ending up in their dream job since this is considered by many as attaining success. Success for most students depends on what course they study and employers look for just that. Even the most independent-minded student acknowledges the relevance of a college degree in the current job environment.
For such a student, he or she will attend college so as to increase their chances of being successful in their future endeavors. There is a significant number of students whose main aim of going to college is to attain the right papers for securing their future jobs.
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Another reason why people attend college is because it is trendy, most people will think lowly of anyone who does not have college education. Therefore because it is what everyone does and perhaps the chance is there and the student has a guardian or another source of financing, so he or she just attends the college because the chance is available. Such people do not necessarily perform poorer than those in the category explained above; it is just that they join college with a different kind of motive.
Perhaps the third major reason why people attend college is the desire to gain knowledge on a given skill and build on ones talent; there are some skills which can only be trained adequately in colleges. This could be because of some training facilities required. In addition, such skills have to be passed on by qualified professionals who can only offer such services in colleges and this is possible in colleges.
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The above mentioned three reasons are the common reasons on why people attend college. Evidently after college a lot of the success or failure witnessed amongst people in life after college hardly depends on what caused the person attends college.
Often it is hard to pick out for example from an organizational or workplace set up, the different types of people based on the above categorization. In most cases, one may succeed or fail in life after college irrespective of their reason for joining college. It is worth noting that other factors besides reason for attending college can determine the outcome of one’s college life.
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Management and Managers
Managing large companies is a complicated task. It is extremely vital that effective managers possess many abilities, knowledge and skills. It is worth noting that management is a process that is unpredictable. The decision making process is usually hard; even the most effective managers make wrong decisions. However, extremely effective managers learn from previous mistakes and strive in the future to come up with methods of helping their companies increase competitive advantage, survive in a volatile business environment s and improve performance. Essay to reflect on management and managers.
Background of the key issues
Managers supervise how the social capital and other tangible resources are used in achieving the organizations’ goal. There is an extreme need for coordinating these resources over time. The resources in an organization included assets (people and the skills they possess), knowledge and know-how, financial capital, IT and computers, raw materials and machinery.
One of the most significant goals of an organization is to provide a unique service or product that is desired by customers (Anonymous, 2).The CEO has the key goal of ensuring a novel stream of services and products are created, and which customers desire to buy. High effectiveness/ low efficiency managers select the right goals to be pursued but manage resources poorly in the process of achieving the goals. The result is a product that is desired by the customer but is too expensive.
The customers cannot afford to buy the product. Low effectiveness/ low efficiency managers select the wrong goals and utilize resources poorly. The impact is a product of low-quality, and that is not desired by customers. High effectiveness/ low efficiency managers select right goals and use resources wisely to fulfill the goals. The impact is a product that is bought at a price and quality that the customer can afford. Low effectiveness/ high efficiency managers select inappropriate goals, but use resources wisely to achieve them. The result is a product of high quality and that customers do not want.
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Management and Managers
Managers can lessen the burden of management through the creation of management teams. In the teams, employees learn new things and come up with ways on how effectiveness and efficiency can be improved in the organization. The teams ensure spread of best practices, increased business awareness, vision driven decisions and ideas can be contributed which makes decision making easy. When teams meet regularly, there is improved communication which leads to other good practices (Heerkens, 39).
Management and Managers
Examples of companies
Werner von Siemens innovated generators and Siemens, medical devices. The hospital administrators, nurses and doctors, have the key role of increasing the hospital’s ability to treat the sick. Likewise McDonald’s restaurant manager has to ensure that the shakes, fries and burgers produced are what customers want to purchase and eat. These activities have to be undertaken following the set code of practice, regulations, rules and standards.
A manager has the role of ensuring that employees perform efficiently, with the use of minimum resources as possible, to produce services and products to customer. McDonald has been successful in developing an extremely efficient deep fryer that reduced the oil amount used in cooking by thirty percent and accelerated French fries cooking. Welner von Siemens developed the 1st dynamo that enabled cheaper electricity production.
