ContainerTec – IMS Assignment
Push Factors 3
Pull Factors 3
Benefits of Planning 3
Resource Requirements 4
Aims and Objectives 6
Problem Identification 8
Data Collection 8
Data Analysis 9
Results Presentation 9
Research Evaluation 9
Importance of customer retention 10
Impact of Culture on Marketing 11
Task 1 critical assessment of developing and updating an international marketing strategy and plan.
In the current corporate scenario, many companies after achieving a fair share of progress decide to expand further by going overseas. It is also beneficial in many ways for the company to expand in other countries and many reasons why companies seek to go global. Mainly the reasons for expansion are chance at new markets, resources and assets.
There are constraints which arise in global expansion which are economic roadblocks, different tax policies and a new array of risk factors to consider. (Morebusiness.com, 2006)
There will be a wide range of attractive growth opportunities to consider for the company which are the exploration of new markets which open access to factors like market internationalization and increased profit margins. (Morebusiness.com, 2006)
Benefits of Planning
To develop a marketing plan has its own set of advantages to pave way for an expansion or change in an organization. It is also a source of sustainable development as planning is also a source of motivation as the employees of a company would like to be aware about the recent plans of their company and their general direction and it creates aspirations. It creates a pathway of positive development for the organization and would warn the company of potential treats and would help the company avert them.
It would also facilitate the company by providing it a set of operational instructions regarding the direction and methods to reach the goals of the company. Through planning employees feel more guided and determined over the goals of the company. A well designed marketing plan recognizes new areas in which the products can be developed or introduced. It also opens doors to new ideas regarding how to attract more customers to business and make the services of the company better and possibly a method to retain the customers. It helps in determining what magnitude of demand every product has, which helps the company determine which product needs more attention for development. (Bellis, 2014)
To analyze the progress of an enterprise in order to achieve its predefined goals, it is necessary to form a calculated strategy regarding the achievement of company’s goals. There are many approaches in which the several factors affecting the strategies can be analyzed but Mckinsey’s 7S model stands as a benchmark on the matter. It focuses on the elements or factors which affect the strategy formation and they are to be taken into account while forming strategic plans. The elements of the model need to be aligned in order to function smoothly. The first element of the model is the strategy itself in which there is focus on the plan which keeps everything contained and in alignment. It also helps to have an upper hand over the competetion.
The second element is the structure of the organization and the clarity of the hierarchy of the organization which is a crucial requirement for smooth flow of discussions. The third element is the system of the organization which indicates the method in which the employees get the job done and how every department functions. The next element is the shared values of the organization which demonstrate the core values of the organization which should be in check. The 5th element is the style of leadership of the organizational leaders which are crucial. The 6th element is the staff of the organization which should be scanned regularly to check if there Is a required number of members in the organization. The last element is the skills possessed by the people working in the organization and the superior skills should be commended. (Upham, 2012)
The marketing plan of the organization should be the backbone of growth for the organization. The plan should aid the leaders in identifying the new opportunities and should grab on to them. The services rendered by the company are reliant on optimum customer satisfaction which should be a motivating factor for the organization and a standard should be maintained in a manner that customers are satisfied and retained. This should boost the value that the customer’s consistency with the company matters at every level of success. During the successful regulation of activities, valuable stakeholders should be rewarded at regular intervals to retain them.
Task-2 International Marketing strategy and plan for ContainerTec
To become the epitome of transport solutions on a global scale and be a perennial source of motivation.
To tackle global markets and emerge successful to excel at a global platform and gain a sustainable development through focus on customer value.
Advanced and effective solution finding capacity for complex problems Limited global reach in terms of other businesses due to the nature of service
Exposure to a wide array of companies from different market segments Limited capacity and limited potential for growth makes it mandatory to expand globally.
Potential in global expansion provides the company a chance to progress further Being in Europe, it faces a lot competetion from other companies in the same line of work
Location in Europe provides a wide array of opportunities regarding customers and exponential growth. Global expansion requires a lot of capital from the company
Aims and Objectives
The international Aims/Objectives of ContainerTec:
• Sizable growth opportunities though global expansion
• Exposure to new markets and increased reliance on performance improvement
• Change in competetion
• Diverse market conditions
Financial Objectives of ContainerTec:
• Reliance on cash flow generation through marketing programs
• Increased capital generation for further growth and expansion
• Aim to repatriate the shareholder group
Marketing Objectives of ContainerTec:
• Generate fresh traffic of clients in the business
• Increase in the network connectivity among employees of the company
• Pursuit of development of employees that display a superior set of skill profiles.
