There are number of theories, which exhibit a greater effect on marketing plans of a business or an organization. Among all these, SWOT turns to be a perfect blend of internal strengths and weaknesses, along with the exterior opportunities and threats The name ‘SWOT’ includes – Strength, Weakness, Opportunity, Threats. The stress of this analysis is to develop a strong business strategy, considering all of your business’s strengths & weaknesses and the future opportunities and threats it may face in the marketplace. STRENGTHS Strengths are the factors that are going to help you get better results. Your company will do well if you can base your strategy around these things.
• Digital disruption is about creating better brands, resulting in better dialogue with its customers and getting its brands to the market in a faster and more efficient way. • Digital disruption encourages companies to disrupt its way of doing things with its brands to create a more enjoyable customer experience • Disruption is about improving the people in a company as well as improving or removing processes. • Digital disruption can only work successfully in a company that is ready for ongoing change. • Implementing digital technology is also not about replacing a company’s workforce, but enabling them to develop their careers, using different skills and at the same time contribute to the company’s profits. • With customers at the centre of a company’s activities the emphasis has moved to the technology savvy and more connected companies.
This would increase demand and increase customer loyalty, resulting in the increase of sales. Another strength of Ikea is that it is already a well-known brand, and that they are willing to improve based on customer needs. Also, costs would be cut down because Ikea would make the most of their work space in regard to being convenient as a workshop, being closer to customers to best serve them, and being closer to raw materials in order to hasten their services. Weaknesses should also be considered from both internal and external viewpoints. Questions like “what could I improve?” “What should I avoid?” “What factors lose sales?” should be asked.
Branding experts are often concerned with the enormous positive and negative outcomes of branding and are constantly working to avoid the asymmetry resulting from it. Brand extension may improve the company’s brand image and enhances the parent brand image, makes consumer perceive its less risky to use the product if that company since it may be having international presence making people believe it a safer choice, as a result its brand equity and the market share can also be enhanced with more efficient labelling and packaging solutions, It also paves the way for further brand extension activities and side lines the cost incurring from creating a new brand and moreover it saves the cost associated with launching a new product because then it uses the name of the brand that’s already renown among the masses which make the fruitful existence of the new product launched under the brand name. Coming at the disadvantages of brand extension it can be a source of diminishing brand image and cannibalizing the sales of the parent brand’s product. It can also deteriorate identification of a parent’s company product which may have similar appearance to that which has been a result of brand extension. It may also affect the company’s capability to design a new brand if required and most importantly if the brand extension does not end up matching the requirement of its respective strategy the company may
Expanding the products abroad to reach out a completely untapped market can extend the product life cycle on a different level. Expanding aboard can be costly, because the product has to be introduced completely in a new market, but if the move is effective the company can bring in profits that give the product new life. Marketing strategy implications of the product life cycle: The product life cycle concept is a useful tool in designing a marketing strategy that is flexible enough to match the varying marketplace characteristics at different life cycle stages. For instance, knowledge that advertising emphasis will change from informative to persuasive as the products faces new competitors during the growth stage permits the markets to anticipated competitive actions and make necessary adjustments. These competitive moves may involve price, distribution, product variation, or promotion.
Primark’s products are branded as “Atmosphere” this unique selling point (USP) will distinguish there product from those of its competitors. This is beneficial as it implies that Primark can have a higher brand loyalty and recognition in which would give them the ability to charge a higher price in recognition of the unique feature. In addition, it can create a barrier to entry making it difficult for new business to compete. Price is another component within the marketing mix; this defines the amount of money that is paid for a good by the customer. Primark follows a pricing strategy in order to meet marketing objectives.
Thus better management of processes that exist within a service system will lead to greater profitability for the organization. In order to manage a service system, an efficient BPMS is needed. Therefore, the improvement of BPS is critical to the success of BPM and must be studied. To improve processes in an organization it is essential to have a culture that adapts and accepts improving processes of the organization to be able to improve processes without facing the barrier of refusal. Furthermore, improving process should be oriented towards the company’s strategy, where the strategy defines the business, the position that the organization hopes to hold in the industry or market, and the means by which it is to compete, thus, to benefit from PI on the long run, PI should be aligned with the company’s
SWOT ANALYSIS The strengths of Zara arise from its unique business model as well as expansion strategy that encompass short lead time, stock management, affordable prices, global reach and brand awareness. Moreover Zara`s strategy to follow the tendencies lets it avoid the risk of inappropriately gauging apparel trends. All these provide benefits to the company helping to overtake the rivals. Due to pushed forward global growth strategy at some moment limited stock may become a weak point and have an adverse affect on sales. With this in mind Zara should carefully monitor and analyze sales and demand in order to increase production facilities when necessary.
It enables the business to segment the market for a more effective service. Market segmentation is vital to the operations of the business for it is a way of the company to focus its services to a specific portion in the market. It helps the business save more time, money and effort in
These particular rules and regulations can have a positive impact on a firm in regards to their business model. In the end, if those particular functions (rules and regulations) are accepted, then the firm can focus on improving its business model through innovation and differentiation. This concept of understanding competitors, allows firms to incorporate successful business models through the development of innovation and adoption, which helps in establishing that successful business model in order to derive towards a competitive advantage. In order to drive towards this competitive advantage, firms look at incorporating that differentiation factor and implementing those best practices undefined by its competitors, which in turn derives procedures that create value for the consumer and helps increase firm