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According to Lormax (14), organizations become effective if managers select suitable goals and achieve them. For instance, McDonald managers decided that breakfast service will be provided so as to attract additional customers. This goal’s choice has proven to be extremely smart since breakfast food sales currently account for over thirty percent of McDonald revenues. Organizations that are considered high performing such as ASDA, IKEA, Intel, Siemens, McDonald and Accenture are effective and efficient simultaneously. Effective managers select appropriate organizational goals and utilize skills and resources efficiently.
To illustrate planning in action, the situation that Dell Computer’s CEO, Michael Dell, is confronting is an apt example. Dell was nineteen years old in 1984, and he saw a chance to enter Personal Computers market through assembling PCs and consequently selling them to customers directly. He began thinking on how to actualize the idea. He decided that his aim was to sell inexpensive PCs, at a price lower than Compaq’s.
Consequently, he has to choose the course of action to achieve the goal. Dell decided to market directly to customers by the use of a telephone and bypass Apple’s and Compaq’s computer stores that are expensive (Nelson, 46). To date, managers at Dell have to plan continually so as to maintain their position as the highest- performing and largest PC maker.
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Future recommendations
It is extremely vital that managers take advantage of e-commerce and IT, and the ability they have in reducing operation costs. In addition, senior management teams and CEOs should focus to outsource specific activities and restructure the organization so as to ensure they do not have more employees than is necessary. Organizations should engage in workforce empowerment so as to expand the responsibilities, tasks and knowledge of their employees.
In addition, there is a need for self-managed teams, which ensures quality enhancement. It is advisable to the top management to get a picture of how customers respond to their products and services so as to be able to modify them as necessary.
Works Cited
Anonymous.Management: Managers could benefit to the tune of ‘millions.’Music Week (Jun 27, 2009): 2. Print.
Heerkens, Gary.03 – Fundamentals of Organizational Management.New York: The McGraw- Hill Companies, 2006. Print.
Lormax, Stan. When disaster strikes: A primer for managers. Business and Economic Review 48. 2 (Jan-Mar 2002): 11-15. Print.
Nelson, Jennifer. “Commercial Property Managers.” New Jersey Business53. 11 (Nov 2007): 46. Print.
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Geox case study
Case analysis: Geox shoe company
GEOX: BREATHING INNOVATION INTO SHOES
The impact of innovation has been increasing in the recent few years. Innovation is taking place in all products including shoe manufacturing factories. Mr. Palegato’s story points to “necessity” as the driving force behind innovations.
However, we also learn that most innovation ideas are not put to use due to lack of ability to implement them. He approached different shoe manufacturing firms who did not buy his idea of ‘breathing shoe’ product.
Product diversification and development is seen as another driving force behind the success of many companies. Geox Company realized the importance of product diversification and extended their breathability technology into fabric products. Geox embraced innovation in its operation which gave the company a competitive advantage.
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Important points
Geox history
GEOX: BREATHING INNOVATION INTO SHOES
Continuous innovation is necessary for the survival of human race due to the ever changing natural demands. Product development is essential for company’s performance in the current competitive world markets. Though initially started by manufacturing shoes for the children, Geox extended breathing technology into jackets and other fabric items.
The company invested heavily in research and development by involving engineers and best universities. The company carried out continuous experiments in its state of the art laboratories, continuously generating new research ideas for the company.
Patents and copyright laws are important in driving innovation. Gaining patent rights has helped many companies to survive in the world market. Geox shoe producing company is known for innovation and company patent rights have been protected sufficiently and their innovations are not under threats of copying and imitation by its rivals.
Geox investments in research and development yielded a stream of patents; over 50 patents were obtained to its name by September 2009. There were patents related to equipment, machinery and even processes and materials.
Smart people with smart ideas have always found their way out just like Mr. Polecat. Although most people are creative, many lack the ability to translate their good ideas into business opportunities. Engaging in marketing research gives any given company an opportunity to be competitive.
Technological development is necessary to support innovations. Goex did not enter into main shoe market until they introduced a different technology in their breathing technology to help them expand into producing sports shoes. Technology is seen as a pre-condition for innovation. Innovation alone cannot guarantee good performance of company products especially in the fashion-mindful shoe industry.
Competition should not deter the implementation of business ideas. Fierce competition in the shoe manufacturing sector did not deter Polegato from pursuing his business idea. Instead it helped him come up with better ideas to win customers. Competition from other players in the industry helped the firm to grow in strength.