The consumer of ContainerTec belong to a diverse range of countries as ContainerTec deals in providing solutions to transport problems and in relation to that, any company which deals in goods trading and manufacturing can require the help of ContainerTec’s solutions. So according to that, the customers can be targeted on the basis of their requirements and they can be approached through advertisements in corporate sources which are associated with transportation which would generate the attention of customers who require the company’s services. The customers are not divided on basis of geography but on the basis of their requirements. The segmented customers have to be targeted according to their needs depending on what kind of problem they possess and the respective solution. This prompts Container Tec to adapt Multi-segmented Targeting. After those stages, the product has to be positioned according to the market segment the company deals with and the services they are offering.
For possibilities of expanding into new markets, neighboring countries with booming markets and a constant requirement for logistics would be preferable. Considering those options, United Kingdom is a preferable choice keeping in mind the market, its underlying market segments and competitive factors of the other companies handling logistics in the same area of business. (Gastin, 2011)
The four P’s of marketing will be able to give us a clearer insight on the application of tactic into the marketing plan. The first P in consideration with the tactics is Product or in this case, Service. The customer needs the service when there is a problem in transporting a set of goods to a place or there is an anomaly in the container systems then ACME industries provides solution to those logistics and transportation problems. The Second P is for place which relates to the geographic location or nationality of the client. To approach the factor, the competitors in UK can be studied for gaining a perspective of the market in the new country.
The third P In question is promotion which is of a paramount importance as in this step all the effort put together in order to sell the product will be applied in this segment of the marketing plan. The fourth P is the most important P which is price. The value at which the service is provided to the client after considering the actual cost and an amount of reasonable profit is considered as the final price of the service in question. (Upham, 2012)
As United Kingdom is a country with relatively less geographical area, the rates of land and property are comparatively high. If an individual branch is opened then it will be an expenditure of lot of the company’s capital. Instead they can adapt the entry strategy of an alliance in which they will gain the experience of a company who has already worked over there in the same field and has exposure to customer group which is plus point considering that ContainerTec is not favorable to the new market and its condition and new customer base which will prove vital to the present condition.
The plan that is created will be evaluated and checked in various places where they might have got his cover of naughty tribal leaders but was still relatable at this age and time. The rigorous evaluation will contain analysis in terms of quantitative and qualitative levels. Elements like market share, Return on Investment and behavioral changes like loyalty and attitude towards specific things is noted and documented. Elements like market shares and profits are also focused on in this evaluation
Task 3: Briefing Paper to Board of Directors.
In the service that is currently being provided by ContainerTec, it can be noticed that they haven’t had technical changes in their machinery or service since some years which brings us to the point of research. Research is of paramount importance may it be a product or a service. Research is required in this case to make a service better in functionality which the service operates in case of ContainerTec. It is always better to look out for better modes of getting work done through research and search out for methods to get the same process don in lesser amount of time or getting the work done in a safer manner. It will also be used to add functionality to the product. Added research will also impact the price of the product and attempts will be made to reduce the cost price of the product significantly in order to gain more profits.
Primary Research is the method of research which is utilized to collect primary data which is collected through hosting surveys and interviews and data is extracted personally from the people by talking face to face. It is a primitive method of seeking data but also more reliable of a method and it is believed that if specific questions need answers then it is better to collect data through a primary research. It is also a fact that it takes more money, efforts and time to hold primary research sometimes it is not possible to engage in primary research because of those reasons.
Secondary Research is a method of research which relies on analyzing existing sources of data for seeking out the answers to the research questions. It is process which relies on the fact that the validity of the research material and the data has to be determined by the researcher before including it in a final report. It doesn’t require time and money primary research but efforts are due because of the process of going through the material. (BBC, 2014)
The general sources of secondary data include articles published in journals, newspaper articles, government publications, and web sites to name a few. The relevant sources are searched and useful material is extracted for further analysis. The usual sources of primary data are Interviews and surveys which are utilized to extract data for the research.
