7BUS2040 Strategic Marketing Entrepreneurship Assignment Sample
Executive Summary
Business can have a greater understanding of the scope of a company’s activities as well as the present state of the company’s operations by completing a business evaluation, which will allow them to make better business decisions in the future. Primary and secondary sources will be used in this research, which means that we will examine materials that we have obtained from the company as well as materials that we have obtained from other sources (AL KETBI,2019).
Product/service recommendation
Consumer confidence in the case firm has increased dramatically as a result of the case firm’s demonstrated capacity to produce high-quality service and products in a short period of time. The upshot of this partnership has been the development of their own product line, in addition to selling brands from high-quality local suppliers and an affiliate in Scandinavia, as well as the expansion of their customer base. Additionally, the company acquired a family of lighting trunking and cable ladders from a Finnish partner, who continues to operate as one of Europe’s major cable track providers, and for whom the case firm provides these one of a kind products to customers in the country’s largest market. An announcement in a news release stated that a case firm had been the first to purchase a product family of this nature from a manufacturer (Fielt,2018).
Business Model
They are all members of the Finnish Electrotechnical Trade Association, which the case firm supplies with electrical components and equipment on a regular basis, and they are also all customers of the case firm, which is based in Helsinki, according to the court documents. In order to keep expenses as low as possible, they have contracted with a large Finnish logistics company to handle practically all of their logistical operations, including shipping. If there is a shortage of stock available at any given point in time for a particular transaction and the buyer chooses to take advantage of that option, items can be sent directly from one of their suppliers’ locations (Varvne,2020).
Form of ownership
Because of the long-standing relationship that has built between suppliers and consumers throughout Europe, as well as their existing track record in the market, a new product can be offered more swiftly because it will be immediately available to all current customers. For the company to realise its goal of being the most important business in the industry, it must continue to look for new and innovative ways to advertise its products, such as the plastic office trunking system that will be manufactured in the not-too-distant future. As shown in the following example, it is possible that the case firm already has an 8-trunk aluminium trunking system in their product catalogue that can be used in all installation locations but cannot be used in plastic, which will enable them to use the new, technologically superior product as a good comparison point to determine whether or not this new marketing strategy is effective. A number of other firms were working on comparable things made of the same material as Case’s product prior to its release, but Case’s product outperformed and outperformed them by a significant margin. Case’s product is still in production today (Mentzas,2021).
Stakeholders
Wholesalers and distributors are just a couple of the numerous distribution channels available to entrepreneurs in the business sector. They allow a diverse range of products from a diverse range of producers to be made available to customers through a variety of distribution channels. As a result of pull approaches, customers’ orders are generated on the basis of differences and strong business ties, two aspects that are critical for achieving competitive success in the modern marketplace. Client orders are established through the use of pull mechanisms. Customers must be aware of high-quality possibilities for purchase, which is critical for suppliers who cannot compel their customers to develop projects but can only offer them with materials and services, such as manufacturers, who do not have the authority to compel their customers to produce projects. suppliers must be able to convey information to as many people as possible who have the ability to influence the buying decision.
Launch Plan
Date and form of announcement
A suitable agreement may be established after the fulfilment of a first order, and a later order from the same client may be placed. This is conceivable. This means that the quality, quantity, and timely completion of the initial order may be used to determine which provider will be selected to fulfil a subsequent order from the same client in the future.
PESTEL
In this section of the article, we will go over the PESTEL analysis in further detail.
You can use the PESTEL Analysis as a marketing tool to assist you in determining how the business environment affects your company’s operations. For example, if you want to know how the business environment influences the operations of your firm, you can use the PESTEL Analysis to determine how the business environment affects your company’s operations. If a SWOT analysis has been performed earlier, it can be used to evaluate the product’s strengths and weaknesses, as well as its opportunities and threats, in the context of the present business climate (Olsson,2019).
In order to be able to predict which components of a company are most likely to change in the future, this research must first gain an understanding of the overall picture of the firm’s existing external forces that are having an impact on the organisation, as well as the specific components of the company that are most likely to change. This is performed through the conduct of a survey of the present external influences affecting the organisation.
Brand and positioning
Multiple people can play the same role at the same time; for example, three actors all seeking to promote the same product could all appear as the same character in a single television commercial. A huge number of stakeholders are involved in the method, and they are involved at various points during the process, which is crucial to highlight. The client organization’s ability to identify and interact with employees who are participating in decision-making processes at various stages throughout the process is therefore critical to its effectiveness in decision-making processes.
Business and marketing objectives (SMART)
Similarly to what we discussed before, the original model may be expanded to include all of the individuals who are involved in the purchase of an item from a single company, regardless of whether or not they are all employed by the same organisation. If you work for a small company or purchase a basic item or service, you are more likely to have a small number of people participating in the purchasing decision than if you work for a huge corporation or purchase complicated products or services (ibid., 37).
Marketing Mix with a time-scaled plan, budget, measures and controls
The purchasing organisation, which will also establish the scope of the project, will be held accountable for the project’s execution for a large percentage of the project’s cost. When it comes to marketing campaign targeting, the capacity to distinguish between large and small clients or targets is crucial to the overall effectiveness of the campaign. Because of this, it is critical to identify all parties involved in the purchasing process so that the relevant message may be given to the appropriate individuals.
Example: A hypothetical case study involves an information technology company that has to shift its operations to a larger facility and install new electrical equipment and wiring, among other things.
Investment Pitch
According to the company, contractors have been tasked with collecting components for an office trunking system from a salesperson at a wholesaler, and they are then responsible for delivering the components to the organization’s location within a week of receiving the order. Based on discussions with the IT company, an architectural design firm created a trunking plan, and an independent contractor was hired to carry out the plan’s implementation. In other cases, marketing efforts may be focused at salespeople or contractors, depending on the specific circumstances of the situation (i.e., purchasers).
References
AL KETBI, W.R., 2019. Facilitating Decisions by Using a Data–Driven-Decision Making for Management Using Business Intelligence Case Study: Social-Services Departments in the Emirate of Sharjah (Doctoral dissertation, The British University in Dubai (BUiD)).
Costa, K., 2021. Data Driven Decision-Making (DDDM) for Business Leaders post COVID-19 Outbreak: A COSTA-webQDA Technique Proposition at 5th World Conference on Qualitative Research-20/01/2021.
Fernandez, C., Provost, F. and Han, X., 2020. Explaining data-driven decisions made by AI systems: the counterfactual approach. arXiv preprint arXiv:2001.07417, pp.1-33.
Fielt, E., Westerveld, P., Desouza, K. and Gable, G., 2018. Business model innovation and strategic transformation when confronting digital disruption: The case of data-driven business models for professional services. In Proceedings of the 29th Australasian Conference on Information Systems (ACIS2018) (pp. 1-7). Australasian Conference on Information Systems.
Mentzas, G., Lepenioti, K., Bousdekis, A. and Apostolou, D., 2021, September. Data-Driven Collaborative Human-AI Decision Making. In Conference on e-Business, e-Services and e-Society (pp. 120-131). Springer, Cham.
Olsson, E. and Söderström, A., 2019. Data-Driven Decisions in Mergers & Acquisitions. Can patent information provide value for acquirers?.
van Hulzen, G., 2020. Interactive Data-Driven Business Process Simulation. In ICPM Doctoral Consortium/Tools (pp. 7-8).
Varvne, M., Cederholm, S. and Medbo, A., 2020. The Major Challenges in DDDM Implementation: A Single-Case Study: What are the Main Challenges for Business-to-Business MNCs to Implement a Data-Driven Decision-Making Strategy?.
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