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Global footwear industry
The world market is growing and more so the demands for shoes just like other goods and services. The USA provides the biggest market for shoes although Asian market is growing rapidly. This market is highly segmented hence provides manufacturers the opportunity to specialize, for instance in casual wear, children and sports.
Market segmentation gives new entrants an opportunity to venture into big market by starting off with a particular market segment and later expand into the bigger market. Geox entered the shoe market by producing shoes for children before venturing into the larger market.
We should be flexible and avoid sticking to our areas of specialization all the time. Although specialization has been found to increase individual competence in a particular area, overspecialization may lead to loss of opportunities for many people. Having interest in things outside your area of expertise helped in establishment of Geox company which is quite different from Polegato’s areas of specialization.
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Geox profile
Setting clear company objectives is necessary for the performance of any company. Geox Footwear Company just like other firms in footwear industry has clear objectives that guide their operations. Their operations are lined towards achieving the set objectives.
Outsourcing is necessary for cutting costs and helps in saving costs associated with setting up new firms in a new area. The money saved can be utilized in other areas that are more demanding. For instance, Geox outsourced its production to Asian shoe factories which contributed over 95% of its total production. Outsourcing was the company’s easiest way of entering new markets of Asia without necessarily installing full operational plant.
Brand name is necessary marketing tool for company products. Geox name had been established as a popular brand name across the globe, this acted as a major marketing tool for its products. Company brand name differentiates its products from those of its competitors and is easily accepted in the market without even much advertisement and sales promotion.
However advertisement and sales promotion plays a crucial role in popularizing company products. However, communication strategy determines the effectiveness of advertising to the audience.
A well established distribution channel is equally necessary for company performance. Customers require goods when they need them and this depends on the efficiency of company’s distribution network. Geox had excellent distribution network spread across the globe of over 10,000 multi- brand stores and 997 single stores Geox stores located in major world cities.
Staff development through training and promotion cannot be underestimated. Staffs need to be motivated to give their best in terms of performance. For instance, Geox School was established in 2001 which was training school for both new recruits and company staff.
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Footwear key players
Footwear industry is one of the most competitive industries in the world today. The major players includes boss holdings, brown shoe company, coach inclusive company, Iconix Brand Group, Rocky Brands, skin Inc. among others.
However, challenges are inevitable and companies should be prepared for the challenges that arise. For instance, global economic downtown exhibited in 2009, adversely affected Geox just like many others.
However drastic measures are called for to overcome external challenges. For example, the company halted its expansion strategy until the period of economic recovery to consolidate its weakened financial status. In most cases, strategic change is necessary to minimize production and operational costs sometimes leading to the laying off some staff to cut down company costs.
Opinion
From the story of Mr. Mario Polegato and Geox Shoe Company, we realize that most innovative ideas are left unutilized due to lack of ability to implement them. It’s my view that had not Mr. Polegato had the ability and means to raise funds to implement his breathing shoe technology, the idea could have been wasted.
Innovation is key for survival of any company in the evolving world market hence patenting laws need to be enhanced to promote innovation. Governments should embrace the idea generation to encourage creativity among its citizens.
Companies should carry out industry and external market analysis to inform its strategic marking process. Analysis of industry will assist in establishing company strengths and weaknesses as well available opportunities to exploit, and threats posed by the industry players. External analysis will prepare the company for unforeseen challenges and benefits.
Investment in research and development should be accompanied with investments in new technology and infrastructure that provide conducive environment for the function of companies. Globalization and opening of borders have greatly contributed to the growth of many firms by offering markets for their goods and services.
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Conclusion
Innovation is taking its rightful place as the main weapon for company survival in the global market. Therefore, this noble concept should be supported by all governments and major players tasked with regulation of trade and patent rights. Technological development, political stability, favorable economic environment and ecological and social factors have both negative and positive influence on performance of manufacturing firms. Companies should always be prepared for the unforeseen circumstances that have led to downfall of many companies in the past.