In this case, it will be better to rely on secondary data sources as there will be data available which will be relevant to our study which can be utilized for the research which will later help us to determine various different sources will be scouted for the valid data on the subject matter.
The research data which is documented for processing goes through analysis which is a part of secondary research. The quantitative data generated in the research regarding the process of manufacturing or repairing the containers goes through software for processing and can be used later for any research purposes whatsoever whenever required by the researcher. For quantitative data analysis, SPSS software is used mainly which is a hefty tool in dealing with statistical data. SPSS is especially useful for using descriptive and inferential statistics to process data. And for the analysis of the qualitative data, Nvivo software is utilized to keep track and record of the qualitative data recovered and extracted from the research materials.
After the hectic process of data analysis, the documented data is collected and prepared in a proper presentable form in more than one medium and presented to the authorities in proper documented format which can range from an electric transmission through e-mail if the authorities are not personally available for going through the report. It is also prepared in a printed format as a report and presented to the authorities for approval to begin changes according to the research in the final process of reviewing of the report for which the research data is presented in a proper format.
The research that is conducted for a specific purpose goes through huge amounts of data to bring out the relevant matter for the company which takes a lot of effort and there are a number of problems which arise on the way which sometimes hamper the process and slows it down at times. In the research for secondary data there can be many instances where there is no relevant data on the subject matter or the data is not specific enough for the actual purpose that it was intended to serve. On certain occasions the data is out of date which makes it irrelevant to the purpose of the research. On certain occasions private reports charge a high amount for the data or government data doesn’t arrive at the right time which hampers the research process.
When there is the question of primary research, there are any factors that affect that too like hurdles that arise in between when attempts are made to access the key people involved in the study which can create a huge problem and the relevancy of the study may not stay the same. There are logistical challenges in the process at times which also affect the data collection and data analysis stages. While talking to certain people for the data sometimes language barrier comes in between. There is also the question of high cost that is encountered while going through primary research which requires a lot of resources. The process of primary data collection is time consuming at many occasions and it is one which requires technical expertise at times which tends to be cumbersome. (Price, 2014)
Task 4 Discussion Document for the ContainerTec Board Meeting
Marketing as a concept in divided into two different approaches. The first approach is transactional marketing also known as traditional marketing and the second approach is known as relationship marketing. Transactional marketing depends on the sole purpose of making a sale and making a profit for the company by trying to attract the most number of customers to purchase the products and there is no other purpose to it.
On the other hand, Relationship marketing is a relatively newer concept which is being implemented by almost all the companies which doesn’t solely depend on customer buying the product and company making the money but it works on both the seller and the buyer by achieving the objectives of both parties.
Importance of customer retention
By following relationship marketing, companies are getting on the good side of society by pitching in their profits for social causes and making people feel that companies are not an exterior part of human society but they are a part of it. It builds a positive image in the minds of people and it leads to more people referring and recommending the product and the company’s efforts in public. It also leads to the possibility where purchase of products of a certain company increases due to the relationship marketing endeavors. These brands get publicly supported and are commended for their social work it makes the image of the company bright in people’s view.
Relationship marketing relies on the relation built between the people and the company and also affects the stakeholders of the company and makes them feel that they have invested in an entity that doesn’t just work for them but also for the society. (Rouse, 2014)
Impact of Culture on Marketing
Although marketing is an element of business management it also has a human element attached to it as marketing means to convince people to buy certain products or to leave an image in people’s minds so that they feel compelled to buy the products. So due to that reason there is a human element attached to the marketing which affects it called culture. Culture in a global sense affects marketing both positively and negatively and it depends on the company and how they channel its power. If in efforts of advertizing their product, they end up hurting the feelings of people or show something people do not accept as it defies culture or the company unintentionally hurts the people’s views about them by not realizing while they act in a culturally inappropriate manner it makes a negative impact on the company which can be caused by symbolism, profanity, violence, masculinity/feminity and many such cultural and social levels then it creates a negative impact on the customers regarding the image of the company.
The company as a part of the society should act in a direction that makes people feel that the company is an active, good-willing member of the society that cares for the people and the company should also keep in mind certain factors which are important in knowing the social and cultural outlook of people and build a two-way relationship of trust which also makes the stakeholders feel like being a part of something with a good soul and it can turn as a huge advantage in the current competitive market.
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