Reference
Ali Farahoomand. (2011) Breathing innovation into shoes; Asia case research Centre, University of Hong Kong. POON Kam Kai series; 10/472c
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COMPARING AND CONTRASTING ARTISTS
Comparing two artists and one of their works. Comparing Italian Caravaggio to Dutch Rembrandt
Comparing and contrasting artists Velasquez and Bernini The 15th and 16th century saw the birth of some great artists across Europe. This paper compares and contrasts two regional variations and artists that is; Spanish (Velasquez) and the Italian (Bernini) by looking at what they stood for, their similarities and differences and it concludes by giving a personal opinion on who stood out between the two.
COMPARING AND CONTRASTING ARTISTS: Spanish (Velasquez)
In Spain, Velazquez an accomplished portrait artist was famous for his paintings on historical and cultural themes during the European baroque period of art. He was fondly associated with some great works such as the Las Meninas (1656) which was an all-time favorite amongst art lovers (Goldberg, 1992). He was a Christian, and he schooled in the special fields of languages as well as philosophy.
He was an adherent of long-bristled brushes for his works. Besides artwork he also taught at times. His realism-based paintings were inspired by his religious back ground of Christianity. His outstanding works contributed to the rise of the Velazquez style which was especially common because of his closeness to the royal family under Phillip IV who was at the reign in Spain at that time.
Actually he continued with religious paintings with his most famous being the Christ Crucified (1632). He was famous beyond borders and served as the chief artist for King Philip IV and for a long period acted as the King’s painter. His main differences from the Italy’s Bernini artist are that: He liked and painted on historical and cultural contexts as well as portraits. He unlike Bernini painted not for monetary gains. Unlike Bernini he really expressed and upheld realism in his works.
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COMPARING AND CONTRASTING ARTISTS:Italian (Bernini)
Unlike Velazquez who was a painter, Bernini was more involved in sculpture. However both were masters in their fields. For both Velazquez and Bernini, they were good in multitasking as Bernini was also an architect of high standing. While Velazquez used bristled brush and canvas to paint, Bernini used chisel and marble to come up with sculptures. Both Bernini and Velazquez were religious at least at one time in their lives.
Both were attached and close to royalties for Velazquez he was close to Philip IV and committed his later years to painting for the royal palace. As for Bernini he became close to Urban VIII who commissioned him to work for him. Bernini produced works related or attached to his faith as demonstrated by one of his works, ‘the remodeled Church of Santa Bibiana in Rome’ (Mormando, 2011).
Another striking similarity is how both were leading artists in their ages; for Bernini as a leading sculptor while for Velazquez he was a leading painter. Both artists traveled widely, while Velazquez made numerous trips to Italy, Bernini was a visitor to France at the invitation of the authorities. His visit to Paris projects his personality as that of a stubborn man especially because of assertions which offended the citizens when he alleged that Italy’s art was superior to that of France. We do not hear of such controversies from Velazquez.
Personal Preference
I prefer Velazquez over Bernini, because he employed naturalism and the way he could present situations as they are in reality especially the “Pope Innocent X painted in 1650 which he painted in such a real way it almost risked hurting his relations with the authorities.
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Images of Women
From the middle of the 19th century to the 20th century, women were among the subjects depicted most frequently by modern, experimental artists such as Picasso and Matisse. Choose at least 2 innovative works that represent women in any media, dating from 1900-1950s, to analyze in terms of form, content, and the artist’s attitude/approach to his or her chosen subject. Be sure to include analysis of your own reaction to and interpretation of the images you chose, and illustrations of the works discussed. Analyze the use of colors, lines, medium, subjects, symbols, etc
Images of Women
Women during the 19th and 20th century (and even before these periods) were the subject of depiction by most experimental artist. Picasso who was amongst these artists did experiment with women as his subject of paintings a lot of times. The reason as to why the sudden thought to have women as painting subjects cannot be originally traced but can be found in the attitude that a certain painter had towards a particular painting. This essay therefore is going to look at two works that show how women influenced art during this period and why the chosen painters used them as subjects in their paintings.
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Picasso’s famous painting Les Demoiselles d’Avignon (whose subject matter was five women prostitutes and a brothel) caused much uproar from the public from the depiction it created. Picasso used it to contrast between femininity and sexuality on one hand and “African masks” on the other hand. The depiction created by the picture was so shocking even to Picasso’s friends who also happened to be avant-garde artist.
Picasso always regarded African art to represent exorcism and masculinity. Therefore the painting can be regarded as a mix of stylistic and sexual extremism. The painting reflected the Picasso’s bohemia way of life and his association with person of convoluted sexuality.
Augustus Leopold’s Past and Present (1) is another piece of work that used women as its core subject. The painting was painted in the Victorian age which was obsessed with sexual promiscuity and virginity (Betsy, 1989). The painting illustrates the image of a fallen female. During the Victorian period, women were considered susceptible to social evils and they had to be protected at the comfort of their homes to avoid the danger of the world. Women were considered to be open to sexual seduction and the repercussions were unforgivable.
The paintings of fallen women were therefore celebrated because they had in them moral lessons. The painting by Augustus depicts this notion because it shows a husband who has found out the promiscuity of her wife. It has got an oil painting on the wall which symbolises expulsion from paradise and on the floor there is an apple which symbolises the unforgivable sin.
The woman has fallen on the floor asking to be forgiven and her arms are stretched out pointing at the door and the image is reflected by a mirror behind her husband and shows that she will be cast out by her husband. The picture has also got a box house made by her children but it is collapsing which shows that the home is collapsing because of the mother’s actions. The picture shoes Augustus detest of adultery and how he thinks it affects the family; furthermore it shows his feelings of what should happen to a wayward woman.
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Use of lines, colour and shapeson Images of Women
Both painters have used lines in their drawing to express individuality and feelings. They have been able to capture a three dimensional object and represented it into a two dimensional surface and therefore captured art’s important factors. The use of three dimensional objects by both artists has helped the viewer able to look at the objects properly and therefore get a better understanding of the painting.
Both artists are expressing some form of evil in their paintings; the colours that they used bring out this theme clearly. They have both used dull colours which symbolises the gravity of the predicament that society faces as a result of the messages contained in the paintings.
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INTERNATIONAL RETAIL MARKETING
International Retail Marketing
Critically evaluate different concepts and theories relating to the marketing mix. Explain the role that the marketing mix plays in the formation of a marketing strategy for a retail organisation today. Discuss key factors that may cause the international retail marketing mix to differ from the retailer’s domestic marketing mix, and how these might be implemented.
And
Critically examine the retail marketing mix of your chosen retailer for their current domestic market, and, in the context of the issues discussed above, justify what modifications you consider may be necessary in order to internationalise their mix for a specific foreign destination country
INTRODUCTION
The aim of any company that is in business is to grow and expand in terms of market share and product range. Many companies usually employ various optimal techniques towards these objectives and the choice of the concepts and theories to use is very important. There are various ways in which the company can achieve these desired results and one of them is through the use of the marketing mix strategies that target the key elements involved in market analysis. These key elements are the product itself, the price of that product, its placement and also the promotion modes employed to ensure the customer accesses the product.
PART (A)
In this part we are going to explore the various theories and concepts that pertain to marketing mix and the role they play in the designing of a marketing strategy for a retail organization. We shall also look at the main differences between an international retailer marketing mix and a domestic retail marketing mix.
MARKETING MIX THEORIES AND CONCEPTS
In seeking to understand the optimal utilization of a company’s resources to enhance product penetration and affordability there is the 4Ps concept (Luan, 2010). It focuses on the product, price, place and promotion.
Product
This refers to a good or service that is the end result of a process initiated either by the company, subsidiary or trading partner. It is what the company offers to its customers.
The producer must ensure that the product will satisfy the customers need adequately. It must be of the required quality standards and before production starts the company must carry out surveys on the exact requirements by the consumers. The company should be able to offer assurances on the safety of use of the product through warranties and safe packaging. This will ensure brand loyalty from the consumers which will lead to higher sales volumes and it will increase the market share of the product.
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Price
This is the value attached to a product or service and it must be paid in monetary terms to the producer.
The company must know how much the target customers are willing to pay and also their ability to pay for the product (Pitsaki, 2011). This will have a direct effect on their demand for the product. Therefore the product must be priced competitively to ensure affordability and also profitability on the part of the producer or company.
Place
This is the venue where the buyer of the product expects to find it and all relevant information that pertain to the product.
The consumer should know where to find the product easily at any time and at the right quantities. This will call on the sellers to devise clear places where the information on the product can be accessed easily. They can use the internet and even mobile phones because majority of the people have access to them.
Promotion
This is the process of reaching out to current and prospective customers to ensure the product has a wide customer base.
This calls for the stakeholders to come up with ways to inform the consumers of the presence of the organization and also its products. They must advertise their products through aggressive techniques (Peter, 2007) like sales promotions and also conduct public relations campaigns to make sure the company’s presence in the market is known by many.
PRICE
PRODUCT PLACE
PROMOTION
The 4Ps model clearly indicates that the marketing mix is surrounded by the four elements which must be carefully determined to enhance success in the market.
Growth strategy mix
This concept focuses on the use of the internet to ensure product penetration in the market (Yanan , 2000).
Market Development Strategies
The company can adopt the use of the internet to penetrate international markets. They can start advertising their products early in the potential market to make sure when they finally enter that particular region there products will already be known in various segments of the markets.
Market Penetration
The marketing team will be required to devise the strategies to be used to increase the market share of the products. They must increase their presence online to target new customers. This will also improve the loyalty of the existing customers because they will be able to engage more with the company.
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Diversification
The internet will be used to ensure that the company engages fully with its suppliers and intermediaries. This will make them identify potential target areas and also whether they can develop other products to compete with those that are already in the market.
Development of the product
Through the use of the internet the firm will know the strategies to use in the development of their products. They will be able to know how to add value to existing products, how to improve efficiency in the subscription procedures and also how to increase the product range so that to bring on board more e-retailers as possible. They must seek good service providers who are reliable in the market and who will offer competitive prices.
The 4 C’s Model
The customers being the target of many marketing initiatives take the centre stage in this model. The model focuses mainly on the pull marketing strategy as opposed to the push strategy adopted by the other models.
Customers: Their needs must be fully satisfied by the products in the market.
Cost: The cost of the product to the consumer should be analyzed to enhance affordability.
Convenience: The product should be readily available to the consumer anytime and anywhere.
Communication: There should be more interaction between the sellers of the product and the customers. This will ensure customer satisfaction
CUSTOMERWhat do they need? How do they need it?
COSTHow affordable is the product?
CONVINIENCEWhere are they getting the product and how much is it costing them to reach the venue?
COMMUNICATIONAre they aware the product is available?
ROLE OF THE MARKETING MIX
The role the marketing mix plays in the formation of a marketing strategy for a retail business will determine the suitability of the strategy and definitely the success of the business (Albers, 2010).
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The marketing mix will ensure the product chosen for sale by the retailer is suitable and fit for the particular market. This is because the success of the business will be determined by how good or bad the product is. The suitability of the product in the market will be determined by several factors which will revolve around the geographical area, the income levels of the consumers since it will affect their purchasing power and also their consumption and buying habits. The retailer will decide the units or packages of the product that best suit that market to ensure there are sales volumes and also customer satisfaction.
The marketing mix will also help the retailer in knowing the pricing modes he is going to adopt for his products. If he prices his commodities very highly they will not get customers and again if he prices them low he won’t meet set revenue targets. The retailer will therefore be required to analyze all the factors that will influence his product prices such as supplier prices, price of substitutes, competing retailers’ prices and transportation costs. This will ensure the retailer does not lose customers and he gets the expected profits from his business. The company will also be able to meet its obligations like payment of taxes, rents and rates.
Also the marketing mix will make the retailer know how his product will have wider reach to its customers. This can be done through opening more retail stores in different localities to enhance wide coverage. He will also be able to evaluate the additional costs that will result from such expansion such as increased rental bills, more wages because of the additional employees hired and even more utility bills.
The retailer will decide whether he will advertise his business. This may not be feasible because majority of the commodities he could be dealing with are normally advertised by the producer. The only advertising he can do is to inform the prospective customers of the location of his business.
There are various factors that may cause the international retail marketing mix to differ from the domestic retailer’s marketing mix. These include;
The international retailer will be expected to heavily advertise his products in the new market as opposed to the domestic retailer who expects the advertisements for the products to be done by the producer. This means the international retailer will incur heavy advertisement costs which in the initial stages may eat into his profits. This implies that profits may not be realized in the short run for the international retailer as opposed to the domestic retailer. The product may therefore take long to penetrate the international market due to these initial costs. The domestic retailer is already established in the market and his product enjoys loyalty from his customers and is already in profitability.
The international retailer will have no control of the prices that are in the market. The prices will already have been set by the local operators in that market (Rossi, 2000).The international retailer will be forced to take the prices as they are in that market to ensure that there are sales volumes. This is despite the many expenses he has incurred at the set up stage which if taken to account will mean his product price should be higher, but because the international retailer wants to enhance competitiveness he will take the market prices so that he can compete adequately with the rival products.
The international retailer will be supposed to carry out very intense promotional campaigns for his products. This is as opposed to the domestic retailer whose promotions are minimal since his goods which are mostly locally produced are mainly advertised by the producers. The domestic retailers can devise to block the international retailer by adopting low price strategies (Harald, 2008). This will mean the international retailer will take a long time to attain a considerable market share in the foreign market for his products. The international retailer will be forced to seek favorable distribution channels for his products to ensure they reach the target consumer.
The domestic retailers will be on the look out to dominate the places the international retailer may choose to advertise his products. They will adopt defensive techniques to guard against their market share which is under threat from the international retailer. The international retailer will therefore be expected to identify areas where those in the domestic market have no full control over. Such areas may include the internet and other social sites frequented by many people.
PART (B)
Inthis part we are going to review the retail marketing mix for Superdrug Company and what they are supposed to do so as to internationalize their marketing mix when they venture in Australasia.
The Superdrug Company will have to study the marketing mix in the foreign market carefully to enable it come up with a good strategy to enter that market.
Product
The market mix for Superdrug is very strong in the UK which is their home market (Meyer, n.d). They are major players in the beauty and cosmetics industry and their products enjoy wide appeal. The products are of high quality and the company enjoys sizable market share. This is because the products have fully penetrated the market. However the beauty and cosmetic industry in Australasia is saturated with many players.
The company must maintain the same quality for the products to ensure customer satisfaction. Product quality as seen in the 4Ps model is very important as it will determine the customer satisfaction levels. The satisfaction derived from the product will guarantee the sales volumes the company will achieve and the market penetration levels.
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Price
Superdrug will be forced to adopt a price reduction strategy for their products to realize sales volumes. There are many substitutes for their products in that foreign market and each of the domestic players will be seeking to guard their market share. Reducing prices will increase the preference of their products to many consumers and this will enhance market penetration (Edwin, 2007).
However this can only be done in the short run when the products are still in the initial introduction stages. The company after securing a sizable market share should revert to applicable prices in order to realize profits.
Promotion
The company being a foreign entrant will be expected to heavily promote its products among the consumers. This will make the majority to be aware of their presence. They will conduct sales promotions in the key areas they will identify. They should convince the consumers why they should stop using their current products and adopt theirs. This means the advertising budget will be huge because the local companies will also be guarding against their market share.
Place
Superdrug on evaluating the market will be required to identify the most convenient places to place their advertisements to ensure wide accessibility. They should consult with the major advertising consultants in the new market and seek their advice. Interaction with the consumer will be very crucial (John, n.d) because this is what will determine the demand for their products.
The company should also adopt the use of the internet to alert customers of their entrance to this new market. Loyal customers like the tourists will be happy to know their favorite products from the company are also available.
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CONCLUSION
The role played by the marketing mix in the formulation of marketing strategy to be adopted by companies is very important. It is used to identify key variables that determine the suitability of a particular product being in the market. This is because many industries today are dominated by players who will not give in easily to their market share. The local players want to maintain their profit margins and when any foreign entrant attempts to venture in to their market they will employ defensive tactics to ensure they preserve their market share.
To overcome all these obstacles a company should fully understand the market in which they are operating because the information gathered in local markets may also be important in the foreign markets. Failure to do this will place firms at a disadvantage whenever they seek expansion and it will be very harming to the business and to the industry as a whole.
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References
Albers, M (2010) Marketing Demand. London. Penguin Books, P. 9
Edwin, S (2007) Product Management. Bristol. Ace Publishers Ltd, P.23
